Miramar Reports Results from South Boston 2000 Exploration at Hope Bay
Sampling of 2,600m shear zone indicates potential for discovery of new
shear hosted gold deposits
VANCOUVER, Sept. 20 /CNW/ - Miramar Mining Corporation and Hope Bay Gold
Corporation announced today that detailed rock and soil sampling of the
"Boston 2" area 3km south of the Boston deposit has resulted in the
delineation of a 550m zone of continuously elevated gold values. This zone
lies within an overall 2.6km long trend of mineralized and altered shear zone
with potential to host additional Boston style deposits*.
"The results obtained from the Boston 2 area demonstrate the potential of
the Hope Bay belt to host significant additional mineralization, in addition
to that already delineated(X)," said Tony Walsh, Miramar's President and CEO.
"When we acquired our interest in the Hope Bay property, we saw not only the
potential for development of an economic gold mining operation based on the
already known deposits, especially the 2.4 million ounce Boston deposit, but
the potential for the discovery of significant new deposits along the 80km
long Hope Bay belt."
Archean greenstone belts in Canada often contain multiple gold deposits.
"The Boston 2 area is just one of the numerous target areas defined by
previous work within this highly prospective gold belt and the results from
this area suggest considerable potential for hosting additional Boston style
resources at Boston 2," said Mr. Walsh. "The results from our 2000 sampling of
Boston 2 were a very positive surprise, with numerous high gold values from
surface samples over a much more extensive area than was suggested by previous
work*."
Boston 2 Area
The Boston 2 claim area, which lies 3 km south of the main Boston
deposit, was previously estimated by BHP to contain inferred resources of 5.7
million tonnes grading 13.1 g/t gold for a contained 2.4 million ounces of
gold. During the first half of 2000, the Hope Bay Joint Venture drilled 144
holes into the B2 zone of the Boston deposit. This drill program returned
exceptional results, including the definition of the high grade thickened B2
central area, the discovery of the very high grade B2 South Zone and the
extension of the high-grade zone on the north end of the B2 Zone*. The
results of the 2000 drilling indicate the Boston deposit is open to depth and
along strike to the north and south. As part of a previously announced 6,000m
drill program currently underway, the potential for further extensions of the
Boston deposit is currently being tested*.
The Boston 2 area has been a principal focus of the surface exploration
program conducted this year at Hope Bay; along with the Chicago, Kamik and
Madrid areas. The target at Boston 2 is a 2.6 km, northwest-trending
iron-carbonate altered shear zone that is the southern extension of the shear
zone that hosts the large Boston deposit. Limited sampling by BHP in the
Boston 2 area indicated anomalous gold values, sufficient to warrant
additional work. Results of 2000 exploration work on the Chicago, Kamik and
Madrid target areas are expected shortly.
Grab, soil/residual rock, and channel samples were collected from quartz
veined shear zone in areas where sufficient soil was not available and rock
chips represented outcrop. In areas of cover, soil samples were used to trace
the projection of the mineralized trend. A total of 574 rock samples and 685
soil samples were collected from the Boston 2 area. Sample density is every
5-10m at the northern and southern ends, and more widely spaced in the centre,
with channel samples across 3-5m in areas with sufficient outcrop.
550m of Consistently Elevated Gold Values
Of the 2,600m of shear zone investigated, the southern 550m returned the
most consistently elevated gold values in both rock and soil samples from a
15-40m wide shear zone containing quartz veining and visible gold. Of the 147
rock samples collected in this area, 24 (16%) returned values ranging from 1.0
to 101.4g/t gold, while 24 (28%) of the 86 soil samples returned values
ranging from 0.5 g/t to 25.7 g/t gold. Highlights of these results are
tabulated below.
<<
Sample No. Sample Type Gold (g/t)
---------- ----------- ----------
18500 Rock Grab 101.4
18388 Rock Grab 84.6
18380 Rock Grab 36.9
18498 Rock Grab 33.0
19854 Soil 25.7
16317 Soil 19.4
19853 Soil 15.0
19101 Soil 7.4
>>
These results are similar to those obtained over the main Boston deposit
and indicate the potential of this portion of the Boston 2 area to host
significant gold mineralization in a setting similar to that of the Boston
deposit*. These results warrant a major drill program to test this potential
and success in drilling could lead to the development of an important
additional gold resource in the Boston 2 area*.
Multiple Shears in Central 1,550m
In the central 1,550m of shear, the southern 650m consists of two to
three 15-75m wide shear zones that combine into a single shear system 120-140m
wide. Of the 212 rock samples collected in this area, 20 (9%) ranged from 1.0
to 194.3 g/t gold, while of the 474 soil samples, 25 (5%) ranged from 0.5 to
4.6 g/t gold. The northern 900m long segments returned 10 of 89 rock samples
(11.2%) over 1 g/t Au (1.0-10.9 g/t) and of 127 soil samples, only two (1.6%)
were over 0.5 g/t (0.5-2.2 g/t). Highlights of these results are tabulated
below.
<<
Sample No. Sample Type Gold (g/t)
---------- ----------- ----------
16339 Rock Grab 194.3
19888 Rock Grab 11.1
19153 Rock Grab 6.0
19886 Rock Grab 5.6
17920 Soil 4.6
17539 Soil 3.7
16342 Soil 3.2
18911 Soil 2.7
>>
While the gold values are more erratic in this area, the strength of
alteration, veining and shearing suggest potential for Boston-style
mineralization*. Follow-up drilling is planned to test the more consistently
anomalous areas of this central 1,550m.
Encouraging Results from Northern 500m
The northernmost 500m of the Boston 2 shear zone blossoms out into three
or four sub parallel shears. The two widest shears in this area are 80 and
100m wide, but combined the shear systems have a width of 310m. Of the 138
rock samples collected in this area, 28 (20%) ranged from 1.0 to 90.3 g/t
gold, while of the 131 soil samples, 8 (6%) ranged from 0.5 to 3.18 g/t gold.
Highlights of these results are tabulated below.
<<
Sample No. Sample Type Gold (g/t)
---------- ----------- ----------
17334 Rock Grab 90.3
19739 Rock Grab 32.4
19747 Rock Grab 30.6
19742 Rock Grab 26.2
18846 Soil 3.1
17644 Soil 1.7
17620 Soil 1.6
18882 Soil 1.5
>>
The strength of the alteration and quartz veining is similar to the main
Boston deposit and the southern-most portion of Boston 2 shear zone.
Significant drill testing is warranted to follow up on these very encouraging
results.
Previous BHP Work
In 1993, BHP drilled 10 diamond drill holes for 1,496m scattered around
the northern segment of the Boston 2 target. The best intercepts were 7.5g/t
Au over 0.50m, 3.64g/t Au over 1.00m, 1.5g/t Au across 2.10m and 1.5g/t Au
across 1.90m. In light of the new information gathered this summer, the
previous drilling appears to have concentrated on secondary targets peripheral
to the main targets and the best targets have not been evaluated by drilling.
In addition, considerably more knowledge is now available about the nature of
the shear hosted gold deposits on the property since the BHP drilling in 1993.
The Hope Bay Joint Venture believes that the recent extensive sampling has
opened up some exciting opportunities for additional discoveries along the
shear system, which is also open along strike to the northwest and
southeast*.
Follow-up Drilling Plans
Based on the very encouraging results outlined in this news release, the
Hope Bay Joint Venture is planning a significant drill program to test the
potential of the Boston 2 area to contain significant additional gold
resources, comparable to the nearby 2.4 million ounce Boston deposit. "The
numerous high gold values over a significant area, much larger than indicated
by previous sampling, was a very positive surprise," said Mr. Walsh. "The high
number of results with elevated gold values over significant areas clearly
warrants a major drill program." Principal drill targets would be the northern
and southern sections of the 2.6km trend, with additional holes proposed to
test the best targets in the central portion of the shear zone. A drill
program to test the Boston 2 shear system is currently being designed.
Circumstances permitting, this drilling will be started in September 2000,
with completion of the majority of the drill program expected early in
2001*.
Resources Estimate Progress
The focus of the 2000 drilling program completed in the first half of
2000 has been to in-fill the core areas of the Boston and Doris deposits to
increase the resource confidence to a measured and indicated category,
required to support initiation of a pre-feasibility study*. During the first
half of 2000, the Hope Bay Joint Venture completed 40,000m of drilling,
focused on the Boston, Doris North and Doris Central deposits. As a result of
the significantly expanded surface exploration program and the additional
6,000m drill program recently underway, updated resource estimates for the
Boston and Doris areas drilled in the first half of 2000 are now expected to
be completed in November 2000*.
Hope Bay Project
Miramar Mining Corporation, through its wholly owned subsidiary Miramar
Hope Bay Ltd., and Hope Bay Gold Corporation Inc. are in a 50-50 joint venture
at Hope Bay and control virtually the entire 80km long Hope Bay Archean
greenstone belt. Three principal deposits have been identified to date:
Boston, Doris (North and Central) and Madrid, containing an inferred resource
as estimated by BHP prior to the 2000 drilling, of 4.28 million oz in 12.8
million tonnes*. All drill results available to date for the 2000 work
program can be obtained from previous news releases available on the Miramar
or Hope Bay Gold websites at miramarmining.com or
hbgold.com.
Results from drilling at Boston returned significant, high grade
intercepts in the B2 Zone, and identified high-grade extensions to the north
and south. At Doris North, the most significant developments were the
definition of the Hinge Zone over a strike length of 325m, and the numerous
multi-ounce intercepts in the Central vein. At Doris Central, the discovery of
the high-grade stringer zone was an unexpected positive development. Overall,
the first half drill program returned significantly better than expected
results.
Dean McDonald, P.Geo. Ph.D., who is the Exploration Manager for Miramar
Mining Corporation and a qualified person as defined by proposed National
Instrument 43-101, supervised the 2000 work program and the design of the
future work program at Hope Bay.
The surface exploration discussed in this news release, as detailed in a
news release dated August 3, 2000 focuses on exploration on a number of other
targets outside of the main Boston, Doris and Madrid deposits, and areas being
explored include Boston 2, south of the main Boston deposit, the Chicago,
Patch and Kamik areas in the Hope Bay belt, and the nearby Elu greenstone belt
that is also controlled by the Hope Bay Joint Venture*.
Diagrams
Diagrams detailing the soil and rock samples are attached to this news
release. If you are missing these diagrams, please download this news release
from Miramar's or Hope Bay Gold's websites at miramarmining.com or
hbgold.com, to which they are attached, or contact us at the
numbers listed below.
*This News Release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act of 1995
concerning the Company's plans for work at the Hope Bay project and the
expected results of this work. Information inferred from the interpretation of
drilling results may also be deemed to be forward looking statements, as it
constitutes a prediction of what might be found to be present when a project
is actually mined. These forward-looking statements are subject to a variety
of risks and uncertainties which could cause actual events or results to
differ materially from those reflected in this forward-looking statement,
including, without limitation, uncertainties involved in the interpretation of
drilling results and other tests; that the contemplated work will not advance
the known resources to a measured and indicated resource standard, that
additional work may not support a feasibility study, that capital and
operating costs may be higher than currently estimated and may preclude
commercial development, risks and uncertainties relating to fluctuating
precious and base metals prices; recovery rates; accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties with or
interruptions, the possibility of unexpected costs and expenses relating to
environmental issues, uncertainties relating to the need for government
approvals and the cooperation of government agencies in regards to any
environmental liabilities and other risks and uncertainties, including those
described in the Company's Annual Report on Form 20-F for the year ended
December 31, 1999 and Reports on Form 6-K filed with the Securities and
Exchange Commission.
All resource estimates reported in this disclosure are calculated in
accordance with proposed National Instrument 43-101 and the Canadian Institute
of Mining and Metallurgy Classification system. These standards differ
significantly from the requirements of the United States Securities and
Exchange Commission, and resource information reported in this disclosure may
not be comparable to similar information reported by United States companies.
The terms "Resource" and "Resources" normally may not be included in documents
filed with the Securities and Exchange Commission or are referred to as
"mineralization" or "mineral deposits".
Certain forward-looking statements in this news release are indicated
with a "*".
This news release has been authorized by the undersigned on behalf of
Miramar Mining Corporation.
Tony Walsh
President & CEO
Miramar Mining Corporation
BUSINESS/PHOTO EDITORS: A copy of the Miramar Mining Corporation maps of
the "Hope Bay Joint Venture Boston 2 Trend Gold in Rock Samples" are available
by fax by calling Canada NewsWire, Vancouver at (604) 669-7764.
-30-
For further information: Tony Walsh, President & CEO, Miramar Mining
Corporation, Tel: (604) 985-2572, Fax: (604) 980-0731, Toll Free: (800)
663-8780, Email: info@miramarmining.com |
