Latest Wolfden press release- results from Monument Bay joint venture, with Bema Gold-
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Wolfden Resources Inc - News Release
Bema and Wolfden release Monument Bay drill results
Wolfden Resources Inc
YWO
Shares issued 15,261,921
Jul 9 2002 close $ 1.48
Tuesday July 9 2002
News Release
See Bema Gold Corp (BGO) News Release
Mr. Clive Johnson reports
PRODUCTION RESULTS FROM THE JULIETTA MINE
Bema Gold's Julietta mine has recorded its most successful month of gold and
silver production to date. Underground drilling at the mine has discovered two
new high-grade gold and silver veins and extended an existing vein. At the
Monument Bay property in Manitoba exploration drilling has extended the Twin B
zone and an initial inferred resource has been calculated.
Julietta mine, Russia
Gold and silver production at the Julietta mine continues to improve. During the
month of June, Julietta produced 13,409 ounces of gold, 151,212 ounces of silver
and processed an average of 430 tonnes of ore per day. The improved June
production figures are a result of the mill modifications identified during the mine
startup, which were carried out in April and May. In the first four years of
production, Julietta is projected to process an average of 400 tonnes of ore per
day and produce an average of 100,000 ounces of gold and 1.7 million ounces of
silver per year.
Since September, 2001, 32 underground drill holes totalling 5,155 metres have
been completed at the Julietta mine in far east Russia. The drilling, which was
targeted at further defining the V-1 vein reserve, has extended the V-2 vein and
discovered two new veins, the V-1B hanging wall (HW) and the V-1B foot wall
(FW). These new veins and the V-2 extension do not currently form part of the
Julietta reserves or resources. A summary of the results are listed below:
Hole Vein From To Gold Silver
No. (m) (m) g/t g/t
UG-006 V-2 56.30 62.60 25.74 68.85
UG-007 V-1B-FW 30.60 33.60 11.71 43.51
V-2 65.50 67.80 8.01 55.43
UG-011 V-1B-HW 14.20 15.10 15.08 30.92
UG-012 V1-B-HW 9.70 11.90 12.51 70.55
UG-013 V1-B-HW 17.80 21.50 20.40 79.78
UG-014 V1-B-HW 16.00 17.40 28.29 60.61
UG-015 V-1B-FW 22.80 24.80 36.71 54.80
V-2 54.90 55.40 19.30 35.50
UG-016 V-1B-FW 22.60 24.80 72.20 52.60
UG-017 V-2 60.90 61.60 22.40 39.20
UG-027 V-1B 37.80 38.70 15.50 248.10
V-1B 39.30 40.50 13.10 74.30
UG-028 V-1B 49.00 50.80 19.40 279.60
UG-029 V-1B 54.00 56.20 21.20 12.41
UG-030 V-1B 66.20 66.60 12.60 21.00
UG-032 V-1B-HW 39.90 42.00 11.51 225.55
V-1B-FW 33.80 36.10 22.50 57.46
UG-033 V-1B-HW 33.80 36.60 13.41 51.63
UG-35 V-1B-HW 33.80 35.40 12.59 219.16
V-1B-HW 39.90 42.00 11.51 225.55
These results indicate high-grade mineralization within the newly discovered V-1B
HW and FW veins, as well as the extension of V-2 vein. The V-2 extension and
the two new veins are adjacent to the V-1 vein and are accessible from current
underground workings. Underground drilling is continuing and a new resource
estimate will be completed on these veins when drilling is further advanced. The
mineralization remains open down dip and along strike. All assaying for the
underground drilling is being conducted at the Julietta mine assay lab. Standards
and duplicates are being inserted in the mine lab.
In May, 2002, Bema commenced a 9,500-metre surface drill program at the
Julietta mine that will continue throughout the summer. The program will be used
to test the V-1 vein at depth and convert some of the inferred resources from
other veins to measured and indicated. In addition, drilling will be carried out to
further test the numerous resource veins that remain open along strike and to
depth.
The newly discovered veins, as well and the current reserve and resource veins
are located on a one-by-two-square-kilometre section of the
225-square-kilometre Julietta mine licence. Several high-grade surface samples
have been taken throughout the licence and Bema has commenced a major
trenching program to test these targets, which are up to six kilometres from the
mine facilities.
Monument Bay, Manitoba
The winter drilling program on the Monument Bay property has succeeded in
extending and further defining the high-grade Twin B zone, where the company
has outlined an initial inferred resource of 500,600 tonnes with an average grade
of 18.3 grams per tonne containing approximately 300,000 ounces of gold.
A significant portion of the drill program was focused on defining the strike and
plunge of the Twin B zone. The drill results indicate that the zone plunges 25
degrees to the east, much shallower that originally expected, and remains open to
the east and for 100 metres to the west.
The resource was calculated using 50-metre-radius polygons on an inclined
two-dimension long section with a cutoff grade of eight grams per tonne and a
minimum width of one metre. High-gold assays were cut to 90 grams per tonne.
The data were derived from Bema's recent drill program of 19 diamond drill holes
totalling 5,540 metres, along with previous drill results from Noranda Inc. and
Wolfden Resources. Samples of the results used in this resource calculation are as
follows:
Twin B zone
Company Hole From To Au
No. (m) (m) (g/t)
Bema 02-69 98.75 101.10 31.03
Bema 02-75 106.30 106.50 63.15
Bema 02-82 87.50 88.05 14.94
Bema 02-83 76.00 77.00 12.47
Bema 84.20 85.00 13.01
Bema 02-84 70.60 71.10 20.80
Bema 02-85 75.70 76.70 9.44
Wolfden TL-0001 114.90 119.10 29.97
Wolfden TL-0004 157.15 158.95 36.84
Wolfden TL-0005 228.50 231.55 13.92
Wolfden TL-0006 159.00 162.20 13.68
Noranda 89-09 203.80 206.30 20.79
Noranda 89-11 204.50 206.60 24.16
Noranda 89-12 218.80 219.80 18.20
Noranda 90-16 325.20 326.20 51.10
Based on these results, drilling is scheduled to recommence on the Twin B zone in
the third or fourth quarter of 2002 with a goal of further increasing the current
resource.
Historical drilling has also outlined two additional high-grade zones, Seeber River
A and B, which Bema plans to drill in the next phase of drilling. A second ore
shoot, located on the Seeber B zone, may extend east to 200 metres below the
Twin B zone.
In addition, Bema is commencing a multistaged exploration/drill program in early
July which will include mapping and geochem sampling throughout the entire
property. The objective of the program is to locate other targets on the
25-kilometre shear zone that can be drilled in the late summer or fall 2002. Bema
believes there is excellent potential to locate additional high-grade zones along the
25 kilometres of strike length on the Monument Bay property.
Bema has an option agreement with Wolfden to earn up to 70 per cent of the
Monument Bay property located approximately 350 miles northeast of Winnipeg,
Man.
Resource estimates were prepared by Bema in accordance with Canadian
regulatory requirements set out in National Instrument 43-101 and reviewed by
Tom Garagan, PGeo, vice-president of exploration for Bema Gold Corporation.
Inferred resources are not reserves; they do not have demonstrated economic
viability. Inferred resources do not address mining techniques, mining dilution and
losses and metallurgic recoveries. There is no certainty that these inferred
resources will be converted into measured or indicated resources through
additional drilling or into mineral reserves once economic parameters are applied.
WARNING: The company relies upon litigation protection for "forward-looking"
statements. |
