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Press Release Source: Committee Bay Resources Ltd.
Committee Bay Resources Ltd.: Exploration Update
Wednesday August 20, 9:07 am ET
EDMONTON, ALBERTA--Committee Bay Resources Limited announced today that initial drilling programs have been completed at the Committee Bay greenstone belt located northeast of Baker Lake. An aggressive mapping and sampling program is continuing in order to prioritize gold targets for the next phase of work.
Surface exploration has concentrated over seven high priority gold targets recently covered by time domain electromagnetic airborne surveys. Follow-up mapping and sampling have defined gold-bearing zones within sulphide-bearing iron formation and shears similar to those associated with other occurrences in the district and deposits in other Archean greenstone belts. This work has identified a number of prospective targets, extended the known mineralized systems and will assist in defining future drill targets.
DRILLING
The summer program includes completion of diamond core drilling at Inuk, Koffy and the Three Bluffs areas. Drilling commenced June 30, 2003 at the Inuk Occurrence and was completed on July 28, 2003 at Three Bluffs. In total, 1,477 meters of drilling was completed with five holes at Inuk, three holes at Koffy and six holes at Three Bluffs.
Inuk Drilling: A total of 544m of drilling were completed at the Inuk gold occurrence in five drill holes in order to test strike and depth extensions to the gold-bearing iron formation. This program was also designed to follow-up on an intersection of 12.81 g/t Au over 4.99 meters in iron formation from a previous program.
Koffy Drilling: A total of 238.9m of drilling were completed at the Koffy gold occurrence in three drill holes in order test high grade gold mineralization at the contact between iron formation and komatiite. Surface channel sampling of this contact in outcrop at Koffy registered an assay interval of 334.15 g/t Au over 0.8 m.
Three Bluffs Drilling: A total of 694 m was drilled in six drill holes at the Three Bluffs gold occurrence. The intent of the first three holes was to test the extent and possible rake of known high grade gold mineralization based on surface sampling and prior drilling. The three remaining drill holes were to test the strike extent beyond known gold mineralization east of a broad fold flexure in the northeast.
All of the drilling has been logged and sampled. The core has been sent to TSL Laboratories in Saskatoon and results are expected in the next two weeks.
Gold Fields Limited, through a subsidiary, is funding all gold exploration on the Committee Bay Project as part of its option to earn a 55 % interest in the property by spending US$5.0 million over the next 4 years. Committee Bay Resources Ltd. is the operator.
On behalf of the Board
Committee Bay Resources Ltd.
John Williamson, P.Geol., President
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Contact:
Committee Bay Resources Ltd. - Vancouver Office
John Robins
Phone: (604) 331-2267
or
Committee Bay Resources Ltd. - Edmonton Office
John Williamson
Phone: (780) 437-6624
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