Committee Bay Resources Ltd.: Drilling Extends High Grade Gold Mineralization at Perseverance Deposit, Intercepts of 20.02 g/t Over 29.0m and 7.30 g/t
Tue Jul 24, 4:00 PM
ca.news.finance.yahoo.com
EDMONTON, ALBERTA--(CCNMatthews - July 24, 2007) - Committee Bay Resources Ltd. (TSX VENTURE: CBR.V) ("Committee Bay" or the "Company") and Australian Redemption Joint Venture ("RJV") partner Focus Minerals Ltd. (ASX: FML.AX) have further reinforced the potential of the high-grade Perseverance deposit at the Coolgardie Gold Project, with the announcement today of additional drill results confirming continuity of grades and widths.
Key Highlight Points:
- Extensional and infill drilling highlights include: 20.02 g/t Au over 29m, 7.30 g/t over 21m, 9.27 g/t Au over 6m, 9.86 g/t Au over 6m, and 5.53 g/t over 6.0m
- Mineralization at Perseverance still remains open in all directions
- Additional Perseverance infill and exploratory holes pending
- Revised Perseverance resource estimate pending
- EM surveys underway along strike to north and south
The RJV is conducting several drilling programs at Perseverance, as part of a feasibility study aimed at the commencement of mining by December 2007. The decline development work is on schedule to commence next month and will enhance the exploration and development access for potential mining of the deposit.
These latest drill results indicate that the Perseverance mineralization trends at shallow levels to the north however mineralization remains open in all directions and further results are pending. With all the recent drilling information, the RJV anticipates announcing an upgraded resource, to form part of the Bankable Feasibility Study for Perseverance, during the third calendar quarter of 2007.
"These latest results reinforce the significant potential to further increase the high-grade resources at the centre of the Coolgardie Gold Project," stated John Williamson, Committee Bay's President and CEO. "We are eagerly anticipating additional results from five infill core holes and three shallow RC exploratory holes at Perseverance."
Several downhole EM surveys currently being conducted at Perseverance, on deeper holes at the periphery of the main quartz-sulphide lode are testing for potential additional high-sulphide zones beneath and adjacent to the existing known mineralization.
In addition, the RJV is also planning several ground EM surveys along the highly-prospective Redemption Corridor, which lies north and south of Perseverance. The new EM surveys will follow up several anomalies identified from recently completed VTEM surveying.
"Our additional EM survey work has provided an unprecedented targeting tool and highlights our confidence in identifying further potential resources for this high-grade area, strategically located in close proximity to the Greenfields processing plant and our Three Mile Hill facility," added Mr. Williamson.
Earlier this month, the RJV announced agreement for priority toll treatment of up to 480,000tpa of ore at the Greenfields plant, owned and operated by Higginsville Mining and located on RJV land.
Table 1. Phase 3 - Drilling Highlights - Perseverance
Quartz-Sulphide Lodes
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Hole Id Comments From (m) To (m) Length (m) Au g/t
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07PEC014 109.0 114.0 5.0 1.54
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07PEC015 69.0 75.0 6.00 9.27
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Including 71.0 73.0 2.0 22.78
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07PEC016 8.0 14.0 6.0 2.44
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07PEC020 1.0 6.0 5.0 9.86
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07PEC021 45.0 47.0 2.0 1.66
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07PEC022 124.0 130.0 6.0 5.53
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07PEC023 141.0 162.0 21.0 7.30
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including 141.0 153.0 12.0 11.79
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07PEC024 133.0 136.0 3.0 6.83
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07PEC025 84.0 90.0 6.0 5.95
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including 84.0 87.0 3.0 9.04
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07PED018 138.0 167.0 29.0 20.02
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including 140.9 147.0 6.1 28.21
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and 159.0 166.7 7.7 44.86
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173.8 175.0 1.2 17.15
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Table 2. Phase 3 - Drilling Highlights - Perseverance
Diorite Hosted Stockwork Mineralization
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Hole Id Comments From (m) To (m) Length (m) Au g/t
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07PEC018 67.0 70.0 3.0 2.05
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07PEC024 151.0 153.0 2.0 1.42
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07PED018 71.0 74.0 3.0 1.27
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184.0 186.0 2.0 2.46
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202.0 204.0 2.0 2.00
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Coolgardie Project, Western Australia
Committee Bay Resources Ltd., through the Redemption Joint Venture (Committee Bay in a 50% partnership with Focus Minerals Ltd. (ASX: FML.AX)), has the mineral rights to more than 210 km2 of under-explored greenstone tenements, located in one of the world's most significant gold and nickel mining regions. These tenements contain Measured Resources of 31,014 ounces gold(i) (0.55 million tonnes at 1.77 g/t gold), Indicated Resources of 354,124 ounces gold(i) (6.03 million tonnes at 1.83 g/t gold) and Inferred Resources of 1,240,991 ounces gold(i) (13.79 million tonnes at 2.80 g/t gold). The RJV also has a 100% interest in the fully permitted, 1.2mtpa, Three Mile Hill Mill processing plant.
For more information on the stated gold resources and historic drill results of Committee Bay Resources Ltd., please refer to the detailed NI 43-101 compliant technical report filed on SEDAR by Committee Bay on February 26, 2007.
Committee Bay Resources Ltd. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property as detailed in Committee Bay Resources Ltd. 'Technical Report for the Coolgardie Gold Project, Coolgardie, Western Australia' by Dean Besserer - May 27, 2005 pp. 76-80. The program is supervised by Peter Kleespies, M.Sc. P.Geol., and Vice President of Exploration, who is the Qualified Person as defined by NI 43-101.
Stock Options Granted
Committee Bay Resources Ltd. also announced today, that on July 23, 2007, the Company's Board of Directors granted stock options to acquire up to an aggregate of 4.5 million Committee Bay common shares ("Shares") under the Company's stock option plan, of which stock options to acquire up to 2.6 million Shares were granted to officers and directors. The stock options are exerciseable at a price of C$0.45 per Share and will all vest one year from the date of the grant.
About Committee Bay
Committee Bay controls major greenstone belts in Nunavut and Western Australia and has the opportunity to conduct year-round exploration on three continents in order to build on its existing gold resources.
On behalf of the Board
Committee Bay Resources Ltd.
John Williamson, P.Geol., President
Certain disclosures in this release, including management's assessment of Committee Bay's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Committee Bay's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Committee Bay expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Figure 1. Perseverance Longitudinal Section Map
To view this Figure, please click on the following link: ccnmatthews.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Derek Iwanaka
Committee Bay Resources Ltd.
Investor Relations
(604) 646-4524 or Toll Free: 1-888-331-2269
Email: info@committeebay.com
Website: www.committeebay.com |
