Announced in Canada yesterday also ...here is a copy of my post of yesterday
Subject re: gold,gold,gold /report Posted 26/01/06 17:57 - 76 reads Posted by vespasian03 IP 203.134.xxx.xxx Post #879570 - in reply to msg. #879542 - splitview
Here is the news item from Committee Bay Resources
Current Stock Quote: Last - 0.74 Volume - 59580 Day High - 0.76 Day Low - 0.72 Date - Jan 25, 2006
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Committee Bay Resources Ltd. (CBR:TSXV) and Joint Venture partner Focus Minerals Ltd (FML:ASX) are pleased to announce the results of the first two holes of a five hole core program at the Dreadnought Project, located within the 210 square km Redemption Joint Venture Project, Western Australia. Highlights from these two holes include 6.48g/t Au over 10.9m and 8.28 g/t Au over 1.9m in 05DND006 and 6.50 g/t Au over 2.0m in 05DND002. Assays are pending on the final three holes of the program.
These diamond drill results confirm the presence of significant near surface gold mineralization at the Dreadnought Project which hosts a 43-101 compliant indicated resource of 970,000 tonnes at 2.5 g/t Au (78,000 ounces) and an additional inferred resource of 2,570,000 tonnes at 1.9 g/t Au (157,000 ounces). All previous drilling at Dreadnought, including the 12 hole, 1,641m program completed late last year by the Redemption Joint Venture (see December 14, 2005 news release) has been by reverse circulation methods.
The diamond drill core component of the Dreadnought program is designed to infill and confirms high grade mineralization identified in previous RC holes. This drilling will also provide data for resource modeling, geotechnical parameters and metallurgical test work as the first stage in advancing the project to a pre-feasibility level. Additional infill RC drilling will be optimized utilizing geological and structural parameters obtained from the core studies.
Mineralization at Dreadnought occurs within two zones, the northwest and southeast, of albitized, stockworked and sulphidized diorite hosted within amphibolite grade basalts. The northwest zone is hosted within a moderate west dipping diorite body that is truncated to the north against the east-west trending Dreadnought cross-fault, and terminates against the Redemption Fault to the south. The southeast zone is hosted within very shallow north dipping diorite sheets which outcrop to the south. This zone remains untested at depth to the north for at least 200m to the projected intersection of the zone with the Dreadnought cross-fault.
All five holes of the program have been completed and have confirmed that mineralization, including visible gold in some holes, occurs in association with stockwork-type quartz sulphide veining within albitized diorites developed along north-south trending structural corridors. Detailed oriented core structural studies are being conducted to determine optimum drill orientations prior to additional core and reverse circulation infill drilling.
The Redemption Joint Venture has recently completed an open pit scoping study over the entire resource including both indicated and inferred material. This work suggests that the Dreadnought project could contribute a significant portion of the material required to justify re-commissioning the Three Mile Hill Mill. The Joint Venture has also completed open pit studies on all the existing resources within the Coolgardie Project, with the aim of initiating pre-feasibility studies on priority projects as soon as practicable.
Significant Intercepts From Core Drilling at Dreadnought. Hole From (m) To (m ) Interval (m) Au (ppm) 05DND001 Abandoned 05DND002
*All samples were taken on 1m intervals and analyzed by fire assay.
Committee Bay Resources Ltd., through the Redemption Joint Venture, has the mineral rights to more than 210km2 of under-explored tenements including Indicated and Inferred Resources totaling 1.4 million ounces of gold (Indicated Resources of 5.32 million tones at 1.8g/t gold and Inferred Resource of 13.7 million tones at 2.5g/t gold as well as the 1.2mtpa Three Mile Hill processing plant, located in one of the world’s most significant gold and nickel mining regions.
Committee Bay Resources Ltd. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property. The program is supervised by Peter Kleespies, M.Sc. P.Geol., Vice President of Exploration (Australia), who is the Qualified Person as defined by NI 43-101.
Committee Bay now controls
FML Price at posting:
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