DRILLING AT PERSEVERANCE CONFIRMS CONTINUITY AND EXTENDS MINERALIZATION
INTERCEPTS OF 48.66 G/T OVER 8.2M AND 13.78 G/T OVER 4.7M,
REDEMPTION JOINT VENTURE PROJECT, WESTERN AUSTRALIA
August 8, 2007
EDMONTON, Alberta – Committee Bay Resources Ltd. (CBR: TSXV), and Australian Redemption Joint Venture (“RJV”) partner Focus Minerals Ltd. (FML: ASX), today announced the final drill results from the Perseverance deposit at the Coolgardie Gold Project. Drilling has confirmed continuity of gold grades and widths within the main quartz-sulphide zone and has also extended known mineralization within the adjacent diorite zone.
Key Highlight Points:
-
Phase 4 and Phase 5 drill programs completed:
-
Quartz-sulphide zone infill drilling highlights: 48.66 g/t Au over 8.2m, 13.78 g/t Au over 4.7m, and 3.51 g/t Au over 10.8m
-
Western diorite zone mineralization extended: 3.40 g/t Au over 10.0m, 3.34 g/t over 8.2m, 3.40 g/t Au over 8.1m and 3.23 g/t Au over 6.0m
-
Excellent potential to expand deposit: EM surveys underway and additional infill and exploratory drilling planned
-
Revised Perseverance resource estimate underway
(See Figure 1 for Perseverance Longitudinal Section and Figures 2,3 and 4 for associated Cross Sections of the Perseverance deposit)
The RJV has now completed several drilling programs at Perseverance as part of a feasibility study to support the commencement of mining operations by year end. The Perseverance geological and resource models are being updated utilizing the latest data, with results expected within six weeks. Additional targets will be defined utilizing this updated geological model and the results of the ground and down-hole EM geophysical surveys currently being conducted in the Perseverance area.
Furthermore, on August 6th, mining service provider Barminco Ltd. commenced the development of a 400m decline to the Perseverance ore body from the fully-permitted Empress underground infrastructure. (See CBR news release July 31, 2007). Additional infill and exploration drilling will be conducted from underground locations upon the completion of this decline.
The RJV has also commenced work at the Countess deposit with an aim of upgrading this resource to be included in the Perseverance feasibility study and is examining various options for the Empress and Tindals east zones to fast track development of the greater Tindals Mining Centre.
Table 1. Phase 4/5 - Drilling Highlights – Perseverance Quartz-Sulphide Lodes
|
Hole Id |
Comments |
From (m) |
To (m) |
Length (m) |
Au g/t |
|
07PEC027 |
|
38.0 |
41.0 |
3.0 |
2.44 |
|
07PED019 |
|
198.9 |
201.0 |
2.1 |
3.40 |
|
07PED020 |
|
220.2 |
231.0 |
10.8 |
3.51 |
|
|
including |
224.5 |
225.8 |
1.3 |
11.40 |
|
07PED021 |
|
150.8 |
159.0 |
8.2 |
48.66 |
|
|
including |
153.0 |
156.7 |
3.7 |
81.17 |
|
07PED022 |
|
177.3 |
178.5 |
1.2 |
21.94 |
|
|
|
188.3 |
201.0 |
12.7 |
6.20 |
|
|
including |
188.3 |
19.0 |
4.7 |
13.78 |
|
07PED024 |
|
249.0 |
255.6 |
6.6 |
3.19 |
|
|
including |
249.0 |
251.0 |
2.0 |
7.35 |
Table 2 Phase 4/5 – Drilling Highlights – Perseverance Diorite Hosted Stockwork Mineralization
|
Hole Id |
Comments |
From (m) |
To (m) |
Length (m) |
Au g/t |
|
07PEC026 |
|
108.0 |
109.0 |
1.0 |
3.06 |
|
07PEC027 |
|
77.0 |
87.0 |
10.0 |
3.40 |
|
07PEC028 |
|
113.0 |
115.0 |
2.0 |
1.27 |
|
07PED020 |
|
1.0 |
3.0 |
2.0 |
3.45 |
|
07PED021 |
|
166.0 |
167.0 |
1.0 |
10.08 |
|
|
|
179.0 |
187.2 |
8.2 |
3.34 |
|
07PED022 |
|
210.0 |
214.0 |
4.0 |
2.90 |
|
|
|
221.3 |
229.4 |
8.1 |
3.40 |
|
|
|
238.0 |
239.0 |
1.0 |
18.67 |
|
|
|
245.0 |
251.0 |
6.0 |
3.23 |
|
|
|
250.0 |
251.0 |
1.0 |
15.65 |
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), 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* (0.55 million tonnes at 1.77 g/t gold), Indicated Resources of 472,565 ounces gold* (8.08 million tonnes at 1.82 g/t gold), and Inferred Resources of 1,089,789 ounces gold* (11.41 million tonnes at 2.98 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.
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.
/s/”John Williamson”
John Williamson, P.Geol.
President
For further information about Committee Bay Resources Ltd. or this news release, please visit our website at www.committeebay.com or contact:
Derek Iwanaka
Investor Relations
Email: info@committeebay.com
Dial 604-646-4524 or toll-free 1-888-331-2269
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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, Quartz Sulphide Mineralization)
(Figure 2- Perseverance – Cross Section 8PN, Quartz-Sulphide Mineralization)
(Figure 3 - Perseverance – Cross Section 10PN, Quartz-Sulphide Mineralization)
(Figure 4- Perseverance – Cross Section 14 PN, Quartz-Sulphide Mineralization)
