FURTHER HIGH GRADE DRILL RESULTS FROM PERSEVERANCE DEPOSIT
REDEMPTION JOINT VENTURE PROJECT, WESTERN AUSTRALIA
December 12, 2007
EDMONTON, Alberta – Committee Bay Resources Ltd. (CBR: TSXV) ("Committee Bay" or the "Company") and Australian Redemption Joint Venture ("RJV") partner Focus Minerals Ltd. (FML: ASX) today announced new significant drill results from an ongoing grade control drilling program at the advanced Perseverance Gold Deposit, located in the prolific Coolgardie Gold Belt in Western Australia.
The results included high-grade intersections, which further reinforce the production potential of the Perseverance Deposit, where the Joint Venture is advancing towards planned commencement of production in early 2008. These results are not included in the current Bankable Feasibility Study, which is at the final draft stage and is currently under review by the Joint Venture partners.
Key Highlight Points
- Grade control drilling delivers better-than-expected grades with best assay results including:
- 9.1m @ 87.28g/t Au (including 1.3m @ 273.02g/t)
- 4.4m @ 58.23g/t Au
- 11.5m @ 27.09g/t Au (including 2.7m @ 65.64g/t)
- 13.1m @ 16.23g/t Au (including 3.7m @ 56.85g/t)
- All 20 new holes assayed to date either confirm known widths or intersect wider parts of the lode
- Drilling confirms the presence of a new narrower footwall quartz-sulphide zone approximately 10m below the main lode with potential for high grade zones
- Further step-out grade control holes planned to locate the extremities of economic mineralization
A total of 26 drill holes have been completed out of an initial 49-hole program designed to test the grade and width interpretations for the Perseverance deposit. To date, all 20 drill holes assayed have either confirmed the width of the main quartz-sulphide lode, or have intersected wider parts of this lode, with the better intersections summarized below. (See Appendix 1 for full results)
Table 1 (Selected Results):
|
Hole |
From (metres) |
To
(metres) |
Interval (metres) |
Gold Grade
(g/t) |
Comments |
|
PEGC0002 |
83 |
94.7 |
11.7 |
16.31 |
Main QzSu lode |
|
including |
93 |
94.7 |
1.7 |
65.97 |
|
|
PEGC0003 |
85.5 |
97 |
11.5 |
27.09 |
Main QzSu lode |
|
including |
93 |
95.7 |
2.7 |
65.64 |
|
|
PEGC0004 |
91.5 |
100.6 |
9.1 |
87.28 |
Main QzSu lode |
|
including |
94.9 |
96.2 |
1.3 |
273.02 |
|
|
PEGC0007 |
83 |
100.5 |
17.5 |
7.49 |
Main QzSu lode |
|
including |
94.87 |
95.78 |
0.91 |
64.12 |
|
|
PEGC0008 |
88.3 |
101.4 |
13.1 |
16.23 |
Main QzSu lode |
|
including |
89.3 |
93 |
3.7 |
56.85 |
|
|
PEGC0009 |
94.5 |
104.2 |
9.7 |
9.15 |
Main QzSu lode |
|
and |
115.4 |
116.2 |
0.8 |
50.5 |
Lower diorite unit |
|
PEGC0012 |
89.8 |
94.2 |
4.4 |
58.23 |
Main QzSu lode |
|
PEGC0015 |
87 |
89 |
2.0 |
6.03 |
Hanging Wall diorite unit |
|
and |
91.31 |
95 |
3.69 |
11.15 |
Main QzSu lode |
|
PEGC0016 |
85 |
88 |
3.0 |
12.46 |
Main QzSu lode |
*QzSu = Quartz Sulphide
"These new Perseverance results have been better than expected and results from the southern extremities of the economic mineralization have been very encouraging as they are higher grade than previous exploration drill holes," stated Committee Bay President and CEO, John Williamson. "This could be a reflection of either the "nuggetty" nature of the ore body, or the existing exploration drill holes do not truly reflect the grade of the quartz-sulphide lode at the southern extremities," Mr. Williamson added.
The grade control drilling has also confirmed the presence of a new footwall quartz-sulphide zone approximately 10 metres below the main lode. This is much narrower and less continuous than the main lode, but results indicate there is potential for some high grade zones. Geology and assay results have also confirmed the presence of the diorite lode, with some results indicating the potential presence of some high grade zones within the diorite mineralization.
The underground grade control drill program has the potential to further upgrade the Resource at Perseverance Deposit, which will be the first of several key central ore bodies to be mined at the Coolgardie Project. The program is being conducted from the Perseverance decline development, of which the first 500 metres was completed one month ahead of schedule and AUD$500,000 (20%) under budget.
The Perseverance ore body is one of several key deposits comprising the Tindals Mining Centre, which is centrally located within the Coolgardie Gold Project. Work is also continuing within the Tindals Mining Centre at the Empress and Cyanide (Tindals East) deposits, in order to fast-track further delineation and development of the greater area.
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 564,631 ounces gold* (8.53 million tonnes at 2.06 g/t gold), and Inferred Resources of 1,038,292 ounces gold* (11.52 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., Coolgardie Project 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.
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
Manager, 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.
Appendix 1 – Grade Control Drilling (first 20 Holes)
|
Hole |
From (m) |
To (m) |
Interval (m) |
Au Grade (g/t) |
Comments |
|
PEGC0001 |
82.4 |
83.4 |
1.0 |
25.46 |
Main QzSu lode |
|
PEGC0002 |
83 |
94.7 |
11.7 |
16.31 |
Main QzSu lode |
|
including |
93 |
94.7 |
1.7 |
65.97 |
|
|
and |
100 |
104 |
4.0 |
10.36 |
Footwall QzSu zone |
|
including |
100.9 |
102.1 |
1.2 |
30.29 |
|
|
and |
110.6 |
111.4 |
0.8 |
7.29 |
Lower diorite unit |
|
PEGC0003 |
85.5 |
97 |
11.5 |
27.09 |
Main QzSu lode |
|
including |
93 |
95.7 |
2.7 |
65.64 |
|
|
and |
100 |
102.8 |
2.8 |
4.94 |
Footwall QzSu zone |
|
and |
107.1 |
110 |
2.9 |
17.69 |
Lower diorite unit |
|
PEGC0004 |
91.5 |
100.6 |
9.1 |
87.28 |
Main QzSu lode |
|
including |
94.9 |
96.2 |
1.3 |
273.02 |
|
|
PEGC0005 |
99.8 |
106 |
6.2 |
3.19 |
Main QzSu lode |
|
and |
132 |
135 |
3.0 |
2.51 |
Lower diorite unit |
|
and |
140 |
143 |
3.0 |
3.24 |
Lower diorite unit |
|
PEGC0006 |
103 |
103.6 |
0.6 |
8.44 |
Main QzSu lode |
|
and |
135 |
141 |
6.0 |
2.12 |
Lower diorite unit |
|
PEGC0007 |
83 |
100.5 |
17.5 |
7.49 |
Main QzSu lode |
|
including |
94.87 |
95.78 |
0.91 |
64.12 |
|
|
and |
109.9 |
110.4 |
0.5 |
14.15 |
Footwall QzSu zone |
|
and |
116.58 |
117.48 |
0.9 |
62.29 |
Footwall QzSu zone |
|
PEGC0008 |
88.3 |
101.4 |
13.1 |
16.23 |
Main QzSu lode |
|
including |
89.3 |
93 |
3.7 |
56.85 |
|
|
and |
112.1 |
119.7 |
7.6 |
9.39 |
Lower diorite unit |
|
PEGC0009 |
94.5 |
104.2 |
9.7 |
9.15 |
Main QzSu lode |
|
and |
115.4 |
116.2 |
0.8 |
50.5 |
Lower diorite unit |
|
PEGC0010 |
99.8 |
108.2 |
8.4 |
2.66 |
Main QzSu lode |
|
and |
146 |
148 |
2.0 |
4.52 |
Lower diorite unit |
|
PEGC0011 |
95 |
98 |
3.0 |
5.35 |
Main QzSu lode |
|
and |
102 |
105 |
3.0 |
3.23 |
Lower diorite unit |
|
PEGC0012 |
89.8 |
94.2 |
4.4 |
58.23 |
Main QzSu lode |
|
and |
104 |
105.3 |
1.3 |
10.8 |
Lower diorite unit |
|
PEGC0013 |
90 |
97 |
7.0 |
1.69 |
Main QzSu lode |
|
and |
101 |
103 |
2.0 |
10.48 |
Lower diorite unit |
|
and |
106 |
108 |
2.0 |
3.32 |
Lower diorite unit |
|
and |
114 |
121.9 |
7.9 |
2.32 |
Lower diorite unit |
|
PEGC0014 |
74.67 |
83.1 |
8.43 |
10.68 |
Main QzSu lode |
|
PEGC0015 |
87 |
89 |
2.0 |
6.03 |
Hanging Wall diorite unit |
|
and |
91.31 |
95 |
3.69 |
11.15 |
Main QzSu lode |
|
and |
125 |
128 |
3.0 |
3.18 |
Lower diorite unit |
|
PEGC0016 |
85 |
88 |
3.0 |
12.46 |
Main QzSu lode |
|
and |
96 |
97 |
1.0 |
13.41 |
Footwall QzSu zone |
|
and |
134 |
136 |
2.0 |
12.92 |
Lower diorite unit |
|
PEGC0017 |
95.7 |
101 |
5.3 |
7.19 |
Main QzSu lode |
|
and |
107.55 |
108 |
0.45 |
16.74 |
Footwall QzSu zone |
|
and |
114.3 |
118.67 |
4.37 |
6.58 |
Footwall QzSu zone |
|
and |
136 |
141 |
5.0 |
3.28 |
Lower diorite unit |
|
PEGC0018 |
89 |
95.67 |
6.67 |
4.85 |
Main QzSu lode |
|
and |
119 |
125 |
6.0 |
1.72 |
Lower diorite unit |
|
PEGC0019 |
109 |
110 |
1.0 |
4.04 |
Main QzSu lode |
|
PEGC0020 |
71 |
73 |
2.0 |
2.31 |
Main QzSu lode |
|
and |
102.66 |
107.6 |
4.94 |
4.43 |
Footwall QzSu zone adjacent to the historical workings |
