EDMONTON, Alberta – Committee Bay Resources Ltd. (CBR: TSX-V) (“Committee Bay”) today announced final drill results for the 2008 summer program including a new high grade discovery which significantly increases the strike length potential of the Three Bluffs Deposit at the Committee Bay Greenstone Belt Project located northeast of Baker Lake, Nunavut, Canada.
Key Highlight Points:
- Intercept of 23.53 g/t Au over 13.59 metres in hole 08TB077 extends known strike length of Three Bluffs mineralized trend by over 500 metres to the west.
- Intercepts of 7.57 g/t Au over 3.35 metres in hole 08TB074 and 5.10 g/t Au over 4.86 metres in hole 08TB075 drilled 60 metres west of the Three Bluffs Resource indicate higher grade shoots are present within iron formation west of known resource area.
- 1,291 metres in 7 holes completed proximal to the Three Bluffs Resource area all intercept gold mineralization.
“The discovery of shallow high grade mineralization 500 metres to the west of the current resource is the most exciting development at Three Bluffs in the last three years.” stated Committee Bay CEO and President, John Williamson. “The newly discovered extension positively impacts the potential to develop a sizable open pit operation at Three Bluffs. Furthermore, the discovery warrants an expanded drilling campaign of at least 20,000 metres to define the resource and continue to explore the trend which remains open to the west.”
Drilling at Three Bluffs during the 2008 program focused on identifying additional potential tonnage in proximity to the current resource of 468,400 indicated ounces (2,451,000 t @ 5.94 g/t Au) and 230,900 inferred ounces (1,344,000 t @ 5.34 g/t Au) (See CBR press release dated March 12, 2008), based on a 1.5 g/t Au block cutoff grade. Two drill fences were completed 60m and 500m west of the resource area along trend of Three Bluffs targeting coincident magnetic and grab/sample/till anomalies.
The drilling indicates that significant gold mineralization is present at shallow levels over a much greater strike length than previously indicated, and that excellent potential exists to expand the potentially open pittable Three Bluffs Resource. Additionally, the mineralization trend remains open and untested for at least another 900m westward where historic drilling at the Antler Showing has also identified significant widths of mineralized iron formation. For drill hole locations please see Figure 1 below.
Table 1. 2008 Three Bluffs Drill Results
| Hole |
From (m) |
To (m) |
Interval (m) |
Au g/t |
|
08TB072 |
117.00 |
124.00 |
7.00 |
1.53 |
|
|
145.00 |
149.75 |
4.75 |
1.75 |
|
08TB073 |
101.29 |
109.50 |
8.18 |
2.19 |
|
|
126.81 |
142.47 |
15.66 |
1.30 |
|
08TB074 |
140.40 |
151.00 |
10.60 |
2.10 |
|
including |
144.00 |
144.48 |
2.48 |
3.13 |
|
|
176.00 |
185.36 |
9.36 |
3.71 |
|
including |
182.01 |
185.36 |
3.35 |
7.57 |
|
08TB075 |
74.50 |
89.86 |
15.36 |
2.46 |
|
including |
85.00 |
89.86 |
4.86 |
5.10 |
|
and |
87.95 |
89.86 |
1.91 |
9.60 |
|
08TB076* |
173.0 |
177.22 |
4.22 |
1.39 |
|
08TB077 |
37.00 |
50.97 |
13.97 |
23.53 |
|
08TB078 |
58.59 |
59.80 |
1.21 |
1.33 |
|
|
137.00 |
138.00 |
1.00 |
1.18 |
|
|
|
|
|
|
* Hole lost in mineralization
About Committee Bay Project
The Committee Bay Greenstone Belt is 300 km long, 5 to 50 km wide and geologically comparable to the significant gold bearing belts hosting the Meadowbank and Meliadine deposits currently being developed in eastern Nunavut. Drilling at the Three Bluffs Deposit from 2004 to 2007 has defined a Resource of 468,400 Indicated ounces (2,451,000 t @ 5.94 g/t Au) and 230,900 Inferred ounces (1,344,000 t @ 5.34 g/t Au) (See CBR press release dated March 12, 2008). The Committee Bay belt currently hosts more than 40 high-grade gold occurrences but remains one of the longest and least explored greenstone belts in Canada. Committee Bay currently holds a 100% interest in approximately 640,000 acres of land with prospective geology along the Committee Bay belt.
About Committee Bay Resources Ltd.
Committee Bay Resources Ltd. (CBR: TSX-V) is a well-funded Canadian based exploration company with a diverse portfolio of precious and base metal projects in North America and Australia. On September 18, 2008, Niblack Mining Corp. shareholders approved a merger with Committee Bay which is expected to close on October 1, 2008. This merger will position Committee Bay with two principal assets, the new Niblack VMS Project in southeastern Alaska and the existing Committee Bay Greenstone Belt Project in Nunavut which hosts the high grade Three Bluffs gold deposit. In addition, Committee Bay conducts year round exploration to advance its early staged projects and continues to monitor the market for undervalued acquisition opportunities.
Committee Bay is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com
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. who is the Qualified Person as defined by NI 43-101. A detailed description of Committee Bay’s QA/QC program is provided on the Company’s website at www.committeebay.com.
Figure 1. 2008 Drill hole Planview Location Map with Ground Magnetics
On behalf of the Board
Committee Bay Resources Ltd.
/s/”John Williamson”
John Williamson, P.Geol.
President, CEO & Director
For further information, please contact:
Derek Iwanaka
Manager, Investor Relations
Dial 604-646-4527 or toll-free 1-888-331-2269
** WEBSITE: http://www.committeebay.com/ **
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.
