NEW GOLD TARGETS IDENTIFIED AT COMMITTEE BAY GREENSTONE BELT
2008 REGIONAL EXPLORATION PROGRAM
November 3, 2008
EDMONTON, Alberta – Committee Bay Resources Ltd. (CBR: TSX-V) (“Committee Bay”) today announced the 2008 Regional Exploration program results for the Committee Bay Greenstone Belt Project located northeast of Baker Lake in Nunavut, Canada.
Key Highlight Points:
- Mapping and sampling at Castle Rock target identifies large scale gold target
- Till sampling outlines new gold in till anomaly north of Ghost target
- Surface prospecting returns high grade grab samples in Kinng Au area (>10gAu/t)
- 416 metres in 3 holes completed at Bluff 7 target with best intercept of 4.00 g/t Au over 3.60 metres
- 971 metres in 4 holes completed on regional geophysical targets encounter anomalous gold
“In addition to outstanding drill results this year at Three Bluffs (See CBR press release - September 30, 2008) identification of new gold targets during this year’s regional exploration program has again demonstrated growing potential for the Committee Bay belt.” stated Committee Bay CEO and President, John Williamson. “These new results complement Committee Bay’s long term strategy of developing significant resources through integrated and systematic exploration and evaluation of the greenstone belt.”
Mapping, prospecting and ground magnetic surveys in the Castle Rock area (See Figure 1) have identified three areas of gold mineralization within a fault bounded wedge of supracrustal rocks. The mineralized occurrences which are associated primarily with iron formation have yielded peak assay results 5.05 g/t Au, 6.42 g/t Au and 4.71 g/t Au and define a 1.5 km trend of prospective lithology and structure. Additionally regional till samples down-ice of the Castle rock area define a gold in till anomaly which is second only to that of the Three Bluffs Deposit in the Committee Bay Belt area.
Regional till sampling has outlined a significant new gold in till anomaly north of the Ghost occurrence (See Figure 1) on the western side of the Committee Bay Greenstone belt. A coherent cluster of five samples returned values between 0.11 and 0.76 g/t Au and cover an area of 800 metres x 1000 metres. The Three highest values of 0.46 g/t Au, 0.47 g/t Au and 0.76 g/t Au form a semi-continuous line which remains untested by till samples to the north, indicating the full dimensions of the anomaly have not been established. Study of ice flow directions and known showings suggest that the source of the gold in till anomaly is yet undiscovered.
At the Kinng Au occurrence (See Figure 1) rock sampling returned peak value of 15.1 g/t Au from mineralized iron formation, complementing previous results of up to 13.9 g/t Au. Gold mineralization at the Kinng Au occurrence is associated with iron formation located on the west limb of a regional fold structure. As at Three Bluffs the Kinng Au occurrence demonstrates spatial coherence between the mineralized rock samples and a discreet airborne electromagnetic anomaly.
Three holes were completed at Bluff Seven, (See Figure 1) located 10 kilometres northeast of Three Bluffs, along an iron formation trend where grab samples from mineralized felsenmeer have returned up to 15.7 g/t Au. Drill hole 08BL001 returned 4.0 g/t Au over 3.60 metres from a mineralized iron formation. The two holes drilled 150 metres east and west respectively from 08BL001 did not return significant intercepts, indicating that mineralization at Bluff Seven is likely related to northwest trending cross-structures and is not stratiform as at Three Bluffs.
Four drill holes were completed on regional targets east of Three Bluffs. These targets comprised discreet magnetic and/or coincident electromagnetic geophysical trends along nine kilometers of iron formation bearing stratigraphy. No significant economic mineralization was intersected in these holes, however peak anomalous gold values between 550 and 810 ppb associated with iron formation were returned in all four holes, indicating that gold mineralization is widespread, and that additional exploration is warranted to isolate preferred structural targets
Figure 1 –Committee Bay Belt Location Map
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.
Committee Bay is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com
On behalf of the Board
Committee Bay Resources Ltd.
/s/”John Williamson”
John Williamson, P.Geol.
President, CEO & Director
For further information, please go to www.committeebay.com or contact:
Derek Iwanaka
Manager, Investor Relations
T: 604-646-4527 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.
