The hunt for gold continues in high gear, thanks to its continuing strong price just below $650/oz as this was written Wednesday morning. Although a high price makes “ore” out of low-grade “mineralization”, that is not the case for companies hitting high grades in Canada and Guyana.
COMMITTEE BAY RESOURCES of Vancouver reports 13.15 g/t Au over 8.0 metres and 19.65 g/t over 3.0 m at its Committee Bay project northeast of Baker Lake, Nunavut. The intersections were reported from the West Plains area, at the southern end of the project. Last year similar high grades were cut in two other zones. Committee Bay says that the high-grade zone coincides with a strong EM anomaly that extends for 8.0 km along strike. There are also two 5.0-km sub-parallel structures with coincident magnetometer-EM signatures which will be drilled for the first time this summer. (www.ComitteeBay.com)
SAN GOLD CORP. of Bissett, Manitoba, is getting near-half-ounce results from its Gabrielle project. The best assays come from the Cartwright zone only 500 metres from the recently reopened Rice Lake mine near Bissett. Three holes returned 14.5 g/t over 3.8 metres, 16.4 g/t over 2.3 metres and 12.4 g/t over 1.0 metre. The two other holes reported assayed 4.8 g/t over 2.0 metres and 7.2 g/t over 1.0 metre.
The Gabrielle shaft and two levels were developed in the 1920s on six mineralized veins. The former producer is joined to and is accessible via San Gold’s Rice Lake gold mine third-level western exploration drift. A plan view location map of San Gold’s mines and new discoveries is available on the company’s website, www.SanGoldCorp.com.
Montreal’s CAMBIOR has mounted an underground exploration program at its former Omai gold mine in Guyana. Open pit mining ended in the third quarter of 2005, with a total of 99,500 oz recovered during the year. The company has begun dewatering the pit in preparation for drilling the Fennell gold deposit at depth in hopes of finding higher grade lenses below the barren diabase dyke. High-grade results so far include 18.02 g/t Au over 3.0 metres, 567.19 g/t over 2.0 metres, 16.64 g/t over 5.0 metres. 11.38 g/t over 3.0 metres, and 10.10 g/t over 2.0 metres (all uncut). A third drill is being added to the program. (www.Cambior.com)