|
December 12,
2007
Further High Grade Drill Results from Perseverance
Deposit
Redemption Joint Venture Project,
Western Australia
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
|
|