NCG Focusses on High Grade Subset of Three Bluffs Resource Estimate
10 7월 2014 - 9:30PM
Marketwired Canada
North Country Gold Corp. (TSX VENTURE:NCG)(OTCQX:NCGDF) ("North Country", "NCG"
or the "Company") today announced the Company has completed a review of the
existing combined open-pit/underground resource estimate for the Three Bluffs
Gold Deposit published in April 2013 and is pleased to highlight a potential
high-grade underground subset contained within the current estimate, which the
Company considers to demonstrate the potential existence of a conceptual
high-grade underground deposit at Three Bluffs.
"From the results of our high-level trade off analysis and logistical studies
announced January 22, 2014, and North Country's belief that the Three Bluffs
Gold Project may be suited to a possible medium sized operation which focusses
on coherent trends of high grade gold mineralization, this subset of the
resource estimate clearly demonstrates the presence of considerable high grade
components to the deposit", stated Brian Budd, President of North Country Gold.
"Our ongoing work programs will continue to upgrade our geological knowledge of
these structures as we pursue strategies to potentially grow the present
high-grade resource base and advance the project towards preparation of a
possible PEA" added Mr. Budd.
High-Grade Subset
Utilizing an overall block cut-off grade of 5.0 g/t, which the company believes
better reflects underground mining costs at these deposits and at this location,
a possible high-grade underground subset of the existing Three Bluffs resource
estimate contains an indicated resource of 1.140 Mt grading 11.21 g/t Au for
411,000 ounces gold and an inferred resource of 1.900 Mt grading 9.15 g/t for
558,000 ounces gold.
Table 1 summarizes the current Three Bluffs resource estimate queried at a 5.0
g/t grade cut-off, which is a high-grade underground subset of the existing
combined open pit and underground resource estimate previously released April
23, 2013 as summarized in Table 2 below.
Table 1. Three Bluffs Resource Estimate(i) (Subset of April 2013 resource estimate)
High Grade Underground(i) - 1.0 g/t Au Model
Grade Cut-off Tonnage Au Au
Classification g/t Tonnes g/t ounces
Indicated 5.00 g/t 1,140,000 11.21 411,000
Inferred 5.00 g/t 1,900,000 9.15 558,000
(See footnotes below Table 2)
Three Bluffs Gold Deposit
The Three Bluffs gold project is a structurally controlled lode gold system
hosted within oxide facies iron formation and greywackes. The deposit currently
hosts an open-pit/underground resource of 4.30 Mt at 4.91 g/t gold for 683,000
ounces gold (indicated) and 5.52Mt at 5.43 g/t gold for 965,000 ounces gold
(inferred) using a cut-off grade of 1.35 g/t for open pit (inside Whittle shell)
and a cut-off grade of 2.5 g/t for underground (outside Whittle shell) (See
press release dated April 23, 2013, Table 2, and applicable notes).
To date, Three Bluffs has been drill tested along a strike length of 4.1
kilometres to depths of 500 metres below surface with gold mineralization
persisting to depth where the company has identified additional mineral
potential(i) comprising 4.5 to 7.5 million tonnes grading between 3.8 g/t and
7.3 g/t gold (see press release date April 23, 2013). (i)Estimates of the
potential quantity and grade of additional mineral potential' at Three Bluffs
are conceptual in nature as there has been insufficient exploration to define a
mineral resource and it is uncertain if further exploration will result in the
target being delineated as a mineral resource.
Table 2. Three Bluffs Resource Estimate, April 2013(i)
Open Pit- Three Bluffs Inside Whittle Shell
Classification Grade
Cut-off Tonnage Au Au
g/t tonnes g/t ounces
Indicated 1.35 g/t 3,600,000 4.81 557,000
Inferred 1.35 g/t 1,000,000 5.24 169,000
Underground - Three Bluffs Outside Whittle Shell
Classification Grade
Cut-off Tonnage Au Au
g/t tonnes g/t ounces
Indicated 2.50 g/t 716,000 5.46 126,000
Inferred 2.50 g/t 4,520,000 5.48 796,000
Total Three Bluffs Resource Tonnage Au Au
Tonnes g/t ounces
Total Indicated OP+UG 4,320,000 4.91 683,000
Total Inferred OP+UG 5,520,000 5.43 965,000
(i)Notes (Applicable to Tables 1 and 2)
1. A total of 17 domains utilized in grade estimation of the 0.50g/t
wireframes and 16 domains for the 1.0 g/t wireframes, Au capping by
domain from 75 g/t Au to 30 g/t Au
2. Block grade estimation of 0.50 g/t and 1.00 g/t wireframes utilizing ID3
interpolation
3. Block grade estimation for 0.50 g/t and 1.0 g/t wireframes performed by
successive search ellipsoids with first pass of 15m x 15m x 5m, second
pass 30m x 30m x 10m and third pass 75m x 75m x 20m
4. Open pit resources (inside whittle) are estimated at a pit discard grade
of 1.35 g/t Au with 93% Au recovery utilizing a long term gold price of
US$1,500 per ounce, whittle pit shell on the 0.50g/t block model was
utilized to constrain the open-pit resources
5. Underground resources constrained from 1.0 g/t wireframe block model
below the optimized Whittle pit using a 2.5 g/t block cut-off
6. Numbers may not add-up due to rounding
7. Prior resources for Three Bluffs were completed by Roscoe Postle
Associates Ltd in April of 2012 (see press release dated April 4th, 2012
and the Technical Report on the Three Bluffs Project, Nunavut Territory,
Canada filed on Sedar, May 18, 2012)
8. Mineral resources, which are not mineral reserves, do not have
demonstrated economic viability
9. The quantity and grade of reported Inferred resources are uncertain in
nature and there has been insufficient exploration to classify these
Inferred resources as Indicated or Measured, and it is uncertain if
further exploration will result in upgrading them to an Indicated or
Measured category
10. There are no known legal, political, environmental, or other risks that
could materially affect the potential development of the mineral
resources
11. (i)Underground high grade subset constrained by applying strict 5.0 g/t
block cut-off to the existing 1.0 g/t wireframe block grade estimation.
This subset is not in addition to the current open pit and underground
indicated and inferred resource but rather is that portion of the 1.0
g/t Au mode resource that reports to the higher block grade cut-offs.
12. The information contained in this announcement is not intended to change
the existing resource estimate for Three Bluffs as previously announced
by the Company on April 23, 2013.
Resource Methodology
The 2013 Three Bluffs Resource estimate has been prepared by Dave Rennie, P.Eng.
with independent resource consultants, RPA Inc., in accordance with Canadian
regulatory requirements set out in NI 43-101 and CIM resource definitions.
The Three Bluffs resource is based on drilling completed between 1994 and 2012,
with drill hole spacing ranging from 100m x120m down to 30m x 30m in denser
drilled portions of the deposit. Wireframes were constructed of correlatable
mineralized envelopes utilizing cut-off grades of 0.50 g/t Au and 1.0g/t Au.
Seventeen individual wireframes were constructed for the 0.50 g/t model and
sixteen individual wireframes were constructed for the 1.0 g/t model. Grade
capping levels were determined separately for each domain.
Inverse distance cubed (ID3) interpolation using three progressive search
volumes (15m x 15m x 5m, 30m x 30m x 10m, and 75m x 75m x 20m) on 1.5 metre down
hole composites were utilized to assign gold grades to 10m x 10m x 2m blocks.
Resource classification was applied using a combination of distance to nearest
composite, number of holes used in the estimate, and manual adjustment based on
inspection of the blocks. Inferred was provisionally assigned to any block
within 75m of the nearest composite. Blocks within 30m of the nearest composite
(generally within the 30m x 30m drill pattern), for which at least two drill
holes contributed composites, were provisionally assigned to the Indicated
category. These provisional assignments were reviewed in section and plan and
manually adjusted to eliminate isolated small groups of unrealistically
classified blocks.
To determine the open pit resources, a Whittle pit shell was generated on the
0.50 g/t Au model. The analysis utilized a long-term gold price of US$1,500 per
ounce, process gold recovery of 93%, a calculated discard grade of 1.35 g/t Au,
and pit batter angles of 50 degrees. The pit discard grade is based on
break-even costs of mining, milling and G &A per tonne converted to grams/tonne
Au at the gold price used for the optimization.
The underground portion of the resource was estimated from the 1.0 g/t Au model
using a 5.0 g/t block cut-off.
About North Country Gold Corp.
North Country Gold Corp. controls the gold-rich Committee Bay Greenstone Belt
located 180km northeast of Agnico Eagle's Meadowbank gold mine in Nunavut
Canada. It is one of the largest under-explored greenstone belts in Canada with
numerous drill-ready high-grade gold targets. The Company holds a 100% interest
in 243,620 acres along the 300km long belt and has identified 5 distinct
exploration centres with numerous high-grade gold drill intercepts. North
Country operations are currently focused on advancement of the Three Bluffs
deposit, which is geologically comparable, with similar grades, type of
mineralization and age, to the Lupin, Meadowbank and Meliadine gold deposit.
North Country Gold's vision is the build the company into a long term junior to
mid-tier gold producer through disciplined exploration and development of high
quality gold assets in stable safe mining jurisdictions.
On behalf of the Board
North Country Gold.
John Williamson
For more information on North Country Gold, please visit the company's website:
www.northcountrygold.com.
North Country Gold Corp. maintains an extensive quality control program in the
preparation, shipping and checking of all samples from the property. The content
of this news release and the Company's technical disclosure has been reviewed
and approved by Peter Kleespies, M.Sc., P.Geol., who is the Qualified Person as
defined by NI 43-101 Standards of Disclosure for Mineral Projects. A detailed
description of North Country Gold Corp.'s QA/QC program is provided on the
Company's website at www.northcountrygold.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address exploration drilling, exploitation activities and events or
developments that the company expects are forward-looking statements. Although
the company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration successes,
continuity of mineralization, uncertainties related to the ability to obtain
necessary permits, licenses and title and delays due to third party opposition,
changes in government policies regarding mining and natural resource exploration
and exploitation, and continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, investors
should review the Company's continuous disclosure filings that are available at
www.sedar.com
FOR FURTHER INFORMATION PLEASE CONTACT:
North Country Gold Corp.
Brian Budd
President & Director
604-697-2861
brianb@northcountrygold.com
www.northcountrygold.com
North Country Gold Corp. (TSXV:NCG)
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