NWT Mineral Exploration

[Tackler]

Committee Bay releases additional Raven gold results

2004-10-26 10:06 ET - News Release

Mr. John Williamson reports

COMMITTEE BAY RESOURCES LIMITED: ADDITIONAL HIGH GRADE GOLD RESULTS AT RAVEN

Surface samples of 212.6 g/t Au, 90.4 g/t Au, 68.6 g/t Au, and 49.0 g/t Au

Committee Bay Resources Ltd. has released assay results from the recently discovered Raven occurrence at the Committee Bay project located northeast of Baker Lake. Surface outcrop sampling along a strike of 500 metres and width of 75 metres has produced values of 212.6 grams per tonne (g/t) Au, 90.4 g/t Au, 68.6 g/t Au, 49.0 g/t Au, 46.0 g/t Au, 38.7 g/t Au and 29.7 g/t Au. These samples are in addition to previously announced surface outcrop samples of 103.1 g/t Au, 31.60 g/t Au, and 20.9 g/t Au (see CBR press release in Stockwatch of Aug. 19). At the southern margin of the Raven occurrence a 150-metre-wide shear zone containing disseminated pyrite and strong carbonate alteration graded up to 18.1 g/t Au in the first 10 samples. Of the 235 samples analyzed at the Raven occurrence 33 samples contained in excess of five g/t Au and 44 samples contained in excess of two g/t Au.

The Raven occurrence lies northeast of the Central Tonalite and to the north of the recently discovered Burro (see CBR news in Stockwatch of Aug. 15) and Anuri (see CBR news in Stockwatch of Oct. 19) occurrences. In combination with the Burro and Anuri discoveries, this new prospective exploration zone covers an area 15 kilometres by 10 kilometres and is 20 kilometres west of the Three Bluffs drilling (see CBR news in Stockwatch of Sept. 8).

The Raven occurrence is hosted by an east-west trending gabbroic body emplaced within sedimentary and volcanic stratigraphy. Alteration exposed along the margins of the gabbro occurs as intense silica flooding, accompanied by sericite and tourmaline. The main mineralized zone consists of multistage quartz veining and pervasive silicification along an exposed strike length of 350 metres but is open under boulder cover to the west. Gold is associated with early strained and brecciated quartz veins and later crosscutting en echelon veins. Gold grades are particularly enhanced where there are coarse grained, prismatic arsenopyrite crystals and finer grained masses overprinting the silicified zones. The rocks surrounding the gabbro intrusion are strongly sheared and locally carbonate altered and pyrite-bearing.

An IP (induced polarization) geophysical survey, comprising 5.5 line kilometres on five widely spaced lines, has been completed over the Raven area and has delineated numerous resisitivity and IP chargeability anomalies reflecting silicification and sulphidation, some of which coincide with known mineralization.

Committee Bay Resources maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property. The program is supervised by Dean McDonald, PGeo, PhD, vice-president of the company, who is the qualified person as defined by National Instrument 43-101.

These results are part of the $7.9-million exploration program conducted with joint venture partner Gold Fields in 2004. Committee Bay Resources Ltd holds 1.6 million acres or over 86 per cent of the known greenstone belt at Committee Bay.