Well Bob looks like your buddy is coming through like you thought!
Press Release Source: Miramar Mining Corporation
Miramar Doubles Depth Extent of Suluk Mineralization at Hope Bay in 2003 Tuesday June 17, 8:02 am ET Significant Grades And Thicknesses Suggest Potential For Bulk Underground Mining Scenario; Hole PMD227 Intercepts 11.9 G/T Of Gold Over A True Width Of 23.1m (0.35oz/T Gold Over 75.8 Feet)
VANCOUVER, British Columbia--(BUSINESS WIRE)--June 17, 2003-- Miramar Mining Corporation (TSX:MAE - News; AMEX:MNG - News) today announced that its winter drilling at Hope Bay has doubled the depth of the Suluk deposit, extended it along strike and intercepted more high-grade gold mineralization in the new South Suluk zone. "Our most recent drilling results at Madrid, combined with the exceptional deep hole that we announced at Boston in late May (extending the Boston mineralization to depths of more than 1,000m) have already exceeded our expectations for the 2003 exploration program," said Tony Walsh, President and CEO. "We are very excited about our exploration results at Hope Bay and what they mean to our shareholders. The results from the Madrid area are clearly demonstrating that the area is emerging as a major gold district." "While the experience of other Canadian greenstone belts had suggested that there was the potential to extend gold resources to considerably greater depths at Hope Bay, it was only by drilling that we could validate our expectations for Hope Bay," said Mr. Walsh. "Especially significant are the substantial widths and grades encountered at depth at Suluk, such as hole PMD227 which intercepted a true width of 23.1 metres containing 11.9 grams per tonne of gold. These are the kind of numbers that would lead us to believe a bulk underground mining approach may be appropriate for the Suluk Zone at Madrid."
The Suluk and South Suluk zones are located in the Madrid area at the northern end of Miramar's 100%-owned Hope Bay greenstone belt in Nunavut. South Suluk is the most recent of a series of gold deposits and occurrences that Miramar has discovered in the Madrid area since identifying it as a major gold-bearing district in 2001. This year's 20-hole drilling program at Suluk has confirmed that the deposit extends to more than 500 meters along strike and greater than 500 meters deep. This is twice the depth indicated by previous drilling.
Hope Bay Drill Result Highlights -------------------------------------------------------------------- Area Core True Gold True Gold Hole-ID From To Length Width Grade Width Grade (m) (m) (m) (m) (g/t) (feet) (oz/t) (x) (x) -------------------------------------------------------------------- PMD223 Suluk 464.0 489.1 25.1 20.4 3.7 66.9 0.11 Including 468.2 471.7 3.5 2.8 8.8 9.2 0.26 PMD225 Suluk 609.3 642.1 32.8 22.5 4.0 73.8 0.12 Including 615.6 622.8 7.2 4.8 8.2 15.7 0.24 PMD227 Suluk 472.0 511.5 39.5 23.1 11.9 75.8 0.35 Including 485.0 511.5 26.5 15.9 16.4 52.2 0.48 PSD099 South 291.7 295.7 4.0 Na 14.5 Na 0.42 Suluk Including 292.7 295.7 3.0 Na 18.9 Na 0.55 PSD105 South 189.4 190.1 0.7 Na 71.8 Na 2.10 Suluk -------------------------------------------------------------------- (x)uncapped; "Na" indicates true width not known
Miramar is currently preparing its summer program for drilling at Hope Bay. Based upon the exciting results already received, the program will include follow up work at Suluk.
Implications of the Results
The results from the Madrid area, and particularly Suluk, indicate that considerable potential remains to extend gold mineralization to depth, and to discover more parallel gold zones. Most areas within Madrid area have been drill tested to less than 250m below surface, while recent drill results from Boston, Suluk and experience at other greenstone belts in Canada would suggest a largely untapped potential to extend gold resources to considerably greater depths at Hope Bay.
In addition, the significant thickness of moderate to high grade gold mineralization identified over a large area at Suluk warrant consideration of a bulk underground mining scenario for the Suluk Zone at Madrid where the economics of scale could allow the economic extraction of substantially larger quantities of gold mineralization, albeit at lower overall grades than previously considered. The potential economic parameters to be applied to such a scenario will be determined as on-going scoping studies progress and, as a result of these developments, the scoping studies currently underway are now targeted for completion in the late summer or early fall 2003.
Hope Bay Project & Objectives
Hope Bay is the newest greenstone belt to be discovered in Canada, with reserves of 323,000 ounces of gold grading 21.9 g/t, measured and indicated resources of 1.6 million ounces of gold averaging 15.7 g/t plus an inferred resource of 2.6 million ounces of gold averaging 12.3 g/t prior to the start of the 2003 program. Miramar, which acquired its initial 50% interest in 1999, now owns 100% of Hope Bay following the mid-2002 merger with Hope Bay Gold Corporation. "Our latest drilling results are strong indication that we are on the right path with our exploration strategy," said Mr. Walsh. "We are demonstrating the excellent potential to extend gold mineralization to depth, both in Madrid and at Boston, and we are encouraged by evidence that Suluk is developing into a significant gold deposit."
Miramar has established a three-pronged strategy to explore and develop Hope Bay:
(1) Develop the high-grade Doris North deposit at the northern end of the Hope Bay belt. A production decision awaits completion of the permitting process, which is under way. The feasibility study establishes a 6.6 month payback of the $39 million capital investment at $325 gold. "Management intends that cash flow from Doris North would be used towards further development and exploration of the Hope Bay belt without frequent returns to the market for financing, thereby minimizing dilution to shareholders." said Mr. Walsh. (2) Systematically define and expand the existing resource on the Hope Bay belt (3) Continue to explore for large economic grade deposits on the belt. TECHNICAL INFORMATION
Following are specific technical results including tables and diagrams detailing some of the matters described above. If you are missing these illustrations, please download this news release from Miramar's website at http://www.miramarmining.com/, to which they are attached, or contact us at the numbers listed below. All other information previously released on the Hope Bay Project is also available on these websites.
Drilling on the Suluk deposit of the Madrid area in 2001 had defined three parallel, steeply dipping mineralized zones over a 400m strike length and to depths of up to 250m below surface. In 2003, a total of 20 holes for 8,218m have been drilled at Suluk in 2003, results for 11 of which have previously been announced. Drilling has extended this mineralization to a strike length of more than 500m and to depths of more than 500m below surface, and identified additional parallel lenses. Results from the remaining drill holes are summarized below and complete results are attached.
Suluk Zone Drill Result Highlights -------------------------------------------------------------------- From To Core True Gold True Gold Hole-ID (m) (m) Length Width Grade Width Grade (m) (m) (g/t)(x) (feet) (oz/t)(x) --------------------------------------------------------------------
This year it was discovered that gold mineralization at Suluk appears to develop within a distinct stratigraphic package and may be controlled by interbedded basalt and argillite units. The mineralized zones are generally comprised of higher-grade cores surrounded by large halos of lower grade gold mineralization. This new understanding of stratigraphy provides a very useful guide to future exploration along the Madrid trend. It resulted in the definition of a highly prospective target at South Nexus, which Miramar plans to drill test in the summer of 2003.
Results continue to provide encouragement that the Suluk deposit is developing into a significant gold deposit and has excellent potential for further expansion, particularly to depth.
South Suluk
South Suluk is approximately 500m south of Suluk, east of the main Suluk horizon. This newly discovered gold mineralization has now been traced for 750m on strike and is open in all directions. Several zones of alteration and mineralization have been encountered, including a visible gold bearing quartz vein. Results from the remaining drill holes completed in this new area are summarized below and complete results are attached.
South Suluk Zone Drill Result Highlights
-------------------------------------------------------------------- From To Core True Gold Core Gold Hole-ID (m) (m) Length Width Grade Length Grade (m) (m) (g/t)(x) (feet) (oz/t)(x) -------------------------------------------------------------------- PSD099 291.7 295.7 4.0 Na 14.5 13.1 0.42 Including 292.7 295.7 3.0 Na 18.9 9.8 0.55
PSD100 96.6 102.9 6.3 Na 2.8 20.7 0.08 And 291.6 293.7 2.1 Na 10.4 6.9 0.30
PSD101 431.0 432.5 1.5 Na 12.7 4.9 0.37
PSD104A 96.7 100.2 3.4 Na 5.8 11.2 0.17 Including 97.5 99.0 1.5 Na 11.3 4.9 0.33 And 187.7 189.1 1.4 Na 10.5 4.6 0.31
PSD105 185.4 185.7 0.3 Na 9.4 1.0 0.27 And 189.4 190.1 0.7 Na 71.8 2.3 2.10 -------------------------------------------------------------------- (x)No capping required as all assays are less than 100 g/t gold; "Na" indicates true width not known
Drilling at the southeast end of Patch Lake (holes PSD097 and PSD098) intersected prospective stratigraphy but no significant gold mineralization.
Forward Looking Statements
Statements relating to planned and completed exploration work at the Hope Bay project and the expected results of this work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," 'projects" and similar expressions, or statements that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed and, in the case of reserve estimates, reflect the conclusion, based on certain estimates and assumptions, that a deposit can be economically exploited in the future.. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the exploration work program; and other risks and uncertainties, including those described in the Miramar's Annual Report on Form 40-F for the year ended December 31, 2002 and Reports on Form 6-K filed with the Securities and Exchange Commission.
Forward looking statements are based on the beliefs, estimates and opinions of Miramar's management on the date the statements are made. Miramar undertakes no obligation to update these forward-looking statements if management's beliefs and estimates or opinions or other factors should change.
All reserve and resource estimates reported in this disclosure are calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the United States Securities and Exchange Commission, and reserve and resource information reported in this disclosure may not be comparable to similar information reported by United States companies. The terms "Resource(s)" does not equate to "reserves" and normally may not be included in documents filed with the Securities and Exchange Commission.
Miramar's Hope Bay Project -------------------------- 2003 Drill Results from the Suluk Area at Madrid
-------------------------------------------------------------------- Hole-ID Zone Lens From To Core True Gold (m) (m) Length Width Grade (m) (m) (g/t) -------------------------------------------------------------------- 03PMD220 S.Suluk SHW 59.3 60.0 0.7 0.4 4.3
03PMD221 S.Suluk SHW 34.7 45.4 10.7 9.0 1.9
03PMD221A S.Suluk SHW 355.5 357.0 1.5 1.0 3.3
03PMD222 N.Suluk West? 128.2 131.2 3.0 2.3 1.5 03PMD222 N.Suluk Central 136.7 159.2 22.5 17.2 1.5 03PMD222 N.Suluk Central 162.1 168.6 6.6 5.0 6.7 includes 162.1 167.6 5.5 4.2 7.2 03PMD222 N.Suluk East 177.6 188.1 10.4 8.0 1.5 03PMD222 N.Suluk T3 339.9 342.4 2.4 1.8 1.6 03PMD222 N.Suluk T3 346.4 355.0 8.6 6.6 2.3 03PMD222 N.Suluk T3 372.7 377.3 4.6 3.6 3.4
03PMD223 N.Suluk West 426.0 438.0 12.0 9.6 3.0 Includes 435.0 436.5 1.5 1.2 9.1 03PMD223 N.Suluk West? 442.5 448.5 6.0 4.8 1.7 03PMD223 N.Suluk Central 464.0 489.1 25.1 20.4 3.7 Includes 468.2 471.7 3.5 2.8 8.8 And Includes 475.7 477.0 1.3 1.1 7.2
03PMD224 Suluk New 357.5 359.0 1.5 Na 6.6 03PMD224 Suluk New 361.5 367.5 6.0 Na 1.4
03PMD225 Suluk West 591.8 593.8 2.0 1.4 6.4 Includes 591.8 593.0 1.2 0.8 8.7 03PMD225 Suluk Central 609.3 642.1 32.78 22.5 4.0 Includes 615.6 622.8 7.2 4.8 8.2 And includes 627.0 628.5 1.5 1.0 5.1 And includes 637.6 638.6 1.0 0.7 7.9
03PMD226 N.Suluk West 382.2 388.3 6.1 4.7 6.3 Includes 382.2 384.2 2.0 1.6 15.9 03PMD226 N.Suluk Central 411.6 429.1 17.5 13.9 3.0 Includes 417.6 422.8 5.2 4.1 5.6
03PMD227 Suluk East? 262.0 264.0 2.0 1.2 3.6 includes 263.0 264.0 1.0 0.6 5.0 03PMD227 Suluk Central 472.0 511.5 39.5 23.1 11.9 includes 485.0 511.5 26.5 15.9 16.4 Which includes 494.0 497.0 3.0 1.8 26.6 And includes 509.0 510.0 1.0 0.6 65.5
03PMD228 Suluk T3 156.5 157.9 1.4 0.8 3.5 03PMD228 Suluk T3 263.9 266.7 2.8 1.6 12.5 03PMD228 Suluk T3 319.4 323.9 4.5 2.6 5.7 Includes Suluk 320.5 322.8 2.3 1.3 8.9 03PMD228 Suluk Central 392.0 394.2 2.9 1.7 7.5 Includes 392.0 393.4 1.4 0.8 14.1 03PMD228 West 397.7 411.0 13.2 7.9 3.3 Includes 403.7 405.2 1.5 0.9 16.1 --------------------------------------------------------------------
Miramar's Hope Bay Project -------------------------- 2003 Drill Results from the South Suluk Area at Madrid
-------------------------------------------------------------------- Core Gold Grade Hole-ID Zone From (m) To (m) Length (m) (g/t) -------------------------------------------------------------------- 03PSD099 South Suluk 190.5 193.5 3.0 3.7 03PSD099 South Suluk 196.5 198.0 1.5 2.9 03PSD099 South Suluk 211.0 212.7 1.7 3.2 03PSD099 South Suluk 291.7 295.7 4.0 14.5 includes 292.7 295.7 3.0 18.9 03PSD099 South Suluk 306.0 313.9 7.9 1.7 includes 313.4 313.9 0.5 6.3
03PSD100 South Suluk 96.6 102.9 6.3 2.8 includes 98.3 99.8 1.5 5.7 03PSD100 South Suluk 255.3 256.8 1.5 4.0 03PSD100 South Suluk 291.6 293.7 2.1 10.4 includes 292.2 292.7 0.5 43.2 03PSD100 South Suluk 297.2 298.5 1.3 5.2 includes 298.0 298.5 0.5 11.8
03PSD101 South Suluk 270.0 273.0 3.0 2.0 03PSD101 South Suluk 414.0 415.0 1.0 5.2 03PSD101 South Suluk 431.0 432.5 1.5 12.7
03PSD102 South Suluk 116.8 118.2 1.4 2.3
03PSD103 South Suluk 113.4 116.3 3.0 2.9 03PSD103 South Suluk 204.8 212.2 7.4 2.0 03PSD103 South Suluk 231.3 234.2 2.9 1.8
03PSD104A South Suluk 96.7 100.2 3.4 5.8 includes 97.5 99.0 1.5 11.3 03PSD104A South Suluk 184.8 194.5 9.7 3.0 includes 187.7 189.1 1.4 10.5
03PSD105 South Suluk 9.5 12.5 3.0 2.3 03PSD105 South Suluk 185.4 185.7 0.3 9.4 03PSD105 South Suluk 189.4 190.1 0.7 71.8 --------------------------------------------------------------------
This news release has been authorized by the undersigned on behalf of Miramar Mining Corporation.
-------------------------------------------------------------------------------- Contact: Miramar Mining Corporation Anthony P. Walsh, 604/985-2572 1-800-663-8780 (toll free) 604/980-0731 (fax) info@miramarmining.com
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