North Country Continues to Discover New Areas of Gold Mineralization at Committee Bay Project
October 24 2011 - 7:30AM
Marketwired
North Country Gold Corp. (TSX VENTURE:NCG) (NCG or the "Company")
is pleased to announce positive rock sample results from its 2011
regional exploration program conducted at the Committee Bay
Greenstone Project, located northeast of Baker Lake in Nunavut. The
2011 prospecting program continues to locate new areas with
anomalous gold and to expand and upgrade existing gold targets
along the 300km long gold-rich Committee Bay Greenstone Belt.
The assessment-driven exploration program, completed in August
2011, resulted in the collection of 921 rock samples. In total,
5.5% of samples collected in the 2011 program assayed greater than
150 parts per billion ("ppb") gold ("Au"). Rock samples greater
than 150 ppb Au are considered anomalous within Committee Bay
Greenstone Belt and historically many of the project's advanced
prospects began with similar anomalous grades. Three existing gold
targets - Naqsaq, Maro and Prospector, have been extended and
upgraded from 2011 sampling. Extension of the Three Bluffs ground
magnetics grid was also completed during the season giving NCG an
additional 1.5km coverage along the western extension of the
prospective Walker Lake Trend, west of Hayes.
"The continued return of anomalous gold samples and upgrade of
targets along the entire 300km Committee Bay belt attests to the
district scale gold potential of the belt," stated John Williamson,
President and CEO of North Country Gold Corp. "While North Country
remains focused on the development of the Three Bluffs gold
deposit, the ongoing exploration of the entire belt and development
of numerous mining centres and satellite resources remains as North
Country's longer term objective," added Mr. Williamson.
Naqsaq, located 75km northeast of the Three Bluffs gold deposit,
occupies a similar geological trend and is comprised of a similar
sulphidized iron formation to that at Three Bluffs with samples
assaying up to 24.2 gAu/t (Figure 1). 2011 samples of 8.29 gAu/t,
7.93 gAu/t, 2.96 gAu/t, 2.31 gAu/t and 1.09 gAu/t complement 2010
results of 24.2 gAu/t and 2.94 gAu/t and now define a mineralized
area with over 75m of strike. This area is coincident with a 1.3km
long regional positive magnetic anomaly, which is immediately
adjacent to a significant regional structural dislocation. The
tenor of samples received to date and presence of key structural
elements suggest potential for a significant gold system at the
Naqsaq target.
Maro, located 45km southwest of the Three Bluffs gold deposit
includes two linear glacially transported boulder trains that
previously assayed up to 18.18 gAu/t. New 2011 boulder sampling of
intensely altered and sulphidized mafic and ultramafic volcanic
rocks in this area have yielded assays up to 4.47 gAu/t and 1.53
gAu/t. A new mineralized outcrop has been located 2.3km south of
the second boulder train and has yielded assays up to 1.19 gAu/t.
This outcrop is coincident with strong positive electromagnetic and
magnetic anomalies which delineate a regional fold structure and
encompass at least 6km of prospective, potentially mineralized
stratigraphy within the Maro area.
Prospector, located 17km north of the Three Bluffs gold deposit
contains more than 18 samples with grades between 1.04gAu/t and
12.55 gAu/t over a 800m x 800m area within a folded, altered and
sulphidized iron formation. Samples collected in 2011 with gold
grades of 4.99 gAu/t and 4.97 gAu/t extend the strike of the
Prospector prospect a further 500m northwest, coincident with
stratigraphic trends defined by magnetic and electromagnetic
anomalies. Prospector occupies part of the larger A-P Trend - a
12km x 5km segment of the Committee Bay Greenstone Belt containing
four gold prospects and yielding more than 60 rock samples with
grades greater than 1 gAu/t and up to 18.6 gAu/t. Ongoing
expansions of prospects within this broad-scale gold system have
excellent potential to provide additional satellite gold resources
to complement the Three Bluffs Project.
A detailed ground magnetic survey (32 line kilometres at 120
metre line spacing) was completed over the western strike extension
of the Walker Lake Trend, west of the Hayes prospect and Antler and
Three Bluffs deposits (Figure 2), in order to delineate the
subsurface expression of the Three Bluffs mineralized units along
strike. The survey confirms that the mineralized units continue
undercover for at least another 1.5km west of Hayes and remain open
to the west. The survey will be used to target further exploration
drill holes in 2012.
Please click on the links provided below to view the addressed
figures.
Figure 1:
http://northcountrygold.com/_resources/NCG-NR---Oct-24-2011-1.jpg
Figure 2:
http://northcountrygold.com/_resources/NCG-NR---Oct-24-2011-2.jpg
About North Country Gold Corp.
North Country Gold Corp. controls one of the largest
under-explored greenstone belts in Canada with numerous drill-ready
high-grade gold targets. The gold-rich Committee Bay Greenstone
Belt is located 180km northeast of the of Agnico Eagle's Meadowbank
gold mine. The Three Bluffs deposit is geologically comparable,
with similar grades, type of mineralization and age as Meadowbank.
The Company holds 100% interest in 530,630 acres along the 300km
belt and has identified 5 distinct mineral development centers,
focusing in on the Three Bluffs deposit.
North Country Gold Corp. will be releasing an updated resource
estimate in Q1 of 2012.
North Country Gold Corp. maintains an extensive quality control
program in the preparation, shipping and checking of all samples
from the property. The program is supervised by Peter Kleespies,
M.Sc., P.Geol. who is the Qualified Person as defined by NI 43-101.
A detailed description of North Country Gold Corp.'s QA/QC program
is provided on the Company's website at
www.northcountrygold.com.
North Country Gold Corp. is a member of the Discovery Group of
companies, for more information on the group visit
www.discoveryexp.com.
On behalf of the Board,
North Country Gold Corp.
John Williamson
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
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.
Contacts: North Country Gold Corp. Brian Budd Vice President of
Corporate Development and Director
604-697-2861brianb@northcountrygold.comwww.northcountrygold.com
North Country Gold Corp. (TSXV:NCG)
Historical Stock Chart
From Aug 2024 to Sep 2024
North Country Gold Corp. (TSXV:NCG)
Historical Stock Chart
From Sep 2023 to Sep 2024