Miramar Mining & Hope Bay Gold Further Define Naartok Discovery at Hope Bay
- Drill Hole M143 intercepts 8.7m true width averaging 22.9 g/t gold -
HGC - TSE
MAE - TSE
MAENF-OTC Bulletin Board
Apr 26, 2001, 01:00 ET from Miramar Mining Corporation
VANCOUVER, April 26 /PRNewswire/ - Miramar Mining Corporation (MAE-TSE)
and Hope Bay Gold Corporation (HGC- TSE) today reported that drilling has
further delineated the Naartok discovery at the Hope Bay project in Nunavut.
In addition to the Naartok area, mineralization has been identified further
east along the trend. A total of 62 holes have now been drilled along the
Naartok- Matrim-Patch trend, results for 47 of which have now been reported.
"These results indicate the potential of the Naartok zone to host
significant gold mineralization," said David Fennell, Hope Bay Gold's
President and CEO. "The recognition of additional prospective areas along the
same trend is encouraging and drilling is continuing to further define the
potential of these areas."
Naartok
-------
The Naartok discovery lies west of the Madrid deposit, in an area where
discovery drill hole M92 in 2000 detected a previously unrecognized zone of
gold mineralization. To date, approximately 38 holes have been completed in
the Naartok area, assays for 28 of which are reported in this news release and
seven holes were reported in an earlier release dated March 13, 2001.
Highlights of results received to date are summarized below and details
are attached. Results are reported uncapped and capped at a nominal 100 g/t.
Final capping levels will be determined once all results are available. The
intercepts are identified as to whether they occur in the main Naartok zone or
in the hanging wall.
Naartok Drill Result Highlights
-------------------------------
Hole Zone True Grade Capped True Width Capped
---- ---- ---- ----- ------ ---------- ------
Number Width (g/t Au) Grade (feet) Grade
------ ----- -------- ----- ----- -----
(m) (g/t Au) (oz/t
--- -------- -----
Au)
---
M114 Naartok 3.1 14.0 14.0 10.2 0.41
M117 Naartok 3.3 14.1 14.1 10.8 0.41
M122 HW 1.3 97.5 97.5 4.3 2.85
M126 Naartok 13.6 19.8 13.9 44.6 0.58
M135 Naartok 19.3 9.6 9.6 63.3 0.28
Including 8.3 16.8 16.8 27.2 0.49
M138 Naartok 5.0 11.5 11.5 16.4 0.34
M139 Naartok 1.9 31.1 31.1 6.2 0.91
M143 Naartok 8.7 23.1 22.9 28.5 0.67
Including 2.6 54.3 53.6 8.5 1.59
And 2.3 24.8 24.8 7.5 0.72
M146 Naartok 10.5 10.5 10.5 34.5 0.31
Including Naartok 2.5 15.7 15.7 8.2 0.46
M147 Naartok 4.9 21.0 14.8 16.1 0.61
Mineralization at Naartok occurs in a zone of multi-phase brecciation,
quartz stock working and silicification on the hanging wall of the Deformation
Zone. This style of mineralization extends up to 500m to the west from the
Matrim Zone at Madrid. Better mineralization appears to be localized in an
area where the Deformation Zone is flexed, providing a possible dilation zone
for the passage of mineralizing fluids. Drilling to date has defined a steeply
plunging zone of widespread lower grade gold mineralization and alteration
extending 100-250m along strike and averaging 10-25m thick. Within this zone
are narrower areas of more intense silicification and higher-grade gold
values. In addition, a number of intercepts have been encountered in the
hanging wall of the main Naartok breccia zone. Work is currently underway to
assess the potential continuity of both the overall mineralized envelope and
the higher grade intercepts within this envelope. Additional work is planned
to define the two hanging wall lenses.
"These results provide encouragement that the Naartok zone could develop
into a significant mineralized area," said Tony Walsh, Miramar's President and
CEO. "Once we have the results of the remaining holes, we will be in a better
position to evaluate the continuity of this mineralized zone and the higher
grade intercepts intersected to date."
Matrim
------
As previously reported, the same style of mineralization seen in the
Naartok zone continues east through the Matrim Zone adjacent to the
Deformation Zone. However, most of the intercepts in this area appear narrower
and lower grade, with less continuity. The better mineralization in this area
appears to lie in the hanging wall, away from the Deformation Zone, as
described in the Perrin Bulge Zone below.
Perrin Bulge
------------
Approximately 200m east of the Naartok Zone, where the north trending
Perrin Zone intersects the Deformation Zone, a second flex or bulge in the
Deformation Zone has been identified with associated gold mineralization.
Zones of quartz veining and brecciation with disseminated pyrite are apparent
on the flanks of this north trending bulge. Hole M134 reported below lies on
the east flank of this bulge. The style of mineralization at Perrin Bulge is
similar to that found in the Naartok Zone, although the intercepts appear to
be wider and lower grade including higher grade intercepts.
Results are summarized in a table below and detailed in the table
attached to this news release.
Perrin Bulge Drill Result Highlights
------------------------------------
Hole True Width Grade Capped Grade True Width Capped Grade
---- ---------- ----- ------------ ---------- ------------
Number (m) (g/t Au) (g/t Au) (feet) (oz/t Au)
------ --- -------- -------- ------ ---------
M134 3.7 20.0 20.0 12.1 0.58
Patch Lake
----------
Drilling has also tested an area approximately 400m further southeast
along the Deformation Zone, under Patch Lake, in an areas where previous
drilling by BHP intersected 15.5 g/t gold over 2.0m in hole M82. Recent
drilling has intersected further gold mineralization in a setting broadly
similar to that of Naartok and the Perrin Bulge. This mineralization is also
associated with an apparent flex in the Deformation Zone.
Patch Lake Drill Result Highlights
----------------------------------
Hole True Width Grade Capped Grade True Width Capped Grade
---- ---------- ----- ------------ ---------- ------------
Number (m) (g/t Au) (g/t Au) (feet) (oz/t Au)
------ --- -------- -------- ------ ---------
M106 3.8 10.8 10.8 12.5 0.32
Including 1.4 17.6 17.6 4.6 0.51
and 2.0 22.4 22.4 6.6 0.65
M107 1.2 124.4 32.4 3.9 0.95
Drilling is continuing in the area of holes M106 and M107, with three
additional holes completed and awaiting assays and several additional holes
planned to determine the potential extent and continuity of this mineralized
area.
2001 Phase 1 Program
--------------------
The drilling at Naartok, Perrin and Patch Lake is being undertaken as
part of a previously announced $10 million Phase 1 work program which includes
17,000m of core drilling designed to increase the resources in the Boston,
Doris and Madrid areas. Details of this work program were announced in a news
release dated January 31, 2001. The reverse circulation drilling program
previously announced is also progressing and is currently focused north of
Boston in the Kamik area. Results from these and other planned programs will
be announced at appropriate times.
Hope Bay Project
----------------
Miramar Mining Corporation, through its wholly owned subsidiary Miramar
Hope Bay Ltd., and Hope Bay Gold Corporation Inc. are in a 50-50 joint venture
at Hope Bay and control virtually the entire 80km long Hope Bay Archean
greenstone belt. There are 1.3 million oz of near surface, high-grade measured
and indicated mineral resources within 2.46 million tonnes grading 16.9 g/t
gold at Boston and Doris and a further 579,000 oz within 1.07 million tonnes
grading 16.8 g/t gold at Doris in the inferred mineral resource category. In
addition to these-higher grade mineral resources, there are significant
additional lower grade resources at Boston and Madrid. Details of mineral
resource estimates were reported in a news release dated November 21, 2000 and
are available on the Miramar or Hope Bay Gold websites at
http://www.miramarmining.com/ or http://www.hbgold.com/ along with all joint
venture results for the 2000 work program.
Quality Assurance/Quality Control
These results are reported under an extensive quality control program
supervised by Dean McDonald, P.Geo. Ph.D., Exploration Manager with Miramar
Mining Corporation, who is an appropriately qualified person as defined by
National Instrument 43-101. To further ensure the integrity of exploration
results, the Hope Bay Joint Venture had Roscoe Postle & Associates
independently audit quality control and quality assurance ("QA/QC") programs
in place at the Hope Bay project. See News Release 00-06 dated April 11, 2000
for details on the program. This QA/QC program includes on site control of
core samples and a program of duplicate, check, and blank assaying, including
check assaying at a separate laboratory. Roscoe Postle found that the quality
of these QA/QC programs exceeded industry standards. Dr. McDonald has
corroborated the data, including sampling, analytical and test data, on which
the above information is based.
All samples are assayed at TSL Laboratories in Saskatoon using standard
sample preparation and fire assay procedures with a gravimetric finish. All
samples assaying over 20 g/t are re-assayed with a standard metallics
procedure.
All resource estimates have been prepared by independent resource
consultant Geostat Systems Inc. of Montreal with the assistance of the Hope
Bay Joint Venture staff in accordance with the standards set out in National
Instrument 43-101 and reviewed by Dean McDonald, P. Geo. Ph.D., Exploration
Manager with Miramar Mining Corporation, who is an appropriately qualified
person as defined by National Instrument 43-101. Mineral resources that are
not mineral reserves do not have demonstrated economic viability.
Maps
Diagrams locating the areas described herein are attached to this news
release. If you are missing these diagrams, please download this news release
from Miramar's or Hope Bay Gold's websites at http://www.miramarmining.com/ or
http://www.hbgold.com/, to which they are attached, or contact us at the
numbers listed below.
(x)All of the statements contained in this News Release relating to
planned 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. Information inferred from the
interpretation of drilling results 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. 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
this forward-looking statement, including, without limitation: changes in
planned work resulting from weather, logistical, technical or other factors;
the results of work not fulfilling expectations and not realizing perceived
potential; uncertainties involved in the interpretation of drilling results
and other tests; that additional work may not support a feasibility study;
that capital and operating costs may be higher than currently estimated and
may preclude commercial development; accidents, equipment breakdowns and
labour disputes or other unanticipated difficulties or interruptions; and
other risks and uncertainties, including those described in the Miramar's
Annual Report on Form 20-F for the year ended December 31, 1999 and Reports on
Form 6-K filed with the Securities and Exchange Commission and Hope Bay Gold's
Annual Information Form ("AIF") filed with the Ontario Securities Commission,
the Quebec Securities Commission, and other regulatory authorities,
respectively. Hope Bay Gold Corporation's AIF was filed under the previous
name of Cambiex Exploration Inc.
All resource estimates reported in this disclosure are calculated in
accordance with the Toronto Stock Exchange 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 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. "Resources" are sometimes referred to as "mineralization"
or " mineral deposits".
Certain forward-looking statements in this news release are indicated
with a "(x)".
This news release has been authorized by the undersigned on behalf of
Miramar Mining Corporation and Hope Bay Gold Corporation Inc., respectively.
Anthony P. Walsh David Fennell
President & CEO President & CEO
Miramar Mining Corporation Hope Bay Gold Corporation Inc.
-------------------------------------------------------------------------
Assay Results
----------------------------------------------
Hole Area Zone(xx) From To Inter- True Un- Capped
No. (m) (m) cept Width capped Grade(x)
Width (m) Grade (g/t Au)
(m) (g/t Au)
-------------------------------------------------------------------------
PMD105 Patch DEFZ 208.8 210.8 2.0 1.4 6.3 6.3
PMD106 Patch DEFZ 58.5 64.0 5.6 3.8 10.8 10.8
including 58.5 60.5 2.0 1.4 17.6 17.6
and 71.0 74.0 3.0 2.0 22.4 22.4
and 80.0 82.6 2.6 1.8 19.9 19.9
and 122.5 124.0 1.5 1.0 6.2 6.2
and 126.5 132.5 6.0 4.1 6.1 6.1
and 156.0 159.0 3.0 2.1 6.8 6.8
PMD107 Patch DEFZ 110.0 111.7 1.7 1.2 124.4 32.4
and 130.5 131.5 1.0 0.7 7.3 7.3
and 134.3 135.0 0.7 0.5 5.5 5.5
and 203.8 204.4 0.5 0.4 7.6 7.6
PMD108 Matrim Naartok 97.9 98.4 0.5 0.4 8.8 8.8
and 102.5 104.0 1.5 1.3 5.1 5.1
PMD109 Matrim Naartok 116.0 116.5 0.5 0.4 6.5 6.5
and 122.0 122.5 0.5 0.4 6.0 6.0
PMD110 Matrim HW 32.0 32.8 0.8 0.7 6.0 6.0
Naartok 57.7 60.0 2.4 2.1 7.8 7.8
and 64.5 66.0 1.5 1.3 5.5 5.5
PMD111 Naartok Naartok 103.5 105.0 1.5 1.3 14.0 14.0
PMD113 Matrim HW 13.0 13.5 0.5 0.4 47.8 47.8
PMD114 Naartok Naartok 230.0 243.0 13.0 10.1 6.1 6.1
including 235.0 239.0 4.0 3.1 14.0 14.0
PMD115 Naartok HW 65.0 65.5 0.5 0.4 177.2 100.0
HW 89.0 90.0 1.0 0.9 17.4 17.4
PMD116 Naartok Naartok 70.0 71.0 1.0 0.9 12.2 12.2
PMD117 Naartok Naartok 143.0 144.0 1.0 0.8 18.4 18.4
and 156.0 156.5 0.5 0.4 61.6 61.6
and 161.0 165.0 4.0 3.3 14.1 14.1
PMD118 Naartok Naartok 68.8 69.3 0.6 0.5 16.4 16.4
and 98.5 100.0 1.5 1.1 6.8 6.8
PMD119 Naartok Naartok 41.5 45.0 3.5 3.1 9.2 9.2
and 52.0 53.0 1.0 0.9 5.9 5.9
PMD120 Naartok Naartok 44.0 46.0 2.0 1.8 6.4 6.4
and 49.0 50.0 1.0 0.9 6.1 6.1
and 53.0 53.8 0.8 0.7 8.3 8.3
PMD121 Naartok HW 34.1 34.6 0.5 0.4 23.5 23.5
and 60.9 61.5 0.6 0.5 104.8 100.0
Naartok 179.0 181.0 2.0 1.7 15.3 15.3
and 187.0 189.5 2.5 2.1 14.0 14.0
PMD122 Naartok HW 138.8 139.5 0.8 0.7 6.2 6.2
and 158.5 160.0 1.5 1.3 97.5 97.5
Naartok 240.0 241.0 1.0 0.8 11.5 11.5
PMD123 Naartok South DEFZ No significant intercept
PMD124 Naartok Naartok 234.0 234.6 0.6 0.5 7.9 7.9
PMD125 Matrim HW 16.5 17.0 0.6 0.5 9.7 9.7
PMD126 Naartok Naartok 15.7 31.5 15.8 13.6 19.8 13.9
including 15.7 18.0 2.3 2.0 118.6 78.3
and 37.9 39.5 1.6 1.4 12.2 12.2
PMD127 Naartok HW 9.3 14.0 4.8 4.1 7.1 7.1
PMD128 Naartok Naartok No significant intercept
PMD129 Naartok Naartok No significant intercept
PMD130 Naartok Naartok No significant intercept
PMD131 Naartok HW 24.5 25.0 0.5 0.4 54.5 54.5
PMD132 Matrim Naartok 53.0 54.0 1.0 0.9 5.0 5.0
PMD133 Naartok HW 87.0 88.5 1.5 1.2 28.4 28.4
Naartok 203.9 205.3 1.4 1.1 17.8 17.8
and 236.5 237.8 1.3 1.0 23.7 23.7
PMD134 Matrim Perrin 15.5 20.0 4.5 3.7 20.0 20.0
75.5 76.5 1.0 0.9 8.5 8.5
Naartok 113.5 114.5 1.0 0.9 8.0 8.0
PMD135 Naartok Naartok 26.0 48.5 22.5 19.3 9.6 9.6
including 39.0 48.0 9.0 8.3 16.8 16.8
PMD136 Naartok Matrim 57.0 58.0 1.0 0.9 5.8 5.8
PMD137 Naartok Naartok 55.7 57.3 1.6 1.4 17.9 17.9
and 86.0 103.4 17.4 15.1 5.1 5.1
and 109.0 112.0 3.0 2.6 12.7 12.7
PMD138 Naartok Naartok 26.8 32.5 5.7 5.0 11.5 11.5
and 57.4 58.5 1.1 1.0 7.8 7.8
PMD139 Naartok Naartok 195.5 197.7 2.2 1.9 31.1 31.1
PMD141 Naartok Naartok 127.8 128.8 1.0 0.9 5.2 5.2
PMD143 Naartok Naartok 174.0 184.2 10.2 8.7 23.1 22.9
including 174.0 177.0 3.0 2.6 54.3 53.6
and 181.5 184.2 2.7 2.3 24.8 24.8
PMD146 Naartok Naartok 229.0 241.0 12.0 10.5 10.5 10.5
including 229.0 232.0 3.0 2.5 15.7 15.7
PMD147 Naartok HW 62.0 63.5 1.5 1.3 26.1 26.1
Naartok 94.4 100.0 5.6 4.9 21.0 14.8
(x) Capped at an arbitrary 100 g/t Au. Final capping levels will be
determined once all results have been analyzed
(xx) HW equals Hanging wall lenses, DEFZ equals Deformation Zone at
Patch Lake
BUSINESS/PHOTO EDITORS: Copies of the Hope Bay Joint Venture maps of the
"Naartok-West Zone - Longitudinal Section - April 26, 2001" and "Madrid Area
Drilling - As of April 25, 2001" are available by fax by calling Canada
NewsWire, Vancouver, at (604) 669-7764.
SOURCE Miramar Mining Corporation
VANCOUVER, April 26 /PRNewswire/ - Miramar Mining Corporation (MAE-TSE)
and Hope Bay Gold Corporation (HGC- TSE) today reported that drilling has
further delineated the Naartok discovery at the Hope Bay project in Nunavut.
In addition to the Naartok area, mineralization has been identified further
east along the trend. A total of 62 holes have now been drilled along the
Naartok- Matrim-Patch trend, results for 47 of which have now been reported.
"These results indicate the potential of the Naartok zone to host
significant gold mineralization," said David Fennell, Hope Bay Gold's
President and CEO. "The recognition of additional prospective areas along the
same trend is encouraging and drilling is continuing to further define the
potential of these areas."
Naartok
-------
The Naartok discovery lies west of the Madrid deposit, in an area where
discovery drill hole M92 in 2000 detected a previously unrecognized zone of
gold mineralization. To date, approximately 38 holes have been completed in
the Naartok area, assays for 28 of which are reported in this news release and
seven holes were reported in an earlier release dated March 13, 2001.
Highlights of results received to date are summarized below and details
are attached. Results are reported uncapped and capped at a nominal 100 g/t.
Final capping levels will be determined once all results are available. The
intercepts are identified as to whether they occur in the main Naartok zone or
in the hanging wall.
Naartok Drill Result Highlights
-------------------------------
Hole Zone True Grade Capped True Width Capped
---- ---- ---- ----- ------ ---------- ------
Number Width (g/t Au) Grade (feet) Grade
------ ----- -------- ----- ----- -----
(m) (g/t Au) (oz/t
--- -------- -----
Au)
---
M114 Naartok 3.1 14.0 14.0 10.2 0.41
M117 Naartok 3.3 14.1 14.1 10.8 0.41
M122 HW 1.3 97.5 97.5 4.3 2.85
M126 Naartok 13.6 19.8 13.9 44.6 0.58
M135 Naartok 19.3 9.6 9.6 63.3 0.28
Including 8.3 16.8 16.8 27.2 0.49
M138 Naartok 5.0 11.5 11.5 16.4 0.34
M139 Naartok 1.9 31.1 31.1 6.2 0.91
M143 Naartok 8.7 23.1 22.9 28.5 0.67
Including 2.6 54.3 53.6 8.5 1.59
And 2.3 24.8 24.8 7.5 0.72
M146 Naartok 10.5 10.5 10.5 34.5 0.31
Including Naartok 2.5 15.7 15.7 8.2 0.46
M147 Naartok 4.9 21.0 14.8 16.1 0.61
Mineralization at Naartok occurs in a zone of multi-phase brecciation,
quartz stock working and silicification on the hanging wall of the Deformation
Zone. This style of mineralization extends up to 500m to the west from the
Matrim Zone at Madrid. Better mineralization appears to be localized in an
area where the Deformation Zone is flexed, providing a possible dilation zone
for the passage of mineralizing fluids. Drilling to date has defined a steeply
plunging zone of widespread lower grade gold mineralization and alteration
extending 100-250m along strike and averaging 10-25m thick. Within this zone
are narrower areas of more intense silicification and higher-grade gold
values. In addition, a number of intercepts have been encountered in the
hanging wall of the main Naartok breccia zone. Work is currently underway to
assess the potential continuity of both the overall mineralized envelope and
the higher grade intercepts within this envelope. Additional work is planned
to define the two hanging wall lenses.
"These results provide encouragement that the Naartok zone could develop
into a significant mineralized area," said Tony Walsh, Miramar's President and
CEO. "Once we have the results of the remaining holes, we will be in a better
position to evaluate the continuity of this mineralized zone and the higher
grade intercepts intersected to date."
Matrim
------
As previously reported, the same style of mineralization seen in the
Naartok zone continues east through the Matrim Zone adjacent to the
Deformation Zone. However, most of the intercepts in this area appear narrower
and lower grade, with less continuity. The better mineralization in this area
appears to lie in the hanging wall, away from the Deformation Zone, as
described in the Perrin Bulge Zone below.
Perrin Bulge
------------
Approximately 200m east of the Naartok Zone, where the north trending
Perrin Zone intersects the Deformation Zone, a second flex or bulge in the
Deformation Zone has been identified with associated gold mineralization.
Zones of quartz veining and brecciation with disseminated pyrite are apparent
on the flanks of this north trending bulge. Hole M134 reported below lies on
the east flank of this bulge. The style of mineralization at Perrin Bulge is
similar to that found in the Naartok Zone, although the intercepts appear to
be wider and lower grade including higher grade intercepts.
Results are summarized in a table below and detailed in the table
attached to this news release.
Perrin Bulge Drill Result Highlights
------------------------------------
Hole True Width Grade Capped Grade True Width Capped Grade
---- ---------- ----- ------------ ---------- ------------
Number (m) (g/t Au) (g/t Au) (feet) (oz/t Au)
------ --- -------- -------- ------ ---------
M134 3.7 20.0 20.0 12.1 0.58
Patch Lake
----------
Drilling has also tested an area approximately 400m further southeast
along the Deformation Zone, under Patch Lake, in an areas where previous
drilling by BHP intersected 15.5 g/t gold over 2.0m in hole M82. Recent
drilling has intersected further gold mineralization in a setting broadly
similar to that of Naartok and the Perrin Bulge. This mineralization is also
associated with an apparent flex in the Deformation Zone.
Patch Lake Drill Result Highlights
----------------------------------
Hole True Width Grade Capped Grade True Width Capped Grade
---- ---------- ----- ------------ ---------- ------------
Number (m) (g/t Au) (g/t Au) (feet) (oz/t Au)
------ --- -------- -------- ------ ---------
M106 3.8 10.8 10.8 12.5 0.32
Including 1.4 17.6 17.6 4.6 0.51
and 2.0 22.4 22.4 6.6 0.65
M107 1.2 124.4 32.4 3.9 0.95
Drilling is continuing in the area of holes M106 and M107, with three
additional holes completed and awaiting assays and several additional holes
planned to determine the potential extent and continuity of this mineralized
area.
2001 Phase 1 Program
--------------------
The drilling at Naartok, Perrin and Patch Lake is being undertaken as
part of a previously announced $10 million Phase 1 work program which includes
17,000m of core drilling designed to increase the resources in the Boston,
Doris and Madrid areas. Details of this work program were announced in a news
release dated January 31, 2001. The reverse circulation drilling program
previously announced is also progressing and is currently focused north of
Boston in the Kamik area. Results from these and other planned programs will
be announced at appropriate times.
Hope Bay Project
----------------
Miramar Mining Corporation, through its wholly owned subsidiary Miramar
Hope Bay Ltd., and Hope Bay Gold Corporation Inc. are in a 50-50 joint venture
at Hope Bay and control virtually the entire 80km long Hope Bay Archean
greenstone belt. There are 1.3 million oz of near surface, high-grade measured
and indicated mineral resources within 2.46 million tonnes grading 16.9 g/t
gold at Boston and Doris and a further 579,000 oz within 1.07 million tonnes
grading 16.8 g/t gold at Doris in the inferred mineral resource category. In
addition to these-higher grade mineral resources, there are significant
additional lower grade resources at Boston and Madrid. Details of mineral
resource estimates were reported in a news release dated November 21, 2000 and
are available on the Miramar or Hope Bay Gold websites at
http://www.miramarmining.com/ or http://www.hbgold.com/ along with all joint
venture results for the 2000 work program.
Quality Assurance/Quality Control
These results are reported under an extensive quality control program
supervised by Dean McDonald, P.Geo. Ph.D., Exploration Manager with Miramar
Mining Corporation, who is an appropriately qualified person as defined by
National Instrument 43-101. To further ensure the integrity of exploration
results, the Hope Bay Joint Venture had Roscoe Postle & Associates
independently audit quality control and quality assurance ("QA/QC") programs
in place at the Hope Bay project. See News Release 00-06 dated April 11, 2000
for details on the program. This QA/QC program includes on site control of
core samples and a program of duplicate, check, and blank assaying, including
check assaying at a separate laboratory. Roscoe Postle found that the quality
of these QA/QC programs exceeded industry standards. Dr. McDonald has
corroborated the data, including sampling, analytical and test data, on which
the above information is based.
All samples are assayed at TSL Laboratories in Saskatoon using standard
sample preparation and fire assay procedures with a gravimetric finish. All
samples assaying over 20 g/t are re-assayed with a standard metallics
procedure.
All resource estimates have been prepared by independent resource
consultant Geostat Systems Inc. of Montreal with the assistance of the Hope
Bay Joint Venture staff in accordance with the standards set out in National
Instrument 43-101 and reviewed by Dean McDonald, P. Geo. Ph.D., Exploration
Manager with Miramar Mining Corporation, who is an appropriately qualified
person as defined by National Instrument 43-101. Mineral resources that are
not mineral reserves do not have demonstrated economic viability.
Maps
Diagrams locating the areas described herein are attached to this news
release. If you are missing these diagrams, please download this news release
from Miramar's or Hope Bay Gold's websites at http://www.miramarmining.com/ or
http://www.hbgold.com/, to which they are attached, or contact us at the
numbers listed below.
(x)All of the statements contained in this News Release relating to
planned 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. Information inferred from the
interpretation of drilling results 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. 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
this forward-looking statement, including, without limitation: changes in
planned work resulting from weather, logistical, technical or other factors;
the results of work not fulfilling expectations and not realizing perceived
potential; uncertainties involved in the interpretation of drilling results
and other tests; that additional work may not support a feasibility study;
that capital and operating costs may be higher than currently estimated and
may preclude commercial development; accidents, equipment breakdowns and
labour disputes or other unanticipated difficulties or interruptions; and
other risks and uncertainties, including those described in the Miramar's
Annual Report on Form 20-F for the year ended December 31, 1999 and Reports on
Form 6-K filed with the Securities and Exchange Commission and Hope Bay Gold's
Annual Information Form ("AIF") filed with the Ontario Securities Commission,
the Quebec Securities Commission, and other regulatory authorities,
respectively. Hope Bay Gold Corporation's AIF was filed under the previous
name of Cambiex Exploration Inc.
All resource estimates reported in this disclosure are calculated in
accordance with the Toronto Stock Exchange 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 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. "Resources" are sometimes referred to as "mineralization"
or " mineral deposits".
Certain forward-looking statements in this news release are indicated
with a "(x)".
This news release has been authorized by the undersigned on behalf of
Miramar Mining Corporation and Hope Bay Gold Corporation Inc., respectively.
Anthony P. Walsh David Fennell
President & CEO President & CEO
Miramar Mining Corporation Hope Bay Gold Corporation Inc.
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Assay Results
----------------------------------------------
Hole Area Zone(xx) From To Inter- True Un- Capped
No. (m) (m) cept Width capped Grade(x)
Width (m) Grade (g/t Au)
(m) (g/t Au)
-------------------------------------------------------------------------
PMD105 Patch DEFZ 208.8 210.8 2.0 1.4 6.3 6.3
PMD106 Patch DEFZ 58.5 64.0 5.6 3.8 10.8 10.8
including 58.5 60.5 2.0 1.4 17.6 17.6
and 71.0 74.0 3.0 2.0 22.4 22.4
and 80.0 82.6 2.6 1.8 19.9 19.9
and 122.5 124.0 1.5 1.0 6.2 6.2
and 126.5 132.5 6.0 4.1 6.1 6.1
and 156.0 159.0 3.0 2.1 6.8 6.8
PMD107 Patch DEFZ 110.0 111.7 1.7 1.2 124.4 32.4
and 130.5 131.5 1.0 0.7 7.3 7.3
and 134.3 135.0 0.7 0.5 5.5 5.5
and 203.8 204.4 0.5 0.4 7.6 7.6
PMD108 Matrim Naartok 97.9 98.4 0.5 0.4 8.8 8.8
and 102.5 104.0 1.5 1.3 5.1 5.1
PMD109 Matrim Naartok 116.0 116.5 0.5 0.4 6.5 6.5
and 122.0 122.5 0.5 0.4 6.0 6.0
PMD110 Matrim HW 32.0 32.8 0.8 0.7 6.0 6.0
Naartok 57.7 60.0 2.4 2.1 7.8 7.8
and 64.5 66.0 1.5 1.3 5.5 5.5
PMD111 Naartok Naartok 103.5 105.0 1.5 1.3 14.0 14.0
PMD113 Matrim HW 13.0 13.5 0.5 0.4 47.8 47.8
PMD114 Naartok Naartok 230.0 243.0 13.0 10.1 6.1 6.1
including 235.0 239.0 4.0 3.1 14.0 14.0
PMD115 Naartok HW 65.0 65.5 0.5 0.4 177.2 100.0
HW 89.0 90.0 1.0 0.9 17.4 17.4
PMD116 Naartok Naartok 70.0 71.0 1.0 0.9 12.2 12.2
PMD117 Naartok Naartok 143.0 144.0 1.0 0.8 18.4 18.4
and 156.0 156.5 0.5 0.4 61.6 61.6
and 161.0 165.0 4.0 3.3 14.1 14.1
PMD118 Naartok Naartok 68.8 69.3 0.6 0.5 16.4 16.4
and 98.5 100.0 1.5 1.1 6.8 6.8
PMD119 Naartok Naartok 41.5 45.0 3.5 3.1 9.2 9.2
and 52.0 53.0 1.0 0.9 5.9 5.9
PMD120 Naartok Naartok 44.0 46.0 2.0 1.8 6.4 6.4
and 49.0 50.0 1.0 0.9 6.1 6.1
and 53.0 53.8 0.8 0.7 8.3 8.3
PMD121 Naartok HW 34.1 34.6 0.5 0.4 23.5 23.5
and 60.9 61.5 0.6 0.5 104.8 100.0
Naartok 179.0 181.0 2.0 1.7 15.3 15.3
and 187.0 189.5 2.5 2.1 14.0 14.0
PMD122 Naartok HW 138.8 139.5 0.8 0.7 6.2 6.2
and 158.5 160.0 1.5 1.3 97.5 97.5
Naartok 240.0 241.0 1.0 0.8 11.5 11.5
PMD123 Naartok South DEFZ No significant intercept
PMD124 Naartok Naartok 234.0 234.6 0.6 0.5 7.9 7.9
PMD125 Matrim HW 16.5 17.0 0.6 0.5 9.7 9.7
PMD126 Naartok Naartok 15.7 31.5 15.8 13.6 19.8 13.9
including 15.7 18.0 2.3 2.0 118.6 78.3
and 37.9 39.5 1.6 1.4 12.2 12.2
PMD127 Naartok HW 9.3 14.0 4.8 4.1 7.1 7.1
PMD128 Naartok Naartok No significant intercept
PMD129 Naartok Naartok No significant intercept
PMD130 Naartok Naartok No significant intercept
PMD131 Naartok HW 24.5 25.0 0.5 0.4 54.5 54.5
PMD132 Matrim Naartok 53.0 54.0 1.0 0.9 5.0 5.0
PMD133 Naartok HW 87.0 88.5 1.5 1.2 28.4 28.4
Naartok 203.9 205.3 1.4 1.1 17.8 17.8
and 236.5 237.8 1.3 1.0 23.7 23.7
PMD134 Matrim Perrin 15.5 20.0 4.5 3.7 20.0 20.0
75.5 76.5 1.0 0.9 8.5 8.5
Naartok 113.5 114.5 1.0 0.9 8.0 8.0
PMD135 Naartok Naartok 26.0 48.5 22.5 19.3 9.6 9.6
including 39.0 48.0 9.0 8.3 16.8 16.8
PMD136 Naartok Matrim 57.0 58.0 1.0 0.9 5.8 5.8
PMD137 Naartok Naartok 55.7 57.3 1.6 1.4 17.9 17.9
and 86.0 103.4 17.4 15.1 5.1 5.1
and 109.0 112.0 3.0 2.6 12.7 12.7
PMD138 Naartok Naartok 26.8 32.5 5.7 5.0 11.5 11.5
and 57.4 58.5 1.1 1.0 7.8 7.8
PMD139 Naartok Naartok 195.5 197.7 2.2 1.9 31.1 31.1
PMD141 Naartok Naartok 127.8 128.8 1.0 0.9 5.2 5.2
PMD143 Naartok Naartok 174.0 184.2 10.2 8.7 23.1 22.9
including 174.0 177.0 3.0 2.6 54.3 53.6
and 181.5 184.2 2.7 2.3 24.8 24.8
PMD146 Naartok Naartok 229.0 241.0 12.0 10.5 10.5 10.5
including 229.0 232.0 3.0 2.5 15.7 15.7
PMD147 Naartok HW 62.0 63.5 1.5 1.3 26.1 26.1
Naartok 94.4 100.0 5.6 4.9 21.0 14.8
(x) Capped at an arbitrary 100 g/t Au. Final capping levels will be
determined once all results have been analyzed
(xx) HW equals Hanging wall lenses, DEFZ equals Deformation Zone at
Patch Lake
BUSINESS/PHOTO EDITORS: Copies of the Hope Bay Joint Venture maps of the
"Naartok-West Zone - Longitudinal Section - April 26, 2001" and "Madrid Area
Drilling - As of April 25, 2001" are available by fax by calling Canada
NewsWire, Vancouver, at (604) 669-7764.
SOURCE Miramar Mining Corporation
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