NUNAVUT COMAPLEX MINERALS of Calgary has updated its current exploration program on the Meliadine West gold property near Rankin Inlet. The scoping study is well advanced and a 43-101-compliant resource estimate is expected by the end of this summer.
Drilling has begun on the Tiriganiaq deposit where a 20,000 to 25,000-m program is planned. There are three rigs active on the site, two of which are testing the Western Deeps portion and the third is infill testing the F zone. The best result was 48.3 g/t Au over 9.4 m in hole 721. Other holes returned values of 10 to 15 g/t over varying lengths.
Underground exploration of the Tiriganiaq gold deposit began last winter. So far 948.0 m of decline have been completed. The 1100 gold lode at 70 m below surface was reached in mid-March. Drifting and mining of a bulk sample will be completed in September.
The Meliadine West project is a joint venture of Comaplex (78%) and MELIADINE RESOURCES (22%), although Complex has an option to increase its interest to 80%. The Tiriganiaq deposit contains 6.1 million t (indicated) grading 6.4 g/t Au and 1.6 million t (inferred) at 4.1 g/t Au, using a cutoff grade of 2.5 g/t.
The positive nature of the results from the project were underscored this week by AGNICO-EAGLE's announcement that it is boosting its interest in Comaplex to 15.6% by purchasing over 7.6 million shares at a price of $6.15 each. Total value of the deal is $46.9 million.
Comaplex also holds a 50% interest with RESOURCE CAPITAL (50%) in the Meliadine East gold property. Using a cutoff grade of 2.0 g/t, estimates put indicated resources at 697,400 grading 6.7 g/t Au and inferred resources at 322,000 at 7.0 g/t Au from surface to 120 m below.
Additional information about the Meliadine project is available at www.Comaplex.com.
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