Thursday 27th October 2016

Resource Clips

North Country VP Brian Budd on Nunavut gold assays of 43.02 g/t over 4 m

North Country Gold Corp TSXV:NCG announced assay results from the Three Bluffs West Zone of its Three Bluffs Gold Project in Nunavut. Highlights include 2.92 g/t gold over 9 metres, 43.02 g/t over 4 metres, 2.24 g/t over 28.2 metres (including 6.07 g/t over 7 metres), 7.36 g/t over 11.3 metres (including 12.66 g/t over 5.3 metres), 1.25 g/t over 54.6 metres, 2.45 g/t over 27 metres (including 8.83 g/t over 4.1 metres), 7.34 g/t over 25 metres (including 28.71 g/t over 5.9 metres), 2.31 g/t over 33 metres, 8.06 g/t over 30.5 metres (including 18.71 g/t over 10.7 metres) and 2.2 g/t over 16.8 metres.

Director and VP Corporate Development Brian Budd tells, “North Country was spun out of CBR Gold Corp back in April 2010 and we devoted 100% of our time to the Nunavut project. We’ve got a 750,000 ounce, 6 g/t resource right now, and the goal of last year’s and this year’s drilling is to increase our ounces. We’d like to get them up to our target of over two million ounces by the end of 2011. We’ve got a $25 million program scheduled for this year, and we’re targetting upwards of 20,000 to 50,000 metres. We’ve got gold in iron-band formation, we’re seeing it in greywackes, and there’s lots of visible gold within the core. We believe we’ve got an archean deposit; it’s a very similar geology to Agnico-Eagle‘s Meadowbank Mine and Meliadine gold project.

“We think these results are fantastic. We had great widths; two really wide intercepts in there. Not only that, we had some high grade gold as well. Very consistent to what we’ve been seeing. The total strike length is 4.2 kilometres, and the goal there is to basically drill that all off this year. The 750,000 ounces that we have right now is only sitting in about a one-kilometre strike. So there’s a lot of upside. And it’s shallow too.”

We think these results are fantastic. We had great widths; two really wide intercepts in there. Not only that, we had some high grade gold as well.—Brian Budd

North Country expects to have an updated resource estimate towards the end of Q1 2012.

Budd continues, “Part of our $25 million program this year is getting ready to file what’s called a project description. The project description basically entails ticking off all the boxes to potentially take it to production. Now, if someone came along and made us an offer we couldn’t refuse, we’d obviously consider it—Agnico’s right in our backyard—but whatever’s best for our shareholders. CEO John Williamson has taken, I believe, five properties to production, so we’ve done it before. Right now, the goal is to get the ounces up and if we get them north of two million, that’s definitely going to pique the interest of majors. If you look at Meadowbank, it got bought out at 3.6 million ounces.

“As we go along we’re always looking at whether we’re economic, always looking at doing those studies internally. We’ve got an average grade of 6 g/t. The deepest hole we have is 320 metres, and we hit 46 g/t over 4 metres. Right now all the holes are about 150 to 200 metres. We’re totally open to depth and open to strike.

“Nunavut is very remote and the north is very tough to do business in. However, the territory is very mining friendly and I think that they’re open to bringing more infrastructure into their territory. Right now the only way to get out of Nunavut is by plane, but there’s a big push right now for a 1,300-kilometre road from northern Manitoba up to Baker Lake, Churchill, Rankin Inlet. It’s remote, but look at Meadowbank: it’s been done. They’ve gone into production and they poured their first bar of gold, I think, in February of last year. So it can be done.

“I think things have been going quite well,” concludes Budd. “We did have an Achilles’ heel on the project: access to water. However we put in a heated water system this year, so that has removed the challenge. And we were able to start drilling earlier than anticipated. We thought we wouldn’t start drilling until May, but we were able to get in in April. That started us off with a bang and it’s just been progressing from there.”

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Brian Budd
Director, VP Corporate Development

by Ted Niles

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