Fennell Underground Drill Program from 2006 Follow the link for the full story in one of my earlier posts. This is starting to shape up to a great investment opportunity.
OMAI UNDERGROUND EXPLORATION UPDATE
POSITIVE DRILLING RESULTS OBTAINED AT DEPTH ON THE FENNELL DEPOSIT
Cambior is pleased to provide an update on the exploration results for the Omai gold property in Guyana.
Earlier this year, Cambior has undertaken an exploration program to define the potential at depth of the Fennell gold deposit. The Fennell deposit was mined by an open pit to an average depth of 250 meters, which terminated on a barren diabase dyke, as shown on Figure 1. The Fennell Pit was the main ore contributor to the Omai gold operation with a cumulative production of 49,082,000 tonnes at 1.50 g Au/t for a gold content of 2.37 million ounces of gold. Two holes drilled in 1997 confirmed that the barren diabase dyke had an average thickness of 180 meters and that the gold mineralized quartz diorite intrusive extended at greater depths under the dyke.
We started dewatering the pit in January 2006 which allowed for a surface drilling program to be initiated from the top of the dyke to test and define the deposit at depth. The objective is to identify mineral resources based on the higher grade lenses of the mineralized quartz diorite. Depending on sufficient tonnage and grade, these mineral resources could be extracted by underground mining through a combination of large-scale blasthole stoping and room-and-pillar without backfilling. The new operation would require investments to equip and develop the underground mine, but would benefit from the remaining milling, plant and camp facilities and other infrastructure required for a 6-8000 tpd mining operation. Operations could resume within the parameters of the permits issued for the previous open-pit operation.
The drilling campaign started in April as the bottom of the pit became accessible. To date, some 13 holes for 6,323 meters of core drilling are completed by the two diamond drills in operation.
| OMAI UNDERGROUND EXPLORATION UPDATE - AUGUST 3, 2006 | 2 |
QUALITY CONTROL
Follow up on the drilling program was carried out by Cambior employees, under the supervision of Yves Michaud, Technical Services Superintendent. Mr. Michaud is a qualified person (as defined by National Instrument 43-101) with more than 23 years of experience in mine geology and exploration (nearly 20 years with Cambior).
| ABLE 1 |
| Hole # | From | To | Interval | Results | Comments |
| | (m) | (m) | (m) | g Au/t uncut (cut) | |
| OMU-1 | 216.0 | 235.0 | 19.0 | 1.79 | Intrusive from 214.4m to 252.0m |
| OMU-2 | 172.0 | 243.0 | 41.0 | 4.51 (3.56) | Intrusive from 168.4m to 261.0m |
| | 219.0 | 243.0 | 24.0 | 1.73 | |
| | 249.0 | 263.0 | 14.0 | 4.13 (2.99) | |
| | 283.0 | 289.0 | 6.0 | 2.73 | |
| | 321.0 | 325.0 | 4.0 | 2.08 | |
| OMU-3 | 163.25 | 170.0 | 6.75 | 2.10 | Hole abandonned |
| OMU-4 | 187.75 | 204.0 | 16.25 | 3.10 | Intrusive from 187.8m to 446.0m |
| | 218.0 | 221.0 | 3.0 | 18.02 (6.25) | |
| | 246.0 | 251.0 | 5.0 | 2.55 | |
| | 284.0 | 299.0 | 15.0 | 2.40 (2.38) | |
| | 323.0 | 344.0 | 21.0 | 9.87 (2.85) | |
| | 364.0 | 392.0 | 28.0 | 3.96 (2.58) | |
| | 399.0 | 401.0 | 2.0 | 567.19 (9.54) | |
| OMU-5 | 285.0 | 307.0 | 22.0 | 3.46 (3.28) | Intrusive from 199.4m to 540.0m |