Comaplex Reports Updated Resource Estimates for Five Separate Gold Deposits
on the Meliadine Property
/NOT FOR DISTRIBUTION TO
The Tiriganiaq, F Zone, and Discovery deposits have all had previous recent resource estimates by Comaplex. These are the first estimates completed by Comaplex for the Wolf and Pump deposits. All five resource estimates were completed by Snowden Mineral Industry Consultants of
Details on the resource estimates for each deposit are outlined below. Relative locations for the various deposits are outlined in the attached Figure 1 (http://files.newswire.ca/437/Fig1GeologyDeposits.pdf). Total resources for the Meliadine Gold Project (all 5 deposits) are estimated to be:
Total Measured and Indicated Resources (5 deposits) = 3,291,800 oz gold
Total Inferred Resources (5 deposits) = 1,729,600 oz gold
Category Tonnage Grade (g/t Au) Contained oz Au
-------- ------- -------------- ---------------
Measured 295,500 10.6 100,600
Indicated 12,652,000 7.8 3,191,200
Inferred 8,385,600 6.4 1,729,600
Tiriganiaq Gold Deposit - Updated Resource Estimate
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Drilling in the Western Deeps portion of the Tiriganiaq gold deposit in 2009 delineated gold mineralization in a number of different lodes. Aggressive infill drilling of the 1255 and 1153 lodes accounted for most of the meters drilled. Specific targets in the upper parts of the Tiriganiaq deposit also underwent confirmation drilling.
Recent open pit planning and cost estimation studies indicate a pit depth of approximately 90 meters (the 9980m level) is expected for the Tiriganiaq deposit. The cut-off grades that have been used are 2.5 g/t gold for open pit resources above the 9980m elevation and 5.5 g/t gold for the underground resources below the 9980m level.
Details on the
Tiriganiaq Deposit - Mineral Resources above 9980m level (to 90m below
----------------------------------------------------------------------
surface)
--------
cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
2.5 Measured 180,400 8.4 48,900
2.5 Indicated 3,190,000 5.7 582,000
2.5 Inferred 632,900 3.7 74,300
Tiriganiaq Deposit - Mineral Resources below 9980m level (below 90m from
------------------------------------------------------------------------
surface)
--------
cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
5.5 Measured 115,100 14.0 51,700
5.5 Indicated 6,296,800 10.1 2,038,300
5.5 Inferred 3,623,700 8.3 962,700
To directly compare this year's resource estimate with the
M & I (Tiriganiaq) 2010 9.78 M tonnes at 8.7 g/t gold 2.72M oz gold
2009 7.61M tonnes at 8.6 g/t gold 2.11M oz gold
Inferred (Tiriganiaq) 2010 4.26 M tonnes at 7.6 g/t gold 1.04M oz gold
2009 3.98 M tonnes at 7.1 g/t gold 0.91M oz gold
Block grades were estimated using a combination of Multiple Indicator (1000, 1025, 1050 and 1100 lodes) and Ordinary Kriging estimation techniques (all other lodes). Top-cuts on sample composites, ranging between 82.2 and 6.3 g/t gold, were applied where required.
F Zone Gold Deposit - Updated Resource Estimate
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Significant drilling (2712 meters in 33 holes) was completed in the open pit portions of the F Zone deposit in 2009. The goal was to elevate the resource status of the various small deposits that comprise the F Zone. Previous work had outlined four small open pittable deposits at F Zone. This was increased to six based on the 2009 drilling.
Gold mineralization is open to depth in each of the F Zone deposits and limited drilling has been completed to determine the underground potential in the zone. Consequently, pit depths vary depending on the level of drilling in each of the small deposits, but a maximum pit depth of 120m was used for the largest pit. Cutoff grades of 2.5 g/t gold for the open pit mineralization and 5.5 g/t gold for the underground were used for the estimation work.
F Zone Deposit - Mineral Resources above 9940m level (to 120m below
-------------------------------------------------------------------
surface)
--------
cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
2.5 Indicated 1,358,800 4.7 205,300
2.5 Inferred 994,700 4.0 126,500
F Zone Deposit - Mineral Resources below 9940m level (below 120m from
---------------------------------------------------------------------
surface)
--------
cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
5.5 Indicated 3800 5.8 700
5.5 Inferred 499,500 7.9 126,300
The 2010 F Zone resource estimate results in a notable increase in the contained ounces of gold over those estimated and released in
To directly compare the two resource estimates, Snowden re-ran the
Indicated (F) 2010 1.36 M tonnes at 4.6 g/t gold 0.21M oz gold
2009 0.95 M tonnes at 4.5 g/t gold 0.14M oz gold
Inferred (F) 2010 1.49 M tonnes at 5.3 g/t gold 0.25M oz gold
2009 1.22 M tonnes at 4.2 g/t gold 0.16M oz gold
Block grades for the F Zone were estimated using the Ordinary Kriging estimation technique. Top-cuts on sample composites, ranging between 40.0 and 14.0 g/t gold, were applied where required.
Discovery Gold Deposit - Updated Resource Estimate
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The new 2010 Discovery resource estimate is the first estimate released on the deposit since the
Discovery Deposit - Mineral Resources to 120m below surface
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cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
3.0 Indicated 1,368,400 5.4 237,200
3.0 Inferred 139,600 4.4 19,600
Discovery Deposit - Mineral Resources below 120m from surface
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cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
6.0 Indicated 434,200 9.1 127,600
6.0 Inferred 466,200 8.4 126,200
Both the 2008 and 2010 Discovery resource estimates used the same depth and cutoff grade parameters, so in comparison, the new 2010 Discovery resource estimate is a 50% increase in indicated ounces and a 15% increase in Inferred ounces of gold (see below).
Indicated (Disc.) 2010 1.80 M tonnes at 6.3 g/t gold 0.36M oz gold
2008 0.84 M tonnes at 8.8 g/t gold 0.24M oz gold
Inferred (Disc.) 2010 0.60 M tonnes at 7.5 g/t gold 0.14M oz gold
2008 0.50 M tonnes at 8.1 g/t gold 0.13M oz gold
The MIK estimation technique was used in the Discovery deposit, therefore, no top cuts were required.
Wolf and Pump Deposits - New Resource Estimates
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The Wolf and Pump gold deposits were initially drilled by former partner WMC International Ltd. in the late 1990's and resources for each were estimated by WMC in 2001. No additional drilling has been completed on either zone by Comaplex since that time. The Wolf and Pump zones are within five and two kilometers, respectively, from the proposed mill site and both are likely candidates for drilling by Comaplex in 2010.
The following resource estimates for the Wolf and Pump zones were completed by Snowden to CIM standards and are based on historical drill data. While substantial Indicated and Inferred Mineral Resources were estimated for each zone by WMC in 2001, Comaplex (and Snowden) have estimated smaller, more conservative Inferred (only) resources for each deposit at this time.
The Wolf Zone consists of two separate gold deposits: Wolf North and Wolf Main (different iron formation hosts approximately 200 meters apart located four kilometers along strike to the west of the Tiriganiaq deposit).
Wolf Deposit - Mineral Resources above the 9950m level (to 110m below
---------------------------------------------------------------------
surface)
--------
cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
Wolf North 2.5 Inferred 463,400 3.9 58,400
Wolf Main 2.5 Inferred 340,600 3.7 40,000
Wolf Deposit - Mineral Resources below the 9950m level (below 110m from
-----------------------------------------------------------------------
surface)
--------
cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
Wolf North 5.5 Inferred 2500 6.1 500
Wolf Main 5.5 Inferred 176,900 6.6 37,700
Inferred (Wolf) Total 0.98 M tonnes at 4.3 g/t gold 0.14M oz gold
Resource estimation at the Wolf zone was completed by Ordinary Kriging. Top cuts on sample composites, ranged from 16.0 to 8.8 g/t gold, where required. Geological controls at Wolf are similar to all of the other deposits on the property and the deposit would benefit from additional drilling in 2010.
Pump Deposit - Mineral Resources above the 9980m level (to 75m below
--------------------------------------------------------------------
surface)
--------
cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
2.5 Inferred 824,800 4.2 110,600
Pump Deposit - Mineral Resources below the 9980m level (below 75m from
----------------------------------------------------------------------
surface)
--------
cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
5.5 Inferred 220,800 6.6 46,800
Inferred (Pump) Total 1.04 M tonnes at 4.7 g/t gold 0.16M oz gold
Resource estimation at the Pump zone was also completed using the Ordinary Kriging estimation technique with top cuts on sample composites ranging from 15.0 g/t to 3.1g/t gold, where required.
Other
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Now that the resource estimates have been updated, Comaplex will be engaging a feasibility contractor in the very near future to begin a Feasibility Study on the Meliadine Gold Project. The company is well financed for both the Feasibility work and an extensive 2010 exploration program on the property.
The footnotes below apply to the resource tables within this release.
1. Resource classifications conform to the CIM Standard Definitions
(2005) on Mineral Resources and Mineral Reserves referred to in
National Instrument 43-101.
2. Mineral resources that are not reserves do not have demonstrated
economic viability;
3. 'Measured' and 'Indicated' mineral resources are that part of a
mineral resource for which quantity and grade can be estimated with a
level of confidence sufficient to allow for the application of
technical and economic parameters to support mine planning and
evaluation of the economic viability of the deposit;
4. An 'Inferred' mineral resource is that part of a mineral resource for
which quantity and grade can be estimated on the basis of geological
confidence and limited sampling and reasonably assumed, but not
verified;
5. The estimated metal content does not include any consideration of
mining, mineral processing, or metallurgical recoveries.
6. Tonnes, grade, and ounces have been rounded and this may be resulted
in minor discrepancies in the totals.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Not for distribution to
Forward Looking Statements - This news release contains "forward-looking statements", including, but not limited to, statements regarding our expectations as to the mineral resource estimates. Forward-looking statements express, as at the date of this report, our plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. We caution that forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially form current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks and hazards, environmental risks and hazards, uncertainty as to calculation of mineral resources, requirement of additional financing, and other risks.
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For further information: George F. Fink (President and CEO), Mark Balog (Chief Operating Officer), or Kirsten Kulyk (Manager-Investor Relations) at (403) 265-2846 or visit our website at www.comaplex.com or www.sedar.com
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