The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
NCG: TSXV
President and CEO: John Williamson, P. Geol.
Vice President and CFO: Sean Mager
Vice President, Exploration: Peter Kleespies, M.Sc, P.Geol.
Sixteen months after being spun out by CBR Gold Corp. (now Niblack Mineral Development Inc.) with assets in Canada and Australia and C$4.7 million in working capital, North Country Gold Corp. was making significant headway in advancing exploration of its Three Bluffs Gold Project in the Committee Bay Greenstone Belt in Nunavut.
North Country owns mineral rights to at least 216 active mineral claims and 14 mineral leases covering 229,462 hectares (567,000 acres), including the 300-kilometer (186 miles) long and 5- to 50-kilometer- (3-31 miles) wide greenstone belt, which hosts the 4.1-kilometer (2.5 miles) Walker Lake Trend where the Three Bluffs Deposit is located.
North Country believes the greenstone belt is prospective for multiple 2-million- to 5-million-ounce gold deposits and so far, has identified at least five potential mining centers on the property - West Plains, Four Hills-Cop, Anuri-Raven and Inuk in addition to Three Bluffs.
The junior is currently focused on Three Bluffs where it targeted 30,000-50,000 meters of core and reverse circulation drilling for 2011 as well as initiating future engineering and infrastructure development.
The Three Bluffs deposit has an indicated resource of 508,000 ounces (2.7 million metric tons at 5.85 grams per metric ton gold) and an additional inferred resource of 244,000 ounces (1.27 million metric tons at 5.98 g/t gold).
Tests show the deposit is amenable to open pit mining and a combination of gravity and flotation extraction followed by cyanide leaching of the concentrates.
During the 12 months that ended Feb. 28, North Country incurred mineral property expenditures of about C$10.6 Million, and by Aug. 19, has spent another C$24.8 million on successful spring and summer exploration programs with completion of fieldwork and demobilization scheduled for early September.
By Aug. 9, the company had reported intersecting more high-grade gold to depth and along strike, west of the current resource area at the Three Bluffs and Three Bluffs West zones, increasing the strike length of the core Three Bluffs zones to more than 1,300 meters.
Drilling also confirmed the presence of mineralization over an additional 700 meters of strike between the Three Bluffs West and Antler zones.
Cash and short-term deposits: C$4.7 million (at Aug. 19, 2011)
Working capital: C$4.4 million (at Aug. 19, 2011)
Market capitalization: C$103.03 billion (Aug. 26, 2011)
9797 45 Ave., Suite 220
Edmonton, AB, Canada T6E 5V8
Tel: 780-437-6624 Fax: 780-439-7308
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