In June 2002, Bay Resources Ltd commenced acquiring a strategic land position in the highly prospective Committee Bay Greenstone Belt.
In March 2003, the Company announced that it would focus its gold exploration efforts on the Committee Bay greenstone belt, west of Melville
Peninsula, Nunavut, Canada.
The Committee Bay greenstone belt, located approximately 240 kilometers northeast of Baker Lake in Nunavut, is believed to represent one of the
largest unexplored greenstone belts in North America, with potential to host world-class gold deposits.
Bay Resources currently holds 29 claims totaling 71,694 acres in the Committee Bay Belt. These claims were recorded on October 16, 2002.
The Archean Committee Bay Greenstone belt was the subject of a 3 year (2000-2003) government Targeted Geoscience Initiative (TGI). Total
funding for this TGI was $3.5 million. The stated objective of TGI was to increase the level and cost-effectiveness of private sector
exploration for mineral resources. Government work in the Committee Bay belt included 1:100,000 scale geologic mapping, prospecting,
surficial mapping, drift prospecting, and airborne geophysics (400 m flight line spacing). All of these products will include digital
releases and be incorporated into a high quality GIS database. A summary of the government TGI work can be found at:
The stratigraphy of the Committee Bay Belt includes banded iron formation up to 50 metres thick, komatiite flows, basalts, intermediate
to felsic tuffs, and quartz-cobble conglomerates. Deformation is recorded by major shear zones, second order faults, complex folding,
and felsic intrabelt intrusions (including a pluton with the same 2.718 Ma age as the Dome Stock in Red Lake). Numerous gold showings
are spread out over a 150 km x 40 km area including the Inuk zone (12.8 gpt Au / 5metres) in northeast Committee Bay.
The area is best known for the Meliadine Gold Project, which is currently in the pre-feasibility stage and has a major interest held by
WMC International, as well as the Meadowbank Project of Cumberland Resources, which is in post feasibility stage. These two projects host
7.5 million ounces of gold resources. The Committee Bay greenstone belt is also situated in the same general region as the developing
diamond play currently being explored by De Beers, BHP-Billiton, and Stornoway Ventures Ltd. Bay Resources has accumulated a large
landholding in the belt.
Bay Resource's Wrench claim group adjoins the Bluff claim block where mine grade/width intersections of 27.41 gpt Au / 9.44m and 61.6
gpt Au / 4.84m have recently been announced by Committee Bay Resources Ltd. (CBR.V) [Joint Venture with Gold Fields Explorations Ltd.],
a company with a large landholding in the Committee Bay area. From the magnetic images one can see that oxide iron formation (the host
at the 3 Bluffs discovery) strikes northeast from their showing over 10 km into Bay Resource's Wrench claims. Several gold occurrences
are known on this trend, including a 9.7 gpt gold sample taken in an area of folded oxide iron formation, quartz veining and pyrite +
pyrrhotite on Bay Resource's Wrench claim.
The geology is highly prospective for BIF hosted gold (as in the 3.0 M oz Au Meadowbank and 4.6 M oz Au Meliadine deposits further to
the south). In addition to the BIF hosted gold targets, this belt has potential for shear-hosted lode gold, Witswaterstrand style gold,
komatiite hosted stratiform Ni-Cu (Kambalda analogy), and PGEs in layered igneous complexes (Laughland Lake Anorthosite Suite). Samples
from previous workers in the Committee Bay area returned samples up to 245 gpt Au, 0.5% Ni, and 0.8% Cu.
The developing Eastern Arctic diamond plays currently being explored by De Beers, BHP-Billiton, and Stornoway Ventures Ltd. are to the
northeast and southeast of the Committee Bay Belt. Impressive diamond results were returned from caustic fusion of the Melville Island
kimberlites and the landholdings have now increased to 7 million acres. The 1.5 million acre Churchill diamond play north of Rankin
Inlet has intersected 16 kimberlites since June 2003.
In summary, the Committee Bay greenstone belt is highly prospective and underexplored for multiple commodities (gold, nickel, copper,
PGEs, diamonds). Bay Resources has significant land holdings in the belt and these cover several gold showings (up to 9.7 gpt).
Update (April '04
Recent developments in the Committee Bay belt proper include a host of new high grade gold showings discovered by Committee Bay Resources
this summer including 27 gpt gold at the Ridge showing (north of Bay Resource's Wrench Claims), and 18.7 gpt gold on the West Plains claims
southwest of Bay's Pickle claims. Previous sampling on Bay Resource's Pickle claims returned values up to 8.6 gpt gold in sheared and
silicified iron formation with quartz veins and pyrite + arsenopyrite. The iron formation here is described as 70 - 100m thick and
traceable for 1.5 km.
The emerging diamond potential of the region is also shaping up as a significant and exciting development, with the Aviat
Discovery to the Northeast and the Churchill diamond play to the Southeast. The geology of the Aviat and Committee Bay areas
are extremely similar, as the diamondiferous Aviat kimberlites is found along the northeast extension of the Committee Bay Belt
into Melville Peninsula. The diamond explorer and developer BHP-Billiton has acquired over a million acres of ground southwest
of Aviat on the south side of Committee Bay.
Recently, there has been an enormous amount of activity along the belt by DeBeers, BHP, Kennecott and others as far as Diamond
exploration. A joint report by DeBeers and the Canadian Government of till sampling along the belt is due out in June 2004. In
addition, BHP has recently announced the discovery of 9 new kimberlites reported on their property. The Churchill diamond play
north of Rankin Inlet has intersected 18 kimberlites since June 2003. This staking rush now includes over 25 million acres. This
area has become a new diamond district.