NEDERLAND, Colo., Sept. 2, 2003 (PRIMEZONE) -- Calais Resources Inc. (OTCBB:CAAUF) is pleased to announce that drilling has resumed on its 100% owned Caribou district located on the Colorado mineral belt.
The drill program is designed to expand the existing resource of 424,500 ounces of gold and 11,726,458 ounces of silver and test well defined targets, and should result in new discoveries as well as increasing the known reserve base. The Company is using a Longyear 44 skid mounted diamond drill. Skilled contract crews are being employed from Godbe Drilling of Montrose, Colorado.
Some of the targets in this phase of core drilling are: Pegmatite Reef
-- Drilling will be completed to test the down hole extension of this flat lying structure. Hole number CR03 - 125 will be drilled 1000 feet northwest of discovery hole CR95 - 108 encountered 37.5 feet averaging 0.135 oz. gold and 0.135 oz. silver per ton near the top of this structure. It appears that the grade of gold increases at depth based on assay results from drill hole 97 - 104, which may be related to this reef. An economic intercept in hole CR03 - 125 will result immediately in additional holes to define this large scale target.
No Name Vein:
-- A core hole designed to penetrate the No Name vein approximately 150 feet from the intercept in core hole CR97 - 104, which encountered 43.0 feet averaging 0.358 oz. gold per ton and 0.760 oz. silver per ton. This new hole will expand the resources discovered with CR97 - 104 and add definition to the local ore control geology.
Caribou Park Zone:
-- An offset core hole will be drilled to further define and expand the resources of discovery core hole CR98 - 121. Core hole CR98 - 121 encountered a 54.5 foot intercept which averaged 0.235 oz. gold per ton and 0.624 oz. silver per ton, within which are several significantly higher grade intercepts. The Caribou Park Zone is a new discovery with no geologic surface expression and no previous mining or prospecting.
Intersection of the NO Name and Golconda Veins:
The No Name vein at the projected intersection of the Golconda vein is targeted with one core hole. Located 800 feet southwest from the nearest historic mine workings or core hole, a broad zone of structural preparation at this intersection could host a major ore shoot.
Anaconda Vein
-- A core hole is planned to penetrate the Anaconda vein 800 feet west nearest core hole CR97 - 101, in which an intercept from 935.0 to 951.0 feet averaged 0.426 ounces of gold per ton and 0.140 ounces of silver per ton. This core hole could also penetrate west extensions of the Rare Metals and or Golconda veins adding significantly to the resources of these veins.
Pomeroy Mountain:
-- A core hole is planned to penetrate the area of intersection of the Develing, Stonewall Jackson and Osceola veins on Pomeroy Mountain. Old records indicate these to be high grade veins. The area has never before been explored with core drilling.
Geologist Bob Akright is presently updating all of the Consolidated Caribou Mines District data in the powerful 3 dimensional Vulcan Computer program at Maptek in Lakewood, Colorado. Upon completion of the Colorado data in the Vulcan program, Akright will immediately begin loading the Vulcan program with all available geologic data from Calais's Nevada Manhattan project. This is in preparation for the diamond drill program planned for the Manhattan project in late October.
Calais's exploration team will be holding a day-long exploration planning meeting on the 'Faja de Oro' Panama gold project Thursday September 4, in Denver.
About Calais Resources
Calais Resources is a junior gold exploration and development company headquartered in Caribou, Colorado. Calais has proven and probable resources on its Caribou Consolidated District property. Significant exploration potential exists at the three past-producing Calais district properties which include the Caribou Consolidated District, the Nevada Manhattan District and the Faja de Oro District in the Republic of Panama.