NUNAVUT - John Williamson, president and CEO of North Country Gold Corporation, has a lot riding on a mining exploration program happening in Nunavut.

A camp belonging to the North Country Gold exploration company, pictured here in 2007, is encouraged by a recent gold discovery in an area about 300 kilometres north of Baker Lake. - photo courtesy of Northern Country Gold Corporation

"Eighteen years and $50 million shows its an area we're interested in. We think it has a lot of potential.

"We're banking the future of our company on the results of these programs."

Williamson's company is the beneficiary owner of the mineral rights of the Committee Bay Greenstone Belt, an area encompassing 557,323 acres located about 300 kilometres north of Baker Lake.

A discovery at a site called Antler 1.5 kilometres west of the Three Bluffs Gold project within the Greenstone Belt during the company's spring drilling program is giving Williamson less cause to be concerned about the future of his company.

Between April 26 to May 31, the company drilled seven holes at the site, and one result, 4.51 grams of gold over 12.29 metres, resembles the type of deposits at the Agnico-Eagles Meadowbank mine. The Meadowbank mine has a content of about three to four-and-a-half grams of gold over about the same distance, said Williamson.

Overall, Williamson said he's pleased with the results of all seven drill holes over the Spring. "The grades are very similar over some pretty decent widths from five to 15 metres wide, pretty good grades and similar to the grades at the Three Bluffs gold deposit to the East," he said.

The company returned to the area June 29 with about 60 workers and four drilling rigs for more exploration.

The plan is to drill a five kilometre, and then a 20 kilometre radius of the Three Bluffs, said Brian Budd, director of corporate development for North Country Gold.

Williamson, a trained geologist who has been working on projects in Nunavut since the 1980s, said the project's resource is at about 750,000 ounces of gold. In order to start considering actual development of the area, he needs to see twice that amount. But he's still optimistic that the Committee Bay Greenstone Belt is going to have one or more gold deposits.

North Country Gold, a junior mining exploration company based out of Edmonton and Vancouver, is a recent "spin-off" of Committee Bay Resources Gold Corporation formed to provide a more focused exploration program for Nunavut.

The company also has another "spin-off" in Alaska, said Budd.

As of July 28, North Country Gold traded at $0.31 on the Toronto Stock Exchange. Williamson estimates the company's market capital is worth $18 million.