Cumberland Resources Meadowbank Gold Project, Gold Trend Extended by 20 km, New Lands Acquired
VANCOUVER, BRITISH COLUMBIA--Cumberland Resources Ltd. (CBD-TSE)
announces expansion of the Meadowbank Gold Project by an
additional 30,000 Ha, effectively quadrupling the area to be
explored in the year 2000. The new project lands encompass a 20km
northwest extension of the prolific Meadowbank gold trend. The
Company plans to drill several high priority gold occurrences
along this trend in 2000.
The Meadowbank gold project is located 70 km north of Baker Lake,
Nunavut. The project hosts a 1.73 million-ounce resource (1.91
million ounces uncut) independently estimated by MRDI Canada in
1999. Revised resource calculations and the results of
pre-feasibility studies at Meadowbank are expected over the next
six-to eight weeks.
"With a further 20 km of untested gold trend and several targets
which can be quickly advanced to a drill stage there is an
opportunity to move the project well beyond the known resource
inventory. Our strategy is to advance the known resource base
towards production while exploring for new, near surface open pit
mineralization. If successful, this strategy will greatly enhance
the economics of the project" stated Mr. Kerry Curtis, Senior Vice
President. The Company has a planned $1.5 exploration budget for
the new lands.
New Trend Emerges
Work spearheaded by the Geological Survey of Canada and supported
by Cumberland over the past several years has produced a
comprehensive geological database which incorporates prospecting,
regional geology, airborne geophysics, mapping and sampling of
gold occurrences around the Meadowbank deposits.
In 1999 the Company implemented a program designed to evaluate and
confirm the potential extension of the Meadowbank gold trend. Of
480 samples* collected in the 30,000 Ha area, 128 assayed greater
than 1g/T gold and 60 yielded greater than 5.0 g/T gold. Most of
the anomalous samples (greater than 1 gpt gold) fall within a
linear trend (see attached map) extending for 20 km northwest of
the known deposits. Of the new gold prospects, one of the closest
to existing deposits, named the Vault prospect, will be
prioritized for drilling in ear1y 2000.
*Samples include grab and chip from outcrop, subcrop and
frostheave. Assays include standard fire assay with gravimetric
finish performed at Chemex Labs and IPL of Vancouver.
The Vault prospect, located 5 km northwest of the Meadowbank
deposits, comprises several surface gold showings exposed in a
400m long by 200 meter wide corridor. Gold mineralization is
hosted by intermediate volcanics and iron formation. These are
rock types known to host the existing gold deposits at Meadowbank.
Of the 95 surface grab samples collected from the Vault prospect
in 1999, 46 yielded greater than 1.0 gpt gold with assays up to
42.9 gpt gold. Work to date indicates two parallel shear zones
enriched with pyrite and gold. A second trend, which hosts
high-grade silver assays (up to 5082 gpt silver) in historic test
pits, offers a possible secondary target. Drilling, in
conjunction with airborne and ground geophysics, is proposed for
late April.
The Company is planning geophysical surveys and ground evaluation
on additional prospects within the new project lands over the 2000
exploration season.
The N.T.I. Agreement
The above described lands are to be explored under an agreement
with Nunavut Tunngavik Inc. ("N.T.I.") the non-profit organization
responsible for administering mineral rights on Inuit Owned Lands.
The agreement has undergone several years of review and has only
recently been standardized by the N.T.I. Provisions include
minimum yearly exploration expenditures and fees and include
standard reporting requirements similar to those existing under
Federal jurisdictions for assessment. During the exploration
phase lands can be held for up to 20 years. The agreement
incorporates a production lease, which can be activated upon
delivery of a pre-feasibility study. Production from the new
lands will be subject to a 12% net profits interest royalty in
which annual deductions are limited to 85% of gross revenue. All
deductions are placed into one deduction pool and can be carried
forward until fully deducted. The agreement also includes
potential participation by the N.T.I. for financing of
development.
Cumberland Resources is a Canadian gold company with interests in
three emerging projects: Meadowbank (100%), Meliadine West (22%
carried), and Meliadine East (50%). The Company is well financed
with approximately $6.3 million in cash to advance these
outstanding projects. All projects are located in the new
territory of Nunavut, Canada.
CUMBERLAND RESOURCES LTD.
Kerry M. Curtis, P.Geo., Senior Vice President
CBD 2000-01-19 (provided courtesy of Canadian Corporate News.)
FOR FURTHER INFORMATION PLEASE CONTACT:
Cumberland Resources Ltd.
Mr. Glen Dickson
President
(604) 608-2557
(604) 608-2559 (FAX)
or
Cumberland Resources Ltd.
Mr. Kerry Curtis
Senior Vice President
(604) 608-2557
(604) 608-2559 (FAX)
Website: www.goldmin.com |
