My source of the news was from Northern Miner and they said gold.
Cumberland expands Vault zone
09/21/2000
Vancouver -- A second-round, 17-hole drill program has expanded the area of known mineralization at the Vault gold zone in Canada's Nunavut Territory for Cumberland Resources (CBD-T).
Located 6 km northeast of the 2.1-million-oz. Meadowbank gold deposits, the Vault zone was discovered earlier this year when eight of 10 holes cut shallow-lying gold mineralization over a 500-metre strike length to a vertical depth of 225 metres.
According to Cumberland, the results from the first nine holes of the current program successfully expanded the zone to the south and the west. The entire drill program tested an area measuring 850 metres by 300 metres. Highlights included:
· hole 11 -- 4.23 grams gold over 8 metres from 75 metres down-hole;
· hole 15 -- 6.12 grams gold over 6.4 metres from 34 metres down-hole;
· hole 16 -- 2.7 grams over 22.9 metres from 65 metres down-hole (included in this intercept was a bonanza-grade section running 155 grams gold over 2.8 metres); and
· hole 17 -- 5.2 grams gold over 6.7 metres from 38 metres down-hole.
Assay results are pending from the remaining eight holes, which targeted the northwestern extension of the zone.
Cumberland's wholly owned Meadowbank gold project lies 70 km north of Baker Lake. It hosts proven and probable open-pit mining reserves of 5.5 million tonnes grading 5.44 grams gold, plus an inferred resource of 1.66 million tonnes grading 7.55 grams.
At the Third Portage zone, a prefeasibility study, completed by MRDI Canada, has estimated a 7.4-million-tonne resource averaging 5.88 grams gold.
At the Goose Island deposit, about 1 km to the south, MRDI determined the resource at 1.2 million tonnes grading 11.9 grams gold.
Between Third Portage and Goose Island, at the Bay zone, which was first defined in early 1999, Cumberland now has a resource of 684,000 tonnes grading 4.8 grams.
At a fourth zone, the North Portage deposits, a 2-million-tonne resource grades 4.5 grams gold. |
