Cumberland continues expanding Vault deposit
Cumberland Resources Ltd CBD
Shares issued 26,221,781 Jun 6 close $0.70
Thu 7 Jun 2001 News Release
Mr. Kerry Curtis reports
The company is continually expanding the Vault gold deposit, located five
kilometres northeast of the Meadowbank gold deposits (100 per cent owned).
The now completed spring drill program included 19 widely spaced drill
holes (4,044 metres). Drilling has significantly expanded the deposit at
depth and outlined zones of continuous, higher grade mineralization.
Highlights from drilling include:
8.09 grams per tonne over 4.79 metres at 293 metres below surface in hole
VLT-035;
8.22 g/t over 4.25 metres at 121 metres below surface in hole VLT-039;
8.06 g/t over 3.75 metres at 155 metres below surface in hole VLT-042; and
8.93 g/t over 4.00 metres at 80 metres below surface in hole VLT-046.
The Meadowbank gold project is located 70 kilometres north of Baker Lake in
Nunavut. At the end of 2000 the project hosted combined measured and
indicated resources totalling 7,358,900 tonnes grading 6.12 g/t or 1.45
million ounces and additional inferred resources totalling 6,850,300 tonnes
grading 4.75 g/t (1.05 million ounces).
Prior to the discovery of the Vault deposit, prefeasibility studies by MRDI
Canada in April, 2000, identified proven and probable open pit reserves of
5.5 million tonnes grading 5.44 g/t (963,000 ounces). The study concluded
that the project required additional resources and/or improved long-term
gold prices to advance to feasibility. The Vault deposit (inferred
3,356,000 tonnes grading 3.9 g/t or 422,000 ounces in 2000) is located five
kilometres northeast of these resources/reserves and has excellent
potential to contribute open pit and underground reserves to the project.
Brian Alexander, PGeol, is the project manager and designated QP for the
Meadowbank project. Mr. Alexander has managed the project since 1997 and
supervises drill hole planning, implementation and quality control/quality
assurance programs. Drill core analysis is performed on split core with
standard fire assay procedures and AA finish. QA/QC programs employ random
insertion of four internal standards, field duplicates and blank samples.
Gravimetric analysis is performed on any sample yielding greater than one
g/t gold in fire assay. Primary assaying is performed by IPL Laboratories,
of Vancouver. Chemex Labs of Vancouver provides external reference
assaying.
VAULT ZONE: 2001 SEASON DRILL RESULTS
VLT01-028 123.75 129.63 15.88 3.65 115
VLT01-029 123.74 127.55 3.81 2.35 16
159.85 165.95 6.10 3.89 150
169.50 177.59 8.09 3.83 159
VLT01-030 154.05 160.80 6.75 2.59 145
VLT01-033 148.85 150.65 1.80 4.71 140
171.70 173.20 1.50 2.50 162
VLT01-034 257.07 263.33 6.31 2.84 241
Incl. *262.40 263.33 0.93 10.03 249
VLT01-035 311.53 316.32 4.79 8.09 293
Incl. *311.53 314.35 2.82 6.13 293
VLT01-036 192.85 195.55 2.70 1.94 182
228.25 229.85 1.60 3.27 211
VLT01-037 126.24 127.90 1.66 2.44 118
169.30 172.60 3.30 1.83 157
VLT01-038 134.76 136.45 1.69 4.04 126
VLT01-039 120.10 133.50 13.40 4.49 112
Incl. *129.25 133.50 4.25 8.22 121
VLT01-040 89.15 91.60 2.45 2.21 83
111.00 120.40 9.40 4.50 103
Incl. *111.53 117.3 5.77 5.45 103
VLT01-041 56.90 58.90 2.00 10.96 53
102.35 107.60 5.25 4.69 95
Incl. *103.35 107.60 4.25 5.44 96
112.60 116.33 3.73 6.54 104
VLT01-042 139.88 142.35 2.47 3.79 131
165.40 171.00 5.60 6.27 155
Incl. *166.80 170.55 3.75 8.06 156
VLT01-043 212.05 214.60 2.55 6.40 199
VLT01-044 89.13 91.54 2.41 8.50 83
98.36 102.45 4.09 2.98 91
VLT01-046 79.36 88.00 8.64 5.77 77
Incl. 84.00 88.00 4.00 8.93 80
All composites calculated at two-gram cutoff except where (*) five-gram
cutoff applied.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
