Cumberland intersects gold at Meadowbank
Cumberland Resources Ltd CBD
Shares issued 27,403,781 May 6 close $2.35
Tue 7 May 2002 News Release
Mr. Glenn Dickson reports
MEADOWBANK GOLD PROJECT: DRILLING CONTINUES TO INTERSECT SHAL ...
Phase 1 drilling continues to intersect new shallow, high-grade gold
mineralization at Cumberland's 100-per-cent-owned Meadowbank gold project,
located 70 kilometres north of Baker Lake, Nunavut. Three drill rigs are
active in a program designed to expand, explore for new gold deposits and
prepare the project for feasibility studies. Meadowbank is host to the
third-largest gold resource in Canada with five closely spaced,
near-surface, gold deposits totalling:
MEADOWBANK PROJECT RESOURCES
(MRDI CANADA, 2001)
Measured and
indicated
(7,775,000 tons
grading 5.79 g/t) 1,447,300 ounces gold
Inferred
(10,937,000 tons
grading 4.44 g/t) 1,561,200 ounces gold
Total 3,008,000 ounces gold
Recent economic studies on the Meadowbank project (preliminary assessment)
by consulting engineers, MRDI Canada (see news release NR02-02), using a
production rate of 246,000 ounces per year generated estimated total cash
costs of $168 (U.S.) per ounce gold with initial capital costs of
$123.5-million (U.S.).
2002 diamond drilling
The phase 1 program includes approximately 8,100 metres of planned diamond
drilling designed to expand and delineate resources at the Vault, North
Portage and Third Portage gold deposits. To date, 24 diamond drill holes
(4,583 metres) have been completed. Results from the first diamond drill
holes, designed to connect the Third Portage and North Portage open-pit
designs, have successfully intersected shallow, high-grade mineralization.
The resulting resource additions are now forecast to allow the connection
of the two open-pit deposits allowing for a single open-pit mine design
covering a length of over 1.85 kilometres. Recent results include:
14.15 grams per tonne over 5.1 metres (including 146 g/t over 0.42 metre)
at 36 metres below surface in hole NP02-385*;
22.11 g/t over 3.3 metres at 47 metres below surface in hole NP02-387*;
7.23 g/t over 6.38 metres (including 86.15 g/t over 0.28 metre) at 37
metres below surface in hole TP02-388;
18.52 g/t over 3.2 metres at 32 metres below surface in hole NP02-390;
6.55 g/t over 9.9 metres at 21 metres below surface in hole NP02-394; and
7.91 g/t over 11.2 metres in hole at 47 metres below surface in hole
TP02-395.
Diamond drilling will continue to focus on this resource expansion. In
addition, a second drill rig is now actively exploring the expansion
potential of the Vault deposit, located five kilometres north of Third
Portage.
The phase 1 program also includes a comprehensive program of overburden
drilling designed to identify possible buried deposits. This program is
concentrating on the unexplored five-kilometre area between the original
four Meadowbank gold deposits and the Vault deposit. A total of 400 holes
are planned to sample the overburden column and bedrock in each hole. To
date approximately 350 overburden holes have been completed.
A phase 2 program, consisting of a further $2-million in expenditures, is
being planned for the summer months.
2002 THIRD PORTAGE/NORTH PORTAGE
DRILL RESULTS
Verti-
Inter- cal
Hole From To val Grade depth
(m) (m) (m) (g/t Au) (m)
NP02-385* 25.75 29.20 3.45 5.01 27.0
and 33.40 38.50 5.10 14.15 36.0
incl. 35.33 35.75 0.42 146.0 35.5
NP02-386* 54.30 56.90 2.77 2.60 55.70
NP02-387* 31.25 33.75 2.50 2.92 32.0
and 36.90 38.80 1.90 5.36 37.5
and 45.90 49.20 3.30 22.11 47.5
TP02-388 34.42 40.80 6.38 7.23 37.0
incl. 34.42 34.70 0.28 86.15 34.65
incl. 37.37 40.80 3.43 6.13 39.5
and 44.75 50.80 6.05 3.93 48.0
NP02-390 30.90 34.30 3.20 18.52 32.5
TP02-394 16.60 26.50 9.90 6.55 21.0
TP02-395 41.50 52.70 11.2 7.91 47.0
incl. 43.50 49.53 6.03 12.99 46.5
*previously released
Cautionary note: The preliminary assessment is preliminary in nature,
includes inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves and there is no certainty
that the preliminary assessment will be realized. The production forecast
used in the preliminary assessment includes approximately 5.9 million
tonnes of inferred mineral resource, or 41 per cent of the total forecast.
In compliance with National Instrument 43-101, the company has issued a
technical report which is available at www.sedar.com for review.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com |
