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Press Release Source: Cumberland Resources Ltd.
Cumberland Reports Final Phase 1 2003 Drill Results From Vault Deposit
Thursday September 18, 1:15 pm ET
VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSX) is very pleased to report final results from Phase 1 2003 Vault deposit open pit delineation drilling at the Company's 100% owned Meadowbank gold project, located 70 kilometres north of the Hamlet of Baker Lake, Nunavut. Revisions to project resources, incorporating Phase 1 drilling results, are currently being finalized for feasibility level open pit designs and reserve classification.
Phase 1 activities included over 14,000 metres of diamond drilling in a total of 146 holes as part of a $10.5 million 2003 work program at the Meadowbank project designed to define and explore for further resources, complete a feasibility study and commence mine development permitting. Phase 2 activities, which include an additional 5,000 metres of diamond drilling focused on additional infill and exploration drilling, are now being completed. Feasibility studies are on track for completion in late 2003 or early in the first quarter of 2004.
"The 98 drill holes completed during Phase 1 at the Vault preliminary open pit (see below) have now prepared the resource for open pit reserve classification," remarked Kerry Curtis, President and CEO. "This final series of drill holes at Vault exceeds expectations with numerous thick, high grade intersections and marks a very successful conclusion to the delineation of the preliminary open pit design".
Highlights from the final 24 drill holes from Phase 1 at Vault include:
5.20 g/t gold over 14.07m at 153m below surface and
6.09 g/t over 10.62m at 173m below surface in Hole 210
4.24 g/t over 8.44m at 80m below surface and
80.37 g/t over 4.32 m at 92m below surface and
3.26 g/t over 15.19m at 112m below surface in Hole 208
6.70 g/t gold over 16.35m at 99m below surface in Hole 203
6.48 g/t over 10.36m at 66m below surface in Hole 194
All drill intersections fall within the Vault preliminary open pit designs and represent approximate true widths of mineralization. A complete table of Phase 1 results and a drill hole location map are attached to this release.
Vault Deposit
The Vault deposit is one of six known gold deposits at the Meadowbank gold project. Open pit mining studies by international engineering firm AMEC on the Vault resource model(1) (see news release NR03-04) recently expanded the potential open pit resource, eliminating or deferring the need for underground mining of the deposit. The Company completed an additional 102 drill holes, including four exploration holes, in the deposit and surrounding area in the Phase 1 2003 program. This additional drilling will improve resource classification and ready the deposit for feasibility level open pit designs. Results from surface trench excavations completed during the Phase 2 program are also expected shortly.
Since discovery, a total of 213 diamond drill holes in 24,000 metres of drilling have been completed at the Vault deposit. In early August 2003 (see news release NR03-20) the Company announced that exploration drilling located 400 metres west of the deposit successfully intersected additional mineralization. The deposit also remains open for expansion at depth.
Vault Preliminary Pit Designs - May 2003 (US$325/oz)
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Category Tonnes Grade (g/t) Ounces Gold
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Measured and Indicated 4,100,000 3.59 473,000
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Inferred 3,100,000 3.63 362,000
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Note: Revised preliminary designs do not include provision for mining dilution or ramps and generate a waste to ore strip ratio of 9:1. Mineral resources which are not reserves do not have demonstrated economic viability. A cut-off grade of 1.85 g/t was applied.
Meadowbank Gold Project
Meadowbank is host to the third largest undeveloped gold resource in Canada with six closely spaced, near surface, gold deposits totaling:
Meadowbank Project Resources(2) - Q2/2003
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Measured and Indicated 15,471,000 t grading 4.66 g/t 2,318,000 oz. gold
Inferred 8,921,000 t grading 4.20 g/t 1,205,000 oz. gold
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Cumberland is well financed and is advancing the 100% held Meadowbank gold project in Nunavut to production. The Company is currently evaluating a 10 year open pit mine plan, which on the basis of a preliminary assessment(3) completed in January 2002, indicated the Meadowbank project could support a production rate of approximately 250,000 ounces per year at an estimated cash cost of US$168 per ounce.
Cumberland Resources holds interests in two of the largest undeveloped gold projects in Canada: Meadowbank (100%) and Meliadine West (22% carried to production), projects in Nunavut.
CUMBERLAND RESOURCES LTD.
Kerry M. Curtis, B.Sc., Geo., President and CEO
R. Brian Alexander, P.Geol. is the Chief Geologist and designated Q.P. 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 1 g/t gold in fire assay. Primary assaying is performed by IPL Laboratories, of Vancouver. ASL Chemex Labs of Vancouver provides external reference assaying.
(1) Vault resource model: James McCrea, P.Geo., Manager, Mineral Resources is Cumberland's Qualified Person for the resource modeling. Resource classification conforms to CIM Standards on Mineral Resources and Reserves (August 2000).
(2) Second quarter 2003 resource estimates and classification are in accordance with National Instrument 43-101 and conform to CIM Standards on Mineral Resources and Reserves (August 2000).
(3) Cautionary Note: The preliminary assessment completed in January 2002 is preliminary in nature, included 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 included approximately 5.9 million tonnes of Inferred Mineral Resource, or 41% of the total forecast. In compliance with National Instrument 43-101, the Company issued a Technical Report which is available at www.sedar.com for review.
This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Corporation's control which may cause actual results, performance or achievements of the Corporation to be materially different from the results, performance or expectations implied by these forward looking statements.
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2003 SPRING DIAMOND DRILLING - VAULT COMPOSITES
HOLE LOCATION FROM TO GRADE WIDTH
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VLT03-168 4860N 4755W 86.28 94.30 2.48 8.02
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VLT03-169 4860N 4680W 104.80 115.70 2.43 10.90
Incl. 104.80 108.70 5.27 3.90
122.79 136.15 2.77 13.36
Incl. 129.75 130.48 18.30 0.73
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VLT03-178 4540N 4685W 109.32 116.00 5.01 6.68
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VLT03-179 4575N 4700W 104.98 111.40 4.25 6.42
---------------------------------------------------------------------
VLT03-186 4625N 4700W 77.80 81.34 8.05 3.54
Incl. 79.43 80.49 22.40 1.06
103.42 114.70 3.77 11.28
Incl. 111.70 113.70 9.23 2.00
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VLT03-192 5060N 4925W 32.19 39.78 2.56 7.59
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VLT03-193 5060N 4875W 44.90 57.25 3.06 12.35
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VLT03-194 5060N 4825W 65.67 76.03 6.48 10.36
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VLT03-195 5060N 4775W 71.23 73.78 2.33 2.55
80.06 84.61 33.2 4.55
Incl. 80.06 80.30 26.00 0.24
86.94 92.28 4.12 5.34
Incl. 88.26 89.46 13.36 1.20
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VLT03-196 5060N 4720W 101.73 115.13 2.39 13.40
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VLT03-197 4925N 4640W 134.00 142.79 2.88 8.79
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VLT03-198 4860N 4630W 121.55 123.90 1.86 2.35
156.55 163.19 3.81 6.64
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VLT03-199 4625N 4650W 120.91 131.56 4.91 10.65
Incl. 128.20 131.56 11.77 3.36
And 128.20 129.13 28.85 0.93
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VLT03-200 4800N 4650W 141.95 144.12 3.01 2.17
146.95 155.70 3.14 8.75
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VLT03-201 4675N 4620W 97.72 99.79 4.11 2.07
141.50 149.20 4.83 7.70
Incl. 146.00 146.47 20.40 0.47
---------------------------------------------------------------------
VLT03-202 4975N 4650W 74.35 78.97 2.36 4.62
130.20 140.14 2.79 9.94
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VLT03-203 4675S 4715W 79.95 84.75 2.67 4.80
97.65 114.00 6.70 16.35
Incl. 110.32 114.00 17.36 3.68
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VLT03-204 5025N 4690W 51.23 53.32 5.61 2.09
Incl. 51.23 51.82 13.85 0.59
117.16 124.75 2.17 7.59
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VLT03-205 4710N 4635W 97.73 101.53 8.61 3.80
Incl. 98.66 99.54 15.00 0.88
113.76 119.95 2.28 6.19
132.57 139.80 1.56 7.23
143.40 149.64 4.44 6.24
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VLT03-206 5025N 4745W 91.72 93.89 2.30 2.17
100.82 108.02 3.43 7.20
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VLT03-207 4388N 4775W 21.43 22.70 5.76 1.27
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VLT03-208 4710N 4685W 82.90 91.34 4.24 8.44
98.01 102.33 80.37 4.32
Incl. 101.26 102.20 362.64 0.94
114.52 129.71 3.26 15.19
Incl. 117.19 119.00 13.97 1.81
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VLT03-209 4350N 4785W 81.35 81.93 3.33 0.58
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VLT03-210 4740N 4550W 131.39 136.31 1.82 4.92
155.87 169.94 5.20 14.07
Incl. 163.05 167.22 9.01 4.17
178.68 189.30 6.09 10.62
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PREVIOUSLY RELEASED 2003 SPRING DIAMOND DRILLING
- NEAR SURFACE VAULT COMPOSITES
HOLE LOCATION FROM TO GRADE WIDTH
---------------------------------------------------------------------
VLT03-165 4775N 4975W 10.65 15.85 3.03 5.20
18.00 25.02 1.14 7.02
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VLT03-166 4675N 4993W 4.70 10.70 2.71 6.00
16.92 20.57 1.67 3.65
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VLT03-167 4675N 5007W 5.80 6.80 1.00 1.00
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VLT03-170 4625N 4975W 15.84 21.68 3.48 5.84
---------------------------------------------------------------------
VLT03-171 4625N 4996W 2.43 11.18 4.12 8.75
Incl. 9.28 10.18 15.60 0.90
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VLT03-172 4575N 4970W 9.05 16.60 6.06 7.55
Incl. 9.85 11.00 20.30 1.15
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VLT03-173 4575N 4995W 4.00 11.05 2.74 7.05
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VLT03-174 4540N 4980W 16.55 23.15 1.53 6.60
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VLT03-175 4540N 5010W 7.00 7.75 3.22 0.75
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VLT03-176 4500N 4992W 12.90 24.08 4.31 11.18
Incl. 19.28 20.10 19.44 0.82
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VLT03-177 4500N 5018W 3.60 15.95 5.12 12.35
Incl. 5.10 6.03 15.80 0.93
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VLT03-180 4460N 4980W 17.23 27.00 3.31 9.77
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VLT03-181 4460N 5010W 6.70 19.10 5.97 12.40
Incl. 8.65 9.80 19.27 1.15
And 15.15 16.46 16.58 1.31
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VLT03-182 4460N 5025W 7.95 14.35 11.31 6.40
Incl. 11.13 14.35 21.39 3.22
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VLT03-183 4425N 4980W 16.90 25.20 3.91 8.30
Incl. 17.32 18.20 17.95 0.88
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VLT03-184 4425N 5010W 8.00 14.13 3.94 6.13
Incl. 8.00 8.75 14.60 0.75
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VLT03-185 4425N 5025W 9.20 10.75 1.44 1.55
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VLT03-187 4388N 5006W 10.30 13.37 4.09 3.07
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VLT03-188 4388N 5036W 9.00 9.46 0.98 0.46
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VLT03-189 4350N 4980W 18.73 20.75 3.22 2.02
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VLT03-190 4350N 5010W 10.52 12.67 5.18 2.15
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VLT03-191 5060N 4975W 16.00 24.12 1.84 8.12
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PREVIOUSLY RELEASED 2003 SPRING DIAMOND DRILLING
- VAULT COMPOSITES
HOLE LOCATION FROM TO GRADE WIDTH
---------------------------------------------------------------------
VLT03-109 4830N 4895W 8.71 11.42 3.99 2.71
23.08 32.63 3.39 9.55
42.46 47.00 2.00 4.54
---------------------------------------------------------------------
VLT03-116 5025N 4940W 22.94 34.55 1.43 11.61
Incl. 25.27 32.55 1.76 7.28
---------------------------------------------------------------------
VLT03-118 4890N 4900W 21.00 29.40 2.71 8.40
32.07 49.40 1.74 17.33
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VLT03-119 5025N 4886W 32.92 40.64 4.38 7.72
Incl. 38.57 40.64 13.07 2.07
42.80 49.85 2.31 7.05
Incl. 48.35 49.85 4.44 1.50
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VLT03-120 4925N 4908W 22.33 40.40 5.94 18.07
Incl. 22.33 37.38 6.88 15.05
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VLT03-121 4831N 4976W 3.00 6.15 1.29 3.15
Incl. 3.00 5.04 1.73 2.04
And 4.00 5.04 2.12 1.04
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VLT03-123 4990N 4962W 15.50 23.00 4.87 7.50
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VLT03-124 4990N 4910W 35.10 42.11 2.06 7.01
Incl. 35.10 39.99 2.55 4.89
---------------------------------------------------------------------
VLT03-126 4830N 4950W 2.55 18.95 3.08 16.40
Incl. 5.91 9.62 5.11 3.71
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VLT03-132 4860N 4984W 2.65 4.10 1.87 1.45
---------------------------------------------------------------------
VLT03-134 4890N 4974W 2.46 6.26 11.87 3.80
Incl. 2.46 3.00 77.47 0.54
13.64 19.32 2.35 5.68
---------------------------------------------------------------------
VLT03-137 4890N 4949W 12.43 30.71 2.05 18.28
Incl. 12.43 16.70 3.60 4.27
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VLT03-138 4925S 4984W 8.70 13.10 2.60 4.40
---------------------------------------------------------------------
VLT03-139 4930N 4959W 16.92 23.39 2.57 6.47
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VLT03-140 4770N 4920W 10.57 17.40 4.18 6.83
Incl. 12.35 14.71 9.63 2.36
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VLT03-143 4710N 4936W 11.60 17.75 2.52 6.15
Incl. 16.80 17.75 11.60 0.95
20.60 27.67 3.24 7.07
---------------------------------------------------------------------
VLT03-158 4800N 4992W 10.85 12.52 2.21 1.67
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VLT03-159 4800N 5003W 8.29 8.58 2.78 0.29
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VLT03-160 4770N 4959W 12.70 17.17 2.84 4.47
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VLT03-161 4770N 4990W 2.15 7.75 2.08 5.60
Incl. 4.85 7.75 2.92 2.90
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VLT03-162 4740N 4941W 13.25 14.60 3.94 1.35
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VLT03-163 4710N 4961W 10.29 18.60 2.38 8.31
Incl. 14.95 15.95 5.19 1.00
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Contact:
Cumberland Resources Ltd.
Kerry Curtis
President and CEO
Phone: (604) 608-2557
Fax: (604) 608-2559
or
Cumberland Resources Ltd.
Joyce Musial
Manager, Investor Relations
Phone: (604) 608-2557
Fax: (604) 608-2559
Email: info@cumberlandresources.com
Website: www.cumberlandresources.com
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Source: Cumberland Resources Ltd.
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