Check out this press release. The results are no where near as good as Laplata's. It's to bad when the good lord was handing out brains, Gerry thought he meant trains, and took a long ride on one.
Cumberland Resources: Meadowbank Gold Project: Vault Gold Deposit to Expand With High Grades
12:27 EDT Tuesday, May 21, 2002
VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSE) (the "Company") reports that Phase 1 expansion drilling has intersected high grade mineralization at the Vault Deposit, one of five known gold deposits at the Company's 100% owned Meadowbank Gold Project, located 70 km north of Baker Lake, Nunavut.
The most recent drilling from the Vault Deposit, located 5 km northeast of the new Connector Zone where high-grades have also recently been drilled (see News Release NR02-08), has returned an outstanding intersection: (see Map):
16.09 g/t over 4.9 m (incl. 228.25 g/t over 0.29 m) at 298 m below surface in hole VLT02-051
Results previously released from the Phase 1 expansion drilling at the Vault deposit include (see News Release NR02-08):
11.25 g/t over 1.1 m at 356 m below surface in hole VLT02-047 8.95 g/t over 2.75 m at 175 m below surface in hole VLT02-048 Previously Released
"Drill hole 51 is another encouraging example of the high grades attainable at the Meadowbank Project. In this case an intersection at least 100 m away from any previous drill hole at the Vault deposit has returned the highest grades to date at this deposit. The possibility of further expansion drilling is open and we are positioned for follow-up drilling at the Vault in the summer months" stated Kerry Curtis, Senior Vice President.
"We are well on the way to adding the ounces we targeted for this year" commented Mr. Curtis on the results to date from the drilling program at Meadowbank. Phase 1 drilling continues at the Connector Zone and an aggressive Phase 2 program is now being planned for the summer months at Meadowbank.
The Company has drilled a total of 12 drill holes at the Vault deposit in Phase 1. Holes VLT02-047, 048 and 051 are widely spaced and designed to expand the deposit at depth and to the south. Prior to this year's drilling, independent resource estimates (by MRDI Canada) estimated the following tonnage and grade at the Vault deposit:
Vault Gold Deposit2001 Resource (2.5 g/t cut-off)Category Tonnes Grade (g/T) Contained Ounces GoldInferred 7,470,000 3.90 936,700
Meadowbank is host to the third largest gold resource in Canada with five closely spaced, near surface, gold deposits including the Vault deposit. Independent resource estimates completed at the end of 2001 totaled:
Meadowbank Project Resources (MRDI Canada, 2001)Measured and Indicated (7,775,000 t grading 5.79 g/t) 1,447,300 oz. goldInferred (10,937,000 t grading 4.44 g/t) 1,561,200 oz. goldTotal 3,008,000 oz. gold
Economic studies ("Preliminary Assessment") on the Meadowbank project, completed prior to this year's drill campaign by consulting engineers MRDI Canada, (see News Release NR02-02), using a production rate of 246,000 oz. per year generated estimated total cash costs of $US 168/oz. gold with approximately 85% of the production from open pit designs.
Cumberland is well financed with approximately $5.0 million in working capital and is positioning itself to become North America's next mid-tier level gold producer by advancing the Meadowbank Project to production.
Cumberland Resources holds interests in two of the largest undeveloped gold projects in Canada: Meadowbank (100%) and Meliadine West (22% carried).
CUMBERLAND RESOURCES LTD.
Kerry M. Curtis, B.Sc., P.Geo., Senior Vice President
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% 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.
Brian Alexander, P.Geol. is the Project Manager 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. Chemex Labs of Vancouver provides external reference assaying.
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.
Meadowbank Gold ProjectPhase 1 Drilling2002 Vault Deposit Drill ResultsHOLE LOCATION FROM TO INTERVAL GRADE VERTICAL (m) (m) (m) (Au) g/t DEPTH (m)VLT02-047 4925N 4200W 355.40 356.50 1.1 11.25 356VLT02-048 4575N 4420W 173.80 176.55 2.75 8.95 175VLT02-051 4800N 4375W 296.0 300.90 4.9 16.09 298 Incl. 296.25 296.54 0.29 228.25 296.3 previously released
NOTE: Location map available from the company at the numbers listed below.
FOR FURTHER INFORMATION PLEASE CONTACT: Cumberland Resources Ltd., Mr. Glen Dickson, President, (604) 608-2557, (604) 608-2559 (FAX), Email: cumberland@telus.net, Website: www.goldmin.com, or, Cumberland Resources Ltd., Mr. Kerry Curtis, Senior Vice President, (604) 608-2557, (604) 608-2559 (FAX)
© 2002 CCNMatthews
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Cumberland Resources
Nice move in gold stocks today. It's too bad brain dead took us out of precious metals, just when the rally was starting. I hope Gerry gets voted out of office, and he can apply to unemployment insurance. What a bloody waste of $70,000 a year on a brain dead A-hole. |
