<<<-- Cumberland Resources Ltd.: Meadowbank Gold Project: Drilling --
Yields Outstanding Near Surface Intersections
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: CUMBERLAND RESOURCES LTD.
TSX SYMBOL: CBD
SEPTEMBER 10, 2002
Cumberland Resources Ltd.: Meadowbank Gold Project: Drilling
Yields Outstanding Near Surface Intersections
VANCOUVER, BRITISH COLUMBIA--Cumberland Resources Ltd. (CBD-TSE) (the
"Company") reports that ongoing drilling activities continue to return
outstanding results at the Company's 100% owned Meadowbank Gold Project,
located 70 km north of Baker Lake, Nunavut. Recent, near-surface, high
grade intersections from the delineation of the Vault deposit (inferred
category resource of 7.47 million tonnes grading 3.90 g/t gold, MRDI 2001)
open pit resource include:
11.57 g/t over 12.83m at 40m below surface (includes 79.8 g/t over 1.4m)
in hole VLT02-085
25.66 g/t over 2.2m at 58m below surface
and
7.35 g/t over 8.83m at 93m below surface in hole VLT 02-080
Drilling also continues to confirm and improve the very shallow portion of
the resource at Vault with wide, consistent intersections such as:
4.06 g/t over 11.88m at 23m below surface in hole VLT 02-076
In addition, the Company is pleased to report an additional intersection
from the new PDF Zone, located approximately 10 km north of the Vault
Deposit:
4.01 g/t over 3.51m at 48m below surface in hole PDF02-012
Hole PDF02-012 is located approximately 35m down-dip of previously released
hole PDF02-011 which yielded 18.99 g/t over 4.10m at 35m below surface and
was a follow-up of the 7.11 g/t over 2.55m intersection at 20m below
surface in hole PDF00-05.
To date the Company has now completed approximately 127 drill holes in
15,100 m of diamond drilling during activities in 2002 at the Meadowbank
Gold Project. Over 525 drill holes now define the five near surface gold
deposits at Meadowbank.
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 for 8.3 years generated estimated total cash costs of $US 168/oz.
gold with approximately 85% of the production from open pit designs. The
$6.4 million 2002 program is designed to enlarge and improve the resources
and reserves of the Meadowbank gold deposits and includes extensive
environmental, geotechnical and metallurgical studies in preparation for
feasibility studies.
Vault Deposit Definition Drilling
Approximately 50 drill holes have been completed at the Vault deposit
(inferred category resource of 7.47 million tonnes grading 3.90 g/t gold,
MRDI 2001) since the start of the Phase 2 program. Most of these drill
holes have been directed at defining the shallow, near surface component of
the deposit in preparation for feasibility level open pit designs.
Intersections from the first 23 drill holes (see map for locations) have
been received:
/T/
Vault 2002 Pit Definition Drilling
HOLE LOCATION FROM TO INTERVAL GRADE
(m) (m) (m) (Au) g/T
*VLT02-59 4350N 4950W 22.67 29.20 6.53 2.97
*VLT02-60 4425N 4950W 27.88 37.05 9.17 2.63
*VLT02-61 4460N 4850W 65.36 73.55 8.19 3.17
*VLT02-62 4500N 4831W 67.95 79.10 11.15 3.45
*VLT02-63 4500N 4732W 94.63 101.81 7.18 2.99
*VLT02-64 4540N 4850W 59.35 69.90 10.55 14.07
incl 59.35 60.35 1.0 104.10
*VLT02-65 4540N 4800W 76.58 82.22 5.64 3.59
*VLT02-66 4540N 4735W 94.53 101.02 6.49 4.74
*VLT02-67 4575N 4870W 52.48 66.10 13.62 3.22
*VLT02-68 4575N 4786W 80.0 90.9 10.9 4.35
*VLT02-69 4460N 4950W 27.78 37.31 9.53 4.02
*VLT02-70 4460N 4900W 49.78 54.28 4.50 4.09
*VLT02-71 4500N 4968W 19.60 28.87 9.27 4.48
*VLT02-72 4500N 4924W 42.13 48.00 5.87 2.39
*VLT02-73 4540N 4950W 28.29 40.47 12.18 2.79
VLT02-74 4540N 4900W 44.18 55.94 11.76 3.86
VLT02-75 4575N 4950W 26.42 27.48 1.06 6.15
VLT02-76 4625N 4950W 18.40 30.28 11.88 4.06
VLT02-77 4625N 4900W 39.70 43.51 3.81 3.03
VLT02-78 4625N 4850W 33.10 34.57 1.47 11.30
and 62.20 70.24 8.04 3.06
VLT02-79 4625N 4800W 43.65 50.00 6.35 3.87
and 72.92 84.78 11.86 5.38
VLT02-80 4625N 4750W 57.80 60.00 2.2 25.66
incl 58.40 58.75 0.35 115.00
and 75.83 77.94 2.11 2.16
and 83.13 85.56 2.43 4.15
and 90.02 98.95 8.83 7.35
VLT02-85 4740N 4850W 34.55 47.38 12.83 11.57
incl 39.45 40.82 1.37 79.81
and 53.57 60.82 7.25 2.11
and 63.60 66.76 2.96 3.38
*previously released
(a drill hole plan map is available upon request)
/T/
The Company continues to be impressed by the grades, continuity and widths
of these near surface intersections. The bulk, potential open pit
component of the Vault deposit is now well-defined in the western and
central portion of the deposit. Holes VLT 02-85 (11.57g/t over 12.83m) and
*VLT02-64 (14.07g/t over 10.55m) are the best intersections returned in the
deposit since discovery in 2000. Management believes the high-grades in
these holes should have a positive impact on the average grade and offer
expansion potential of the open pit designs in the central and southwest
sector of the deposit.
PDF Zone Yields More Gold
The PDF Zone, located approximately 10 km north of the Vault Deposit, was
discovered in 1999 by surface prospecting. Surface grab samples, taken at
the time, outlined a discontinuous, mineralized trend of approximately 250m
in length. In 2000 five-wide spaced, shallow drill holes tested the 250m
length of surface mineralization. All holes returned mineralization with
the most encouraging drill hole (PDF00-05) returning 7.11 g/t gold over
2.55m at 20m below surface. In early July 2002 an additional five holes
(drilled on 50m spacings) tested the PDF zone. Since August 2002 another 13
drill holes have been completed. Results, to date, are as follows:
/T/
PDF ZONE 2002 Drilling
HOLE LOCATION FROM TO INTERVAL GRADE
(m) (m) (m) (Au) g/T
*PDF02-07 1950E 4900N NSV
*PDF02-08 1900E 4970N 8.50 9.10 0.60 5.85
*PDF02-09 2000E 4975N 10.60 14.00 3.40 1.19
*PDF02-10 2125E 4950N NSV
*PDF02-11 2000E 4925N 30.14 30.8 0.66 14.80
And 33.76 37.86 4.10 18.99
Incl 33.76 34.34 0.58 80.00
And 45.88 48.12 2.24 4.45
PDF02-12 2000E 4885N 39.49 40.15 0.66 6.75
and 42.11 42.76 0.65 2.18
and 48.26 51.77 3.51 4.01
incl 48.26 48.56 0.30 23.30
*previously released
/T/
The Company also continues to be encouraged by results from the PDF Zone.
Results from the additional 12 holes drilled at the PDF Zone are pending.
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:
/T/
Meadowbank Project Resources (MRDI Canada, 2001)
Measured and Indicated
( 7,775,000 t grading 5.79 g/t) 1,447,300 oz. gold
Inferred
(10,937,000 t grading 4.44 g/t) 1,561,200 oz. gold
Total 3,008,000 oz. Gold
/T/
Cumberland is well financed with approximately $14 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 at a
rate of approximately 250,000 oz. per year.
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
R. 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. ASL Chemex Labs of Vancouver
provides external reference assaying.
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.
All resource estimates reported in this disclosure are calculated in
accordance with the Canadian National Instrument 43-101 and the Canadian
Institute of Mining and Metallurgy Classification system. These standards
differ significantly from the requirements of the United States Securities
and Exchange Commission, and resource information reported in this
disclosure may not be comparable to similar information reported by United
States Companies. The terms ``Resource(s)'' does not equate to
``reserves'' and normally may not be included in documents filed with the
Securities and Exchange Commission. ``Resources'' are sometimes referred
to as ``mineralization'' or ``mineral deposits''.
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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Cumberland Resources Ltd.
Mr. Glen Dickson
President
(604) 608-2557
(604) 608-2559 (FAX)
or
Cumberland Resources Ltd.>>> |
