New Gold Deposit Emerges at Meadowbank
#906 - 595 Howe Street
Vancouver, BC V6C 2T5
Phone: 604 608-2557
Fax: 604 608-2559
Website: www.goldmin.com
Email: cumberland@telus.net
News Release 02-17
October 23, 2002
New Gold Deposit Emerges at Meadowbank
CUMBERLAND RESOURCES LTD. (CBD-TSX) (the “Company”) reports that a new gold
deposit, called the PDF deposit, has been outlined at the Company’s 100% owned Meadowbank
gold project in Nunavut, Canada. Located 10 km north of the Company’s Vault gold deposit, the
new PDF deposit is open for expansion in several directions. The discovery of the deposit is one
result of a $6.5 million, 2002 work program, designed to maximize gold resources and ready the
Meadowbank project for a final feasibility study. Additional results from infill drilling at the Vault
deposit are pending.
“This has been an outstanding season of exploration and engineering at Meadowbank. The
discovery of the PDF deposit marks the sixth gold deposit outlined on a property in which
approximately 70% of the land has yet to be drill tested,” remarked Kerry Curtis, Interim President.
“Meadowbank is now one of the most prolific gold belts in the America’s with extensive exploration
potential remaining and large, well defined, open pittable resources ready to enter the feasibility
process.”
Cumberland is well financed with approximately $12 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.
PDF Emerges as the Sixth Gold Deposit at Meadowbank
Surface mineralization was discovered at the PDF by prospecting in 1999. Surface (grab) samples,
taken at the time, outlined a discontinuous, mineralized trend of approximately 250 m in length
consisting of pyritic, quartz veins and stringers hosted in an oxide facies iron formation (see map).
In 2000 six, wide-spaced, shallow drill holes tested the 250 m length of surface mineralization. All
holes intersected mineralization with the most encouraging drill hole (PDF00-05) returning 7.11 g/t
gold over 2.55 m at 20 m below surface. From July to September 2002 a follow-up program
consisting of an additional 18 holes (drilled mainly on 50 m spacings – see map) tested the PDF
zone. Results received from the first 16 drill holes are as follows:
Listed on the Toronto Stock Exchange:CBDഊPDF Deposit - 2002 Drilling
HOLE LOCATION FROM
(m)
TO
(m)
INTERVAL
(m)
GRADE
(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 30.80 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 45.95 51.77 5.82 2.82
Incl 48.26 51.77 3.52 4.01
PDF02-13 2050E 4905N 38.44 47.90 9.46 4.45
Incl 40.25 43.01 8.68 10.84
PDF02-14 2085E 4880N 49.27 50.53 1.26 16.75
PDF02-15 2050E 4855N 55.32 56.81 1.49 1.65
PDF02-16 2000E 4835N 60.69 63.20 2.51 18.82
PDF02-17 2085E 4980N NSV
PDF02-18 2085E 4927N 33.45 38.48 5.03 1.95
PDF02-19 2050E 4805N NSV
PDF02-20 2000E 4785N 74.85 79.84 4.99 4.64
PDF02-21 2125E 4860N 55.60 57.63 2.03 1.86
PDF02-22 1950E 4850N 57.23 61.05 3.82 4.08
*previously released
Drilling across the summer has traced mineralization from surface to approximately 70 m at depth (200m
down dip) in the new deposit. To date, deposit geometry and mineralization controls appear similar to the
Vault deposit, located 10km to the south. The PDF deposit remains open for expansion both at depth and
along strike. Plans for continued exploration and expansion of the PDF deposit will be announced in early
2003.
Continuous Milestones from Meadowbank’s 2002 Work Program
The discovery of the PDF deposit is just one achievement in a year of continuous milestones for the
Meadowbank project including:
· Discovery of the near surface Connector Zone, adding to the resource potential of the Third Portage and
North Portage deposits and allowing the Company to consider the possibility of continuous open pit
mining over 1.85 km encapsulating the North Portage, Third Portage and Bay Zone gold deposits.
· Expansion of the Vault deposit resource at depth, with an intersection containing *16.09 g/t over 4.9 m in
hole VLT02-051. The deposit remains open for further expansion.
News Release 02-17
Page Twoഊ· Infill drilling of the Vault open pit deposit in preparation for reserve definition and the outlining of new
shallow high grade zones (*11.57 g/t over 12.83 m at 40 m below surface in hole VLT02-85 and 14.07g/t
over 10.55 m in Hole VLT02-64 ) at the deposit.
· Completion of accelerated environmental baseline studies which have readied the project for
environmental impact analysis and the commencement of the mine development permitting process.
· Enhanced metallurgical and geotechnical studies also preparing the project for upcoming feasibility
studies.
*previously released
In 2002, expenditures of approximately $6.5 million at Meadowbank have included 16,000 m of diamond
drilling with an additional 142 drill holes to the project. To date, over 550 drill holes now define the six, near
surface gold deposits at the Meadowbank project.
Meadowbank was ranked the third largest gold resource in Canada in 2001 with five closely spaced, near
surface, gold deposits totaling:
Meadowbank Project Resources (MRDI Canada, 2001)
Measured and Indicated (7,775,000 t grading 5.79 g/t)
Inferred (10,937,000 t grading 4.44 g/t)
1,447,300 oz. gold
1,561,200 oz. gold
3,008,000 oz. gold
Economic studies completed in January 2002 (Preliminary assessment 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 $US168/oz gold over a mine life of 8.3 years with 85% of production from open
pit designs. The 2002 field program was designed to delineate and expand resources to meet an extended
mine life. In mid-October of 2002 the Company announced the commencement of final feasibility studies on
the Meadowbank Project (see News Release NR02-16).
Cumberland Resources Ltd., listed on the Toronto Stock Exchange, holds interests in two advanced stage
gold projects in Nunavut, Canada: Meadowbank (100%) and Meliadine West (22% carried). Cumberland
is well financed and is positioning itself to become North America’s next mid-tier gold producer by
advancing the Meadowbank project to production.
For further information, please contact Mr. Kerry Curtis, Interim President and C.E.O.
CUMBERLAND RESOURCES LTD.
News Release 02-17
Page ThreeഊR. Brian Alexander, P.Geo. 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. ALS 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.
News Release 02-17
Page FourഊR E S O U R C E S LTD
MEADOWBANK GOLD PROJECT
PDF DEPOSIT
Drill Plan with Surface Rock Samples
LISTING:
CBD-TSE
#906 – 595 Howe Street, Vancouver, BC V6C 2T5
Tel: 604/608-2557 Fax: 604/608-2559
LEGEND
14.2 (Au g/t) 2000 rock (grab) samples
Drill hole number
Composite grade (Au g/t) / width (m)
2000 Drill hole
2002 Drill hole
Limit of significant mineralization
Outcrop
0 100 metres 50
11.4
4.9 10.4
0.94
3.5
4.9
10.25
7.3
30.0
1.9
20.3
10.05
159.25
PDF02-08
5.85/0.6
PDF00-06
1.6/1.8
PDF00-05
7.1/2.6
PDF02-09
1.19/3.4
PDF00-02
2.4/3.0
PDF00-04
1.0/2.2
PDF02-17
5.25/0.4
PDF02-18
2.7/3.3
PDF02-13
4.5/9.5
PDF02-14
16.8/1.3
PDF02-12
6.8/0.7
4.0/3.5
PDF02-11
19.0/4.1
4.5/2.2
PDF02-16
18.8/2.5
PDF02-20
4.6/5.0
PDF02-19
3.9/0.21
PDF02-21
1.9/2.0
PDF02-07
NSV
PDF02-22
5.1/4.2
PDF00-03
14.8/0.7
PDF02-10
NSV
PDF00-01
NSV
PDF00-03
1.3/3.0
PDF SURFACE
SHOWING
OPEN
PDF02-15
1.7/1.5
PDF02-23
assays pending |
