Cumberland Resources: Meadowbank Gold Project: 1997 Drilling Program Underway.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , BRITISH COLUMBIA--(BUSINESS WIRE)--April 10, 1997-- CUMBERLAND Cumberland, former county, England Cumberland, former county, N England. In 1974, Cumberland became part of the nonmetropolitan county of Cumbria. Cumberland, river, United States Cumberland, RES. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CBD (Component Based Development) Building applications with components (objects). See component software. CBD - component based development .) CUMBERLAND RESOURCES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . reports the commencement of the 1997 drilling program on the Company's 60 percent owned and operated Meadowbank Meadowbank can refer to -
The planned $2.77 million, two phase (11,000m) drill program is designed to expand the current global resource base of the project which stands at 1.1 million oz. (1.39 million oz. uncut).* The target resource for the 1997 drill initiative is 1.5 million oz. (cut) or an additional 400,000 oz. at which point the Company has determined the project may yield a positive pre-feasibility study. Aggressive drill programs over the past two seasons have expanded global resources from approximately 200,000 oz. gold to over 1.1 million oz.-cut (1.39 million oz. uncut). This global resource is located in three separate, shallow zones along a 3 km trend. Drilling, to date, has tested only shallow levels of the trend with the deepest holes at 225 meters vertically. -0-
RESOURCE SUMMARY
Zone Tonnage (tonnes) Grade (g/tonne) Ounces
Third Portage 3,384,430 6.53 g/tonne (cut) 710,560
Deposit (73 drillholes; 77 percent at 20m spacings, 22
percent at 40m spacings; 2 g/tonne minimum grade
cut-off over minimum 2m) xx
Goose Island 976,834 11.46 g/tonne (cut) 359,774
Deposit or
976,834 19.18 g/tonne (uncut) 602,412
(37 drillholes at 50m spacings; 5 g/tonne minimum
grade cut-off over minimum 2m)
North Portage 259,185 9.31 g/tonne 77,606 Zone
(8 drillholes at 50 m spacings; 5 g/tonne minimum
grade cut-off over minimum 2m)
TOTAL GLOBAL RESOURCES 1,147,940 oz. (cut)
1,390,578 oz. (uncut)
x - Cutting is the practice of normalizing very high gold assays. Cutting is an industry accepted practice and the Company generally presents both cut (to 1 oz.) and uncut resources for general information. xx - Cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, grades are derived from preliminary engineering studies at Meadowbank examining potential mining techniques and their associated costs. Phase I of the 1997 drill program will test for depth extensions of the Goose Island Goose Island may refer to: Places in Australia
1 Town (1990 pop. 29,060), Porter co., NW Ind., a suburb of Gary, on Lake Michigan; inc. 1959. deposits as well as evaluate the intervening in·ter·vene intr.v. in·ter·vened, in·ter·ven·ing, in·ter·venes 1. To come, appear, or lie between two things: You can't see the lake from there because the house intervenes. 2. 600 meters separating the deposits at depths approaching 400 m below surface. A Phase II program is planned for the summer months to evaluate the extensive potential in the North Portage Area where a smaller resource remains open for continued expansion. Third Portage Deposit - Preliminary Engineering An independent preliminary engineering study of the Third Portage Deposit has been completed by the Simons Mining Group and was limited to resource modelling and the potential for open pit mining of the Third Portage deposit. While the study is preliminary and limited to available coarse technical data, several important aspects are evident. Resource calculations derived from the 73 diamond drill holes and over 3900 individual fire assays across the 700m length of the deposit yielded:
TOTAL RESOURCE GRADE OUNCES
x 3,384,430 tonnes 6.53 g/tonne 710,560
x undiluted, cut to 1 oz. (5 composites), minimum 2g
cut-off over minimum 2m.
Resource classification, or confidence levels, yielded
very high percentages of the resource in the highest confidence
category:
Class Tonnage Grade Ounces Ore
(tonnes) (g/t) (percent)
RTYPE 1 2,614,710 6.58 553,460 77.26
RTYPE 2 753,020 6.38 154,050 22.25
RTYPE 3 16,700 5.68 3,050 0.49
TOTAL 3,384,430 6.53 710,560 100.00
RTYPE 1 = 0 to 20m distance to nearest composite
RTYPE 2 = 20 to 40m distance to nearest composite
RTYPE 3 = greater than 40m distance to nearest composite
For a preliminary analysis of the open-pit potential of the Third Portage Deposit six models were optimized using variable gold prices ($350 to $400 per oz) and variable mining costs ($1.50 to $2.00 per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. ), reflecting both conservative and optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op potential scenarios. Pit Gold Price Mining Tonnage Grade Strip Run ($ US) cost/tonne (tonnes) (g/t) Ratio Pit - BK1 350 2.00 3,194,070 6.59 6.6:1 Pit - BK2 375 2.00 3,246,280 6.53 7.1:1 Pit - BK3 400 2.00 3,225,790 6.55 7.0:1 Pit - BK4 350 1.50 3,205.280 6.58 7.0:1 Pit - BK5 375 1.50 3,223,670 6.55 7.0:1 Pit - BK6 400 1.50 3,242,020 6.54 7.1:1 Maximum potential pit depth is approximately 105 m below surface and the bulk of the higher grade material is located in the upper 60m of the deposit. The resource recovered in each of these scenarios represents a significant proportion of the currently identified total resource of (3,384,430 t at 6.53 g/t) and is not significantly affected by the wide range of gold prices and mining costs used in the study. The Company is encouraged by this preliminary analysis of the Third Portage deposit. Although engineering studies are at an early stage, important factors such as grade distribution, geometry geometry [Gr.,=earth measuring], branch of mathematics concerned with the properties of and relationships between points, lines, planes, and figures and with generalizations of these concepts. of the ore, early stage assessment of the proposed mining method, and percentage of the ore potentially open-pittable at Third Portage have yielded positive scenarios. The Company will now concentrate on expansion of the global resources (including Third Portage, Goose Island and North Portage areas) on the project which is required to meet a potential economic threshold. Further engineering studies will be initiated over the course of the exploration season in anticipation of subsequent pre-feasibility studies if resource goals are achieved. Cumberland Resources is a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. mineral exploration company with two emerging gold projects, Meadowbank (60 percent) and Meliadine (50 percent) located in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. . Cumberland is also actively exploring for base-metals in the N.W.T., Northwestern Ontario Northwestern Ontario is the region within the Canadian province of Ontario which lies north and west of Lake Superior, and west of Hudson Bay and James Bay. It includes most of subarctic Ontario. and Portugal. Shares Issued: 19,591,581 Fully Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. : 22,782,501 Working Capital: $14 million Emerging Canadian Gold Projects Meadowbank (60 percent and Operator) - 1.1 million oz. (cut) resource - $2.77 million, 11,000m drill program underway Meliadine East (50 percent and Operator) - 400,000 oz. resource - 3,000m drill program planned for July start Meliadine West (20 percent carried to production) - wide spaced drilling indicates potential for greater than 1 million oz. resource - WMC WMC Winter Music Conference WMC Weill Medical College (Cornell University) WMC Wisconsin Manufacturers and Commerce (Madison, WI) WMC Westchester Medical Center WMC Western Mining Corporation International Ltd. on site to commence a $3 million, 20,000m drill program NOTE: Location map available from the Company at the phone number listed below. CUMBERLAND RESOURCES LTD. Kerry M. Curtis, B.Sc., P.Geo. Vice President, Corporate Development CONTACT: Cumberland Resources Ltd. Mr. Glen Dickson, 604/608-2557, 604/608-2559 (FAX) Mr. Kerry Curtis, 604/608-2557, 604/608-2559 (FAX) |
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