Cumberland Resources: Meliadine West Project Update: First Results Received; Four Drills Planned for Summer Program.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 13, 1997-- Cumberland Resources Ltd. (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 .) reports initial results from the spring 1997 drill campaign on the Meliadine West Gold Project, operated by 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. Results have been received from 9 (totalling 2600m) of approximately 20 holes completed to date and represent approximately 1/15th of the planned 1997 program of 40,000 meters. Highlights include additional deep intersections from the TC ZONE and several very important intersections from wide-spaced drilling on the F-ZONE. The Meliadine West Project is located 15 km north of Rankin Inlet inlet /in·let/ (-let) a means or route of entrance. pelvic inlet the upper limit of the pelvic cavity. thoracic inlet the elliptical opening at the summit of the thorax. in the Kivalliq Region of Nunavut (NWT NWT or N.W.T. abbr. Northwest Territories NWT Northwest Territories (of Canada) ) and is held 50-50 percent by Cumberland Resources Ltd. and Comaplex Minerals Corp. The property is currently under option to WMC International Ltd. who have the right to earn up to 60 percent interest by spending $12.5 million in exploration expenditures and by financing production expenses. First Results Received Drill progress in the spring campaign has been slowed by technical difficulties caused in part by perma-frost (ground freezing) conditions. This has effected the completion of deeper holes (below 400 m, vertical) in the TC ZONE and to date 3 of 5 planned deep holes have been abandoned. However, results from hole MEL (Maya Embedded Language) See Maya. Mel - The story of Mel 97-82, which reached target depth and yielded two intersections grading 6.01g/t over 4.01 meters and 6.49g/t over 7.72 meters indicates the persistence (1) In a CRT, the time a phosphor dot remains illuminated after being energized. Long-persistence phosphors reduce flicker, but generate ghost-like images that linger on screen for a fraction of a second. of both the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zones down-plunge and to the east from last year's drilling. WMC plans to intensify in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: drilling this summer on the TC ZONE which includes testing the eastward projection of the zone and continued deep drilling. Positive F-Zone Results Recent wide-spaced drilling from the F- Zone, located 3.5 km west of the TC Zone, has returned several intersections including 10.78 g/t over 5.77m in hole MEL97-113 and 8.2 g/t over 4.5 m in hole MEL97-112. These holes indicate the F-Zone mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. has very good continuity at depth and further deep drilling is planned for the summer. Four Drills Active This Summer WMC expects approval for its second phase budget which will provide funding for continued aggressive exploration from July onwards on·ward adj. Moving or tending forward. adv. also on·wards In a direction or toward a position that is ahead in space or time; forward. Adv. 1. . WMC plans to intensify the program by adding a fourth drill rig to the project in July and attempt to meet its 40,000m drilling target for the year. Further results from the ongoing Phase I program will be released as available. Cumberland Resources is a Canadian 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. -0-
MELIADINE WEST GOLD PROJECT - 1997 SPRING DRILLING
HOLE COLLAR LOCATION INTERVAL CORE GRADE OPT/FEET
NORTH EAST FROM TO LENGTH gpt
(m) (m) (m) (m)
TC ZONE
97-81 5292N 5900E 537.30 538.30 1.00 16.64 0.49/3.3
97-82 5317N 6003E 367.77 376.53 8.76 4.82 0.14/28.7
404.7 412.42 7.72 6.49 0.19/25.3
TIRIRUNIAK EAST
97-86 6600N 5185E 205.23 209.59 4.36 5.63 0.16/14.3
220.20 227.59 7.39 1.68 0.05/24.2
97-88 6500N 5220E 194.00 195.51 1.51 7.10 0.20/4.9
314.68 316.42 1.74 10.32 0.30/5.7
F ZONE
97-112 400S 432E 177.42 186.43 9.01 6.38 0.19/29.6
includes 177.42 181.95 4.53 8.28 0.24/14.9
97-113 460S 330E 130.71 153.82 23.11 4.44 0.13/75.8
includes 131.44 137.21 5.77 10.78 0.31/18.9
97-114 400S 230E NSV
WOLF ZONE
97-101 1100S 7600W 86.00 87.00 1.00 9.25 0.27/3.3
97-103 1150S 7700W 64.07 70.40 6.33 1.92 0.03/20.8
Shares Issued: 19,700,081
Fully Diluted: 22,792,501
Working Capital: $13.2 million
Emerging Canadian Gold Projects
Meadowbank (60 percent and Operator)
- 1.1 million oz. (cut) resource
- Phase II drilling program to start in late June.
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 International Ltd. currently operating a 40,000m drill
program
-0- Note: Location map available from the Company at the phone number listed below. CUMBERLAND RESOURCES LTD. "Kerry M. Curtis" Kerry M. Curtis, B.Sc., P.Geo., Senior Vice President CONTACT: Cumberland Resources Ltd. Glen Dickson, 604/608-2557 604/608-2559 (FAX) or Cumberland Resources Ltd. Kerry Curtis, 604/608-2557 604/608-2559 (FAX) |
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