The zone, situated 6 km northeast of the company’s 2.1-million-oz. Meadowbank gold project, was discovered earlier this year when eight of 10 holes cut shallow-lying gold mineralization over a 500-metre strike length to a vertical depth of 225 metres. Results from the first nine holes of the ongoing program have expanded the zone to the south and the west. The entire program tested an area measuring 850 by 300 metres.
Highlights include the following:
– hole 11 — 4.23 grams gold over 8 metres from 75 metres down-hole;
– hole 15 — 6.12 grams gold over 6.4 metres from 34 metres down-hole;
– hole 16 — 2.7 grams over 22.9 metres from 65 metres down-hole (included in this intercept was a bonanza-grade section running 155 grams gold over 2.8 metres);
– hole 17 — 5.2 grams gold over 6.7 metres from 38 metres down-hole.
Results from the remaining eight holes are pending.
The Meadowbank project lies 70 km north of Baker Lake and hosts proven and probable reserves of 5.5 million tonnes grading 5.44 grams gold, plus an inferred resource of 1.66 million tonnes grading 7.55 grams. The reserves are minable by open-pit methods.
A prefeasibility study, carried out by MRDI Canada, estimates that the Third Portage zone contains 7.4-million-tonne resource averaging 5.88 grams gold.
At the Goose Island deposit, about 1 km to the south, MRDI has calculated a resourse of 1.2 million tonnes grading 11.9 grams gold.
Between Third Portage and Goose Island, at the Bay zone, which was first defined in early 1999, Cumberland now has a resource of 684,000 tonnes grading 4.8 grams.
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