Cumberland, Comaplex calculate inventory for Meadowbank

The original resource estimate for the Meadowbank project in the Northwest Territories has tripled to greater than 800,000 oz. gold.

The project is operated by Cumberland Resources (TSE), which has a 60% interest.

The remainder is held by Comaplex Minerals (TSE).

More than three-quarters of the resource is contained within Third Portage, one of two gold deposits found on the property.

Third Portage contains proven, probable and possible resources of 4.1 million tonnes averaging 4.68 grams gold per tonne, which is equivalent to more than 620,000 oz. Half of this resource is in the proven category.

Situated north of Baker Lake, the deposit is open along strike and at depth; it has been delineated over a 700-metre strike length and to a depth of 125 metres.

The new, independent calculation was based on 61 holes totalling 6,573 metres, and on a cutoff grade of 2 grams per tonne. All assays were cut to 35 grams gold.

Cumberland and Comaplex have additional resources in a second deposit, 800 metres south of Third Portage along the same mineralized horizon. The Goose Island deposit has a cut resource of 451,098 tonnes averaging 12.7 grams gold.

The partners will begin a $2.8-million drill program in late March. It will span 11,000 metres and focus on the mineralized horizon between the two deposits, as well as possible extensions to the north and south.