Meadowbank reveals new gold zone

A shallow zone discovered at the Meadowbank gold property, in Nunavut, could provide Cumberland Resources (CBD-T) with the ounces it needs to proceed to the feasibility stage.

Meadowbank hosts 7.2 million tonnes grading 5.93 grams gold per tonne. Of that amount, 5.5 million tonnes grading 5.44 grams are in the measured and indicated category, and are considered amenable to open-pit mining at a stripping ratio of 7.5-to-1. The remaining tonnage is classified as an inferred resource.

An independent study, tabled earlier this year, concluded that the entire resource could support just under eight years of production at a daily milling rate of 2,500 tonnes; however, this is two years shy of management’s goal. Towards that end, US$1.5-million has been budgeted to seek out new near-surface deposits (T.N.M., May 8/00).

Eight of 10 widely spaced holes intersected the new zone. All were targeting the Vault showing, one of several that define a regional mineral trend discovered last year.

Mineralized intervals varied from 4.1 metres averaging 5.2 grams gold to 30.1 metres of 1.67 grams. Bonanza grades are noted as well, with a 2-metre section of the latter interval running 354 grams, and a 1-metre sub-interval in another hole running 1,912 grams.

Although the project is still at an early stage, the drilling has succeeded in defining mineralization over a strike length of 500 metres. The drill-intersections lie 20-60 odd metres below surface and correlate with surface showings.

Cumberland notes that significant silver grades are present, and that assaying for this metal continues. It also notes that mineralization remains open to expansion.

A geophysical survey covering the zone and the surrounding vicinity is under way. Additional drilling will follow.

Meadownbank is one of three gold properties being explored in Nunavut by Cumberland. The others are Meliadine West, in which the company holds a 22% carried interest, and Meliadine East, in which it has a half-interest. Comaplex Minerals (CMF-T) holds the remaining stake in the latter property and also holds a 22% carried interest in Meliadine West; the remaining interest in that property is held by WMC International, a unit of Australian-based WMC (WMC-N).