Cumberland expands Vault deposit

A 19-hole, 4,044-metre spring drill program has significantly expanded Cumberland Resources‘ (CBD-T) Vault gold deposit, 70 km north of Baker Lake in Nunavut.

The $1.3-million program was designed to expand the resource at Vault and define the higher-grade components of the deposit.

Highlights from the drilling include:

• Hole 35 — 8.09 grams gold per tonne over 4.79 metres (at a vertical depth of 293 metres);
• Hole 39 — 8.22 grams over 4.25 metres (at 121 metres);
• Hole 42 — 8.06 grams over 3.75 metres (at 155 metres); and
• Hole 46 — 8.93 grams over 4 metres (at 80 metres).

The remaining holes generally returned between 2.2 grams and 6.5 grams gold. Widths range from less than 1 metre up to 9 metres.

Last year’s drilling on the Vault deposit outlined an inferred resource of about 3.3 million tonnes grading 3.9 grams gold, or 422,000 oz. The internal calculation was based on 26 widely spaced holes. The prospect is still open for expansion.

Vault was discovered last year. It is located 5 km northeast of the four near-surface gold deposits at Meadowbank — Third Portage, Goose Island, Bay Zone and North Portage.

“The Vault deposit has the location, open-pit potential and possibly an untapped high-grade aspect beneficial for the advancement of the Meadowbank project, says Kerry Curtis, Cumberland’s senior vice-president. “We are optimistic that resources will grow quickly and substantially at Vault.”

Mineralization at the deposit has been intersected within 120 metres of surface over an area measuring 850 metres by 300 metres. The deposit remains open along strike and downdip.

Higher-grade intersections from previous drilling (at the northeastern limits of drilling) include:

• Hole 24 — 8.75 metres grading 7.02 grams, starting at a vertical depth of 90 metres; and
• Hole 26 — 3.9 metres of 7.93 grams, beginning at 110 metres.

Shallow, moderate-grade intersections that offer potential for expansion include:

• Hole 18 — 17 metres of 4.02 grams, starting at 55 metres down-hole; and
• Hole 15 — 6.35 metres of 6.12 grams, starting at 34 metres down-hole.

At the end of 2000, the Meadowbank gold project hosted combined measured and indicated resources totalling 7.4 million tonnes grading 6.12 grams gold, plus inferred resources totalling 6.9 million tonnes grading 4.75 grams.

The addition of the Vault deposit brings the total resource base for the Meadowbank project to 2.5 million contained ounces.