Vancouver — The latest drill program by Cumberland Resources (CBD-T) has doubled the inferred resource of the Vault zone on the Meadowbank gold project just north of Baker Lake in Nunavut.
The latest study, completed by MRDI, pegs the inferred resource of the deposit at 7.47 million tonne grading 3.9 grams gold, up from the 3.3 million tonnes at the same grade tabled last year. Situated 5 km northeast of four known deposits at Meadowbank, the Vault deposit has the potential to impact the economics of the total project.
With the additional resource, the Meadowbank gold deposits now contain a combined 7.78 million tonnes grading 5.79 grams gold in the measured and indicated class and 10.94 million tonnes grading 4.44 grams gold in the inferred category.
“The Vault deposit has the location, open pit potential and possibly an untapped high-grade aspect beneficial for the advancement of this project,” says Kerry Curtis, Cumberland’s senior vice president.
Mineralization at the Vault zone is hosted in volcanic rocks associated with sericite-carbonate-pyrite alteration and remains open in all directions.
A scoping study is underway to determine the economic impact of the additional resources on the over all project.
A 1999 prefeasibility study, carried out by MRDI Canada, estimates that the Third Portage zone contains a 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 resource 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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