Vault, which has a resource of 7.2 million tonnes grading 3.6 grams gold per tonne, is the sujbect of a feasibility study, along with three other gold deposits on the Meadowbank property. The Vault resource includes measured and indicated resources of 4.1 million tonnes grading 3.6 grams per tonne.
The current work program has a budget of $10.5 million, and the first drilling phase, which also tested the Goose and Connector Zone gold deposits, consisted of 148 holes for a total of 14,000 metres of coring.
The results from 49 holes on Vault suggest potential for an open-pit operation, as several holes intersected multiple gold zones. Near the middle of the Vault deposit, seven holes returned an average true mineralized width of 21 metres.
Grades in the new holes were similar to the earlier resource estimate, and the results largely serve to increase confidence in the resource figure. The best results in the central part of the deposit showed grades in the range of 3-5 grams across widths of 11-18 metres. The best in the eastern part of the deposit, where mineralization is relatively near the surface, included an intersection of 3.8 metres grading 11.9 grams gold per tonne and an 18-metre intersection running 5.9 grams.
About 400 metres west of the deposit, a single drill hole, spotted to test a geochemical anomaly found in overburden drilling, cut 3.1 metres grading 2.8 grams gold per tonne along the strike extension of the Vault structure. The intersection was only about 13 metres below surface.
The 28-hole drill program in the Portage open-pit area tested contiguous gold deposits, including the Connector, Third Portage, North Portage and Bay zones.
Eleven holes poked in the southern end of the Third Portage deposit confirmed the high-grade nature of this mineralized structure. Highlights included 19.51 grams gold per tonne over 7.8 metres at a depth of 112 metres in hole 443, and 8.21 grams over 14 metres at a similar depth in hole 442.
In June, Cumberland revised its preliminary open-pit designs for the four deposits at Portage and delineated 9.7 million tonnes of measured and indicated material grading 4.84 grams gold (1.5 million contained ounces) and 505,000 inferred tonnes at 4.86 grams gold (338,000 contained ounces).
Overall, Meadowbank hosts a 3.5-million oz. resource consisting of 15.4 million measured and indicated tonnes grading 4.66 grams gold, and 2.1 million inferred tonnes grading 4.20 grams gold.
Cumberland is evaluating an open-pit mine plan that calls for annual production of 250,000 oz. over a mine life of 10 years, with cash costs pegged at US$168 per oz.
Meanwhile, the second phase of drilling at Meadowbank is under way, with drills targeting the recently discovered PDF gold deposit.
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