Friday, 9th September 2005 (2620 views)

A new near surface gold deposit has been discovered by Cumberland Resources on its Meadowbank gold project.

The company has issued a press release announcing its newly discovered Cannu gold zone, which yielded a near surface intersection containing 4.41 g/t over 6.65 metres in a 1998 drill.

Following the reinterpretation of data recovered at that time, the Cannu zone became the focus of geological mapping in 2005.

Highlights of the recently drilled holes include a gold value of 7.06 g/t over 7.44 metres at 28 metres below surface and another of 21.36 g/t over 1.75 metres at 72 metres below surface.

The Cannu zone is close to the open pit reserves at the Portage and Goose Island deposits and its mineralisation, which possibly includes multiple zones or stacking, is similar to theirs.

Meadowbank, which is 100 per cent owned by Cumberland, will be advanced towards open pit production of 315,000 ounces of gold per year. Production is expected to commence in mid-2008.

 

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