A feasibility study of the Meadowbank gold project near Baker Lake, Nunavut, is underway. Earlier studies suggested that Meadowbank could support annual production of 246,000 oz for eight to nine years. CUMBERLAND RESOURCES, which holds 100% of this potential producer, has identified five deposits, four of which lie within 500 m of each other. GOLDER ASSOCIATES has completed a positive geotechnical study for an open pit at the Vault deposit.
The 2002 definition and expansion drilling program included 14 holes at the North Portage deposit. Results included 12.73 g/t Au over 2.0 m, 20.25 g/t over 1.35 m, and 39.53 g/t over 2.10 m. Total measured and indicted resources are 7.78 million tonnes grading 5.79 g/t Au; the inferred resource is 10.93 million tonnes grading 4.44 g/t Au.
Successful metallurgical tests have been conducted by LAKEFIELD RESEARCH on a gravity-flotation-leaching flowsheet. Gold recovery rates of about 92% from four deposits and 82% from the fifth were calculated.
Besides the Meadowbank project, Cumberland is working on the Meliadine gold prospect, 20 km north of Rankin Inlet in Nunavut. Details are available at www.CumberlandResources.com