![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Friday, September 19, 2003 10:50:21 AM
Graeme Currie
Comment: Cumberland provides further update from Meadowbank gold project
Yesterday the company provided assay results from a further 98 holes completed at the Vault pit area. This drilling formed part of a 14,000-metre phase I program. An additional 5,000-metre phase II program is currently being completed. This drilling is really designed to allow for pit-shell optimization in order to define recoverable reserves and resources for final feasibility study estimates. All of the intersections released yesterday are reported as falling within the preliminary open pit design for the Vault deposit. Highlights from the latest infill drilling included 80.3 g/t Au over 4.3 metres and 17.3 g/t Au over 3.6 metres. In all, the results continue to provide further evidence of the general uniformity of this deposit. Final pit shell work will continue and, with the incorporation of these results, should allow the company to prepare the resources for reserve classification. We anticipate that final in situ total ounce estimates are likely to be within 10-15% of previously reported estimates, plus or minus. Additional drilling at Goose Island and in the Portage Pit should allow for similar improvements in resource and reserve confidence levels. Again we do not anticipate substantial changes from total in-pit resource estimates previously announced. Cumberland also noted in the release that they remain on schedule to complete the Feasibility Study, lead by AMEC Simon, by late Q4/03 or early Q1/04. We maintain Cumberland Resources as a SPECULATIVE BUY with a $5.30 per share target price.
FEATURED Element79 Gold Corp Announces 2024 Clover Work Plans & Nevada Portfolio Updates • Sep 10, 2024 11:00 AM
Nightfood Holdings Inc. Completes Major Step on Uplist Journey by Closing Strategic All-Stock Acquisition of CarryoutSupplies.com • NGTF • Sep 10, 2024 8:15 AM
Element79 Gold Corp. Announces Sale of 100% Interest in Elder Creek, North Mill Creek, and Elephant Projects to 1472886 B.C. Ltd. • ELEM • Sep 9, 2024 9:34 AM
North Bay Resources Commences Gold Shipments, Fran Gold Project, British Columbia; Enters Taber Gold Mine JV, Sierra County, California • NBRI • Sep 9, 2024 9:15 AM
Simple Stock Loans Announces Unique Solutions For Investors Looking for Alternative Liquidity Amidst Recent Small Cap Rally Sep 6, 2024 9:30 AM
Reliant Coffee Debuts at #271 on the Inc. 5000 List of Fastest Growing Companies - Coffee Service Industry Disruptor Brews Up Exponential Growth Sep 5, 2024 11:51 AM