An object accelerates as it falls until (because of air resistance) it reaches its terminal velocity; it then continues to fall at constant speed. The terrminal velocity for an object depends on a number of factors, including particularly weight, size and shape.
If you knew that the rucksack did not reach terminal velocity, then you could calculate the depth of the cavern. Time Team once attempted this for a well
http://books.google.c...0well%20depth&f=false
If the rucksack does reach terminal velocity, and you know the value of this, you can calculate the depth in two stages. First, calculate the distance fallen while accelerating as above; from this, calculate the time accelerating. Then calculate the distance fallen at constant speed for the remaining time.
This assumes a direct fall; if the rucksack often bounces of the sides of the cavern, it will be slowed down a bit, so results will be less certain.