NOVAGOLD Reports Discovery of 700-Meter Legacy Zone at Galore Creek Drilling Extends Mineralization Substantially Beyond the Pit Limits
� 27,900-Meter Drill Program Expected to Result in Increased Resource and Will Support Future Mine Design
� Significant Intercepts, Including 86 Meters Grading 1.31% Cu and 0.46 g/t Au, Lead to the Discovery of the New Legacy Zone Adjacent to Central Pit
February 25, 2013 � Vancouver, British Columbia � NOVAGOLD RESOURCES INC. (TSX, NYSE-MKT: NG) announced the results of a 27,873-meter resource in-fill and geotechnical drilling program conducted during 2012 on its 50%-owned Galore Creek project, a large copper-gold-silver project located in the Territory of the Tahltan Nation in northwestern British Columbia, Canada. The Galore Creek property is held by a partnership in which NOVAGOLD and Teck Resources Inc. ("Teck�) each own a 50% interest. NOVAGOLD published the Galore Creek Pre-Feasibility study (PFS) on July 27, 2011. The 2012 in-fill drilling campaign not only confirmed previously reported drill results but, more importantly, demonstrated the potential for substantial extension of the mineralized area beyond the limits of the current PFS pit. Additionally, Galore Creek Mining Company (GCMC), operator of the project, made a new discovery called the Legacy zone, a 700-meter long mineralized zone, as currently defined by drilling, that remains open in all directions and is located adjacent to the Central Pit.
The objectives of the 2012 drill program were to:
1) Upgrade Inferred resources to Measured and Indicated classification;
2) Obtain geotechnical data to support future mine planning and engineering; and
3) Support preparation of a new resource estimate for feasibility-level mine planning and design.
GCMC completed 4,580 meters of geotechnical, hydrogeological, and overburden drilling to support future mine planning and engineering. In addition, a series of resource in-fill holes, totaling 23,293 meters, were completed within the Central Pit.
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : NG.TO |
ISIN : CA66987E2069 |
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NovaGold Res. is a gold development stage company based in Canada. NovaGold Res. develops gold, copper and silver in Canada, and holds various exploration projects in Argentina and in Canada. Its main asset in production is ABO in Canada, its main assets in development are ROCK CREEK (NOME) and GALORE CREEK in Canada and its main exploration properties are SEVERANCE, GALORE CREEK - COPPER CANYON and SADDLE in Canada and DONLIN CREEK, AMBLER, BIG HURRAH and SAN ROQUE in Argentina. NovaGold Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is 272.8 millions as of today (US$ 201.1 millions, € 180.1 millions). Its stock quote reached its lowest recent point on March 02, 2001 at 0.13, and its highest recent level on April 01, 2022 at 9.99. NovaGold Res. has 47 442 200 shares outstanding. |