Following its success on the Sewell Brook lead-zinc property in New Brunswick, NovaGold Resources (TSE) has optioned another 27 claims, 25 km east of its recent discovery. NovaGold says the Sears Lake property, near Plaster Rock, N.B., covers an anomalous lead-zinc zone stretching for 1,000 metres. Noranda (TSE), which delineated the zone with soil sampling, did not locate the source of the anomaly.
The 5-year option is subject to a 2% net smelter return, which may be purchased by NovaGold, at its discretion, for $1 million.
Recently, NovaGold and partner Costigan Gold (COATS) discovered a shallow lead-zinc lens on their nearby Sewell Brook property, including an 18.8-ft. intersection averaging 29% zinc, 12% lead, and 0.5% copper.
NovaGold plans to run an IP (geophysical) survey on the property shortly.
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