Novagold takes aim at Shotgun (June 22, 2001)

Vancouver — Novagold Resources (NRI-T) has completed an agreement with Cominco (CLT-T) to earn the 52.5% it does not already own of the 1-million-oz. Shotgun gold property in southwestern Alaska.

Novagold is based in San Jose, California.

The project is located south of the company’s newly acquired Donlin Creek gold deposit. NovaGold picked up a 47.5% stake in 1998.

The junior drilled 19 holes into the property and outlined an inferred resource of 32.8 million tonnes grading 0.9 gram gold per tonne, using a 0.5-gram-gold cutoff. With a cutoff grade of 0.75 gram gold, the resource came in at 16.6 million tonnes grading 1.3 grams. With a cutoff grade of 1 gram gold, it was 11.6 million tonnes averaging 1.4 grams gold.

The higher-grade sections are close to surface and the preliminary pit design suggests a stripping ration of about 1-to-1. Early metallurgical test work shows recoveries of 90% from cyanide leaching.

The mineralization occurs in the Mose target area as near-surface porphyry stockworks.

Under the deal, Cominco retains a 5% net profit interest in the property and gets the remaining 50% interest in the nearby Sleitat tin project. NovaGold keeps a 5% net profit interest in Sleitat.

Print


 

Republish this article

Be the first to comment on "Novagold takes aim at Shotgun (June 22, 2001)"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close