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As Of Filer Filing For·On·As Docs:Size Issuer Agent 10/29/03 Novagold Resources Inc 40FR12G 91:19M Newsfile Corp/FA |
Document/Exhibit Description Pages Size 1: 40FR12G Registration Statement Pursuant to Section 12 of HTML 79K the Securities Exchange Act of 1934 2: EX-99.1 Revised Initial Annual Information Form of the HTML 228K Registrant Dated July 22, 2003 11: EX-99.10 Quarterly Report of the Registrant for the Six HTML 137K Months Ended May 31, 2002 12: EX-99.11 Quarterly Report of the Registrant for the Three HTML 139K Months Ended February 28, 2002 13: EX-99.12 Management Information Circular of the Registrant HTML 101K Dated April 14, 2003 14: EX-99.13 Form of Proxy for Use in Connection With the May HTML 35K 28, 2003 Annual and Special Meeting 15: EX-99.14 Management Information Circular of the Registrant HTML 98K Dated April 15, 2002 16: EX-99.15 Form of Proxy for Use in Connection With the May HTML 33K 22, 2002 Annual and Special Meeting 17: EX-99.16 Final Short Form Prospectus Dated September 25, HTML 159K 2003 18: EX-99.17 Underwriting Agreement Dated September 15, 2003 HTML 221K 19: EX-99.18 Warrant Indenture Dated October 1, 2003 HTML 309K 20: EX-99.19 Report Dated August 13, 2003, as Amended September HTML 619K 22, 2003 3: EX-99.2 Annual Information Form of the Registrant Dated HTML 422K April 17, 2002 21: EX-99.20 Qualifying Certificate of Ken Kuchling Dated HTML 30K September 22, 2003 22: EX-99.21 Report Dated April 16, 2002 HTML 161K 23: EX-99.22 Qualifying Certificate of Curtis J. Freeman Dated HTML 29K April 16, 2002 24: EX-99.23 Report Dated April 15, 2002 HTML 88K 25: EX-99.24 Qualifying Certificate of Curtis J. Freeman Dated HTML 29K April 15, 2002 26: EX-99.25 Report Dated April 1, 2002 HTML 109K 27: EX-99.26 Qualifying Certificate of Curtis J. Freeman Dated HTML 29K April 1, 2002 28: EX-99.27 Report Dated March 2002 HTML 600K 29: EX-99.28 Qualifying Certificate of Stephen B. Hodgson Dated HTML 27K March 8, 2002 30: EX-99.29 Qualifying Certificate of Stephen Juras Dated HTML 28K March 8, 2002 4: EX-99.3 Annual Report of the Registrant for the Year Ended HTML 281K November 30, 2002 31: EX-99.30 Report Dated February 2002 HTML 264K 32: EX-99.30.A Appendix A of Report Dated February 2002 HTML 26K 33: EX-99.30.B Appendix B of Report Dated February 2002 HTML 1.29M 34: EX-99.30.C Appendix C of Report Dated February 2002 HTML 60K 35: EX-99.30.D Appendix D of Report Dated February 2002 HTML 25K 36: EX-99.31 Qualifying Certificate of Stephen Juras Dated HTML 28K February 25, 2002 37: EX-99.32 Material Change Report of the Registrant Dated HTML 33K October 24, 2003 38: EX-99.33 Press Release Dated October 23, 2003 HTML 31K 39: EX-99.34 Material Change Report of the Registrant Dated HTML 36K October 16, 2003 40: EX-99.35 Material Change Report of the Registrant Dated HTML 48K October 10, 2003 41: EX-99.36 Material Change Report of the Registrant Dated HTML 36K October 2, 2003 42: EX-99.37 Material Change Report of the Registrant Dated HTML 36K September 12, 2003 43: EX-99.38 Material Change Report of the Registrant Dated HTML 46K August 13, 2003 44: EX-99.39 Material Change Report of the Registrant Dated HTML 45K August 11, 2003 5: EX-99.4 Annual Report of the Registrant for the Year Ended HTML 294K November 30, 2001 45: EX-99.40 Material Change Report of the Registrant Dated HTML 63K August 7, 2003 46: EX-99.41 Material Change Report of the Registrant Dated HTML 39K July 30, 2003 47: EX-99.42 Material Change Report of the Registrant Dated HTML 42K July 3, 2003 48: EX-99.43 Material Change Report of the Registrant Dated HTML 59K June 4, 2003 49: EX-99.44 Material Change Report of the Registrant Dated May HTML 34K 1, 2003 50: EX-99.45 Material Change Report of the Registrant Dated HTML 46K April 28, 2003 51: EX-99.46 Material Change Report of the Registrant Dated HTML 47K April 9, 2003 52: EX-99.47 Press Release of the Registrant Dated February 25, HTML 30K 2003 53: EX-99.48 Material Change Report of the Registrant Dated HTML 44K February 11, 2003 54: EX-99.49 Material Change Report of the Registrant Dated HTML 70K February 6, 2003 6: EX-99.5 U.S. Gaap Reconciliation Which Includes Audited HTML 279K Comparative Financial Statements 55: EX-99.50 Material Change Report of the Registrant Dated HTML 92K January 30, 2003 56: EX-99.51 Material Change Report of the Registrant Dated HTML 37K December 30, 2002 57: EX-99.52 Material Change Report of the Registrant Dated HTML 72K December 11, 2002 58: EX-99.53 Material Change Report of the Registrant Dated HTML 55K November 26, 2002 59: EX-99.54 Material Change Report of the Registrant Dated HTML 65K November 14, 2002 60: EX-99.55 Material Change Report of the Registrant Dated HTML 70K October 3, 2002 61: EX-99.56 Material Change Report of the Registrant Dated HTML 37K September 19, 2002 62: EX-99.57 Material Change Report of the Registrant Dated HTML 54K September 13, 2002 63: EX-99.58 Press Release of the Registrant Dated September 9, HTML 28K 2002 64: EX-99.59 Material Change Report of the Registrant Dated HTML 35K September 5, 2002 7: EX-99.6 U.S. Gaap Supplement to Management Discussion and HTML 42K Analysis 65: EX-99.60 Material Change Report of the Registrant Dated HTML 80K September 4, 2002 66: EX-99.61 Material Change Report of the Registrant Dated HTML 51K August 7, 2002 67: EX-99.62 Material Change Report of the Registrant Dated HTML 74K July 16, 2002 68: EX-99.63 Material Change Report of the Registrant Dated HTML 57K June 5, 2002 69: EX-99.64 Material Change Report of the Registrant Dated May HTML 76K 22, 2002 70: EX-99.65 Material Change Report of the Registrant Dated HTML 43K April 30, 2002 71: EX-99.66 Material Change Report of the Registrant Dated HTML 42K April 18, 2002 72: EX-99.67 Material Change Report of the Registrant Dated HTML 37K March 26, 2002 73: EX-99.68 Material Change Report of the Registrant Dated HTML 78K March 15, 2002 74: EX-99.69 Material Change Report of the Registrant Dated HTML 56K February 18, 2002 8: EX-99.7 Quarterly Report of the Registrant for the Six HTML 110K Months Ended May 31, 2003 75: EX-99.70 Material Change Report of the Registrant Dated HTML 55K January 24, 2002 76: EX-99.71 Consent of Pricewaterhousecoopers LLP HTML 25K 77: EX-99.72 Consent of Ken Kuchling HTML 26K 78: EX-99.73 Consent of Curtis J. 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FORM 27
MATERIAL CHANGE REPORT
SECTION 75(2) OF SECURITIES ACT (ONTARIO),
SECTION 84(1)(b) OF THE SECURITIES ACT (SASKATCHEWAN),
SECTION 118(1) OF SECURITIES ACT (ALBERTA),
SECTION 67(1) OF SECURITIES ACT (BRITISH COLUMBIA),
SECTION 81(2) OF THE SECURITIES ACT (NOVA SCOTIA),
SECTION 76(2) OF SECURITIES ACT (NEWFOUNDLAND).
Item One - Reporting Issuer
NovaGold Resources Inc.
PO Box 2020, 48 Gerrish Street
Windsor NS B0N 2T0
Item Two - Date of Material Change
Item Three - Press Release
The attached press release was issued in Vancouver, British Columbia.
Item Four - Summary of Material Change
On May 22, 2002, NovaGold Resources Inc. announced the first summary results from the 2002 Preliminary Feasibility Study exploration program from the Donlin Creek gold deposit in Alaska.
Item Five - Full Description of Material Change
On May 22, 2002, NovaGold Resources Inc. announced the first summary results from the 2002 Preliminary Feasibility Study exploration program from the Donlin Creek gold deposit in Alaska.
Highlights
grading 5.6 g/t (59 feet grading 0.16 oz/t). Additional assays from this drill hole and other follow-up core holes are still pending.
Donlin Creek Pre-Feasibility Drilling In Progress
In March 2002, AMEC E&C Services Limited of Vancouver (AMEC) completed a preliminary independent economic assessment study of the mining, processing, metallurgical, and other economic factors necessary for the development of the Donlin Creek project. This preliminary economic assessment study estimated the capital cost, operating cost parameters, and the optimal scale of operation. The study showed that with further exploration and development work a conventional open-pit mining operation at a 2 g/t gold cut-off level should be economically viable at Donlin Creek.
In April 2002, NovaGold initiated the next phase of development with a US$8 million Pre-Feasibility Study drill program and engaged AMEC, to continue to provide additional engineering and design work for the Donlin Creek gold deposit. The program will include approximately $US6 million in drilling and $US2 million in engineering, environmental and other studies. It is anticipated that the company will expend a project total of $US10 million before the end of the year and thereby earn its 70% interest in the Donlin Creek Project.
New Akivik Gold Zone Discovered in Exploration Drilling
The Company is extremely encouraged with the results to date from the spring phase of the 2002 drill program. The drill program began in early-April with two diamond core drills and one reverse circulation rotary drill (RVC) working on the property. A multi-staged drill program has been designed to raise the level of confidence in the inferred drilled category and to expand the currently defined resource. The focus of the drill program will be on delineating additional near-surface, higher-grade resources. To date a total of 5,800 meters (19,000 feet) of core and RVC drilling has been completed in 65 drill holes (41 RVC and 24 core holes). Assay results are complete for the first 19 RVC holes and 11 of the core holes. Only 6 of these drill holes were infill with the remainder of the spring program focused on step-out exploration drilling to test high-priority targets and define new near surface resource potential around the existing resource areas. Significant mineralized intervals of intrusive porphyry and sedimentary rocks have been intercepted in these holes.
Several drill holes designed to test a major gold-in-soil anomaly more than 500 meters (1650 feet) north of the high-grade Acma zone have discovered a previously unrecognized gold zone of mineralized intrusive porphyry dikes and sills. Initial geologic modeling of this new mineralized area, called the Akivik Zone, indicates many similarities to the multi-million ounce Acma zone.
Initial RVC drill results include DR02-643 which included 6.1 meters grading 3.9 g/t (20 ft at 0.11 oz/t), 6.1 meters grading 2.4 g/t (20 ft at 0.07 oz/t) and an additional 32 meters grading 2.1 g/t (105 ft at 0.06 oz/t). The first follow-up core hole in this new zone includes DC02-688 with 17.9 meters grading 5.6 g/t (59 feet grading 0.16 oz/t) a second similar mineralized zone in the same hole is still pending assays. Further follow-up drilling of these very encouraging results is on-going and this new zone of mineralization remains completely open down dip and along strike to the northwest and southeast.
Other exploration drilling was also completed south of the Lewis Zone and west of Acma in the 400 Target area. Significant mineralized intervals of intrusive porphyry and sedimentary rocks were encountered in each of these areas. Follow-up step-out drilling designed to define new potential resources will be completed on these exploration targets during the summer program.
In-Fill Drilling Confirms Continuity of High-Grade Resource
The second diamond core drill successfully completed a series of in-fill holes perpendicular to the dominant drill direction in Acma to verify grade continuity. The intersections from drill holes DC02-673 and DC02-675 and DC02-677 are representative of this confirmatory drilling. As expected, these holes intercepted thick zones of dense quartz and arsenopyrite veining confirming the continuity of the Acma high-grade mineralization. Highlights include: Hole DC02-673: 17.7 meters grading 8.8 g/t Au (58 ft grading 0.26 oz/t); Hole DC02-675: 44.9 meters grading 3.7 g/t (147 ft at 0.11 oz/t) and 57.9 meters grading 4.9 g/t (190 ft at 0.14 oz/t); and Hole DC02-677: 59.3 meters grading 6.9 g/t (195 ft at 0.20 oz/t) and 45.7 meters grading 6.0 g/t (150 ft at 0.18 oz/t). These results confirm the geologic model for the mineralization and will be incorporated in the next resource estimate update.
Beginning with the summer program additional core drills may
be added to the program to complete exploration target testing on a 100 meter
by 100 meter drill grid around the perimeter of the modeled $300/oz pit boundary
that is adjacent to but outside the existing Acma and Lewis resource areas.
Core drilling will also upgrade inferred resources to the higher measured and
indicated categories and complete further step-out exploration of high-priority
exploration targets such as the new Akivik zone. This work will be completed
as a series of drill programs throughout the summer and early-fall. Summary
results should be reported by the middle of each month. A table entitled "Donlin
Creek New Drill Results Highlights Table" was included. A complete summary table
of all results from the program along with a series of drill hole location maps
will be available for view and download on the NovaGold website (see link below).
NovaGold Projects section of NovaGold’s website:
http://www.novagold.net/s/Projects.asp?PropertyInfoID=880
2002 Donlin Creek Gold Resource Estimates
In late-2001, NovaGold engaged the independent engineering firm MRDI Canada, a division of AMEC E&C Services Limited of Vancouver (AMEC), to complete a new resource estimate and preliminary economic assessment study based on NovaGold’s updated 3D geologic model including all exploration on the project through 2001. AMEC was contracted to complete these
studies based upon its more than 40 years of experience in developing and building mines in Alaska and the Canadian North.
The independent geological analysis completed in January 2002 doubled the previous estimates of the contained gold resource at Donlin Creek. Dr. Stephen Juras, P.Geo., MRDI’s chief geologist in Vancouver, supervised the data verification and resource estimate updates. Dr. Juras is a Qualified Person as defined by National Instrument 43-101. MRDI has completed a technical report detailing the resource estimate parameters which is available for review at www.sedar.com. The 2002 Donlin Creek resource estimates were also included.
Donlin Creek Project Summary
Donlin Creek is one of the largest undeveloped gold deposits in the world. The deposit is located in Southwestern Alaska on 109 square kilometers (42 square miles) of private patented land. The project is 19 km (12 miles) north of a commercial barge site on the Kuskokwim River at the village of Crooked Creek, Alaska. A State of Alaska designated winter road connects the project to the barge site. The project has an all-season exploration camp for up to 75 people with an adjacent 1,500 meter (5,000 ft) runway that is directly serviced by commercial aircraft as large as the C-130 Hercules freighter.
The current scenarios focus on developing Donlin Creek’s shallower and higher-grade ore zones that would be amenable to low-cost open pit mining methods. The gold ores would be crushed, finely ground, and then fed to a flotation circuit to separate the gold bearing sulfide minerals from the rock. The high-grade sulfide concentrate would then be oxidized using pressure oxidation in an autoclave or with bio-oxidation. The gold would then be leached from the oxidized residue and the gold recovered with activated carbon. The current mining scenarios suggest Donlin Creek would have at least 14 years of mine life with an average grade of approximately 5 g/t (0.15 oz/t) for the first five years. It would mine between 8,000 and 20,000 tonnes of ore per day and would produce between 743,000 and 1,100,000 ounces of gold annually. Potential remains to further improve the overall gold recoveries and costs through process optimization, which will be the focus of additional engineering work.
NovaGold will earn a 70% interest in the deposit by spending US$10 million on exploration and development by 2011. NovaGold intends to complete its earn-in expenditures by the end of 2002 as part of the preliminary feasibility and project development work. Upon vesting by NovaGold, a joint venture between NovaGold and Placer Dome would be established, and Placer Dome would have 90 days to decide on one of three options: a) to remain at 30% interest and participate as a minority partner; or b) to convert to a 5% Net Profits Interest (NPI); or c) to exercise a back-in right to re-acquire a majority interest in the project (70% Placer Dome / 30% NovaGold) by expending three times that expended by NovaGold at the time the back-in is exercised, conducting a feasibility study, and making a decision to mine at a production rate of not less than 600,000 ounces of gold per year within a five year period from the exercise of the back-in.
About NovaGold
A diversified natural resource company, NovaGold acquires and develops precious metal deposits in North America. NovaGold has no debt, and has one of the largest gold resource bases of any junior mining company. The company generates revenue for exploration and development from its construction aggregate, gold royalties and land development operations in Nome, Alaska. NovaGold was the top performing stock on the Toronto Stock Exchange (symbol NRI) in 2001. The company also trades on the US OTC (symbol NVGLF). Financial reports and other information are available at www.novagold.net.
Item Six - Reasons for Confidential Filing
Not Applicable.
Item Seven - Omitted Information
Not Applicable.
Item Eight - Senior Officer
Janice A. Stairs, Corporate Secretary, (902) 492-2013
Item Nine - Statement of Senior Officer
"The foregoing accurately discloses the material change referred to herein."
Executed this 28th day of May, 2002 at Halifax, Nova Scotia by Janice A. Stairs, Corporate Secretary.
News Release | Toronto Stock Exchange:
NRI U.S. OTC Symbol: NVGLF |
NovaGold Discovers New Gold Zone at Donlin
May 22, 2002, Vancouver – NovaGold Resources Inc. is pleased to report on the first summary results from the 2002 Preliminary Feasibility Study exploration program from the Donlin Creek gold deposit in Alaska.
Highlights
Donlin Creek Pre-Feasibility Drilling In Progress
In March 2002, AMEC E&C Services Limited of Vancouver (AMEC) completed a preliminary independent economic assessment study of the mining, processing, metallurgical, and other economic factors necessary for the development of the Donlin Creek project. This preliminary economic assessment study estimated the capital cost, operating cost parameters, and the optimal scale of operation. The study showed that with further exploration and development work a conventional open-pit mining operation at a 2 g/t gold cut-off level should be economically viable at Donlin Creek.
In April 2002, NovaGold initiated the next phase of development with a US$8 million Pre-Feasibility Study drill program and engaged AMEC, to continue to provide additional engineering and design work for the Donlin Creek gold deposit. The program will include approximately $US6 million in drilling and $US2 million in engineering, environmental and other studies. It is anticipated that the company will expend a project total of $US10 million before the end of the year and thereby earn its 70% interest in the Donlin Creek Project.
New Akivik Gold Zone Discovered in Exploration Drilling
The Company is extremely encouraged with the results to date from the spring phase of the 2002 drill program. The drill program began in early-April with two diamond core drills and one reverse circulation rotary drill (RVC) working on the property. A multi-staged drill program has been designed to raise the level of confidence in the inferred drilled category and to expand the currently defined resource. The focus of the drill program will be on delineating additional near-surface, higher-grade resources. To date a total of 5,800 meters (19,000 feet) of core and RVC drilling has been completed in 65 drill holes (41 RVC and 24 core holes). Assay results are complete for the first 19 RVC holes and 11 of the core holes. Only 6 of these drill holes were in-fill with the remainder of the spring program focused on step-out exploration drilling to test high-priority targets and define new near surface resource potential around the existing resource areas. Significant mineralized intervals of intrusive porphyry and sedimentary rocks have been intercepted in these holes.
Several drill holes designed to test a major gold-in-soil anomaly more than
500 meters (1650 feet) north of the high-grade Acma zone have discovered a
previously unrecognized gold zone of mineralized intrusive porphyry dikes
and sills. Initial geologic modeling of this new mineralized area, called
the Akivik Zone, indicates many
similarities to the multi-million ounce Acma zone. Initial RVC drill results include DR02-643 which included 6.1 meters grading 3.9 g/t (20 ft at 0.11 oz/t), 6.1 meters grading 2.4 g/t (20 ft at 0.07 oz/t) and an additional 32 meters grading 2.1 g/t (105 ft at 0.06 oz/t). The first follow-up core hole in this new zone includes DC02-688 with 17.9 meters grading 5.6 g/t (59 feet grading 0.16 oz/t) a second similar mineralized zone in the same hole is still pending assays. Further follow-up drilling of these very encouraging results is on-going and this new zone of mineralization remains completely open down dip and along strike to the northwest and southeast.
Other exploration drilling was also completed south of the Lewis Zone and west of Acma in the 400 Target area. Significant mineralized intervals of intrusive porphyry and sedimentary rocks were encountered in each of these areas. Follow-up step-out drilling designed to define new potential resources will be completed on these exploration targets during the summer program.
In-Fill Drilling Confirms Continuity of High-Grade Resource
The second diamond core drill successfully completed a series of in-fill holes perpendicular to the dominant drill direction in Acma to verify grade continuity. The intersections from drill holes DC02-673 and DC02-675 and DC02-677 are representative of this confirmatory drilling. As expected, these holes intercepted thick zones of dense quartz and arsenopyrite veining confirming the continuity of the Acma high-grade mineralization. Highlights include: Hole DC02-673: 17.7 meters grading 8.8 g/t Au (58 ft grading 0.26 oz/t); Hole DC02-675: 44.9 meters grading 3.7 g/t (147 ft at 0.11 oz/t) and 57.9 meters grading 4.9 g/t (190 ft at 0.14 oz/t); and Hole DC02-677: 59.3 meters grading 6.9 g/t (195 ft at 0.20 oz/t) and 45.7 meters grading 6.0 g/t (150 ft at 0.18 oz/t). These results confirm the geologic model for the mineralization and will be incorporated in the next resource estimate update.
Beginning with the summer program additional core drills may be added to the program to complete exploration target testing on a 100 meter by 100 meter drill grid around the perimeter of the modeled $300/oz pit boundary that is adjacent to but outside the existing Acma and Lewis resource areas. Core drilling will also upgrade inferred resources to the higher measured and indicated categories and complete further step-out exploration of high-priority exploration targets such as the new Akivik zone. This work will be completed as a series of drill programs throughout the summer and early-fall. Summary results should be reported by the middle of each month.
Donlin Creek New Drill Results Highlights Table
DHID | Interval(m) | Length(m) | Gold g/t | Length(ft) | Gold oz/t | Type | Objective | |||||||
DR02-628 | 36.6 to 42.7 | 6.1 | 3.2 | 20.0 | 0.09 | RVC | Exploration | |||||||
DR02-629 | 25.9 to 29.0 | 3.1 | 11.1 | 10.0 | 0.32 | RVC | Exploration | |||||||
DR02-630 | 18.3 to 22.9 | 4.6 | 9.4 | 15.0 | 0.27 | RVC | Exploration | |||||||
DR02-639 | 39.6 to 44.2 | 4.6 | 3.2 | 15.0 | 0.09 | RVC | Exploration | |||||||
DR02-643 | 19.8 to 25.9 | 6.1 | 3.9 | 20.0 | 0.11 | RVC | Exploration | |||||||
19.8 to 51.8 | 32.0 | 2.1 | 105.0 | 0.06 | RVC | Exploration | ||||||||
DR02-645 | 15.2 to 27.4 | 12.2 | 2.9 | 40.0 | 0.09 | RVC | Exploration | |||||||
DC02-672 | 135.7 to 140.0 | 4.3 | 3.7 | 14.2 | 0.11 | Core | Exploration | |||||||
DC02-673 | 99.5 to 117.2 | 17.7 | 8.8 | 58.0 | 0.26 | Core | In-Fill | |||||||
DC02-674 | 43.0 to 47.0 | 4.0 | 6.7 | 13.1 | 0.19 | Core | Exploration | |||||||
211.7 to 217.0 | 5.3 | 3.5 | 17.4 | 0.10 | Core | Exploration | ||||||||
DC02-675 | 25.0 to 29.0 | 4.0 | 3.1 | 13.1 | 0.09 | Core | In-Fill | |||||||
47.0 to 91.9 | 44.9 | 3.7 | 147.3 | 0.11 | Core | In-Fill | ||||||||
101.0 to 158.9 | 57.9 | 4.9 | 190.0 | 0.14 | Core | In-Fill | ||||||||
167.5 to 207.5 | 40 | 4.1 | 131.2 | 0.12 | Core | In-Fill | ||||||||
DC02-677 | 4.0 to 16.5 | 12.5 | 4.2 | 41.0 | 0.12 | Core | In-Fill | |||||||
57.0 to 63.0 | 6.0 | 7.5 | 19.7 | 0.22 | Core | In-Fill | ||||||||
83.5 to 142.8 | 59.3 | 6.9 | 194.6 | 0.20 | Core | In-Fill | ||||||||
150.1 to 195.8 | 45.7 | 6.0 | 149.8 | 0.18 | Core | In-Fill | ||||||||
DC02-681 | 9.1 to 11.4 | 2.3 | 7.4 | 7.4 | 0.21 | Core | Exploration | |||||||
35.5 to 62.8 | 27.3 | 3.6 | 89.4 | 0.10 | Core | Exploration | ||||||||
88.5 to 107.5 | 19.0 | 3.3 | 62.4 | 0.10 | Core | Exploration | ||||||||
DC02-688 | 66.0 to 83.9 | 17.9 | 5.6 | 59.0 | 0.16 | Core | Exploration |
A complete summary table of all results from the program along with a series of drill hole location maps will be available for view and download on the NovaGold website (see link below).
NovaGold Projects section of NovaGold’s website: http://www.novagold.net/s/Projects.asp?PropertyInfoID=880
2002 Donlin Creek Gold Resource Estimates
In late-2001, NovaGold engaged the independent engineering firm MRDI Canada, a division of AMEC E&C Services Limited of Vancouver (AMEC), to complete a new resource estimate and preliminary economic assessment study based on NovaGold’s updated 3D geologic model including all exploration on the project through 2001. AMEC was contracted to complete these studies based upon its more than 40 years of experience in developing and building mines in Alaska and the Canadian North.
The independent geological analysis completed in January 2002 doubled the previous estimates of the contained gold resource at Donlin Creek. Dr. Stephen Juras, P.Geo., MRDI’s chief geologist in Vancouver, supervised the data verification and resource estimate updates. Dr. Juras is a Qualified Person as defined by National Instrument 43-101. MRDI has completed a technical report detailing the resource estimate parameters which is available for review at www.sedar.com.
The 2002 Donlin Creek resource estimates are as follows:
2.0 g/t cut off grade used in 2002 AMEC Economic Assessment Study | |||||||
Resource | Tonnes | Grade | Contained | ||||
Category | (Millions) | Gold g/t | Ounces | ||||
Measured | 5.054 | 3.84 | 623,000 | ||||
Indicated | 68.917 | 3.49 | 7,732,000 | ||||
Total M&I: | 73.971 | 3.51 | 8,347,000 | ||||
Inferred | 92.433 | 3.66 | 10,877,000 | ||||
3.5 g/t elevated cut off grade for first 5 years production schedule | |||||||
Resource | Tonnes | Grade | Contained | ||||
Category | (Millions) | Gold g/t | Ounces | ||||
Measured | 2.225 | 5.36 | 383,000 | ||||
Indicated | 24.705 | 5.04 | 4,002,000 | ||||
Total M&I: | 26.930 | 5.06 | 4,385,000 | ||||
Inferred | 36.806 | 5.22 | 6,183,000 |
Notes: (1) Tonnes and Contained Ounces are rounded to the nearest 1,000.
Donlin Creek Project Summary
Donlin Creek is one of the largest undeveloped gold deposits in the world. The deposit is located in Southwestern Alaska on 109 square kilometers (42 square miles) of private patented land. The project is 19 km (12 miles) north of a commercial barge site on the Kuskokwim River at the village of Crooked Creek, Alaska. A State of Alaska designated winter road connects the project to the barge site. The project has an all-season exploration camp for up to 75 people with an adjacent 1,500 meter (5,000 ft) runway that is directly serviced by commercial aircraft as large as the C-130 Hercules freighter.
The current scenarios focus on developing Donlin Creek’s shallower and higher-grade ore zones that would be amenable to low-cost open pit mining methods. The gold ores would be crushed, finely ground, and then fed to a flotation circuit to separate the gold bearing sulfide minerals from the rock. The high-grade sulfide concentrate would then be oxidized using pressure oxidation in an autoclave or with bio-oxidation. The gold would then be leached from the oxidized residue and the gold recovered with activated carbon. The current mining scenarios suggest Donlin Creek would have at least 14 years of mine life with an average grade of approximately 5 g/t (0.15 oz/t) for the first five years. It would mine between 8,000 and 20,000 tonnes of ore per day and would produce between 743,000 and 1,100,000 ounces of gold annually. Potential remains to further improve the overall gold recoveries and costs through process optimization, which will be the focus of additional engineering work.
NovaGold will earn a 70% interest in the deposit by spending US$10 million on exploration and development by 2011. NovaGold intends to complete its earn-in expenditures by the end of 2002 as part of the preliminary feasibility and project development work. Upon vesting by NovaGold, a joint venture between NovaGold and Placer Dome would be established, and Placer Dome would have 90 days to decide on one of three options: a) to remain at 30% interest and participate as a minority partner; or b) to convert to a 5% Net Profits Interest (NPI); or c) to exercise a back-in right to re-acquire a majority interest in the project (70% Placer Dome / 30% NovaGold) by expending three times that expended by NovaGold at the time the back-in is exercised, conducting a feasibility study, and making a decision to mine at a production rate of not less than 600,000 ounces of gold per year within a five year period from the exercise of the back-in.
About NovaGold
A diversified natural resource company, NovaGold acquires and develops precious metal deposits in North America. NovaGold has no debt, and has one of the largest gold resource bases of any junior mining company. The company generates revenue for exploration and development from its construction aggregate, gold royalties and land development operations in Nome, Alaska. NovaGold was the top performing stock on the Toronto Stock Exchange (symbol NRI) in 2001. The company also trades on the US OTC (symbol NVGLF). Financial reports and other information are available at www.novagold.net.
For more information on NovaGold contact:
Rick Van Nieuwenhuyse, President & CEO
Los Gatos, California, USA
(408) 655-6766
E-mail: RickVann@NovaGold.net
Greg Johnson, Vice President, Corporate Development
Newcastle, Washington, USA
(907) 227-3963
E-mail: Greg.Johnson@NovaGold.net
Tony Hayes, CFA, Investor Relations
Toronto, Ontario, Canada
(416) 368-0882; Toll Free 1 (866) 243-1059
E-mail: Tony.Hayes@NovaGold.net
This ‘40FR12G’ Filing | Date | Other Filings | ||
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Filed on: | 10/29/03 | None on these Dates | ||
5/22/02 | ||||
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