Northern Dynasty Minerals Ltd (C-NDM) - News Release
Northern Dynasty releases results of Pebble drilling
Northern Dynasty Minerals Ltd NDM
Shares issued 18,058,723 Aug 18 2003 close $ 2.89 Cdn.
Tuesday August 19 2003 News Release
Mr. Ronald Thiessen reports
NORTHERN DYNASTY DRILLING PROVING HIGHER-GRADE GOLD-COPPER RESOURCES WITHIN GIANT PEBBLE DEPOSIT
Northern Dynasty Minerals' initial 2003 core drilling program of 18 holes within and adjacent to the Pebble gold-copper-molybdenum deposit has successfully identified at least four areas (indicated as areas A, B, C and D) that host substantial volumes of higher-grade mineralization. In addition, drilling is confirming that the higher-grade mineralization is continuous, that it is open to substantial extension, that new higher-grade areas can be discovered, and that the Pebble deposit has an excellent configuration for very low-cost, open-pit mining. Another phase of core drilling has now commenced at the site and will consist of at least 30,000 feet. The focus of this continuing drilling is to continue to delineate and expand the higher-grade resources within the huge Pebble deposit. Successful delineation of the higher-grade gold-copper resources will provide the starter mineralization required for rapid recovery of capital costs during the early years of a large-scale mining operation. Results from the initial holes drilled are reported below. Drill hole location maps are attached to this news and posted at www.northerndynasty.com.
The Pebble deposit is one of the world's largest undeveloped gold and copper resources, containing 13.1 million ounces of gold and 6.8 billion pounds of copper. In May, 2003, Snowden Mining Industry Consultants Inc. estimated an inferred mineral resource for the deposit, based on 80 widely spaced holes, which were drilled from 1988 to 1997 by Teck Cominco American Incorporated. These holes were spaced from 100 to 250 metres apart throughout much of the deposit with the spacing increasing to over 300 metres apart on the margins. They outlined a deposit of 1.0 billion tonnes grading 0.61 per cent copper equivalent (0.40 gram per tonne gold, 0.30 per cent copper and 0.015 per cent molybdenum above a cutoff grade of 0.30 per cent copper equivalent). Perhaps more importantly, Snowden also established for the first time that the deposit contains significant amounts of higher-grade resources: 271 million tonnes of 0.86 per cent copper equivalent (0.59 gram per tonne gold, 0.43 per cent copper and 0.018 per cent molybdenum above a cutoff grade of 0.70 per cent copper equivalent). The Pebble deposit and its higher-grade portions are still open to substantial expansion.
Northern Dynasty's initial 2003 core drilling program within and adjacent to the Pebble deposit was designed to test for continuity and extensions of higher-grade mineralization. This program was very successful. It proved strong continuity to higher-grade mineralization and significant open-ended extensions to this mineralization as well as the discovery of an entirely new higher-grade area outside the Snowden resource model. Detailed drill results are as follows:
TARGET -- EXTENSION OF
HIGHER-GRADE AREA A TO NORTHEAST
Hole Intercept Au Cu Mo
(m) (g/t) (%) (%)
3071 198.1 0.40 0.59 0.026
3071 158.2 0.44 0.65 0.026
3071 91.4 0.53 0.81 0.027
3084 269.1 0.46 0.46 0.019
3084 127.7 0.58 0.60 0.012
3085 256.0 0.45 0.47 0.020
3085 31.8 0.56 0.65 0.019
3085 42.2 0.95 0.49 0.022
3089 332.2 0.41 0.36 0.019
3089 18.3 0.58 0.45 0.018
3089 134.1 0.50 0.43 0.020
3089 155.3 0.43 0.46 0.023
3092 299.8 0.40 0.45 0.018
3092 177.2 0.48 0.56 0.013
3092 119.4 0.50 0.60 0.012
3093 86.0 0.38 0.38 0.012
3093 45.7 0.47 0.45 0.013
TARGET -- EXTENSION OF
HIGHER-GRADE AREA A TO SOUTH
Hole Intercept Au Cu Mo
(m) (g/t) (%) (%)
3087 292.7 0.45 0.41 0.025
3087 140.4 0.62 0.62 0.036
3087 86.7 0.86 0.70 0.048
3087 34.9 1.12 0.95 0.052
TARGET -- CONTINUITY OF
HIGHER-GRADE AREA A
Hole Intercept Au Cu Mo
(m) (g/t) (%) (%)
3082 241.4 0.41 0.43 0.039
3082 170.3 0.45 0.47 0.045
3082 75.3 0.47 0.56 0.053
3086 140.2 0.54 0.41 0.011
3086 24.1 0.49 0.50 0.015
TARGET -- EXTENSION OF
HIGHER-GRADE AREA B
Hole Intercept Au Cu Mo
(m) (g/t) (%) (%)
3072 184.4 0.47 0.43 0.015
3072 135.6 0.52 0.47 0.015
3072 86.9 0.55 0.54 0.018
TARGET -- DISCOVERY OF NEW
HIGHER-GRADE AREA D
Hole Intercept Au Cu Mo
(m) (g/t) (%) (%)
3069 235.2 0.40 0.24 0.010
3069 18.3 0.99 0.39 0.012
3076 306.6 0.33 0.42 0.024
3076 221.6 0.34 0.48 0.029
3076 164.6 0.37 0.51 0.031
3076 88.4 0.43 0.61 0.038
3080 97.1 0.54 0.29 0.010
3080 38.1 0.70 0.39 0.015
3080 29.0 0.77 0.41 0.017
TARGET -- CONTINUITY OF PEBBLE
DEPOSIT TO NORTHEAST
Hole Intercept Au Cu Mo
(m) (g/t) (%) (%)
3070 201.8 0.36 0.24 0.003
3070 73.2 0.48 0.25 0.005
3070 36.6 0.66 0.24 0.004
3078 61.0 0.50 0.44 0.011
3079 123.1 0.40 0.33 0.009
3079 42.7 0.51 0.34 0.010
3081 115.8 0.42 0.27 0.004
3081 31.1 0.51 0.37 0.005
3083 25.9 0.43 0.43 0.010
1) Drill holes numbered 3071, 3084, 3085, 3089, 3092 and 3093 successfully extended higher-grade area A over 400 metres northeast toward higher-grade area C.
2) Drill hole 3087 successfully extended higher-grade area A over 250 metres to the south.
3) Drill holes numbered 3082 and 3086 successfully confirmed the continuity of mineralization within higher-grade area A.
4) Drill hole 3072 successfully extended higher-grade area B to the west.
5) Drill hole 3076 made an important discovery of a new higher-grade area (area D) located southeast and outside of the Pebble deposit. Holes 3069 and 3080 were drilled 150 metres to the west of 3076.
6) Drill holes 3070, 3078, 3079, 3081 and 3083 successfully confirmed the continuity of the Pebble deposit to the northeast. |
