NovaGold receives next eight assays from Donlin Creek
NovaGold Resources Inc (2) NRI
Shares issued 23,561,158 Sep 26 close $1.78
Thu 27 Sept 2001 News Release
Mr. Rick Van Nieuwenhuyse reports
NovaGold Resources today released additional outstanding assay results from
the next eight drill holes completed in this first phase in-fill and offset
drilling program on the Donlin Creek deposit in southwestern Alaska. All 13
drill holes to date were drilled in the Acma target, one of several
high-grade target areas where ore-grade gold mineralization was previously
identified in wide spaced drilling by Placer Dome. Two of the drill holes
(DC-01-592 and DC-01-597) are pending additional assay results for the
remainder of the holes and will be released next week. These results
continue to demonstrate the higher-grade mineralization remains open to the
east, south and west. All holes were drilled on 25- to 50-metre (82- to
164-foot) spacing and intersected significant intervals of ore-grade gold
mineralization (see table below; see news in Stockwatch on Sept. 18, 2001,
for results of the first five drill holes).
Highlights from the drilling include:
hole DC01-590 intersected 12.3 metres (40 feet) grading 5.2 grams per tonne
(0.15 ounce per ton) gold;
hole DC01-591 intersected 10.0 metres (33 feet) grading 8.2 g/t (0.24 ounce
per ton) gold;
hole DC01-593 intersected 28 metres (92 feet) grading 5.9 g/t (0.17 ounce
per ton) gold;
hole DC01-595 intersected 22 metres (72 feet) grading 7.6 g/t (0.22 ounce
per ton) gold and 48 metres (157.5 feet) grading 6.9 g/t (0.20 ounce per
ton) gold;
hole DC01-596 intersected 28 metres (91.5 feet) grading 7.9 g/t (0.23 ounce
per ton) gold; and
hole DC-01-597* intersected 120 metres (394 feet) grading 7.6 g/t (0.22
ounce per ton) gold.
* Drill hole still pending additional assay results.
The 120-metre intersection grading 7.6 g/t gold in hole DC01-597 starting
at only eight metres depth is the best single intercept drilled to date on
the Donlin Creek property. These excellent drill results continue to
confirm the continuity of the higher-grade plus-five g/t gold zones within
the larger three g/t gold resource established by Placer Dome. Excellent
potential exists to continue to expand the extent of the high-grade ore
bodies, as well as to discover new high-grade zones. The results are being
integrated into the new 3-D model to better refine the geologic controls to
the higher-grade gold mineralization. A total of 3,974 metres (13,038 feet)
of drilling have been completed so far in 25 drill holes. The current
program is intended to better define the extent of the higher-grade
resource in preparation for detailed engineering and prefeasibility studies
to begin in early 2002. Additional gold assay results are anticipated in
the following weeks.
Donlin Creek is one of the largest undeveloped gold resources in the world
with the potential to define a resource of over 13 million ounces of gold
in the measured, indicated and inferred categories using a 1.5-g/t cutoff
grade. The current total potential higher-grade resource is 5.5 million
ounces of gold grading 5.1 g/t at a 3.5-g/t gold cutoff grade. This
comprises a measured and indicated resource estimated to contain 3.1
million ounces of gold grading 5.20 g/t with an additional inferred
resource of 2.4 million ounces grading 4.96 g/t gold using a 3.5-g/t gold
grade cutoff. Following the completion of this first phase drill program, a
new higher-grade resource will be estimated in early 2002 using a
qualified, independent third party.
DONLIN CREEK
Drill holes DC01-590 to DC01-597
Significant intercepts
DHID Interval Length Au
(m) (m) (g/t)
DC01-590 10.9-23.2 12.3 5.2
And 42.0-46.0 4.0 5.7
And 70.0-74.0 4.0 4.1
DC01-591 12.0-22.0 10.0 8.2
And 88.0-92.0 4.0 5.5
DC01-592* 67.5-76.0 8.5 5.9
DC01-593 66.0-94.0 28.0 5.9
DC01-594 42.0-46.0 4.0 4.3
And 58.0-66.0 8.0 3.9
And 152.0-156.0 4.0 5.2
DC01-595 28.0-50.0 22.0 7.6
And 106.0-154.0 48.0 6.9
And 184.0-188.0 4.0 6.1
And 210.0-230.0 20.0 5.7
DC01-596 2.3-30.2 27.9 7.9
And 66.0-72.0 6.0 8.0
DC01-597* 8.0-128.0 120.0 7.6
Including 8.0-28.0 20.0 9.7
* Drill hole still pending additional assay results.
All drill holes are 6.35-centimetre-diametre (2.5-inch) HQ diamond core.
The drill core is descriptively logged on site, marked for sampling and
photographed. The core is then split in half using a diamond-blade saw.
One-half of the core is saved for future reference. The other half of the
core is crushed to a 10 mesh size and a 200-gram split is taken for
analytical testing. Samples average two metres (6.6 feet) in length except
where specific geologic parametres require a smaller interval be sampled.
Blank and reference samples are included with every shipment for quality
control. Samples are analyzed by Bondar-Clegg Laboratories in Vancouver,
B.C., using a 30-gram fire assay for gold and an ICP scan for an additional
32 elements. The sampling protocol and quality control procedures are the
same as those established by Placer Dome on all previous drilling. The
drill program and sampling protocol are managed by NovaGold with oversight
provided by a qualified person, Phil St.George, vice-president of
exploration and project manager for NovaGold Resources.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
