DMW.t,...having a few bought at lower levels, I decided to check out what was going on,...only a dumb idiot or a pro looking to accumulate places a bid that big on a low volume stock,...as you can see Canacrap (slimeballs) wants my shares badly,...they are accumulating and I bet they know something, or at least think they do. Holding the rest for now(gggggggggggg)
SUF.t,...bought back my small number of freebies. Will probably wait for tax loss time for more, or jump on should the SAf "give everything to the blacks" campaign cools off a bit to convince funds (particularly Europeans) to accumulate and give the stock some upward momentum again.
MPV.t,...should start winding up again as results are due in a month or two. Rocket rumors should start shortly (gggggggggg)
RDU,v, GNG.v, PLY.v three other interesting specs with drilling results pending or anticipated shortly. In those three waiting to sell to freebies should any pop.
NRI.t,...accumulating on pullbacks (so is Sprott),... last drilling results are expanding a highgrade intensely altered sedimentary rock hosted gold zone open in several directions and finding additional occurences of this mineralized rock in places throughout the deposit. This rock could considerably change the cost per oz if there is enough of it, and it looks like there is quite a bit of it.
NovaGold Resources Inc (2) NRI
Shares issued 31,773,421 Aug 7 2002 close $ 3.51
Wednesday August 7 2002 News Release
Also TNR Resources Ltd (TRR) News Release
Mr. Rick Van Nieuwenhuyse of NovaGold Resources reports
ROCK CREEK EXPLORATION STARTED; NEW AURORA ZONE DISCOVERED AT ...
NovaGold Resources has released the results from its continuing operations and exploration projects.
Highlights
The Rock Creek joint venture agreement with TNR Resources has been finalized and a $1-million (U.S.) exploration program initiated.
Follow-up exploration drill holes at Donlin Creek continue to hit more near-surface, high-grade mineralization on two new discovery zones, Aurora and Far East. Highlights include 12.2 metres grading 7.84 grams per tonne gold (40 feet grading 0.23 ounce per ton) at the Far East zone, and 68 metres grading 3.57 grams per tonne (223 feet grading 0.10 ounce per ton), including 31.5 metres grading 5.21 grams per tonne (103 feet grading 0.15 ounce per ton) at the new Aurora zone.
NovaGold's second quarter interim financial results have been released, showing continued cash flow from its Nome operations, and elimination of all long-term debt.
Rock Creek joint venture finalized and $1-million (U.S.) exploration program initiated
NovaGold Resources and TNR Resources have finalized a joint venture agreement to advance the million-ounce Rock Creek gold project toward production within the next three years.
Under the terms of the agreement, TNR Resources would earn a 49.9-per-cent interest in the project by spending $10-million (U.S.) on exploration and development to bring the project to production by June, 2005. After the earn-in, NovaGold and TNR Resources will form a joint venture company and contribute or dilute their percentage interest according to a straight-line formula. As part of the agreement, TNR Resources will issue 500,000 shares to NovaGold. The joint-venture intends to fast-track the exploration phase of the project, with the objective of bringing Rock Creek to production within the three-year option period. This is the second joint-venture agreement signed between the two companies to advance two of NovaGold's earlier-stage wholly owned gold deposits.
In the first year of the agreement, TNR Resources will finance a $1-million (U.S.) exploration and development program at Rock Creek. As previously announced, TNR Resources is financing a $500,000 (U.S.) program that is currently in progress at Shotgun. NovaGold will manage and operate the Rock Creek program while TNR Resources will manage and operate the Shotgun program.
"The joint ventures with TNR Resources are excellent opportunities to accelerate the development of our Rock Creek and Shotgun gold deposits toward production," says Rick Van Nieuwenhuyse, president of NovaGold, "while allowing NovaGold to remain focused on advancing the Donlin Creek gold deposit to feasibility."
"We believe that the Rock Creek and Shotgun gold deposits have excellent potential for significant resource expansion and could be rapidly advanced to become a high-quality, low-cost mines," says Gary Schellenberg, president of TNR Resources. "The NovaGold/TNR Resources strategic relationship is an opportunity to add significant new value for shareholders of both companies."
The project exploration team has begun on-site work on the 3-D geologic model with a focus on defining the at-surface higher-grade zones that would define the starter pit and enhance the early economics of mining the deposit. The deposits remain open along strike and down dip, with potential to significantly increase the gold resource with further drilling. Planning for the delineation and offset drilling program on the high-grade targets is under way. The Rock Creek exploration program will focus on defining the higher-grade gold mineralization using a combination of detailed structural mapping, trenching and drilling, as well as multielement geochemistry and geophysics, in preparation for detailed engineering and prefeasibility studies. NovaGold previously released a total measured and indicated resource of 555,000 ounces grading 2.74 grams per tonne gold, with an additional inferred resource of 303,000 ounces of gold grading 2.78 grams per tonne using a one-gram-per-tonne cutoff grade, based on work completed by NovaGold, Kennecott, Newmont and Placer Dome at Rock Creek. The adjacent Saddle deposit contains an additional inferred resource of 260,000 ounces of gold grading 2.61 grams per tonne gold using a one-gram-per-tonne cutoff grade.
Donlin Creek prefeasibility drilling continues
NovaGold initiated a prefeasibility study program at its Donlin Creek gold project in April, 2002. NovaGold is on track to complete the $10-million (U.S.) earn-in expenditure by the fall of this year, and thereby earn its 70-per-cent interest in the Donlin Creek gold project.
Follow-up exploration drill holes at the new Akivik, Far East and 400 target areas continue to hit encouraging new visual mineralization. The new near-surface gold mineralization discovered to date will increase the overall gold resource as defined in the March, 2002, scoping study, and result in a reduction of the overall strip ratio by defining new gold mineralization within the modelled pit outlines that had previously been treated as waste. Follow-up drilling at the recent high-grade discovery between the Acma and Akivik zones has intersected a similar style of mineralization that is primarily hosted in intensely altered sedimentary rocks, such as seen in hole DC02-723 that intersected 16 metres grading 32.95 grams per tonne gold (52.5 feet grading 0.96 ounce per ton gold). This new style of sediment-hosted mineralization has also been encountered in holes north of the Akivik zone, one kilometre north of the Acma deposit. New assay results from this exciting zone are still pending, and a detailed summary will be released when available.
The first results from the initial follow-up reverse circulation holes located in the Far East zone include DR02-786, which intersected four significant intervals of mineralization, the best of which was 12.2 metres grading 7.84 grams per tonne gold (40 feet at 0.23 ounce per ton). This drill hole is just east of the discovery hole that intersected 17.9 metres grading 5.9 grams per tonne gold (58 feet at 0.17 ounce per ton). These results are very encouraging as the intercepts represent more near-surface, high-grade (over five grams per tonne) mineralization hosted within the same intrusive porphyries as seen elsewhere on the property. Additional assays are still pending. Follow-up core drilling is planned for this new target area. The new Far East zone is located one-half kilometre to the east of the South Lewis deposit, and two kilometres east of the Acma deposit.
Step-out drilling on a new target area called the Aurora zone located a kilometre west of the Acma deposit has intersected significant mineralized intervals of mineralized intrusive porphyry. This extends the known gold mineralization to over three kilometres east to west. The first exploration drill holes in the new Aurora zone include DC02-730, with six metres grading 5.45 grams per tonne gold (20 feet at 0.16 ounce per ton); DC02-732, with eight metres grading 4.56 grams per tonne (26 feet at 0.13 ounce per ton) and 7.0 metres grading 3.93 grams per tonne (23 feet at 0.11 ounce per ton); and DC02-744, containing 68 metres grading 3.57 grams per tonne (223 feet at 0.10 ounce per ton) starting at just 50 metres depth and including 31.5 metres grading 5.21 grams per tonne (103 feet at 0.15 ounce per ton). This new Aurora zone mineralization is similar in style to that seen in the Acma deposit, with stockwork veining and abundant sulphide mineralization within intrusive porphyry rocks. Assay results are still pending. Follow-up core drilling to define potential new resources is continuing.
NovaGold interim financials released
NovaGold Resources has released its interim operating results for the six-month period ended May 31, 2002. The company is pleased to have again financed a portion of its exploration and development activities through positive cash flow generated from its sand and gravel operations, gold royalties, and land sales in Nome, Alaska. The company's financial condition continued to improve with sustained cash flow from operations, the elimination of all long-term debt, and the recent completion of an $18.5-million equity financing, with Salman Partners as lead agent in a syndicate including BMO Nesbitt Burns and Griffiths McBurney and Partners.
During the six months ended May 31, 2002, the company generated operating revenues of $722,164 through the lease and sale of commercial and residential real estate, sand and gravel sales, and gold royalties in Nome, Alaska. For the six months ended May 31, 2002, the company had a net loss of $2,088,960 (six cents per share) compared with net income of $691,357 (three cents per share) for the comparable period of the prior year. During the six-month period, the company incurred $2,914,412 of capitalized exploration expenditures, including $2,785,928 on the Donlin Creek gold project.
The complete NovaGold second quarter financial report and annual report are available for download as Adobe Acrobat PDF files at www.novagold.net. |
