NovaGold bulk sample recovery rate 93.5%

The initial bulk sample results from NovaGold’s Fifteen Mile Stream property had a 93.5% recovery rate, not 0.07% as reported in the company’s release of May 18, the company reports. The grade of the bulk sample was approximately 0.07 oz gold per ton. The company regrets any confusion this might have caused.

NovaGold also announces that preliminary sample test results from the Cochrane Hill deposit are encouraging. Forty tonnes of sample from the 38 TDB subdrift have been processed at the company’s 200- ton-per-day Cochrane Hill mill. The grade of this sample was 0.17 oz. The company has preliminary open pit plans under review.

NovaGold’s takeover bid for all the outstanding common shares of Northumberland Mines resulted in its acquiring 12,329,980 common shares, 91.5% of the outstanding Northumberland common shares. NovaGold has sent a notice of compulsory acquisition to all remaining Northumberland shareholders to enable it to acquire the remaining outstanding shares.