NovaGold drilling returns tin values at Mount Pleasant

NovaGold Resources (TSE) has received encouraging results from the first drill hole on its optioned Mount Pleasant tin-tungsten property. The property, in New Brunswick, is held under option from LAC Minerals (TSE) and Billiton Metals Canada.

Hole 89-1, drilled on the Saddle zone, intersected 16.7 ft. grading 3.97% tin. The section was within 52.7 ft. assaying 1.31% tin. The most significant molybdenum- tungsten and bismuth values came from a section of 950-1,260 ft. The 310-ft. section of core assayed 0.15% tungsten, 0.11% molybdenum and 0.07% bismuth.

A second drill hole has been collared 600 ft. to the north of the first hole and will test for the northerly extension of the Saddle zone.

The company has also commissioned a feasibility study with Watts, Griffis and McOuat, a geological and engineering consulting firm. Known reserves at Mount Pleasant total 5.1 million tons grading 0.79% tin. Tungsten and molybdenum reserves are estimated at 9.3 million tons grading 0.39% tungsten and 0.2% molybdenum.

The Mount Pleasant mine operated for two years from 1983 to 1985 before being forced to close by low tungsten prices and metallurgical problems. NovaGold can buy a 100% interest in the property by paying $12 million to LAC and Billiton within 12 months.