A resource estimate on the Mose copper-gold porphyry, part of the Shotgun property of
The resource estimate follows a 3,100-metre drilling program on the deposit, about 290 km west of Anchorage, Alaska. The program has earned NovaGold a 47% interest in the property from Cominco, through an option deal that allows the junior to earn outright ownership subject to Cominco’s right to a back-in.
The 32.8-million-tonne resource, based on a cutoff grade of 0.5 gram per tonne, includes two other resources based on higher cutoffs. One, based on a cutoff grade of 0.75 gram, holds 16.6 million tonnes grading 1.3 grams gold. Another, based on a 1-gram cutoff, holds 11.6 million tonnes grading 1.4 grams.
The higher-grade resources are close to the surface, and preliminary pit designs suggest a stripping ratio of about 1-to-1. Early metallurgical testing shows recoveries of around 90% from cyanide leaching.
NovaGold has staked additional ground in the area, bringing the total land package to 28.5 sq. km. It plans to test other targets along a 65-km strike length during 1999.
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