Vancouver — Recent drill results suggest that
Situated 480 km west of Anchorage in the state’s southwestern region, Donlin Creek hosts a measured and indicated resource of 70.1 million tonnes grading 3.06 grams gold per tonne, based on a cutoff grade of 1.5 grams. Within this, NovaGold intends to outline 25 million tonnes grading 5 grams gold.
So far this year, NovaGold has drilled 42 holes totalling 7,300 metres. Results are pending for the final six holes, though the company reports that the weighted average of 88 intersections in 35 drill holes is 17.4 metres grading 6.7 grams gold per tonne.
The latest results indicate expanded high-grade mineralization on the Acma target. Highlights are as follows:
– Hole 613 intersected 52 metres grading 6.1 grams gold per tonne, starting at a down-hole depth of 5 metres. This was followed by 9 metres of 4.2 grams at 153 metres down-hole, and 8.1 metres of 7.1 grams at 214 metres down-hole.
– Hole 615 cut 5.1 metres grading 15.7 grams gold at 62.9 metres down-hole, plus 28.4 metres of 7.1 grams at 104 metres down-hole.
– Hole 617 cut 9.2 metres grading 3.3 grams gold at 60 metres down-hole, as well as 45.8 metres of 4.2 grams gold at 100 metres down-hole. The later intercept included a 13.8-metre section that ran 8.2 grams gold.
– Hole 619 hit 8.4 metres grading 6.6 grams gold starting at 26 metres down-hole, followed by 22 metres of 10.7 grams.
The intersections from holes 615, 617 and 619 represent downdip extensions (to the southwest) of the Acma zone. The area dips below alluvial cover and is untested, as is the area between the Acma target and the 400 zone, 500 metres to the west.
So far at the 400 zone, six drill holes have intersected near-surface gold mineralization. The latest results include:
– 3.2 metres grading 6.6 grams gold per tonne starting at 15.5 metres down-hole in hole 614;
– 10 metres grading 5.1 grams gold starting at 26 metres down-hole in no. 618; and
– 20.4 metres averaging 4.9 grams gold starting 18.7 metres down-hole in no. 620. (This hole was a downdip test of mineralization intersected in hole 610, which returned 26.2 metres grading 5.5 grams gold.)
The holes drilled on the 400 zone were all collared on a high-level gold-in-soil anomaly, which NovaGold says demonstrates the potential to develop high-grade resources outside of the Acma zone.
Most of Donlin Creek’s resources are hosted by intrusive dykes and sills, as well as high-grade stockworks in surrounding sedimentary rocks. Gold mineralization is structurally controlled and occurs as veinlets in association with fine-grained arsenopyrite.
Seven prospects on the 10-km-long mineralized trend at Donlin Creek have yet to be included in the resource estimate.
Of the 42 holes drilled this year, 26 were stepouts designed to expand the known high-grade mineralization beyond the current resource area. The remaining 16 were infill holes designed to upgrade the inferred resource to the measured and indicated category. The final assay results from the remaining six holes will be released later in November.
Over the next few months, a three-dimensional geologic model will be developed to provide the framework for an updated resource estimate and economic scoping study.
The preliminary model for the high-grade resource estimates an operating cost of US$22 per tonne of ore, which includes mining, treatment, administration and reclamation. The operating cost for the entire project is pegged at US$150 per oz. gold, whereas the total cost, including capital investment, is expected to be a little less than US$195 per oz. gold.
The project is 19 km north of a commercial barge site on the Kuskokwim River in the village of Crooked Creek. An all-season, 75-man camp is serviced by a 1.5-km runway capable of handling aircraft as large as a C-130 Hercules freighter. The property is also accessible by winter road.
As operator, NovaGold stands to earn a 70% interest in the project from
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