Geologists at tse-listed NovaGold Resources are satisfied with geological evidence that indicates the Plenty Zone on the Fifteen Mile Stream property in Halifax Cty., N.S., comes to surface.
Discussions are now under way with government officials to take a 10,000-20,000-ton bulk sample of the gold zone which strikes for a distance of 2,000 ft.
Four drills have been working steadily on the property since Aug 13 and assay results from eight holes in the 29-hole program have come in, The Northern Miner has learned.
The more significant intersections include: Hole Intersection Grade (ft) (oz/ton) 47 13.12 0.252 59 14.4 0.207
incl. 7.2 0.351 60 28.0 0.227
incl. 11.38 0.477
The holes were spotted between widely-spaced (50-100-m) holes drilled last winter. The intention is to establish drill-indicated reserves to a depth of about 350 ft.
Future holes will be drilled to depths of 1,500-2,000 ft at angles of 60degrees-70degrees, according to President Gerald McConnell.
Drilling is also scheduled to begin this week, with one machine, on the company’s Lake Charlotte property, also in Nova Scotia. Ground geophysical surveys will also be done on this ground to identify additional targets, Mr McConnell says.
The company has 3,256,043 shares outstanding, trading at about $6.50.
Be the first to comment on "NovaGold getting more confident on Fifteen Mile Stream property"