Three shallow drill holes on NovaGold Resources’ (TSE) Middle River gold property, 30 km west of Bathurst, N.B., failed to intersect any economic grade intersections, although all of the holes cut the targeted zone. NovaGold was testing for gold mineralization previously encountered in trenches along a 1.5-km quartz-breccia zone. Drilling intersected the mineralized breccia, which returned grades of not more than 220 parts per billon gold, over a true thickness of 10 metres.
About 200 km southwest of Bathurst, NovaGold is planning to drill a polymetallic intrusion to a vertical depth of 90 metres at the Sewell Brook property. Grab samples from a surface showing returned values of up to 2.2% combined lead-zinc with anomalous gold and silver.
Costigan Gold (COATS) can earn a 20% interest in the property by spending $225,000 on exploration over a 2-year period. If Costigan elects to spend an additional $175,000 on exploration before the third anniversary of the joint venture agreement, it will earn a 40% stake in the property.
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