FORM 51-102F3
MATERIAL CHANGE REPORT
Item One – Name and Address of Company
NovaGold Resources Inc.
PO Box 49215, Four Bentall Centre
#3454 – 1055 Dunsmuir Street
Vancouver BC V7X 1K8
Item Two - Date of Material Change
January 26, 2005
Item Three - News Release
The attached press release was issued in Vancouver, British Columbia on January 26, 2005 via CCN Matthews.
Item Four - Summary of Material Change
On January 26, 2005 NovaGold Resources Inc. (AMEX, TSX: NG)
announced the final results received for the 26,000 meter (85,000 feet) Drill
Program at Galore Creek.
Highlights from recently discovered West Fork zone include:
|
|
|
o
|
Drill Hole GC04-476 which
intersected three composite intervals totaling 169.2 meters of 1.13% Copper
Equivalent
(1)
or 1.86 g/t Gold Equivalent mineralization.
|
|
|
|
o
|
Drill Hole GC04-496 which intersecting
84.7 meters of 1.44% Copper Equivalent or 2.36 g/t Gold Equivalent mineralization.
|
|
|
|
o
|
Drill Hole GC04-498 intersected two composite
intervals totaling 122.0 meters of 1.34% Copper Equivalent or 2.20
g/t Gold Equivalent mineralization.
|
Highlights from infill and offset drilling of extensions to the Main Central deposit
include:
|
|
|
o
|
Drill Hole GC04-475 intersected
five composite intervals totaling 173.2 meters of 1.47% Copper Equivalent
or 2.41 g/t Gold Equivalent mineralization including 22.2 meters of 4.61%
Copper Equivalent or 7.58 g/t Gold Equivalent.
|
|
|
|
o
|
Drill Hole GC04-488 intersected
three composite intervals totaling 168.6 meters of 1.69% Copper Equivalent
or 2.78 g/t Gold Equivalent mineralization.
|
|
|
|
o
|
Drill Hole GC04-501 intersected
five composite intervals totaling 180.5 meters of 1.60% Copper Equivalent
or 2.63 g/t Gold Equivalent mineralization including 52.0 meters of 2.28%
Copper Equivalent or 3.74 g/t Gold Equivalent mineralization.
|
Highlights from offset drilling at the Southwest deposit include:
|
|
|
o
|
Drill Hole GC04-502 intersected
four composite intervals totaling 242.7 meters of 1.39% Copper Equivalent
or 2.28g/t Gold Equivalent mineralization.
|
NovaGold Resources Inc. also announced that independent resource
estimates by Hatch Ltd. have been initiated for the Junction Zone, West Fork
and Southwest/Central Deposit based on updated 3D geologic models. Results are
anticipated during the next few months.
NovaGold Resources Inc. also announced that it has appointed
an Executive VP for NovaGold Canada/General Manager Galore Creek Project.
Item Five - Full Description of Material Change
On January 26, 2005 NovaGold Resources Inc. (AMEX, TSX: NG)
announced the final results received for the 26,000 meter (85,000 feet) Drill
Program at Galore Creek.
Highlights from recently discovered West Fork zone include:
|
|
|
o
|
Drill Hole GC04-476 which
intersected three composite intervals totaling 169.2 meters of 1.13% Copper
Equivalent
(1)
or 1.86 g/t Gold Equivalent mineralization.
|
|
|
|
o
|
Drill Hole GC04-496 which
intersecting 84.7 meters of 1.44% Copper Equivalent or 2.36 g/t Gold Equivalent
mineralization.
|
|
|
|
o
|
Drill Hole GC04-498 intersected
two composite intervals totaling 122.0 meters of 1.34% Copper Equivalent
or 2.20 g/t Gold Equivalent mineralization.
|
Highlights from infill and offset drilling of extensions to the Main Central deposit
include:
|
|
|
o
|
Drill Hole GC04-475 intersected
five composite intervals totaling 173.2 meters of 1.47% Copper Equivalent
or 2.41 g/t Gold Equivalent mineralization including 22.2 meters of 4.61%
Copper Equivalent or 7.58 g/t Gold Equivalent.
|
|
|
|
o
|
Drill Hole GC04-488 intersected
three composite intervals totaling 168.6 meters of 1.69% Copper Equivalent
or 2.78 g/t Gold Equivalent mineralization.
|
|
|
|
o
|
Drill Hole GC04-501 intersected
five composite intervals totaling 180.5 meters of 1.60% Copper Equivalent
or 2.63 g/t Gold Equivalent mineralization including 52.0 meters of 2.28%
Copper Equivalent or 3.74 g/t Gold Equivalent mineralization.
|
Highlights from offset drilling at the Southwest deposit include:
|
|
|
o
|
Drill Hole GC04-502 intersected four
composite intervals totaling 242.7 meters of 1.39% Copper Equivalent
or 2.28g/t Gold Equivalent mineralization.
|
NovaGold Resources Inc. also announced that independent resource
estimates by Hatch Ltd. have been initiated for the Junction Zone, West Fork
and Southwest/Central Deposit based on updated 3D geologic models. Results are
anticipated during the next few months.
NovaGold Resources Inc. also announced that it has appointed
an Executive VP for NovaGold Canada/General Manager Galore Creek Project.
Results Confirm Potential for Further Resource Expansion
at Galore Creek
The 2004 drill program at the Galore Creek project in Northwestern
British Columbia delineated new resources at the Junction, Copper Canyon and
West Fork Zones and expanded and upgraded previously identified resources at
the Southwest and Central Deposits. A total of 84 drill holes were completed
during the season totaling 26,000 meters or 85,000 feet. Overall results from
the
drill program have been beyond expectations with new gold,
silver and copper resource estimates for the project anticipated to be completed
over the next several months for use in a Pre-Feasibility level study by mid-2005.
Results have demonstrated that all mineralized zones at the
Galore Creek project remain open to expansion. In the main Central Deposit,
a series of offset drill holes have shown that known areas of higher-grade mineralization
remain open down dip. At the northernmost edge of the Central deposit, drill
hole GC04-475 returned 173.2 meters of 1.47% Copper Equivalent or 2.41 g/t Gold
Equivalent mineralization grading 0.61% Copper, 1.34 g/t Gold and 4.81 g/t Silver
including 22.6 meters of 4.61% Copper Equivalent or 7.58 g/t Gold Equivalent
mineralization grading 1.72% Copper, 4.55 g/t Gold, and 13.62 g/t Silver.
New copper, gold and silver mineralization at the Central
deposit has also been discovered at depth in the Bountiful zone, a large resource
open to significant expansion below the Central deposit. A deep sensing Induced
Polarization (IP) survey was completed across portions of the property and indicates
significant potential for the Bountiful zone. A largely untested IP anomaly
extends from the Bountiful zone to the east of the Central deposit and is nearly
4 kilometers in length, varying from 500 meters to as much as 1 kilometer in
width.
Additional drill holes targeted below the Central deposit
to the north also returned significant intervals including drill hole GC04-488
which cut 168.6 meters of 1.69% Copper Equivalent or 2.78 g/t Gold Equivalent
mineralization grading 1.45% Copper, 0.20 g/t Gold, and 13.47 g/t Silver. Follow-up
work on the Central and Bountiful zones is planned for 2005.
Further north along strike of the main Central deposit, a
first phase exploration program was also completed on the adjoining Grace property
under option from Pioneer Metals Corporation. Six diamond drill holes totaling
1,430 meters (4,700 feet) were targeted on ground geophysical (IP) targets.
The results of the drilling program intercepted anomalous intervals of gold
and copper mineralization. Additional targets remain to be tested and further
work is planned on the Grace Property in 2005. Follow-up targeting will utilize
results from a high-resolution helicopter-borne magnetic and radiometric survey
completed during 2004.
To the south, drilling in the gap between the Central and
Southwest deposits has encountered mineralization that suggests the two pits
outlined in the 2004 Preliminary Economic Assessment study will likely join
to form a single larger pit in the upcoming Pre-feasibility study. A down-dip
offset below the Southwest pit as defined in the 2004 study has returned an
impressive 242.7 meters of 1.39% Copper Equivalent or 2.28 g/t Gold Equivalent
mineralization grading 0.79% Copper, 0.91 g/t Gold, and 4.90 g/t Silver. In
addition the Southwest zone remains open to the southeast toward the recently
discovered West Fork zone. Tables entitled “Central Deposit Significant
Drill Intercepts” and “Additional Significant Drill Intercepts”
were included in the release.
West Fork and Junction Zone Resource Estimates in Progress
At the newly discovered West Fork zone, drilling has encountered
high-grade copper, silver and gold mineralization developed in a strongly magnetic
breccia body. The highest grade areas begin near surface and could add significant
early high grade production. A follow-up detailed
ground magnetic survey combined with a larger scale airborne
magnetic survey has identified several similar untested magnetic features.
Drilling at West Fork has also encountered a significant new
flat-lying body of moderate to high grade mineralization varying from about
30 meters to as much as 170 meters in thickness. The thickest intercepts from
this zone remain open to the west and north suggesting a possible connection
with the Southwest deposit approximately 700 meters to the northwest. An independent
resource estimate for the deposit is currently being completed by Hatch and
will be available in the 1
st
quarter of 2005.
At the Junction zone, located 1 kilometer west of the Central
deposit, a total of 50 recent and historic drill holes have defined a significant
zone of gold, silver and copper mineralization starting at surface. An independent
resource estimate for the Junction deposit is currently in progress and will
be available early in the 1
st
quarter of 2005.
The 2004 Galore drill program and sampling protocol has been
under the direction and oversight of qualified person Scott Petsel, Senior Project
Geologist for NovaGold. A rigorous quality control and quality assurance protocol
was utilized on the project including blank and reference samples with each
batch of assays. All drill samples were analyzed by fire assay and ICP at ALS
Chemex Labs in Vancouver, B.C., Canada.
Executive VP NovaGold Canada/General Manager Galore Creek
Project Appointed
The Company is pleased to announce that Mr. Carl Gagnier has
joined the NovaGold management team as Executive Vice President, NovaGold Canada
and General Manager of the Galore Creek Project. Mr. Gagnier’s primary
responsibility will be for the engineering, environmental and government relations
functions pertaining to developing the Galore Creek project in northwestern
British Columbia. Mr. Gagnier formerly held key executive mining positions within
the Placer Dome Group including most recently as General Manager of the world
class Zaldivar Mine in Chile. His expertise in operations management, government
relations and project development will be a major asset to the Company as it
continues to develop the Galore Creek project.
2005 Galore Creek Exploration and Development Program
Planning is currently underway for an expanded exploration
and development program at Galore Creek in 2005. The exploration program is
targeted to begin late-May continuing through fall with an increase to 8 core
drills on site and a minimum of 50,000 meters (165,000 feet) of drilling in
preparation for a Feasibility Study in 2006.
As part of the current work on the project, Hatch Ltd. has
been retained to complete a Pre-Feasibility level study on Galore Creek that
integrates the new resources from West Fork, Junction and Copper Canyon, along
with an updated main Central/Southwest deposits. The study will look at increased
yearly production levels for the project and will refine estimates for capital
and operating costs, as well as look in more detail at site layout, metallurgy,
resource optimization scheduling, and development timelines. The results of
this work will be available in the second half of 2005 and will guide the Feasibility
level engineering programs for the project.
Work will concurrently proceed with further environmental
studies for the Galore Creek Environmental Assessment Report which is being
completed by RTEC the joint company comprised of Rescan Environmental Services
and the Tahltan Nation Development Corporation.
About the Galore Creek Project
The Galore Creek Project is located in Northwestern British
Columbia west of Highway 37 and 150 kilometers northeast of the tidewater shipping
port of Stewart, British Columbia. NovaGold has an option to acquire a 100%
interest in the Galore Creek gold-silver-copper project from subsidiaries of
Rio Tinto plc and Anglo American plc.
NovaGold has an option agreement with Eagle Plains Resources
Ltd. on the adjoining Copper Canyon property under which NovaGold may acquire
up to an 80% interest. NovaGold also has an option on the adjoining Grace property
with Pioneer Metals Corporation under which NovaGold may acquire a 60% interest
in the Grace claims. Including its surrounding claims, NovaGold controls 42,385
hectares or 104,735 acres in the Galore Creek district.
Item Six – Reliance on subsection 7.1(2) or (3) of
National Instrument 51-102
Not Applicable.
Item Seven - Omitted Information
Not Applicable.
Item Eight - Executive Officer
Robert J. (Don) MacDonald, Chief Financial Officer, Senior
Vice-President and Corporate Secretary, (604) 669-6227.
Item Nine – Date of Report
Executed this 28
th
day of January, 2005 at Vancouver,
British Columbia by Robert J. (Don) MacDonald, Chief Financial Officer, Senior
Vice-President and Corporate Secretary.
|
News Release
|
AMEX, TSX Symbol: NG
|
Final Drill Results Received from 2004 Galore
Creek Drill Program
26 January 2005 – Vancouver
NovaGold Resources
Inc. (AMEX, TSX: NG)
Highlights
|
•
|
Final Results Received
for 26,000 meter (85,000 feet) Drill Program at Galore Creek.
|
|
•
|
Highlights from
recently discovered West Fork zone include:
|
|
|
o
|
Drill Hole GC04-476 which
intersected three composite intervals totaling 169.2 meters of 1.13% Copper
Equivalent
(1)
or 1.86 g/t Gold Equivalent mineralization.
|
|
|
o
|
Drill Hole GC04-496 which
intersecting 84.7 meters of 1.44% Copper Equivalent or 2.36 g/t Gold Equivalent
mineralization.
|
|
|
o
|
Drill Hole GC04-498 intersected
two composite intervals totaling 122.0 meters of 1.34% Copper Equivalent
or 2.20 g/t Gold Equivalent mineralization.
|
|
•
|
Highlights from
infill and offset drilling of extensions to the Main Central deposit include:
|
|
|
o
|
Drill Hole GC04-475 intersected
five composite intervals totaling 173.2 meters of 1.47% Copper Equivalent
or 2.41 g/t Gold Equivalent mineralization including 22.2 meters of 4.61%
Copper Equivalent or 7.58 g/t Gold Equivalent.
|
|
|
o
|
Drill Hole GC04-488 intersected
three composite intervals totaling 168.6 meters of 1.69% Copper Equivalent
or 2.78 g/t Gold Equivalent mineralization.
|
|
|
o
|
Drill Hole GC04-501 intersected
five composite intervals totaling 180.5 meters of 1.60% Copper Equivalent
or 2.63 g/t Gold Equivalent mineralization including 52.0 meters of 2.28%
Copper Equivalent or 3.74 g/t Gold Equivalent mineralization.
|
|
•
|
Highlights from
offset drilling at the Southwest deposit include:
|
|
|
o
|
Drill Hole GC04-502 intersected
four composite intervals totaling 242.7 meters of 1.39% Copper Equivalent
or 2.28 g/t Gold Equivalent mineralization.
|
|
•
|
Independent resource
estimates by Hatch Ltd. have been initiated for the Junction Zone, West
Fork and Southwest/Central Deposit based on updated 3D geologic models.
Results are anticipated during the next few months.
|
|
•
|
Executive VP NovaGold
Canada /General Manager Galore Creek Project Appointed
|
Results Confirm Potential for Further Resource Expansion
at Galore Creek
The 2004 drill program at the Galore Creek project in Northwestern
British Columbia delineated new resources at the Junction, Copper Canyon and
West Fork Zones and expanded and upgraded previously identified resources at
the Southwest and Central Deposits. A total of 84 drill holes were completed
during the season totaling 26,000 meters or 85,000 feet. Overall results from
the drill program have been beyond expectations with new gold, silver and copper
resource estimates for the project anticipated to be completed over the next
several months for use in a Pre-Feasibility level study by mid-2005.
Results have demonstrated that all mineralized zones at the
Galore Creek project remain open to expansion. In the main Central Deposit,
a series of offset drill holes have shown that known areas of higher-grade mineralization
remain open down dip. At the northernmost edge of the Central deposit, drill
hole GC04-475 returned 173.2 meters of 1.47% Copper Equivalent or 2.41 g/t Gold
Equivalent mineralization grading 0.61% Copper, 1.34 g/t Gold and 4.81 g/t Silver
including 22.6 meters of 4.61% Copper Equivalent or 7.58 g/t Gold Equivalent
mineralization grading 1.72% Copper, 4.55 g/t Gold, and 13.62 g/t Silver.
New copper, gold and silver mineralization at the Central
deposit has also been discovered at depth in the Bountiful zone, a large resource
open to significant expansion below the Central deposit. A deep sensing Induced
Polarization (IP) survey was completed across portions of the property and indicates
significant potential for the Bountiful zone. A largely untested IP anomaly
extends from the Bountiful zone to the east of the Central deposit and is nearly
4 kilometers in length, varying from 500 meters to as much as 1 kilometer in
width.
Additional drill holes targeted below the Central deposit
to the north also returned significant intervals including drill hole GC04-488
which cut 168.6 meters of 1.69% Copper Equivalent or 2.78 g/t Gold Equivalent
mineralization grading 1.45% Copper, 0.20 g/t Gold, and 13.47 g/t Silver. Follow-up
work on the Central and Bountiful zones is planned for 2005.
Further north along strike of the main Central deposit, a
first phase exploration program was also completed on the adjoining Grace property
under option from Pioneer Metals Corporation. Six diamond drill holes totaling
1,430 meters (4,700 feet) were targeted on ground geophysical (IP) targets.
The results of the drilling program intercepted anomalous intervals of gold
and copper mineralization. Additional targets remain to be tested and further
work is planned on the Grace Property in 2005. Follow-up targeting will utilize
results from a high-resolution helicopter-borne magnetic and radiometric survey
completed during 2004.
To the south, drilling in the gap between the Central and
Southwest deposits has encountered mineralization that suggests the two pits
outlined in the 2004 Preliminary Economic Assessment study will likely join
to form a single larger pit in the upcoming Pre-feasibility study. A down-dip
offset below the Southwest pit as defined in the 2004 study has returned an
impressive 242.7 meters of 1.39% Copper Equivalent or 2.28 g/t Gold Equivalent
mineralization grading 0.79% Copper, 0.91 g/t Gold, and 4.90 g/t Silver. In
addition the Southwest zone remains open to the southeast toward the recently
discovered West Fork zone.
See Tables 1 and 2 below for new significant drill results
from the main target areas:
Table 1. 2004 Galore Creek Project – Central Deposit Significant Drill Intercepts
Drill Hole
Number
|
From
M
|
To
M
|
Width
M
|
Width
Feet
|
Gold
g/t
|
Silver
g/t
|
Copper
%
|
Gold
Equiv
g/t
|
Copper
Equiv
%
|
|
Central
|
|
|
|
|
|
|
|
|
|
|
GC04-0475
|
200.0
|
222.6
|
22.6
|
74.2
|
4.55
|
13.62
|
1.72
|
7.58
|
4.61
|
|
|
380.7
|
445.0
|
64.4
|
211.1
|
1.57
|
4.61
|
0.69
|
2.76
|
1.68
|
|
|
488.0
|
512.0
|
24.0
|
78.7
|
0.55
|
2.10
|
0.26
|
1.02
|
0.62
|
|
|
520.0
|
556.2
|
36.2
|
118.7
|
0.24
|
2.47
|
0.23
|
0.64
|
0.39
|
|
|
591.0
|
617.0
|
26.0
|
85.3
|
0.24
|
3.37
|
0.33
|
0.82
|
0.50
|
|
Total
|
|
|
173.2
|
568.1
|
1.34
|
4.81
|
0.61
|
2.41
|
1.47
|
|
GC04-0478
|
241.5
|
313.0
|
71.6
|
234.7
|
0.08
|
3.94
|
0.58
|
1.10
|
0.67
|
|
GC04-0484
|
22.2
|
82.4
|
60.2
|
197.5
|
0.23
|
57.25
|
1.55
|
3.62
|
2.20
|
|
GC04-0488
|
27.4
|
122.0
|
94.6
|
310.3
|
0.16
|
13.67
|
1.47
|
2.78
|
1.69
|
|
|
158.0
|
181.5
|
23.5
|
77.1
|
0.34
|
18.44
|
2.00
|
3.90
|
2.37
|
|
|
190.1
|
240.6
|
50.5
|
165.8
|
0.22
|
10.78
|
1.15
|
2.27
|
1.38
|
|
Total
|
|
|
168.6
|
553.1
|
0.20
|
13.47
|
1.45
|
2.78
|
1.69
|
|
GC04-0492
|
303.6
|
323.6
|
20.0
|
65.6
|
0.13
|
8.59
|
0.90
|
1.73
|
1.05
|
|
|
334.7
|
444.0
|
109.4
|
358.8
|
0.17
|
8.05
|
0.78
|
1.57
|
0.95
|
|
|
456.0
|
509.6
|
53.6
|
175.8
|
0.14
|
10.34
|
0.80
|
1.61
|
0.98
|
|
Total
|
|
|
182.9
|
600.1
|
0.16
|
8.78
|
0.80
|
1.60
|
0.97
|
|
GC04-0497
|
219.0
|
304.8
|
85.8
|
281.5
|
0.14
|
8.84
|
0.94
|
1.81
|
1.10
|
|
GC04-0501
|
271.0
|
321.0
|
50.0
|
164.0
|
1.02
|
3.14
|
0.50
|
1.89
|
1.15
|
|
|
386.0
|
414.0
|
28.0
|
91.9
|
1.81
|
7.02
|
0.72
|
3.09
|
1.88
|
|
|
430.0
|
451.0
|
21.0
|
68.9
|
1.51
|
7.97
|
0.89
|
3.09
|
1.88
|
|
|
466.3
|
518.3
|
52.0
|
170.7
|
2.12
|
7.45
|
0.92
|
3.74
|
2.28
|
|
|
532.5
|
561.9
|
29.4
|
96.6
|
0.22
|
3.71
|
0.53
|
1.15
|
0.70
|
|
Total
|
|
|
180.5
|
592.1
|
1.39
|
5.64
|
0.71
|
2.63
|
1.60
|
|
GC04-0503
|
8.3
|
76.8
|
68.5
|
224.7
|
0.76
|
12.38
|
1.75
|
3.83
|
2.33
|
Note: (1) Gold and Copper equivalent calculations use long-term average metal
prices of US$375/oz for gold, US$5.50/oz for silver and US$0.90/lb
for copper. Gold and Copper equivalent calculations reflect gross metal content
and have not been adjusted for metallurgical recoveries.
Table 2. 2004 Galore Creek Project – Additional Significant Drill Intercepts
Drill Hole
Number
|
From
M
|
To
M
|
Width
M
|
Width
Feet
|
Gold
g/t
|
Silver
g/t
|
Copper
%
|
Gold
Equiv
g/t
|
Copper
Equiv
%
|
|
SouthWest
|
|
|
|
|
|
|
|
|
|
|
GC04-0502
|
188.5
|
302.7
|
114.2
|
374.6
|
0.77
|
5.23
|
1.09
|
2.64
|
1.61
|
|
|
314.5
|
386.0
|
71.5
|
234.5
|
0.64
|
4.66
|
0.53
|
1.58
|
0.96
|
|
|
419.0
|
440.0
|
21.1
|
69.1
|
0.55
|
2.75
|
0.34
|
1.14
|
0.69
|
|
|
460.0
|
496.0
|
36.0
|
118.1
|
2.08
|
5.58
|
0.62
|
3.19
|
1.94
|
|
Total
|
|
|
242.7
|
796.3
|
0.91
|
4.90
|
0.79
|
2.28
|
1.39
|
|
GC04-0506
|
27.4
|
54.9
|
27.4
|
90.0
|
0.56
|
1.71
|
0.53
|
1.45
|
0.88
|
|
|
94.0
|
146.3
|
52.3
|
171.5
|
0.38
|
1.29
|
0.45
|
1.14
|
0.69
|
|
|
185.9
|
213.4
|
27.4
|
90.0
|
0.35
|
0.91
|
0.26
|
0.79
|
0.48
|
|
Total
|
|
|
107.1
|
351.5
|
0.42
|
1.30
|
0.42
|
1.13
|
0.69
|
|
West Fork
|
|
|
|
|
|
|
|
|
|
|
GC04-0476
|
146.0
|
186.0
|
40.0
|
131.4
|
0.58
|
7.27
|
0.45
|
1.42
|
0.87
|
|
|
206.8
|
284.0
|
77.2
|
253.2
|
0.43
|
6.78
|
0.92
|
2.03
|
1.24
|
|
|
290.0
|
342.0
|
52.0
|
170.5
|
0.34
|
4.68
|
0.93
|
1.93
|
1.17
|
|
Total
|
|
|
169.2
|
555.0
|
0.44
|
6.25
|
0.81
|
1.86
|
1.13
|
|
GC04-0483
|
57.3
|
84.0
|
26.7
|
87.6
|
1.22
|
4.23
|
1.19
|
3.24
|
1.97
|
|
|
150.0
|
192.0
|
42.0
|
137.8
|
0.14
|
2.21
|
0.48
|
0.96
|
0.58
|
|
Total
|
|
|
68.7
|
225.4
|
0.56
|
3.00
|
0.76
|
1.85
|
1.12
|
|
GC04-0486
|
20.4
|
59.0
|
38.6
|
126.6
|
0.82
|
3.17
|
0.70
|
2.01
|
1.22
|
|
GC04-0489
|
38.7
|
128.8
|
90.1
|
295.5
|
0.61
|
4.57
|
0.64
|
1.72
|
1.05
|
|
GC04-0491
|
135.0
|
155.0
|
20.0
|
65.6
|
0.18
|
1.24
|
0.21
|
0.54
|
0.33
|
|
|
288.0
|
310.0
|
22.0
|
72.2
|
0.22
|
3.67
|
0.74
|
1.50
|
0.91
|
|
Total
|
|
|
42.0
|
137.8
|
0.20
|
2.52
|
0.49
|
1.04
|
0.63
|
|
GC04-0496
|
190.6
|
275.3
|
84.7
|
277.9
|
0.47
|
7.66
|
1.08
|
2.36
|
1.44
|
|
GC04-0498
|
63.0
|
148.0
|
85.0
|
278.9
|
0.74
|
5.33
|
0.83
|
2.19
|
1.33
|
|
|
197.0
|
234.0
|
37.0
|
121.4
|
0.74
|
4.34
|
0.86
|
2.22
|
1.35
|
|
Total
|
|
|
122.0
|
400.3
|
0.74
|
5.03
|
0.84
|
2.20
|
1.34
|
|
GC04-0500
|
234.0
|
258.9
|
24.9
|
81.7
|
0.24
|
2.04
|
0.31
|
0.79
|
0.48
|
|
|
273.4
|
379.5
|
106.1
|
348.1
|
0.25
|
2.99
|
0.48
|
1.09
|
0.66
|
|
Total
|
|
|
131.0
|
429.8
|
0.25
|
2.81
|
0.45
|
1.03
|
0.63
|
|
GC04-0504
|
202.0
|
309.6
|
107.6
|
353.0
|
0.30
|
5.68
|
0.65
|
1.45
|
0.88
|
|
GC04-0505
|
205.0
|
267.0
|
62.0
|
203.4
|
0.34
|
3.97
|
0.47
|
1.17
|
0.71
|
|
|
293.4
|
361.8
|
68.4
|
224.4
|
0.51
|
4.78
|
0.63
|
1.61
|
0.98
|
|
Total
|
|
|
130.4
|
427.8
|
0.43
|
4.39
|
0.55
|
1.40
|
0.85
|
|
GC04-0508
|
131.5
|
161.0
|
29.5
|
96.8
|
0.27
|
4.96
|
0.51
|
1.17
|
0.71
|
|
GC04-0510
|
14.3
|
42.0
|
27.7
|
90.8
|
0.90
|
2.92
|
0.66
|
2.02
|
1.23
|
|
|
120.0
|
162.0
|
42.0
|
137.8
|
0.33
|
2.17
|
0.52
|
1.23
|
0.75
|
|
Total
|
|
|
69.7
|
228.6
|
0.56
|
2.47
|
0.58
|
1.54
|
0.94
|
Note: (1) Gold and Copper equivalent calculations use long-term
average metal prices of US$375/oz for gold, US$5.50/oz for silver and
US$0.90/lb for copper. Gold and Copper equivalent calculations reflect gross
metal content and have not been adjusted for metallurgical recoveries.
West Fork and Junction Zone Resource Estimates in Progress
At the newly discovered West Fork zone, drilling has encountered
high-grade copper, silver and gold mineralization developed in a strongly magnetic
breccia body. The highest grade areas begin near surface and could add significant
early high grade production. A follow-up detailed ground magnetic survey combined
with a larger scale airborne magnetic survey has identified several similar
untested magnetic features.
Drilling at West Fork has also encountered a significant new
flat-lying body of moderate to high grade mineralization varying from about
30 meters to as much as 170 meters in thickness. The thickest intercepts from
this zone remain open to the west and north suggesting a possible connection
with the Southwest deposit approximately 700 meters to the northwest. An independent
resource estimate for the deposit is currently being completed by Hatch and
will be available in the 1
st
quarter of 2005.
At the Junction zone, located 1 kilometer west of the Central
deposit, a total of 50 recent and historic drill holes have defined a significant
zone of gold, silver and copper mineralization starting at surface. An independent
resource estimate for the Junction deposit is currently in progress and will
be available early in the 1
st
quarter of 2005.
The 2004 Galore drill program and sampling protocol has been
under the direction and oversight of qualified person Scott Petsel, Senior Project
Geologist for NovaGold. A rigorous quality control and quality assurance protocol
was utilized on the project including blank and reference samples with each
batch of assays. All drill samples were analyzed by fire assay and ICP at ALS
Chemex Labs in Vancouver, B.C., Canada.
Executive VP NovaGold Canada/General Manager Galore Creek
Project Appointed
The Company is pleased to announce that Mr. Carl Gagnier has
joined the NovaGold management team as Executive Vice President, NovaGold Canada
and General Manager of the Galore Creek Project. Mr. Gagnier’s primary
responsibility will be for the engineering, environmental and government relations
functions pertaining to developing the Galore Creek project in northwestern
British Columbia. Mr. Gagnier formerly held key executive mining positions within
the Placer Dome Group including most recently as General Manager of the world
class Zaldivar Mine in Chile. His expertise in operations management, government
relations and project development will be a major asset to the Company as it
continues to develop the Galore Creek project.
2005 Galore Creek Exploration and Development Program
Planning is currently underway for an expanded exploration
and development program at Galore Creek in 2005. The exploration program is
targeted to begin late-May continuing through fall with an increase to 8 core
drills on site and a minimum of 50,000 meters (165,000 feet) of drilling in
preparation for a Feasibility Study in 2006.
As part of the current work on the project, Hatch Ltd. has
been retained to complete a Pre-Feasibility level study on Galore Creek that
integrates the new resources from West Fork, Junction and Copper Canyon, along
with an updated main Central/Southwest deposits. The study will look at increased
yearly production levels for the project and will refine estimates for capital
and operating costs, as well as look in more detail at site layout, metallurgy,
resource optimization scheduling, and development timelines. The results of
this work will be available in the second half of 2005 and will guide the Feasibility
level engineering programs for the project.
Work will concurrently proceed with further environmental studies
for the Galore Creek Environmental Assessment Report which is being completed
by RTEC the joint company comprised of Rescan Environmental Services and the
Tahltan Nation Development Corporation.
About the Galore Creek Project
The Galore Creek Project is located in Northwestern British
Columbia west of Highway 37 and 150 kilometers northeast of the tidewater shipping
port of Stewart, British Columbia. NovaGold has an option to acquire a 100%
interest in the Galore Creek gold-silver-copper project from subsidiaries of
Rio Tinto plc and Anglo American plc.
NovaGold has an option agreement with Eagle Plains Resources
Ltd. on the adjoining Copper Canyon property under which NovaGold may acquire
up to an 80% interest. NovaGold also has an option on the adjoining Grace property
with Pioneer Metals Corporation under which NovaGold may acquire a 60% interest
in the Grace claims. Including its surrounding claims, NovaGold controls 42,385
hectares or 104,735 acres in the Galore Creek district.
About NovaGold
NovaGold is a precious metals company focused on the exploration
and development of high quality mineral properties in Alaska and Western Canada.
NovaGold is advancing four of the largest undeveloped resources in North America:
the Galore Creek gold-silver-copper project, the Donlin Creek project in partnership
with Placer Dome, the Ambler project in partnership with subsidiaries of Rio
Tinto and the Company’s Nome, Alaska Operations. NovaGold has 65.8 million
shares outstanding, is well financed with no long-term debt, and one of the
largest resource bases of any exploration or development stage precious metals
company. More information is available online at: www.novagold.net.
For more information contact:
Greg Johnson
,
Vice President,
Corporate Communications and Strategic Development
E-mail: Greg.Johnson@NovaGold.net
(604) 669-6227 Toll Free 1-866-669-6227
Don MacDonald
, CA,
Senior
VP & CFO
E-mail: Don.MacDonald@NovaGold.net
(604) 669-6227 Toll Free 1-866-669-6227
Forward Looking Statements: This press release
contains forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995. Forward looking statements
are statements that are not historical facts and are subject to a variety of
risks and uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements, including,
risks related to exploration stage of the Company’s projects; market fluctuations
in prices for securities of exploration stage companies; uncertainties about
the availability of additional financing; uncertainties related to fluctuations
in gold prices and other risks and uncertainties described in the Company’s
registration statement on Form 40-F and Reports on Form 6-K filed with the Securities
and Exchange Commission. Although we believe the expectations reflected in our
forward looking statements are reasonable, results may vary, and we cannot guarantee
future results, levels of activity, performance or achievements.
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