NovaGold Resources Inc.: 1.4 Ounce Intercept in Rock Creek Development Drilling.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--June 4, 2003 Highlights -- First Phase Development Drilling Completed at Rock Creek Rock Creek may refer to:
Project. New Rock Creek drill results average 8 meters grading 3 grams per tonne gold (g/t) and include: RKDC03-124 with 24 meters grading 2.7 g/t; RKDC03-126 with 20 meters grading 3.4 g/t; and RKDC03-129 with 10 meters grading 10.3 g/t including 2 meters grading 46.6 g/t. -- Norwest and AMEC AMEC African Methodist Episcopal Church AMEC Agent Mediated Electronic Commerce AMEC Arctic Military Environmental Cooperation AMEC Advanced Micro-Fabrication Equipment Inc AMEC Association of Media Evaluation Companies on track to complete an Independent Economic Assessment Study for Rock Creek by mid-summer 2003. -- Donlin Creek Development Team in Place, Pre-Feasibility Study On Track. -- Joe Piekenbrock Named as Vice President of Exploration. Independent Engineering Work Underway, Excellent First Stage Drill Results Received Norwest Corporation and AMEC E&C Services Ltd, both engineering services companies, are on-track to complete an independent Economic Assessment Study and updated resource estimate for the Rock Creek Project by mid-Summer 2003. Two diamond core drills were mobilized to the Rock Creek Project in early April and the first phase of feasibility drilling was completed as part of a total planned 9,000-meter drill campaign. The first phase program was a total of 1482 meters in 12 HQ diamond core holes. The second phase drill program will start in late June and is anticipated to be complete in the fall of 2003. The drill program is designed to increase the in-fill drill definition to a level sufficient for a Feasibility Study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. and production decision in 2004. Highlights of assay results from the first phase drilling using a 1 g/t cut-off grade average a width of 8 meters grading 3 g/t gold. This supports previous results and matches the average grade of the deposit. Visible gold was noted in five of the twelve first phase drill holes.
Table of Rock Creek First Development Phase Drill Results
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DHID Interval Length Gold Length Gold Type
(m) (m) (g/t) (ft) (oz/t)
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RKDC03-118 44.0 to 50.0 6.0 3.4 19.7 0.10 HQ core
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RKDC03-119 25.0 to 29.0 4.0 2.2 13.1 0.06 HQ core
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RKDC03-120 44.0 to 50.0 6.0 1.4 19.7 0.04 HQ core
And 74.0 to 82.0 6.0 1.9 19.7 0.06
And 140.0 to 146.0 6.0 1.8 19.7 0.05
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RKDC03-122 54.0 to 58.0 4.0 2.2 13.1 0.06 HQ core
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RKDC03-123 20.0 to 24.0 4.0 1.6 13.1 0.05 HQ core
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RKDC03-124 9.0 to 13.0 4.0 2.0 13.1 0.06 HQ core
And 21.0 to 29.0 8.0 1.4 26.2 0.04
And 41.0 to 45.0 4.0 1.4 13.1 0.04
And 101.0 to 125.0 24.0 2.7 78.7 0.08
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RKDC03-126 0.0 to 15.0 15.0 1.9 49.2 0.06 HQ core
And 33.0 to 37.0 4.0 3.0 13.1 0.09
And 79.0 to 99.0 20.0 3.4 65.6 0.10
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RKDC03-129 51.0 to 61.0 10.0 10.3 32.8 0.30 HQ core
Including 57.0 to 59.0 2.0 46.6 6.6 1.36
And 89.0 to 97.0 8.0 3.0 26.2 0.09
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The Rock Creek Project is located seven miles by road from the city of Nome, Alaska Nome is a city located on the southern Seward Peninsula coast of Norton Sound in the Nome Census Area of the U.S. state of Alaska. According to 2005 Census Bureau estimates, the city population was 3,590. . The district has historically produced more than 4 million ounces of gold from the nearby alluvial deposits. The million-plus-ounce Rock Creek deposit is exposed at surface and is amenable to open-pit mining Open-pit mining, also known as opencast mining, refers to a method of extracting rock or minerals from the earth by their removal from an open pit or borrow. with a low strip ratio. At current gold prices management believes that the project could be rapidly moved to a production decision in 2004, providing near term gold production of an estimated 100,000 ounces of gold per year to NovaGold prior to the Donlin Creek deposit coming on-stream. Metallurgical test-work at Rock Creek has shown it to have favorable metallurgy with over 92% recovery using conventional cyanidation with an average of 67% of the gold recovered using a coarse -65 mesh grind and inexpensive gravity methods. Additional metallurgical test work is in progress as part of the on-going Independent Economic Assessment Study anticipated in mid-summer 2003. Mine engineering work has been initiated at Rock Creek for tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. impoundment An action taken by the president in which he or she proposes not to spend all or part of a sum of money appropriated by Congress. The current rules and procedures for impoundment were created by the Congressional Budget and Impoundment Control Act of 1974 (2 U.S.C.A. and site facilities. Environmental baseline studies for mine permitting have also been initiated as part of the permitting process. The Alaska legislature The Alaska Legislature is the state legislature of the U.S. state of Alaska. It is a bicameral institution, consisting of the lower Alaska House of Representatives, with 40 members, and the upper house Alaska Senate, with 20 members. has approved funds for upgrading the Glacier Creek road from Nome that accesses the Rock Creek deposit. Design work on the road project is anticipated to begin this summer. The Rock Creek deposit remains open along strike and down dip and there is potential to significantly increase the gold resource with further drilling. Highly anomalous gold in surface samples extend from the areas of known gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. for over a kilometer and additional targets occur along a 10-kilometer trend. This drill program, sampling protocol and news release were completed with oversight by qualified person Phil St. George, Vice President of Exploration and Project Manager for NovaGold Resources NovaGold Resources Inc. (TSX: NG, (AMEX:NG)) is a leading exploration and development company with three of the world’s largest undeveloped gold and copper deposits located in Alaska and Western Canada. These projects include the 28. . Database quality control and quality assurance standards were overseen by the independent engineering firm AMEC E&C Services Limited of Vancouver. All drill samples were analyzed by fire assay at ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. Chemex Labs in Vancouver, B.C., Canada. Donlin Creek Development Team in Place, Pre-Feasibility in Progress The Donlin Creek Pre-Feasibility Study is in progress and is anticipated to be completed in the fourth quarter of 2003. Placer Dome's project development team is in place and engineering studies are in progress to look at detailed geotechnical design, mine layout and metallurgy. Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. is looking at several innovative approaches to processing lower grade sulfide ores at Donlin which would reduce costs and further improve the economics of the project. Studies currently underway include using a process called Geobiotics or Heap-oxidation that Placer Dome has been developing and refining at some of its other operations. With this technology, the naturally occurring sulfide oxidation process is accelerated using bacterial oxidation Bacterial oxidation is a bio-hydrometallurgical process developed for pre-cyanidation treatment of refractory gold ores or concentrates. The bacterial culture is a mixed culture of Thiobacillus ferrooxidans, Thiobacillus thiooxidans and and the gold thereby liberated from the sulfides. The oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. material is then processed by using a conventional CIL (Common Intermediate Language) The ECMA version of the Microsoft Intermediate Language (MSIL). See CLI. 1. (project) CIL - Component Integration Laboratories. 2. (language) CIL - Common Intermediate Language. extraction plant. This approach has the potential to dramatically reduce overall processing and capital costs as well as reducing potentially the cut-off grade of material classified as resource. Independent testwork on bio-oxidation demonstrates that the Donlin ores are very responsive to bacterial oxidation requiring only 20%-30% oxidation to liberate more than 90% of the contained gold. The State of Alaska has allocated US$5 million to upgrade the Donlin access road to the Kuskokwim River The Kuskokwim River (Kusquqvak in Central Yup'ik) is a river, approximately 724 mi (1,165 km) long, in southwest Alaska in the United States. It provides the principal drainage for an area of the remote Alaska Interior on the north and west side of the Alaska Range, with design work beginning this year. The Joint Venture also continues to work closely with its partners the Calista Native Corporation and the Kuskokwim Native Corporation along with the State of Alaska and US Federal Government to pursue expansion of the regional power infrastructure concurrent with the development of the Donlin Creek Project. NovaGold will continue to regularly report on the development progress at Donlin Creek as the joint venture advances the project through feasibility and to a production decision. NovaGold Adds to Management Team, New Director Elected The Company is also pleased to announce the recent election of the Board of Directors of the Company and the addition of new members to the NovaGold Management Team to continue the company's rapid growth. At the Company's recent Annual General Meeting the following Directors were elected: George Brack n. 1. An opening caused by the parting of any solid body; a crack or breach; a flaw. Stain or brack in her sweet reputation. - J. Fletcher. 1. Salt or brackish water. , Gerald McConnell, Cole McFarland, Clynton Nauman, Jim Phillip and Rick Van Nieuwenhuyse. The Board of Directors of NovaGold wishes to thank Mr. Pierre Besuchet, who recently retired as a director, for his years of valuable service to the Company. Mr. Phil St. George has stepped down as Vice President of Exploration to become President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Holitna Energy Corporation, a company focused on developing natural gas and subsequent electricity for the Donlin Creek Gold Project and the Kuskokwim Region. Management wishes to thank Mr. St. George for his years of valuable contribution to the Company and looks forward to working closely with Holitna Energy Corporation to develop a cost effective local energy supply for the Donlin Creek Gold Project. The Board of Directors has appointed Mr. Joe Piekenbrock as Vice President of Exploration for NovaGold. Mr. Piekenbrock has been a key member of the Donlin Creek exploration team for NovaGold during 2002 and 2003 and brings with him over 25 years experience in the minerals exploration and development sector. He has managed exploration from grassroots discovery through advanced acquisitions most recently in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. for Placer Dome and Brett Resources. In addition, he brings a wealth of northern experience through years of exploration for both Cominco and Placer Dome in Alaska. Mr. Piekenbrock holds a Bachelor of Arts Degree in Geology from the University of Colorado University of Colorado may refer to:
About NovaGold NovaGold is a precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. company focused on the exploration and development of gold properties in North America. NovaGold with 42.6 million shares outstanding is well financed, has no debt, and one of the largest unhedged gold resource bases of any junior gold company. The shares are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (symbol NRI NRI Nomura Research Institute (Tokyo, Japan) NRI Non-Resident Indian NRI Natural Resources Institute NRI National Resources Inventory NRI Networked Readiness Index NRI Natural Resources Inventory NRI National Research Institute ). The Company's recently released 2002 Annual Report and other information are available online at: www.novagold.net |
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