BRITISH COLUMBIA Vancouver-based NOVAGOLD RESOURCES has updated the resources estimate for the Galore Creek project near Stewart, in the northwestern part of the province. The latest estimate is 13.7 million oz of gold and 12 billion lb of copper.
The overall Galore Creek resource has a 0.35% Cu equivalent grade. In the measured and indicated resources are 516.7 million tonnes grading 0.59% Cu, 0.36 g/t Au and 4.54 g/t Ag. The inferred resource stands at 578.9 million tonnes grading 0.41% Cu, 0.42 g/t Au and 4.35 g/t Ag. Complete resource tables are posted at www.NovaGold.com.
NovaGold and HATCH LTD. are working on a pre-feasibility study based on mining 60,000 tonnes/day. It should be completed in the second half of 2005. Environmental baseline monitoring and preparation of the final environmental assessment report is proceeding.
NovaGold can acquire a 100% interest in Galore Creek from subsidiaries of RIO TINTO and ANGLO AMERICAN. It also has options to acquire up to 80% of the adjoining Copper Canyon property (from EAGLE PLAINS RESOURCES) and up to 60% of the Grace claims (from PIONEER METALS). NovaGold owns claims in the surrounding area.