VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/25/13 -- NOVAGOLD RESOURCES INC. (TSX: NG)(NYSE MKT: NG) announced the results of a 27,873-meter resource in-fill and geotechnical drilling program conducted during 2012 on its 50%-owned Galore Creek project, a large copper-gold-silver project located in the Territory of the Tahltan Nation in northwestern British Columbia, Canada. The Galore Creek property is held by a partnership in which NOVAGOLD and Teck Resources Inc. ("Teck") each own a 50% interest. NOVAGOLD published the Galore Creek Pre-Feasibility study (PFS) on July 27, 2011. The 2012 in-fill drilling campaign not only confirmed previously reported drill results but, more importantly, demonstrated the potential for substantial extension of the mineralized area beyond the limits of the current PFS pit. Additionally, Galore Creek Mining Company (GCMC), operator of the project, made a new discovery called the Legacy zone, a 700-meter long mineralized zone, as currently defined by drilling, that remains open in all directions and is located adjacent to the Central Pit.
The objectives of the 2012 drill program were to:
1. Upgrade Inferred resources to Measured and Indicated classification;2. Obtain geotechnical data to support future mine planning and engineering; and3. Support preparation of a new resource estimate for feasibility-level mine planning and design.
GCMC completed 4,580 meters of geotechnical, hydrogeological, and overburden drilling to support future mine planning and engineering. In addition, a series of resource in-fill holes, totaling 23,293 meters, were completed within the Central Pit.
Highlights include:
-- Discovery of the new Legacy zone; which includes the following intercepts: GC12-0849 intersected 86 meters grading 1.31% copper, 0.46 g/t gold and 6.0g/t silver GC12-0886 intersected 245 meters grading 0.83% copper, 0.15 g/t gold and 7.2 g/t silver GC12-0877 intersected 101 meters grading 1.01% copper, 0.39 g/t gold and 5.6 g/t silver GC12-0845 intersected 229 meters grading 0.55% copper, 0.17 g/t gold and 7.2 g/t silver-- Multiple significant intersections from the Central Pit (including Bountiful zone) resource in-fill program: GC12-0847 intersected 122 meters grading 1.02% copper, 0.28 g/t gold and 9.1 g/t silver GC12-0842 intersected 207 meters grading 0.84% copper, 0.21g/t gold and 9.3 g/t silver GC12-0838 intersected 193 meters grading 0.59% copper, 0.18 g/t gold and 5.8 g/t silver
"Last year's exploration program yielded excellent drill results with impressive widths and gold grades which have extended the mineralization well beyond the current pit," said Greg Lang, NOVAGOLD's President and Chief Executive Officer. "More importantly, 2012 drilling at Galore Creek led to the discovery of the new Legacy zone located in close proximity to the projected pit. With these positive drill results, we are now well positioned to update our reserves and resources and further improve the overall economics of this project as we pursue the sale of our share of this exceptional asset. If developed as envisioned in the PFS, Galore Creek is expected to become the largest and lowest-cost copper mine in Canada, one of the last geo-politically safe jurisdictions where copper miners can build new mines. This factor is particularly important considering the critical challenges copper miners face today in jurisdictions such as the Democratic Republic of Congo, Indonesia, Argentina, Mongolia and Peru."
