NovaGold builds land position in Baie Verte, Newfoundland

Toronto-listed NovaGold Resources has bought four properties on the Baie Verte Peninsula in north-central Newfoundland.

The properties are near the company’s Pine Cove deposit, which has a minable reserve of 1.9 million tonnes grading 3.19 grams gold per tonne. On the Pacquet property, previous exploration by Hemlo Gold identified five separate zones at surface. NovaGold estimates one zone, with open-pit potential, contains about 350,000 tonnes at an average grade of 4.5 grams per tonne.

Also optioned are a 838-hectare property on the eastern boundary of Pine Cove and a 32-hectare area covering the western extension of the Anoroc gold discovery made on the Pine Cove ground in 1989.

The remaining property hosts the tailings of the former Rambler gold mine. NovaGold says that, in addition to its potential for re-processing tailings, the mine has underground copper-gold potential. MPH Consulting calculated a minable reserve of 100,000 tonnes averaging 5.6% copper and 0.069 oz. gold per tonne to a depth of 60 metres. Borehole geophysics confirms the zone extends to the 1800 level.

“The increased land position provides excellent opportunities for exploration and development,” said President Gerald McConnell.