The Conversation (0)
(TheNewswire)
 | |||||||||
 | |||||||||
Spring program to follow 2022 success at Baie Verte
Leocor Gold Inc. (the “ Company ” or “ Leocor ”) (CSE:LECR ) , ( OTC:LECRF) is pleased to announce that RAB drilling has begun on the Dorset Project within the Company’s Baie Verte District landholdings, Newfoundland, Canada.
The Baie Verte District is home to the Point Rousse gold mine now owned by Signal Gold and the Ming copper and gold mine belonging to Rambler Metals and Mining (Figure 1).
“We are excited to announce the beginning of our RAB drilling at Dorset as part of Leocor’s planned $1.2 million 2023 exploration program,” said CEO, Alex Klenman. “RAB drilling is a very mobile and cost-effective tool we are utilizing to target the sub-surface with instant XRF analysis and downhole optical viewing. The Dorset Project remains a top priority for Leocor based on our impressive inaugural RAB results from 2022, and we’re looking forward to continuing the project’s development,” continued Mr. Klenman.
Figure 1. Regional location of Leocor’s Baie Vert District landholdings
Dorset (Baie Verte District)
A total of 16 RAB drill holes are planned for the Dorset Project. RAB drilling will continue to test and expand on the Sharpie Ridge gold occurrence with seven RAB holes where in late 2022 drilling returned 2.32 g/t Au over 10.67 m and 10.2 g/t Au over 1.52m . An additional two RAB holes will be completed at Copper Creek target where in 2022 drilling returned 0.58% % Cu over 9.12m, which includes 1.095% Cu over 1.52m .
Two RAB holes will be completed at the Dorset Gunshot/Braz occurrence where in 2022 drilling returned 3.18 g/t Au over 4.57 m . An additional seven RAB holes will target the Dorset Trend where a large 1 x 2 km gold-in-soil anomaly was outlined by 2022 soil sampling efforts (Figure 2). The extensive gold-in-soil anomaly is “one of the most clustered and anomalous” he has seen, says Leocor’s Technical Advisor, Shawn Ryan.
Figure 2. Planned 2023 RAB drill holes at the Dorset Project
RAB Drilling
The RAB drilling will be completed by GroundTruth Exploration Inc. using their “GT RAB Drill,” a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes can be up to 100m in depth and are paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor’s Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert’s Arm, Hodge’s Hill, and Leamington, (collectively “Western Exploits”) representing over 144,000 hectares (1,440 square kilometers) of prospective exploration ground.
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email : aklenman@leocorgold.com
Telephone : (604) 970-4330
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor’s issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LECR:CC
Leocor Gold
Overview
Gold is once again drawing the attention of investors as prices continue to rise, recently surging above US$2,000. Many investors are looking beyond commodity trading and placing their bets on gold mining companies to further capitalize on this upward trend. This has shifted the focus to proven gold mining jurisdictions, such as Nevada’s booming gold mining industry. Yet, while Nevada is well known for gold — there’s new jurisdiction that’s quickly gaining traction — one that is severely underexplored: Newfoundland and Labrador.
Mining companies are flocking to the region hoping to find the next big deposit. Over 80,000 claims were staked in Newfoundland between January 2021 and July 2021. The presence of gold in Newfoundland has been known since the 1980s, but due to the price of gold at the time, companies walked away from promising exploration results. Now, improved exploration technology and a soaring gold price is making the mining world take a second look at Newfoundland, and it likes what it sees. Billionaire Eric Sprott recently invested in multiple junior gold mining companies, including four exploration companies in Newfoundland, attracting even more attention to the province.
Discoveries made by legendary prospector Shawn Ryan are partially responsible for the renewed interest in Newfoundland. Ryan is directly responsible for the discovery of millions of ounces of gold in the Yukon, where he worked for decades. But now Newfoundland has caught his attention after his signature soil-sample technique yielded promising results. Coupled with intriguing discoveries made by other mining companies, Newfoundland is experiencing a historic gold rush. Even though Ryan found success in the Yukon, he recently said, "If I was 25 years younger and I found Newfoundland first instead of the Yukon, I’d be in Newfoundland.”
Leocor Gold (CSE:LECR, OTC:LECRF, FRA:LGO) is a junior exploration and development company focused on undervalued and underexplored gold projects throughout Newfoundland and Labrador, Canada. The company believes in the upside potential of the undiscovered or underdeveloped gold mineralizations within its three district-scale holdings spread throughout the region. On top of acquiring promising assets, the company is led by a strong management team with extensive experience in the mining industry, including the renowned prospector, Shawn Ryan.
The company’s district-scale portfolio covers 153,000 hectares of potential gold claims in three notable, yet separate, mining districts: The Western Exploit District, Baie Verte District, and the Gander District. Historic exploration data has already confirmed multiple high-grade gold mineralizations, while Ryan’s exploration data suggest new discoveries in entirely unexplored territory.
Alex Klenman, CEO, explained why the company is so optimistic about its holdings during an interview with INN, “Very few places on the planet, where you're going to find such an underexplored geologically favorable theater to work in. And we get that in Newfoundland."
Leocor Gold’s flagship project is within the Baie Verte District. Known as the Dorset Project, this asset contains two notable mineralized quartz veins, which are often indicative of gold deposits. Dorset encompasses 600-hectares with known occurrences of gold mineralizations, including extensive surface showings. Additionally, other projects within the district have promising historic results alongside new encouraging exploration data.
In 2022, Leocor Gold entered into an option agreement to purchase the Joes Lake Property consisting of a 300-hectare exploration-stage parcel also located in Newfoundland.
The company is led by an experienced management team with decades of experience in the mining industry. Shawn Ryan is leading the exploration charge as a technical advisor, while CEO Alex Klenman brings 30 years of experience in business development, finance, marketing and corporate communications. Heidi Gutte, CFO, brings her expertise in corporate financing, taxation and overall accounting experience to the company. Alexander Stares and Newman Wayne Reid, directors, both have decades of experience in exploration and mining to add additional expertise to the team.
Company Highlights
- Leocor Gold is focused on cultivating its impressive asset portfolio of unexplored and underdeveloped gold projects within Newfoundland and Labrador
- The company’s asset portfolio covers a combined 144,000 hectares of prospective gold claims covering three notable mining districts: Baie Verte District, the Western Exploit District and the Gander District. Each district contains multiple individual projects with exciting new and historic exploration data
- The Dorset Project, located within Baie Verte, is the company’s flagship project due to the confirmed presence of quartz mineralization veins and abundant surface showings
- Leocor Gold has an option agreement to purchase the Joes Lake Property consisting of a 300-hectare exploration-stage parcel also located in Newfoundland.
- Acclaimed prospector Shawn Ryan leads the exploration team, and his track record of uncovering mineralizations resulting in millions of ounces of gold strengthens confidence in the company’s future
- In addition to Ryan, the rest of the management team brings decades of experience in their respective fields, including corporate management, financing and mining exploration
Get access to more exclusive Gold Investing Stock profiles here
Leocor Gold Announces RAB Drill Program
Leocor Gold Inc. (the " Company " or " Leocor ") (CSE:LECR ) ( OTC:LECRF) is pleased to provide an exploration update for its gold projects located in Newfoundland, Canada (Figure 1). With over 150,000 hectares within the Central Newfoundland Gold Belt, targeting and exploration plans have been finalized for the Dorset and Startek gold properties. The Central Newfoundland Gold Belt hosts such notable deposits such as Marathon Gold's Valentine gold project (TSX:MOZ) and the Queensway gold project currently being drilled by New Found Gold (TSXV:NFG) (Figure 2
Click Image To View Full Size
Figure 1. Regional land positions of Leocor Gold in Newfoundland.
Click Image To View Full Size
Figure 2. Gold mines and deposits of the Central Newfoundland Gold Belt.
Dorset (Baie Verte District)
RAB drilling will continue to test and expand on the Sharpie Ridge gold occurrence with 6-8 RAB holes where in late 2022 RAB holes returned 2.32 g/t Au over 10.67 m and 10.2 g/t Au over 1.52m . An additional four RAB holes will be completed at Copper Creek target. Two more RAB holes will be completed at the Dorset Gunshot/Braz occurrence where in 2022 RAB drilling returned 3.18 g/t Au over 4.57 m . An additional six RAB holes will target the Dorset Trend where a large 1 x 2 km gold-in-soil anomaly was outlined by 2022 soil sampling efforts. Additional exploration efforts will include 45-line km of an UAV magnetic survey on the western edge of the Property and general prospecting and mapping (Figure 3). Exploration will commence as soon as ground conditions permit, anticipated to be late April and into May.
Click Image To View Full Size
Figure 3. Exploration targeting for the 2023 field season at Dorset.
Startrek
The Startrek Property contains 50+ gold occurrences through previous trenching and grab samples. Several areas of epithermal gold mineralization have been identified on surface from 2022 rock sampling and historical data. The proposed 2023 field season will focus largely on the Stallion Trend where 2022 grab samples by Leocor reported values up to 40 g/t Au with coincident arsenic and antimony in quartz stockwork veining. Integrating results from ground geophysics, and detailed soil sampling will provide viable data to potentially conduct 22 RAB holes designed to test geophysical contacts and conductive bodies at depth that relate to mineralization on surface. A total of 345 line km of an UAV magnetic survey is also proposed over the South Benton and Startrek SW areas during the 2023 field season. (Figure 4).
Click Image To View Full Size
Figure 4. Exploration targeting for the 2023 field season at Startrek.
RAB Drilling
The RAB drilling will be completed by GroundTruth Exploration Inc. using their "GT RAB Drill," a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes can be up to 100m in depth and are paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
"We are eager to get to work in the upcoming 2023 field season and building on the success of 2022," said CEO, Alex Klenman. "We take a very systematic approach to exploration and out technical team has provided the expertise to efficiently and cost effectively advance these projects to the next exploration level. We look forward to providing our shareholders with additional positive results as the field season progresses," continued Mr. Klenman.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration.
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email : aklenman@leocorgold.com
Telephone : (604) 970-4330
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor's issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Copyright (c) 2023 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Leocor Gold Provides Exploration Update
(TheNewswire)
| |||||||||
| |||||||||
Leocor Gold Inc. (the " Company " or " Leocor ") (CSE:LECR ) ( OTC:LECRF) is pleased to provide an exploration update for its over 150,000-hectare combined gold projects located in Newfoundland, Canada. The following summaries encompass exploration work to date at each of the Company's five prospective gold projects. Work programs for the 2023 field season are being finalized presently and will be announced in the coming weeks
Dorset (Baie Verte)
34 rock samples taken.
442 soil samples
18 RAB drill holes – 1023 meters – 681 samples
RAB drilling results received in late summer 2022 with 10.2 g/t Au gold intercept on a new drill target (Sharpie Ridge), and Over 1% Cu intercept on Copper Creek target (see Company news release dated December 7, 2022) warrant further drilling plans on Dorset. RAB or diamond drilling will be used to test the extents of mineralization on these higher-grade targets. Drilling on other targets along the "Dorset Trend" Au soil anomaly will focus on geophysical bodies identified at depth which are thought relate to structure and mineralization at surface.
Click Image To View Full Size
Leamington
102 rock samples taken on target areas formulated from 2021 soils and airborne geophysics.
6,662 soils taken.
Prospecting identified a low-grade gold and copper target that needs to be further assessed on desktop for historical data, and in the field by a team of geologists. The scope is to identify zones of higher-grade Au + Cu near that target since there are large structures and favorable geology present. Northern areas of Leamington remain relatively unexplored due to access, and the central part of the project was unexplorable for part of last season due to fires. These areas will be scouted and explored along geological and geophysical contacts that have anomalous soil. South Leamington may warrant trenching or bedrock interface drilling where the till is deeper.
Robert's Arm
161 rock samples taken on target areas determined from soil and airborne geophysical survey.
3,712 soil samples
Further follow up on soil anomalies, geophysical contacts, and geological contacts is needed on Robert's Arm. The prospecting covered a large area of road accessible targets identified from 2021 soil sampling and airborne geophysical surveys. The comprehensive 2022 soil sampling program has generated additional targets for exploration efforts in 2023.
Hodges Hill
60 rock samples taken on target areas determined from soil and airborne geophysical survey.
3,838 soils taken.
Further follow up on soil anomalies and geophysical contacts is needed on Hodges Hill. Hand/mechanical trenching, or bedrock interface drilling may be necessary to further explore through the till layers on this project. The 2022 soil sampling program has generated new target areas for 2023 exploration efforts.
Click Image To View Full Size
Startrek
1319 soils taken.
56 rock samples taken in areas of interest.
12 line-km of ground Mag-VLF (geophysical survey)
Several areas of low-grade epithermal gold have been identified on surface from 2022 rock sampling and historical data. This paired with results from ground geophysics, and detailed soil sampling will provide viable data to conduct a short hole RAB drill hole program. The drill program is designed to test geophysical contacts and conductive bodies at depth that relate to mineralization on surface. Most of the drilling would target the Stallion Trend which is outlined by a large antimony anomaly on the project. Further prospecting is scheduled to be conducted on areas outside the Stallion Trend. There are historical reports of Zinc values up to 3.3%, and Silver up to 24 g/t where large structures are apparent in the LiDAR survey.
Click Image To View Full Size
National Instrument 43-101 Disclosure
Jodie Gibson, P.Geo., consultant, and a Qualified Person as defined by National Instrument 43-101, has reviewed, and approved the scientific technical content of this release.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email : aklenman@leocorgold.com
Telephone : (604) 970-4330
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor's issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Copyright (c) 2023 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Leocor Gold Drills 2.32 G/T Au Over 10.67m at the Baie Verte Project, Newfoundland
(TheNewswire)
| |||||||||
Vancouver, British Columbia TheNewswire - December 7, 2022 - Leocor Gold Inc. (the " Company " or " Leocor ") (CSE: LECR, OTCQB: LECRF; Frankfurt: LGO) is pleased to announce it has received Rotary Air Blast ("RAB") drill results on the Company's Baie Verte project located near Anaconda Mining's Pine Cove Mine and Rambler Metal's Ming Mine in northwestern Newfoundland.
The Phase 1 program tested at least six different target areas for gold and/or copper mineralization with 18 RAB drill holes and was designed to follow up on previously announced soil and GT Probe results (1) ; evaluating the targets for potential follow up diamond drilling as warranted. Results from 12 of the holes on the gold targets are discussed in this news release, and the results from the additional six holes on the Copper Creek Trend will released in due course.
Highlights from the gold targets include:
Sharpie Ridge Target: 2.32 grams-per-tonne ("g/t") gold ("Au") over 10.67m; including 10.2 g/t Au over 1.52m. New target that is open along strike and at depth.
Braz NE Target: 3.18 g/t Au over 4.57m from surface. New target that is open along strike and at depth.
Dorset Main Target: 1.41 g/t over 7.62m. Confirming geometry of the mineralized zone.
"We're very pleased with the new discoveries on the consolidated Baie Verte package," said CEO, Alex Klenman. "The technical team has done great work to advance the project and our understanding of the mineralized zones. These new targets represent even more upside, and it appears the ground has more to give. We're anxious to see the upcoming Copper Creek results, then we'll move towards diamond drilling," continued Mr. Klenman.
2022 RAB Drill Program
The 2022 RAB Drilling program consisted of 1023m of drilling over 18 holes and tested 6 target areas across the Baie Verte property including the Dorset, Gunshot, Gunshot Extension, Sharpie Ridge, Braz NE, and Copper Creek target areas. The program followed up on previously announced gold and copper soil and GT Probe results over a 7km trend across the property (1) and is designed to evaluate the targets for potential diamond drilling. Results for 12 of the 18 holes, focused on the gold target areas, are included in this release. Additional result from the Copper Creek Trend will be released in due course.
The RAB drilling was be completed by GroundTruth Exploration Inc. using their "GT RAB Drill," a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes can be up to 100m in depth and are paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
Individual results for the drilling ranged from below detection to 10.2g/t Au and are summarized in Table 1 below. A drill collar table and associated map for the results included in this release are included in Table 2 and Figure 1 below. All intervals are reported as drilled and there is not currently enough information to determine true thickness at this time. It should also be noted that none of the holes reached the originally planned 100m target depth do to challenging ground conditions.
(1) See the Companies new release dated May 19, 2022. Available at leocorgold.com and SEDAR.
Table 1: RAB Drill Results from gold targets on the Baie Verte Project
Hole ID | Target | From (m) | To (m) | Interval (m) | Au g/t) |
DORRAB22-001 | DOR Main | 28.96 | 36.58 | 7.62 | 1.41 |
DORRAB22-002 | DOR Main | 28.96 | 35.05 | 6.10 | 1.14 |
DORRAB22-003 | DOR/Gunshot Extension | 27.43 | 30.48 | 3.05 | 0.57 |
DORRAB22-004 | DOR/Gunshot Extension | No Significant Results | |||
DORRAB22-005 | DOR/Gunshot Extension | 1.52 | 19.81 | 18.29 | 0.21 |
DORRAB22-006 | Sharpie Ridge | No Significant Results | |||
DORRAB22-007 | Sharpie Ridge | 15.24 | 25.91 | 10.67 | 2.32 |
Incl. | 15.24 | 16.76 | 1.52 | 10.2 | |
DORRAB22-008 | Sharpie Ridge | No Significant Results | |||
DORRAB22-009 | Sharpie Ridge | No Significant Results | |||
DORRAB22-010 | BRAZ NE | 0.00 | 4.57 | 4.57 | 3.18 |
DORRAB22-011 | Gunshot | 18.29 | 19.81 | 1.52 | 0.64 |
DORRAB22-012 | Gunshot | No Significant Results | |||
Table 2: RAB Drill Collars from gold targets on the Baie Verte Project
Hole ID | Target Area | Easting | Northing | Elevation (m) | Azimuth | Dip | Depth (m) |
DORRAB22-001 | DOR Main | 555375.1 | 5527046 | 103 | 135 | 55 | 42.67 |
DORRAB22-002 | DOR Main | 555383.5 | 5527058 | 101 | 135 | 55 | 39.62 |
DORRAB22-003 | Gunshot Extension | 554554.6 | 5526404 | 176 | 135 | 60 | 56.39 |
DORRAB22-004 | Gunshot Extension | 554641.2 | 5526466 | 159 | 135 | 60 | 71.63 |
DORRAB22-005 | Gunshot Extension | 554648.6 | 5526588 | 158 | 135 | 60 | 53.34 |
DORRAB22-006 | Sharpie Ridge | 553510.7 | 5526370 | 206 | 295 | 60 | 79.25 |
DORRAB22-007 | Sharpie Ridge | 553491.8 | 5526318 | 204 | 295 | 60 | 53.34 |
DORRAB22-008 | Sharpie Ridge | 553508.4 | 5526240 | 197 | 295 | 60 | 70.1 |
DORRAB22-009 | Sharpie Ridge | 553513.2 | 5526237 | 197 | 115 | 60 | 44.2 |
DORRAB22-010 | BRAZ NE | 555081.6 | 5527013 | 134 | 135 | 60 | 48.77 |
DORRAB22-011 | Gunshot | 555063.7 | 5527091 | 135 | 135 | 60 | 51.82 |
DORRAB22-012 | Gunshot | 555058 | 5527093 | 140 | 315 | 60 | 48.77 |
Click Image To View Full Size
Figure 1: Fall 2022 drill locations, Dorset claims, Baie Verte Project, NW Newfoundland
Sharpie Ridge
Four holes (006 – 009) were drilled on the Sharpie Ridge target. The drilling was assessing alteration and mineralization along a NE trending fault-controlled contact of fuchsite altered ultramafic and metavolcanic rocks. The holes were drilled over a 130m strike length and were centered on an outcrop of strongly silicified outcrop with assays up to 1.31 g/t Au. Hole -007 was drilled adjacent to the mineralized outcrop and intersected strongly silicified and quartz veined metavolcanic and ultramafic returning 2.32 g/t Au over 10.32m from 15.24m depth; including 10.2 g/t Au over 1.52m. Holes (006 & 008/009) were collared 55 and 80m north and south of -007; respectively. These holes failed to interest the mineralized structure due to hole placement/dip, and only returned anomalous results. The drill results on Sharpie Ridge are significant because it is a new discovery and is at the NE end of a 1.8km gold in soil anomaly associated with the same faulted contact. Follow up drilling will continue to assess the strike and dip extent of mineralization on the target.
Dorset
Two holes (-002 & -002) were drilled on the Dorset target evaluating the historic Dorset prospect which hosts rock samples up to 57.2 g/t Au from NE striking, steeply west dipping quartz veins and breccia zones sericite-ankerite alteration and pyrite, arsenopyrite, and, locally, visible gold mineralization. The holes were drilled approximately 15m apart and were designed to evaluate the geometry and dip of the mineralization. Both holes interested intersected mineralization at 28.96m depth and returned 1.41 g/t over 7.62m (-001) and 1.14 g/t Au over 6.10m (-002); respectively. The holes confirmed the geometry of the mineralized zone and will guide follow up drilling efforts to assess the strike and dip extent of the zone and evaluate it for higher grade, plunging shoots, of gold mineralization.
DOR/Gunshot Extension
Three holes (-003 to -005) were drilled on the DOR/Gunshot Extension target, located approximately 950m SW of Dorset. The target consists of 1.6km, NE trending, gold in south anomaly with anomalous GT Probe results (up to 1.19 g/t Au). RAB drilling was conducted on the NE end of the trend with the three holes placed approximately 100m apart. Holes -003 and -005 returned zones of anomalous Au mineralization (>0.1 g/t Au) with highlights of 0.57 g/t Au over 3.05m from 27.43m depth from hole -003 and 0.21 g/t Au over 18.29m from 1.52m depth in hole -005.
Gunshot
Two holes (-011 & -012) were drilled on the Gunshot target located approximately 345m west of the Dorset target. The drilling was targeting NE striking gold in soil and GT Probe anomalies (up to 1.97 g/t Au). The holes were, effectively, drilled from the same location (with 5m) at azimuths of 135 and 315; respectively. Only hole -011 encountered anomalous mineralization with the best intercept returning 0.64 g/t Au over 1.52m from 18.29m depth.
Braz NE
One hole was drilled on the Braz NE target, located 80m south of Gunshot. The drilling was targeting a 5m wide outcrop of sheared metavolcanic rocks with sheeted quartz veins and sericite alteration. The hole returned 3.18 g/t Au over 4.57m from surface and will be a target for follow up drilling on the property.
Assay Methodology and QA/QC
All RAB samples were prepared and analyzed by Bureau Veritas Laboratories. Samples were submitted to their Timmins, ON laboratory for preparation with pulps sent to their Vancouver, BC laboratory for assay. The samples were were crushed to 70% passing -2 mm and then splitting off and pulverizing a 250-gram split to 85% passing -75 microns (PRP70-250). A 0.5 gram cut of the pulp was analyzed by AQ201, an aqua regia digestion followed by ICP-MS analysis for 36 elements. Gold was analyzed for by FA430 using a 30-gram charge for a standard fire assay with an AA finish. If Au results were >10 g/t a second 30-gram charge was used for a standard fire assay with a gravimetric finish.
The reported work will be completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of certified standard, blanks, and duplicates into the sample stream.
Click Image To View Full Size
Figure 3 – Regional Setting of the Baie Verte Project
About Leocor's Baie Verte Project
The Baie Verte Peninsula represents one of the more productive and historical gold and base metal mining districts in Canada. The former Terra Nova base metal mine – one of several copper mines of the region, which operated during the late 1880's to early 1900's – lies 200 meters west of Leocor's Copper Creek claims. Former gold mining operations in the area include the Goldenville mine (of 1903-1906), located 8 km NE of the property, and the more recent Nugget Pond mine (1997-2000) of the eastern Baie Verte Peninsula area. Currently producing mines in the area include the Rambler base metal-gold mine (1961-present), located 14 km ESE of Baie Verte, and the Pine Cove and Stogertite mines (collectively, 2011-present) located 1.6 km and 5.4 km NE of the current property.
The Baie Verte project combines the Dorset, Dorset Extension, Five Mile Brook and Copper Creek projects consisting of fourteen mineral licenses, totalling 80 claims, and covering 1995 hectares (19.95 square km).
The Dorset Gold Project is a 275-ha gold exploration project, located south of the Pine Cove Gold Mine, and features multiple zones of high-grade gold mineralization. The Main Dorset Zone includes three historic showings, referred to as Dorset 1, 2 and 3 Showings. Grab samples from Dorset 1 returned 407.9, 349.2, 147.1, 143.9, 138.2, 108.0, 106.7, 72.4 and 30.0 g/t Au. Grab samples from Dorset 2 returned 167.0, 96.12, 84.3, 49.7, 23.8,4.33 and 1.33 g/t Au (MacDougall and Walker, 1988) and a "combined assay of 56.0 g/t Au over 2.5m" (MacDougall 1989) . Historic drilling includes DDH 87-1, which intersected 9.5 g/t Au over 1.3m (MacDougall and Walker, 1988).
Historic select sampling at the Braz Zone returned values of 314 g/t Au, 40 g/t Au, 31.4 g/t Au, 21.2 g/t Au, 19.2 g/t Au and 14.8 g/t Au. Historic channel sampling across the vein returned 9.5 g/t Au over 0.4m, 5.7 g/t Au over 0.5m and 1.2 g/t Au over 0.65m. Weighted averages of historic rock sampling encompassing vein and mineralized wall rock returned values of 5.8 g/t Au over 1.9m, 3.1 g/t Au over 2m and 2.5 g/t Au over 1.5m (MacDougall, 1990).
Other zones include The Albatross, where historic rock sampling of mineralized zones returned values up to 30.3 g/t Au. Assay results from three 1987 diamond drill holes include 1.0 g/t Au over 7.3m, 1.81 g/t over 4.3m and 1.02 g/t over 2.2m and the Gunshot Zone, where veins containing visible gold and pyrite returned grab samples that assayed up to 162 g/t Au and channel samples that assayed up to 18 g/t Au over 0.4m (MacDougall, 1989)
In the Phoenix Zone, "assays from initial grab samples returned 5.8 and 5.5 g/t within the gabbro. Quartz veins have returned 1.4, 0.6 and 0.5 g/t Au. Similar mineralization located 500m north east returned 3.3 g/t." (MacDougall, 1987). Diamond drilling hole intersected of 1.07 g/t Au over 5.45m (MacDougall, 1989).
Copper Creek (1,025-ha) hosts a number of gold prospects and copper occurrences associated with extensive alteration/shear zones developed within a thrust-faulted sequence of quartz-Fe-carbonate-fuchsite-altered gabbros, ultramafics and mafic volcanics, of the Advocate (ophiolite) Complex, and intermediate to silicic volcaniclastics & tuffs and microgabbroic dykes/sills, of the Flatwater Pond (cover sequence) Group. Historical results at Copper Creek – Biarritz zone include "values ranging from 1.3 to 16 g/t Au from grab samples and a combined assay of 3.9 g/t Au over 4.0m from detailed chip sampling." Additionally, "300m SW along strike exposed a 5-10m shear zone with similar alteration returned which returned sporadic values up to 9,2 g/t Au from grab samples" Noranda drilled several diamond holes in the area including A-88-7 which returned 0.66 g/t Au over 1.5 m and A-88-9 which returned 3.11 g/t Au over 0.5 m. (MacDougall, 1989).
Five Mile Brook (350-ha) has been subject to minimal exploration in the past but shows potentially important geological continuity to the Company's Dorset Gold Project, which lies directly contiguous to the northern boundary.
* Historic rock samples and grab samples mentioned in this release are selective by nature and are unlikely to represent average grades of the property
* The reported drill intercept is an intersected length and is not a true width
The data reported here is historic in nature and has not yet been verified by a Qualified Person. Leocor has relied on the information supplied in the Noranda assessment reports (quoted above) and from information found in MODS (Mineral Occurrence Data System) published by the Newfoundland Department of Natural Resources.
National Instrument 43-101 Disclosure
Jodie Gibson, P.Geo., consultant, and a Qualified Person as defined by National Instrument 43-101, has reviewed, and approved the scientific technical content of this release.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000 hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email : aklenman@leocorgold.com
Telephone : (604) 970-4330
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor's issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Athena Reports High-Grade Silver, up to 6,630 g/t, from Newly Completed Prospecting Program at Excelsior Springs, Nevada
Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to report initial results from its recently completed fall regional prospecting and sampling program at its 100%-owned Excelsior Springs project in Nevada. In November 2024, Big Rock Exploration was hired to complete a regional prospecting and mapping program over the Excelsior Springs project, which covered the Buster, Lida Belle, and Blue Dick target areas. The intention is to build a regional framework to guide and prioritize future exploration. While full analytical results remain pending, the Company is pleased to report high-grade precious metal values from surface grab samples, including up to 6,630 g/t Ag from the Blue Dick area - a target with no known historical drill records.
"Since closing our financing, the team has wasted no time diving deep into Excelsior Springs and ground-truthing the newly acquired Blue Dick claims. The 6,630 g/t Ag sample, which exceeds all known historical silver sample grades at Excelsior, confirms the area's high-grade nature of silver mineralization. Importantly, to our knowledge, this target area has never been drill tested, presenting a major blue-sky opportunity for Athena. We plan to return to this area in short order," stated John Power, President and CEO of Athena Gold.
Highlights:
- The recently completed prospecting program at Excelsior Springs comprised mapping and sampling over the property area and represented Athena's first-time exploring the recently acquired Blue Dick claims (refer to press release dated August 29, 2024).
- Sample K024547 returned bonanza silver grades of 6,630 g/t Ag, along with 0.4 g/t Au, 2.28% Cu, and 2.42% Pb.
- Sample K024547 also returned high-grade antimony over the >1% Sb detection limit; further overlimit analytical results remain pending.
- Historical grab samples from the Blue Dick area, grading up to 2,340 g/t Ag, 7.4 g/t Au, 25.5% Cu, and 6.92% Pb, are indicated in a historical report (R. Milne, 2007, Geology of the BD Claim Block). The QP has not been able to verify these results, and therefore, these results should not be relied upon.
- There are no known records of any drilling or geophysical surveys over the Blue Dick claims.
- Further analytical results remain pending from the fall 2024 prospecting program at Excelsior Springs and will be released once available.
Figure 1: Geological map of Blue Dick claims, Excelsior Springs Project, showing recent and historical grab sample results.
Figure 2: Sample K024547 collected from a historic rock pile at the Blue Dick area returning 6,630 g/t Ag, 0.4 g/t Au, 2.28% Cu, 2.42% Pb and >1% Sb.
QA/QC
Analytical work for rock samples was completed by ALS Laboratories in Elko, Nevada. Samples were crushed before a 250-gram split was pulverized to over 85%, passing 75 microns. Rock samples were analyzed for gold by fire assay using a 30-gram charge with an atomic absorption spectroscopy finish. If assay results exceed 10.0 g/t gold, the sample rejects are analyzed by 50-gram fire assay with a gravimetric finish. 0.25-gram splits were collected from the samples and were submitted for four acid digests with inductively coupled plasma mass spectroscopy. If assay results from Cu, Pb, Zn, or Sb were above 1% or Ag above 1500 ppm, samples were submitted for acid digest, inductively coupled plasma atomic emission spectroscopy. For samples above 1500 ppm Ag, 30-gram splits were analyzed by fire assay with a gravimetric finish. Sampling and analytical procedures are subject to a Quality Assurance and Quality Control program that includes duplicate samples and analytical standards.
Qualified Person
The technical information in this news release, except as otherwise noted, has been reviewed and approved by Benjamin Kuzmich, P.Geo., a geoscientist and qualified person for the purposes of National Instrument 43-101.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on its projects across North America. Athena's Excelsior Springs Au-Ag project is located in the prolific Walker Lane Trend in Nevada. Excelsior Springs spans 1,675 ha and covers at least three historic mines along the Palmetto Mountain trend, where the Company is following up on a recent shallow oxide gold discovery, with drill results including 5.35 g/t Au over 33.5 m. Meanwhile, the Company's new Laird Lake project is situated in the Red Lake Gold District of Ontario, covering 4,158 ha along more than 10 km of the Balmer-Confederation Assemblage contact, where recent surface sampling results returned up to 373 g/t Au. This underexplored area is road-accessible, located about 10 km west of West Red Lake Gold's Madsen mine and 34 km northwest of Kinross Gold's Great Bear project.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power
President and Chief Executive Officer
For further information, please contact:
Athena Gold Corporation
John C. Power, President and CEO
Phone: (707) 291-6198
Email: johnpower@athenagoldcorp.com
CHF Capital Markets
Cathy Hume, CEO
Phone: (416) 868-1079 x 251
Email: cathy@chfir.com
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future exploration plans, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", ''plans", "may", "should", ''potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various risk factors as disclosed in the final long form prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise.
NOVAGOLD Files Year-End 2024 Report with Strong Treasury to Fund Key Activities for Long-Term Value Creation
NOVAGOLD RESOURCES INC. ("NOVAGOLD" or "the Company") (NYSE American, TSX: NG) today filed its 2024 fiscal year-end report and provided an update on its Tier One 1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold Corporation ("Barrick").
Details of the financial results for the year ended November 30, 2024, are presented in the consolidated financial statements and annual report on Form 10-K filed on January 23, 2025 which is available on the Company's website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless otherwise stated.
As detailed in the above filings, NOVAGOLD held a strong treasury of approximately $101 million in cash and term deposits as of November 30, 2024, and reported net annual cash expenditures of $24.5 million — including $12.4 million to fund NOVAGOLD's share of the Donlin Gold project and $17.7 million in corporate general and administrative costs, below its 2024 expenditure guidance of $31.2 million. As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($45.6) million and earnings per share of ($0.14) for the 2024 fiscal year, reflecting expenditures in line with budget.
In 2024, the following milestones were achieved at NOVAGOLD and Donlin Gold:
- Donlin Gold undertook the following key activities in 2024 to advance technical work to position the project for an updated cost estimate:
- Substantially completed metallurgical test work at a pilot plant in Ontario, Canada to confirm proposed optimizations to the flowsheet; advanced an updated resource model; and collected field and geochemical data for operational and closure planning;
- Submitted the preliminary design packages for the Dam Safety Certification to the Alaska Department of Natural Resources (ADNR) in the second half of 2024;
- Collaborated with Donlin Gold, Calista Corporation ("Calista"), and The Kuskokwim Corporation (TKC) on substantial ecological, educational and cultural awareness initiatives, including community outreach in the project's region — hosted public open houses in three locations, participated in two Subsistence Community Advisory Committee meetings, and established three additional Shared Values Statements with local villages.
- NOVAGOLD and Barrick held a Donlin Gold workshop in Alaska in September 2024 to review the important work completed to date and to agree on the next steps for the Donlin Gold project and related 2025 activities.
- Donlin Gold board approved a budget of $43 million (100% basis) for 2025, comprising the following key areas:
- Camp operations with grid drilling to refine mine planning assumptions;
- Updated mine planning;
- Geotechnical engineering and geosciences closure planning;
- Project planning;
- Advancement of Dam Safety Certificate applications; and
- Community relations, government affairs, and maintaining permits in good standing.
President's Message
This last year was characterized by extensive efforts to increase Donlin Gold's visibility and advance activities for long-term sustainable value creation — strengthening the project's position as a unique opportunity to gain direct exposure to gold through one of the largest undeveloped gold assets globally 2 , located in a stable, tier one, mining-friendly jurisdiction, Alaska 3 . With this strong foundation, we are nearing critical milestones that we believe will allow us to unlock NOVAGOLD's full potential.
Key activities in 2024 included the substantial completion of metallurgical test work at a pilot plant in Ontario, Canada to confirm proposed optimizations to the flowsheet; field and geochemical data collection to continue updating source characteristics for groundwater and surface water models for both operational and closure planning; as well as advancement of the Donlin Gold resource model. Results derived from the considerable technical work performed over these past twelve months will serve as inputs into updated feasibility work.
Partnering for Broader Reach into the Project's Region and Meaningful Impact
We recognize the importance of ecological stewardship in the Yukon-Kuskokwim (Y-K) region. Since mid-2023, Donlin Gold has intensified efforts to monitor, survey, and engage on the crucial subject of salmon fisheries in the Kuskokwim and Yukon River watersheds. In 2024, Donlin Gold launched a salmon smolt monitoring program on the George River, a tributary of the Kuskokwim River, in partnership with the Native Village of Napaimute to assess smolt health and migration patterns — an initiative that will continue into 2025. Restoration of a portion of the historic Lyman placer site, which included significant stream and pond habitat creation, including aquatic life access and use, was completed in 2024. Aquatic restoration work on a reach of Snow Gulch previously disturbed by historic mining will start in 2025.
In 2024, Donlin Gold, Calista, and TKC held public open houses in Anchorage, Bethel, and Crooked Creek — the closest community to the project. Two Subsistence Community Advisory Committee meetings were conducted, the first in Aniak during the second quarter and the second in Anchorage in December. Donlin Gold also established three additional Shared Values Statements, bringing the total to 18. Donlin Gold's numerous partnerships in the Y-K region and statewide, aimed at supporting ecological projects, education, summer youth employment programs, and cultural awareness efforts, continue to grow. Together these efforts underscore Donlin Gold's ongoing engagement with and commitment to local communities, reinforcing existing long-term relationships and addressing specific community needs.
In 2024, the Donlin Gold project received continued support from U.S. Senators Lisa Murkowski and Dan Sullivan, and then U.S. Representative Mary Peltola, including their submittal of a joint amicus brief in federal court referring to Donlin Gold as one of the State's "most important and necessary economic development projects" in "one of the most impoverished regions in Alaska."
Maintaining Permits in Good Standing
In 2024, Donlin Gold submitted the preliminary design packages for the Dam Safety Certification to ADNR. Comments from ADNR on these presentations are anticipated in 2025, with potential issuance of the certification in 2026/2027.
Donlin Gold applied for and received an 18-month extension of the construction deadline on its air quality permit through July 2026. The Alaska Pollutant Discharge Elimination System permit, which was originally set to expire in 2023, as well as the Waste Management Permit, which was set to expire in January 2024, are administratively extended by the Alaska Department of Environmental Conservation until renewed. The Reclamation Plan, which was also set to expire in 2024, is administratively extended until 2027.
In state litigation, we continued to support the agencies in defending Donlin Gold's 401 Water Quality Certification, water rights permits and State pipeline Right-of-Way (ROW). These cases have been fully briefed and argued, and decisions are anticipated in 2025.
In federal litigation, the Court issued a decision last fall on Donlin Gold's Joint Record of Decision, 404 permit, and ROW, upholding the federal agencies' analysis on two of the three issues raised. The plaintiffs filed a request for reconsideration on one of these issues, which the Court subsequently denied. Briefing on the appropriate remedy to address the Court's decision on the remaining item — namely, the evaluation of a theoretical large release from the project's tailing storage facility — is scheduled to be completed in early February 2025.
Gold Exposure Through One of the Largest Gold Assets Globally 4
NOVAGOLD views the Donlin Gold project as an exceptionally rare investment opportunity — particularly given the acute scarcity of high-quality assets located in secure, mining-friendly jurisdictions, coupled with the recent surge in gold price, reaching an all-time high of $2,790 on October 30 th , 2024. With over 39 million ounces of gold in Measured and Indicated Resources and a grade of 2.24 grams per tonne 5 , representing twice the industry average, Donlin Gold stands out as one of the largest gold assets globally, and is expected to be operationally cost-effective 6 . The project's current resource spans only 5% of its land package, offering remarkable further exploration potential. Projected to produce over one million ounces in average annual output 7 Donlin Gold's success is anchored in its location in Alaska, among the safest mining jurisdictions in the world 8 with strong community and state support.
2025 Activities and Next Steps
NOVAGOLD and Barrick held a workshop in Alaska in September 2024 to review the important work completed to date, as well as to discuss the next steps for the project and related activities in 2025. Subsequently, Donlin Gold's board approved a path forward with a 2025 budget of $43 million on a 100% basis. Camp operations will resume in the coming months to complete grid drilling toward refining mine planning assumptions. Efforts will continue to advance key workstreams and preparation for a cost update. Additional work will include project and mine planning, further advancement of the Dam Safety Certificate applications with work on the Detailed Design Packages, steadfast support of pending litigation, and ongoing community relations and government affairs activities.
With a strong treasury of over $100 million, NOVAGOLD is well positioned to fund our share of activities for at least the next two years at current spending levels. The path ahead for Donlin Gold is clear, guided by the principles of patience, partnership, and an unrelenting focus on long-term value creation. We firmly believe that with one of the industry's most attractive development gold assets, NOVAGOLD is optimally positioned to deliver exceptional returns.
We extend our heartfelt gratitude to our colleagues, partners, members of NOVAGOLD's board of directors, and shareholders for their unwavering support. As a new year begins, we remain deeply committed to fulfilling each and every single one of the promises we have made and are excited to achieve new milestones together. To our valued shareholders, we express our profound appreciation for the trust they have placed in our vision, which drives us to continually strive for excellence and deliver meaningful results. At NOVAGOLD, we are not just advancing a mining project. We are building a legacy rooted in partnership, sustainability, and value creation — for all stakeholders.
Sincerely,
Gregory A. Lang
President and CEO
Liquidity and Capital Resources
| At November 30, 2024 $ | At November 30, 2023 $ | |
| Cash and term deposits | 101,224 | 125,749 |
| Total assets | 109,753 | 133,290 |
In 2024, cash and cash equivalents decreased by $3.5 million, mainly to fund our share of Donlin Gold, corporate administrative expenses, partially offset by a net reduction of term deposits held.
Spending on operating activities in 2024 increased by $4.9 million compared to the prior year, primarily due to increased corporate general and administrative expenses, lower interest income on cash and term deposits, and higher income tax withholding related to passive income taxable in Canada on a portion of interest income earned by U.S. subsidiaries. Cash provided from investing activities in 2024 increased by $19.7 million compared to the prior year, primarily due to a net reduction of term deposits held in 2024 and lower Donlin Gold funding requirements.
2025 Outlook
Our anticipated expenditure in fiscal year 2025 will be approximately $37.5 million, including $21.5 million to fund our share of the Donlin Gold project and $16.0 million for corporate general and administrative costs.
NOVAGOLD's main objectives include continuing to advance the Donlin Gold project towards a construction decision; maintaining support for Donlin Gold among the project's stakeholders; promoting a strong safety, sustainability, and environmental culture; maintaining a favorable reputation of NOVAGOLD; and preserving a healthy balance sheet. Our operations primarily relate to the delivery of project milestones, including the achievement of various technical, environmental, sustainable development, economic and legal objectives, obtaining necessary permits, completion of feasibility studies, preparation of engineering designs, and the financing to fund these objectives.
Conference Call & Webcast Details
NOVAGOLD's conference call and webcast to discuss these results will take place today at 8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below.
The video webcast and conference call-in details are provided below.
| Video Webcast: | www.novagold.com/investors/events/ |
| North American callers: | 1-844-763-8274 |
| International callers: | 1-647-484-8814 |
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company, solely focused on the responsible and sustainable development of its flagship Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world 9 . The Donlin Gold project, owned in equal partnership with Barrick, is positioned to be one of the world's largest gold mines, with approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource (541 million tonnes at an average grade of approximately 2.24 grams per tonne, on a 100% basis) categories, inclusive of Proven and Probable Mineral Reserves. According to the 2021 Technical Report and the S-K 1300 Technical Report Summary 10 Donlin Gold is expected to produce an average of approximately one million ounces of gold over a 27-year mine life on a 100% basis. There's substantial exploration potential beyond the designed footprint of the Donlin Gold open pit, which currently covers three kilometers of an approximately eight-kilometer-long gold-bearing trend. Current activities at the Donlin Gold project focus on state permitting, engineering studies, community and government engagement, and other environmental, educational and cultural initiatives in preparation for the eventual construction and operation of this project. With a robust balance sheet, NOVAGOLD is well positioned to finance its share of current activities.
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
604-669-6227 or 1-866-669-6227
Cautionary Note Regarding Forward-Looking Statements
This media release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding NOVAGOLD's anticipated expenditures. Such information is intended to assist readers in understanding NOVAGOLD's current expectations and plans relating to the future. Such information may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", "would" or "should" occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the anticipated timing of certain judicial and/or administrative decisions; the 2025 outlook; the timing and potential for commencing a new feasibility study on the Donlin Gold project; the results of future feasibility studies; our goals and expenditures for 2025; ongoing support provided to key stakeholders including Native Corporation partners; continuation of Donlin Gold's salmon smolt monitoring program; Donlin Gold's continued support for the state and federal permitting process; sufficiency of working capital; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to hit critical milestones; the ability for the Tier One gold development project to hit the anticipated projections; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold's existing permits and the timing of decisions in those challenges; whether the Donlin Gold LLC board will continue to advance the Donlin Gold project safely, socially responsibly and to sustainably generate value for our stakeholders; continued cooperation between the owners of Donlin Gold LLC to advance the project; the Company's ability to deliver on its strategy with the Donlin Gold project, increasing shareholder and stakeholder wealth; the success of the strategic mine plan for the Donlin Gold project; the success of the Donlin Gold community relations plan; the outcome of exploration drilling at the Donlin Gold project and the timing thereof; the completion of test work and modeling and the timing thereof. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management's estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between Barrick and NOVAGOLD for the continued exploration, development and eventual construction of the Donlin Gold property; the need for additional capital if NOVAGOLD determined to proceed with an updated feasibility study on its own; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at www.novagold.com, or the SEC's website at www.sec.gov, or on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
___________________________________________
1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the industry cost curve.
2 Per S&P Global Market Intelligence, Donlin Gold is ranked 4th in Measured and Indicated contained ounces among primary gold development projects.
3 Per the Mining Journal Intelligence – World Risk Report 2024, Alaska ranks 13th globally on the Investment Risk Index and received an AA rating, the highest rating category awarded.
4 Per S&P Global Market Intelligence, Donlin Gold is ranked 9th in Measured and Indicated contained ounces among primary gold deposits.
5 Donlin Gold data as per the report titled "NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA" with an effective date of June 1, 2021 (the "2021 Technical Report") and the report titled "S-K 1300 Technical Report Summary on the Donlin Gold project, Alaska, USA" (the "S-K 1300 Technical Report Summary"), dated November 30, 2021. Donlin Gold possesses Measured Resources of approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 4 Mt of Measured Resources and approximately 267 Mt of Indicated Resources inclusive of Reserves is attributable to NOVAGOLD through its 50% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1 Mt grading 2.23 g/t and Indicated Resources of approximately 69 Mt grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and approximately 35 Mt of Indicated Resources exclusive of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8 Mt grading 2.32 g/t and Probable Reserves of approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of which approximately 4 Mt of Proven Reserves and approximately 249 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300.
6 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Technical Report Summary detailed in footnote 5 above, with anticipated life of mine operating cash cost of $635 per gold ounce. Peer data per S&P Global Market Intelligence, Donlin Gold ranks in the lower half of the industry cost curve.
7 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Technical Report Summary detailed in footnote 5 above, with anticipated average annual production of 1.1 million gold ounces over 27 years on a 100% basis.
8 Please see footnote 3 above.
9 Please see footnote 3 above.
10 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Technical Report Summary. Please see footnote 5 above.
News Provided by GlobeNewswire via QuoteMedia
NOVAGOLD Files Year-End 2024 Report with Strong Treasury to Fund Key Activities for Long-Term Value Creation
NOVAGOLD RESOURCES INC. ("NOVAGOLD" or "the Company") (NYSE American, TSX: NG) today filed its 2024 fiscal year-end report and provided an update on its Tier One 1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold Corporation ("Barrick").
Details of the financial results for the year ended November 30, 2024, are presented in the consolidated financial statements and annual report on Form 10-K filed on January 23, 2025 which is available on the Company's website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless otherwise stated.
As detailed in the above filings, NOVAGOLD held a strong treasury of approximately $101 million in cash and term deposits as of November 30, 2024, and reported net annual cash expenditures of $24.5 million — including $12.4 million to fund NOVAGOLD's share of the Donlin Gold project and $17.7 million in corporate general and administrative costs, below its 2024 expenditure guidance of $31.2 million. As NOVAGOLD is a development-stage company with no production, the Company reported earnings of ($45.6) million and earnings per share of ($0.14) for the 2024 fiscal year, reflecting expenditures in line with budget.
In 2024, the following milestones were achieved at NOVAGOLD and Donlin Gold:
- Donlin Gold undertook the following key activities in 2024 to advance technical work to position the project for an updated cost estimate:
- Substantially completed metallurgical test work at a pilot plant in Ontario, Canada to confirm proposed optimizations to the flowsheet; advanced an updated resource model; and collected field and geochemical data for operational and closure planning;
- Submitted the preliminary design packages for the Dam Safety Certification to the Alaska Department of Natural Resources (ADNR) in the second half of 2024;
- Collaborated with Donlin Gold, Calista Corporation ("Calista"), and The Kuskokwim Corporation (TKC) on substantial ecological, educational and cultural awareness initiatives, including community outreach in the project's region — hosted public open houses in three locations, participated in two Subsistence Community Advisory Committee meetings, and established three additional Shared Values Statements with local villages.
- NOVAGOLD and Barrick held a Donlin Gold workshop in Alaska in September 2024 to review the important work completed to date and to agree on the next steps for the Donlin Gold project and related 2025 activities.
- Donlin Gold board approved a budget of $43 million (100% basis) for 2025, comprising the following key areas:
- Camp operations with grid drilling to refine mine planning assumptions;
- Updated mine planning;
- Geotechnical engineering and geosciences closure planning;
- Project planning;
- Advancement of Dam Safety Certificate applications; and
- Community relations, government affairs, and maintaining permits in good standing.
President's Message
This last year was characterized by extensive efforts to increase Donlin Gold's visibility and advance activities for long-term sustainable value creation — strengthening the project's position as a unique opportunity to gain direct exposure to gold through one of the largest undeveloped gold assets globally 2 , located in a stable, tier one, mining-friendly jurisdiction, Alaska 3 . With this strong foundation, we are nearing critical milestones that we believe will allow us to unlock NOVAGOLD's full potential.
Key activities in 2024 included the substantial completion of metallurgical test work at a pilot plant in Ontario, Canada to confirm proposed optimizations to the flowsheet; field and geochemical data collection to continue updating source characteristics for groundwater and surface water models for both operational and closure planning; as well as advancement of the Donlin Gold resource model. Results derived from the considerable technical work performed over these past twelve months will serve as inputs into updated feasibility work.
Partnering for Broader Reach into the Project's Region and Meaningful Impact
We recognize the importance of ecological stewardship in the Yukon-Kuskokwim (Y-K) region. Since mid-2023, Donlin Gold has intensified efforts to monitor, survey, and engage on the crucial subject of salmon fisheries in the Kuskokwim and Yukon River watersheds. In 2024, Donlin Gold launched a salmon smolt monitoring program on the George River, a tributary of the Kuskokwim River, in partnership with the Native Village of Napaimute to assess smolt health and migration patterns — an initiative that will continue into 2025. Restoration of a portion of the historic Lyman placer site, which included significant stream and pond habitat creation, including aquatic life access and use, was completed in 2024. Aquatic restoration work on a reach of Snow Gulch previously disturbed by historic mining will start in 2025.
In 2024, Donlin Gold, Calista, and TKC held public open houses in Anchorage, Bethel, and Crooked Creek — the closest community to the project. Two Subsistence Community Advisory Committee meetings were conducted, the first in Aniak during the second quarter and the second in Anchorage in December. Donlin Gold also established three additional Shared Values Statements, bringing the total to 18. Donlin Gold's numerous partnerships in the Y-K region and statewide, aimed at supporting ecological projects, education, summer youth employment programs, and cultural awareness efforts, continue to grow. Together these efforts underscore Donlin Gold's ongoing engagement with and commitment to local communities, reinforcing existing long-term relationships and addressing specific community needs.
In 2024, the Donlin Gold project received continued support from U.S. Senators Lisa Murkowski and Dan Sullivan, and then U.S. Representative Mary Peltola, including their submittal of a joint amicus brief in federal court referring to Donlin Gold as one of the State's "most important and necessary economic development projects" in "one of the most impoverished regions in Alaska."
Maintaining Permits in Good Standing
In 2024, Donlin Gold submitted the preliminary design packages for the Dam Safety Certification to ADNR. Comments from ADNR on these presentations are anticipated in 2025, with potential issuance of the certification in 2026/2027.
Donlin Gold applied for and received an 18-month extension of the construction deadline on its air quality permit through July 2026. The Alaska Pollutant Discharge Elimination System permit, which was originally set to expire in 2023, as well as the Waste Management Permit, which was set to expire in January 2024, are administratively extended by the Alaska Department of Environmental Conservation until renewed. The Reclamation Plan, which was also set to expire in 2024, is administratively extended until 2027.
In state litigation, we continued to support the agencies in defending Donlin Gold's 401 Water Quality Certification, water rights permits and State pipeline Right-of-Way (ROW). These cases have been fully briefed and argued, and decisions are anticipated in 2025.
In federal litigation, the Court issued a decision last fall on Donlin Gold's Joint Record of Decision, 404 permit, and ROW, upholding the federal agencies' analysis on two of the three issues raised. The plaintiffs filed a request for reconsideration on one of these issues, which the Court subsequently denied. Briefing on the appropriate remedy to address the Court's decision on the remaining item — namely, the evaluation of a theoretical large release from the project's tailing storage facility — is scheduled to be completed in early February 2025.
Gold Exposure Through One of the Largest Gold Assets Globally 4
NOVAGOLD views the Donlin Gold project as an exceptionally rare investment opportunity — particularly given the acute scarcity of high-quality assets located in secure, mining-friendly jurisdictions, coupled with the recent surge in gold price, reaching an all-time high of $2,790 on October 30 th , 2024. With over 39 million ounces of gold in Measured and Indicated Resources and a grade of 2.24 grams per tonne 5 , representing twice the industry average, Donlin Gold stands out as one of the largest gold assets globally, and is expected to be operationally cost-effective 6 . The project's current resource spans only 5% of its land package, offering remarkable further exploration potential. Projected to produce over one million ounces in average annual output 7 Donlin Gold's success is anchored in its location in Alaska, among the safest mining jurisdictions in the world 8 with strong community and state support.
2025 Activities and Next Steps
NOVAGOLD and Barrick held a workshop in Alaska in September 2024 to review the important work completed to date, as well as to discuss the next steps for the project and related activities in 2025. Subsequently, Donlin Gold's board approved a path forward with a 2025 budget of $43 million on a 100% basis. Camp operations will resume in the coming months to complete grid drilling toward refining mine planning assumptions. Efforts will continue to advance key workstreams and preparation for a cost update. Additional work will include project and mine planning, further advancement of the Dam Safety Certificate applications with work on the Detailed Design Packages, steadfast support of pending litigation, and ongoing community relations and government affairs activities.
With a strong treasury of over $100 million, NOVAGOLD is well positioned to fund our share of activities for at least the next two years at current spending levels. The path ahead for Donlin Gold is clear, guided by the principles of patience, partnership, and an unrelenting focus on long-term value creation. We firmly believe that with one of the industry's most attractive development gold assets, NOVAGOLD is optimally positioned to deliver exceptional returns.
We extend our heartfelt gratitude to our colleagues, partners, members of NOVAGOLD's board of directors, and shareholders for their unwavering support. As a new year begins, we remain deeply committed to fulfilling each and every single one of the promises we have made and are excited to achieve new milestones together. To our valued shareholders, we express our profound appreciation for the trust they have placed in our vision, which drives us to continually strive for excellence and deliver meaningful results. At NOVAGOLD, we are not just advancing a mining project. We are building a legacy rooted in partnership, sustainability, and value creation — for all stakeholders.
Sincerely,
Gregory A. Lang
President and CEO
Liquidity and Capital Resources
| At November 30, 2024 $ | At November 30, 2023 $ | |
| Cash and term deposits | 101,224 | 125,749 |
| Total assets | 109,753 | 133,290 |
In 2024, cash and cash equivalents decreased by $3.5 million, mainly to fund our share of Donlin Gold, corporate administrative expenses, partially offset by a net reduction of term deposits held.
Spending on operating activities in 2024 increased by $4.9 million compared to the prior year, primarily due to increased corporate general and administrative expenses, lower interest income on cash and term deposits, and higher income tax withholding related to passive income taxable in Canada on a portion of interest income earned by U.S. subsidiaries. Cash provided from investing activities in 2024 increased by $19.7 million compared to the prior year, primarily due to a net reduction of term deposits held in 2024 and lower Donlin Gold funding requirements.
2025 Outlook
Our anticipated expenditure in fiscal year 2025 will be approximately $37.5 million, including $21.5 million to fund our share of the Donlin Gold project and $16.0 million for corporate general and administrative costs.
NOVAGOLD's main objectives include continuing to advance the Donlin Gold project towards a construction decision; maintaining support for Donlin Gold among the project's stakeholders; promoting a strong safety, sustainability, and environmental culture; maintaining a favorable reputation of NOVAGOLD; and preserving a healthy balance sheet. Our operations primarily relate to the delivery of project milestones, including the achievement of various technical, environmental, sustainable development, economic and legal objectives, obtaining necessary permits, completion of feasibility studies, preparation of engineering designs, and the financing to fund these objectives.
Conference Call & Webcast Details
NOVAGOLD's conference call and webcast to discuss these results will take place today at 8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below.
The video webcast and conference call-in details are provided below.
| Video Webcast: | www.novagold.com/investors/events/ |
| North American callers: | 1-844-763-8274 |
| International callers: | 1-647-484-8814 |
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company, solely focused on the responsible and sustainable development of its flagship Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world 9 . The Donlin Gold project, owned in equal partnership with Barrick, is positioned to be one of the world's largest gold mines, with approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource (541 million tonnes at an average grade of approximately 2.24 grams per tonne, on a 100% basis) categories, inclusive of Proven and Probable Mineral Reserves. According to the 2021 Technical Report and the S-K 1300 Technical Report Summary 10 Donlin Gold is expected to produce an average of approximately one million ounces of gold over a 27-year mine life on a 100% basis. There's substantial exploration potential beyond the designed footprint of the Donlin Gold open pit, which currently covers three kilometers of an approximately eight-kilometer-long gold-bearing trend. Current activities at the Donlin Gold project focus on state permitting, engineering studies, community and government engagement, and other environmental, educational and cultural initiatives in preparation for the eventual construction and operation of this project. With a robust balance sheet, NOVAGOLD is well positioned to finance its share of current activities.
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
604-669-6227 or 1-866-669-6227
Cautionary Note Regarding Forward-Looking Statements
This media release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding NOVAGOLD's anticipated expenditures. Such information is intended to assist readers in understanding NOVAGOLD's current expectations and plans relating to the future. Such information may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", "would" or "should" occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the anticipated timing of certain judicial and/or administrative decisions; the 2025 outlook; the timing and potential for commencing a new feasibility study on the Donlin Gold project; the results of future feasibility studies; our goals and expenditures for 2025; ongoing support provided to key stakeholders including Native Corporation partners; continuation of Donlin Gold's salmon smolt monitoring program; Donlin Gold's continued support for the state and federal permitting process; sufficiency of working capital; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to hit critical milestones; the ability for the Tier One gold development project to hit the anticipated projections; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold's existing permits and the timing of decisions in those challenges; whether the Donlin Gold LLC board will continue to advance the Donlin Gold project safely, socially responsibly and to sustainably generate value for our stakeholders; continued cooperation between the owners of Donlin Gold LLC to advance the project; the Company's ability to deliver on its strategy with the Donlin Gold project, increasing shareholder and stakeholder wealth; the success of the strategic mine plan for the Donlin Gold project; the success of the Donlin Gold community relations plan; the outcome of exploration drilling at the Donlin Gold project and the timing thereof; the completion of test work and modeling and the timing thereof. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management's estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between Barrick and NOVAGOLD for the continued exploration, development and eventual construction of the Donlin Gold property; the need for additional capital if NOVAGOLD determined to proceed with an updated feasibility study on its own; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at www.novagold.com, or the SEC's website at www.sec.gov, or on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
___________________________________________
1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the industry cost curve.
2 Per S&P Global Market Intelligence, Donlin Gold is ranked 4th in Measured and Indicated contained ounces among primary gold development projects.
3 Per the Mining Journal Intelligence – World Risk Report 2024, Alaska ranks 13th globally on the Investment Risk Index and received an AA rating, the highest rating category awarded.
4 Per S&P Global Market Intelligence, Donlin Gold is ranked 9th in Measured and Indicated contained ounces among primary gold deposits.
5 Donlin Gold data as per the report titled "NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA" with an effective date of June 1, 2021 (the "2021 Technical Report") and the report titled "S-K 1300 Technical Report Summary on the Donlin Gold project, Alaska, USA" (the "S-K 1300 Technical Report Summary"), dated November 30, 2021. Donlin Gold possesses Measured Resources of approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 4 Mt of Measured Resources and approximately 267 Mt of Indicated Resources inclusive of Reserves is attributable to NOVAGOLD through its 50% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1 Mt grading 2.23 g/t and Indicated Resources of approximately 69 Mt grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and approximately 35 Mt of Indicated Resources exclusive of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8 Mt grading 2.32 g/t and Probable Reserves of approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of which approximately 4 Mt of Proven Reserves and approximately 249 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300.
6 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Technical Report Summary detailed in footnote 5 above, with anticipated life of mine operating cash cost of $635 per gold ounce. Peer data per S&P Global Market Intelligence, Donlin Gold ranks in the lower half of the industry cost curve.
7 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Technical Report Summary detailed in footnote 5 above, with anticipated average annual production of 1.1 million gold ounces over 27 years on a 100% basis.
8 Please see footnote 3 above.
9 Please see footnote 3 above.
10 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Technical Report Summary. Please see footnote 5 above.
News Provided by GlobeNewswire via QuoteMedia
Guyer Gold Anomaly Continues to Expand on New Drill Intersections
Highlights
- Assay results from a fourth aircore (AC) drill campaign targeting extensions to the coherent 6km long bedrock gold anomaly at Guyer North, within the 15km long Guyer Trend, continue to enhance and grow the anomaly that is now up to 1100m wide.
- Broad downhole intervals of significant gold mineralisation were intersected in multiple vertical holes on nine infill and extensional drill traverses at Guyer North that has now outlined three robust 1500m long +0.5 g/t gold bedrock anomalies within the broader 6km long gold trend.
- More significant results from the latest drill campaign include:
- 8m @ 0.98 g/t Au from 64m to EOH in FMAC1157, including 1m @ 4.51 g/t Au from 56m to EOH
- 8m @ 1.52 g/t Au from 72m in FMAC1117
- 4m @ 2.07 g/t Au from 64m in FMAC1116
- 2m @ 0.92 g/t Au from 72m to EOH in FMAC1156, including 1m @ 1.47 g/t Au from 72m
- 5m @ 0.70 g/t Au from 60m to EOH in FMAC1151, including 1m @ 1.26 g/t Au from 64m to EOH
- Consistent with prior results, most new gold intercepts occur at the end of the drillholes (EOH), that combined, potentially represent a large footprint of a primary bedrock gold system.
- The Guyer Trend is part of the $35million exploration Farm-In agreement signed on 18 December 2024 with Gold Road Resources Limited (ASX: GOR).
- A major campaign of follow up RC drilling, to be managed by Iceni, to evaluate the primary zone beneath the large gold footprint at Guyer North, is scheduled to commence in early February as part of the initial $5 million minimum expenditure by GOR under the Farm-In agreement.
Commenting on the Guyer Well Results, Iceni Managing Director Wade Johnson said:
“The dimensions of the Guyer bedrock gold anomaly keep on expanding, with positive results from each successive aircore drilling campaign. At Guyer North we now have a large gold anomaly up to 1100m in width and at least 2500m long, that is part of a larger anomaly coincident with the granite greenstone contact that we have now outlined over 11kms. We are very pleased with the drill results from the fourth aircore drill program, which build upon previous results and now highlight three parallel stronger gold zones within the granitic bedrock west or near to the granite-greenstone contact. The large area of elevated gold in granite now provides a broad target for a maiden program of RC drilling to evaluate the primary zone that will commence shortly, backed and funded by Gold Road Resources. Our exploration in 2024 has laid the foundations for our focus in 2025 and we are gearing up for a big and successful year at the 14 Mile Well Project, with the immediate focus being Guyer.”
The board of Iceni Gold Limited (ASX: ICL) (“Iceni” or “the Company”) is pleased to announce results from a further early-stage AC drilling campaign along the 15km long Guyer Trend at its flagship 14 Mile Well Gold Project (“14MWGP” or “Project”) located midway between the gold mining towns of Leonora and Laverton. The Project (Figure 1) adjoins the recently recommenced Laverton Gold Operation, which contains the Jupiter and Westralia gold deposits owned by Genesis Minerals Limited (ASX: GMD).
The Guyer Trend (“Guyer”) is located in the southeastern part of the 14MWGP. It was one of four key target areas identified from a targeting review in May 2024 that recognised priority areas to focus exploration on during CY2024 for a gold discovery (Figure 1). The trend lies over a northerly striking belt of mafic greenstone sequences, bounded by the Danjo Granite to the west and to the east by mafic to intermediate volcanic rocks (Figure 2).
Since June 2021, Guyer has been a focus of exploration by the Company, conducting extensive surface sampling, metal detecting and AC drilling (ICL ASX release 30 November 2022), primarily along a belt of sub-cropping mafic rocks along and to the south of the Guyer Ridge (refer Figures 2 and 3).
Figure 1 Map of the 14 Mile Well Project area, highlighting the location of the Guyer Trend and other key target areas. Refer to Figure 2 for inset.
In August, September and October 2024, wide-spaced AC drilling revealed a broad, coherent bedrock gold anomaly along this granite-greenstone contact (Figure 2), spanning up to 950m in width and extending over 6kms in length (ICL ASX release 26 September 2024 and ICL ASX release 12 November 2024). The third aircore program completed in October 2024 identified a >0.5g/t Au 1500m long bedrock anomaly within the larger 6km >0.1g/t Au anomaly (ICL ASX release 12 November 2024). These two anomalies are hidden beneath up to 35m of transported overburden, masking any surface expression.
Whilst acknowledging the direction provided by the targeting appraisal in May 2024, Guyer has been a focal point for Iceni since 2021 (refer ICL prospectus), with extensive surface work, including Ultrafine Fraction (UFF) soil and rock-chip sampling yielding high-grade gold anomalies. This work was primarily concentrated along the Guyer Ridge (Figures 2 and 3), a sub-cropping basalt ridge east of the contact, where prospectors have made extensive gold nugget finds.
Geophysical gravity and magnetics data suggest that the Guyer Trend is part of a broader shear zone (Guyer Shear). Historical gold workings to the south (Refer ICL ASX release 12 November 2024) along strike, such as ‘Pennyweight’, which produced nearly 4200oz of gold from five tonnes of ore between 1897 and 1908 (Ref: Minedex), further underscore the area’s fertile signature and high prospectivity (ICL ASX release 15 October 2024). Combined with recent AC drilling results, these findings highlight the potential for significant gold mineralisation along the Guyer Trend.
Figure 2 Geological map of Guyer North showing the AC drilling completed with key results, Guyer Bedrock anomaly, and location of the gold nugget field. Refer to Figure 3 for details on the Campaign 4 AC drill program.
Click here for the full ASX Release
This article includes content from Iceni Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
B2Gold Announces Offering of Convertible Senior Notes
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") announces that it is offering convertible senior unsecured notes due 2030 (the "Notes") in an aggregate principal amount of US$350 million (the "Offering"). The Company expects to grant the initial purchasers of the Notes an option for a period of 15 days to purchase up to an additional US$52.5 million aggregate principal amount of Notes.
The Company intends to use the net proceeds from the Offering to fund working capital requirements and for general corporate purposes. In order to reduce interest expense, the Company will initially apply the net proceeds to pay down the outstanding balance under the Company's revolving credit facility (the "Revolving Credit Facility") and then subsequently use future draws on the Revolving Credit Facility to fund such working capital requirements and for general corporate purposes.
The interest rate and the initial conversion rate of the Notes will be determined by B2Gold and the initial purchasers and will depend on market conditions at the time of pricing of the Offering. The Notes will bear cash interest semi-annually at a fixed rate and be convertible by holders into common shares of the Company (the "Shares").
B2Gold will have the right to redeem the Notes in certain circumstances and holders will have the right to require B2Gold to repurchase their Notes upon the occurrence of certain events.
In connection with the offering of the notes B2Gold intends to enter into a cash settled total return swap with respect to up to approximately US$50 million of Shares with one of the initial purchasers of the Notes. The total return swap is intended to give B2Gold economic exposure to its Shares during the term of the total return swap, which is expected to be approximately one month. In connection with establishing its initial hedge of the total return swap, B2Gold expects that the total return swap counterparty or its affiliate may purchase Shares at the close of trading on the date of the pricing of the Offering. Such purchases may have the effect of increasing (or reducing the size of any decrease in) the market price of the Shares. Any unwind of such hedge positions, including at settlement of the total return swap, may have the effect of decreasing (or reducing the size of any increase in) the market price of the Shares or the Notes.
The Notes and the Shares issuable upon the conversion thereof have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or qualified by a prospectus in Canada. The Notes and the Shares may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act. The Notes will be offered only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act). Offers and sales in Canada will be made only pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws.
This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland.
ON BEHALF OF B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements relating to the Offering, the option to purchase additional Notes, if any, the terms of the Notes, the anticipated timing for closing of the Offering, the anticipated use of proceeds and the intention to enter into the total return swap. These Forward-looking Statements are based on certain assumptions that B2Gold has made in respect thereof as at the date of this news release. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "anticipated", "estimated" "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of B2Gold to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, without limitation, risks relating to the need to satisfy the conditions expected to be set forth in the purchase agreement for the Notes; the need to satisfy regulatory and legal requirements with respect to the Offering; as well as those factors discussed under "Risk Factors" in B2Gold's Annual Information Form for the fiscal year ended December 31, 2023, a copy of which can be found on the Company's profile on the SEDAR+ website at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Although B2Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
Investor Relations: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
News Provided by GlobeNewswire via QuoteMedia