NovaGold Resources Inc.: Exhibit 99.1 - Filed by newsfilecorp.com
 |
News
Release |
NYSE-AMEX,
TSX Symbol: NG |
NovaGold Reports Drill Results at San Roque Project in
Argentina
July 21, 2011 - Vancouver, British Columbia - NovaGold
Resources Inc. (NYSE-AMEX, TSX: NG) today announced the results of its
initial drill program at the San Roque project in the Rio Negro Province of
Argentina.
The program was designed to test three areas at the San Roque
project; the Del Indio zone (now called the Zone 33 Area), a series of IP and
resistivity anomalies, and the Zone 51 Area. The locations of the drill holes
are shown on the location map below.
Significant intercepts are shown in the table below.
| Table 1: San Roque Significant Drill Intervals
|
|
|
|
|
|
|
|
| |
|
|
Total |
Au |
Ag |
In |
Pb |
Zn |
AuEq |
AuEq gpt |
| |
From |
To |
meters |
gpt |
gpt |
gpt |
% |
% |
gpt |
x meters |
| DDHMSR-0002 |
37.0 |
58.5 |
21.5 |
0.43 |
17.1 |
4.2 |
0.35 |
0.45 |
1.22 |
26.2 |
| |
98.0 |
133.0 |
35.0 |
0.51 |
15.9 |
10.0 |
0.38 |
0.60 |
1.44 |
50.4 |
| |
167.0 |
171.0 |
4.0 |
2.30 |
84.3 |
0.1 |
0.09 |
0.21 |
4.14 |
16.6 |
| 3 intervals |
|
|
60.5 |
0.60 |
20.8 |
7.3 |
0.35 |
0.52 |
1.54 |
93.2
|
| DDHMSR-0003 |
25.0 |
51.0 |
26.0 |
0.63 |
9.0 |
4.45 |
0.16 |
0.22 |
1.05 |
27.3 |
| |
102.0 |
139.0 |
37.0 |
0.21 |
18.8 |
14.5 |
0.37 |
0.47 |
1.17 |
43.5 |
| |
186.0 |
205.0 |
19.0 |
0.15 |
42.7 |
52.4 |
0.97 |
0.65 |
2.42 |
46.1 |
| 3 intervals |
|
|
82.0 |
0.33 |
21.2 |
20.1 |
0.44 |
0.44 |
1.42 |
116.8
|
| DDHMSR-0009 |
31.0 |
61.0 |
30.0 |
0.36 |
6.3 |
7.35 |
0.34 |
0.66 |
1.08 |
32.3 |
| |
69.0 |
189.0 |
120.0 |
1.16 |
10.3 |
39.0 |
0.43 |
2.04 |
3.06 |
367.0 |
| 2 intervals |
|
|
150.0 |
1.00 |
9.5 |
32.7 |
0.41 |
1.77 |
2.66 |
399.3
|
| DDHMSR-0013 |
9.0 |
13.0 |
4.0 |
0.19 |
2.4 |
262.9 |
0.42 |
0.23 |
3.57 |
14.3 |
| |
21.0 |
54.7 |
33.7 |
0.30 |
7.7 |
6.9 |
0.70 |
0.92 |
1.35 |
45.6 |
| |
61.0 |
205.5 |
144.5 |
0.20 |
25.5 |
5.1 |
0.65 |
1.25 |
1.73 |
249.5 |
| |
263.0 |
272.0 |
9.0 |
0.66 |
8.8 |
0.5 |
0.29 |
0.46 |
1.23 |
11.0 |
| 4 intervals |
|
|
191.2 |
0.24 |
21.1 |
10.6 |
0.64 |
1.13 |
1.68 |
320.4
|
| DDHMSR-0015 |
120.8 |
132.0 |
11.2 |
0.62 |
32.6 |
0.1 |
0.13 |
0.25 |
1.46 |
16.4 |
| 1 interval |
|
|
11.2 |
0.62 |
32.6 |
0.12 |
0.13 |
0.25 |
1.46 |
16.4
|
|
Notes to Drill Interval Table: |
| |
1. |
Significant interval defined as a minimum 10 meter
interval or a 10 gram meter AuEq interval grading a minimum of 1 gpt
AuEq. |
| |
2. |
Internal dilution limited to 4 continuous meters of
<0.5 gpt AuEq. Cutoff grade of 0.5 grams/tonne AuEq. |
| |
3. |
Au Equivalencies based on the following metal value
ratios – Au:Ag 50:1, Au:In 87.5:1, Au:Pb 19845:1, Au:Zn
19845:1. |
| |
4. |
Long-term metal ratios based on value relations of
$1200/oz Au, $24/oz Ag, $400/kg In, $0.80/lb Pb and Zn. |
| |
5. |
The intervals shown are drill length intervals. True
widths are not known. |
| |
6. |
No significant intervals as defined by Note 1 were
drilled in the remaining 10 Phase I drill
holes. |
NovaGold Resources Inc.
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A second drilling campaign is now being planned. This program
will include a 15-line-kilometer IP/Resistivity survey and a 3,500-5,000-meter
HQ-size drill program. The drill program is planned for completion before the
end of 2011.
Joe Piekenbrock, VP Exploration commented, “This early success
at San Roque is encouraging, particularly the significant widths of
mineralization encountered. Our goal with the second round of drilling is to
expand on the potential resource in Zone 33 Area and capitalize on the extensive
exploration potential that we recognized in the initial round of drilling.”
NovaGold signed an option agreement with Marifil Mines Ltd.
(“Marifil”) on June 22, 2010, which gives NovaGold the right to earn up to a 70%
interest in the San Roque Project. The San Roque project comprises eleven claims
totaling 70,046 hectares. Three of the claims are owned by MIM Exploraciones SA
("MIM") and Marifil has exercised its right to purchase a 100%-interest in these
claims for $400,000.
The drill program and sampling protocol were managed by
NovaGold. The HQ diameter diamond drill holes were sampled using a two-meter
sample length and recovery averaged 95%. Three quality control samples (one
blank, one standard and one duplicate) were inserted into each batch of 20
samples. The drill core was sawn, with half sent to ASL Chemex Labs in Mendoza,
Argentina and Santiago, Chile, where gold was analyzed by fire assay and AAS
finish and a four acid ICP-MS method was used to analyze a full suite of
elements. Samples were securely transported from the project site to the ALS
Chemex laboratory in Mendoza via a private truck hired by ALS.
Heather Brown, P.Geo, GIS Database Geologist for NovaGold, and
a Qualified Person as defined by National Instrument 43-101, has reviewed the
results of the drill program and confirmed that all procedures, protocols and
methodologies used in the drill program conform to industry standards.
About NovaGold
NovaGold is a precious metals company engaged in the
exploration and development of mineral properties in Alaska, U.S.A. and British
Columbia, Canada. The Company is focused on advancing its two core properties,
Donlin Gold and Galore Creek, with the objective of becoming a low-cost
million-ounce-a-year gold producer, and offers superior leverage to gold and
copper with one of the largest mineral reserve/resource bases of any junior or
mid-tier gold company. NovaGold has a strong track record of expanding deposits
through exploration success and forging collaborative partnerships, both with
local communities and with major mining companies. The Donlin Gold project in
Alaska, one of the world’s largest undeveloped gold deposits, is held by a
limited liability company owned equally by wholly-owned subsidiaries of NovaGold
and Barrick Gold Corporation. The Galore Creek project in British Columbia, a
large copper-gold-silver deposit, is held by a partnership owned equally by
wholly-owned subsidiaries of NovaGold and Teck Resources Limited. NovaGold also
owns a 100% interest in the high-grade Ambler copper-zinc-gold-silver deposit in
northern Alaska and has other earlier-stage exploration properties. NovaGold
trades on the TSX and NYSE-AMEX under the symbol NG. More information is
available at www.novagold.net or by emailing info@novagold.net.
NovaGold Contact
Ariadna D. Peretz
Investor Relations
604-669-6227 or 1-866-669-6227
NovaGold Resources Inc.
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# # #
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain “forward-looking
statements” within the meaning of the United States Private Securities
Litigation Reform Act of 1995. All statements, other than statements of
historical fact, included herein including, without limitation, statements
relating to NovaGold’s future operating or financial performance, are
forward-looking statements. 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”, or
“should” occur or be achieved. These forward-looking statements are set forth
principally under the heading “Outlook” and elsewhere in this news release and
may include statements regarding perceived merit of properties; exploration
results and budgets; mineral reserves and resource estimates; work programs;
capital expenditures; timelines; strategic plans; completion of transactions;
market price of precious base metals; or other statements that are not
statements of fact. Forward-looking statements involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause actual
results to differ materially from NovaGold’s expectations include the
uncertainties involving the need for additional financing to explore and develop
properties and availability of financing in the debt and capital markets;
uncertainties involved in the interpretation of drilling results and geological
tests and the estimation of reserves and resources; the need for continued
cooperation with Barrick Gold and Teck Resources in the exploration and
development of the Donlin Gold and Galore Creek properties; the need for
cooperation of government agencies and native groups in the development and
operation of properties; the need to obtain permits and governmental approvals;
risks of construction and mining projects such as accidents, equipment
breakdowns, bad weather, non-compliance with environmental and permit
requirements, unanticipated variation in geological structures, ore grades or
recovery rates; unexpected cost increases; fluctuations in metal prices and
currency exchange rates; and other risk and uncertainties disclosed in
NovaGold’s Annual Information Form for the year ended November 30, 2010, filed
with the Canadian securities regulatory authorities, and NovaGold’s annual
report on Form 40-F filed with the United States Securities and Exchange
Commission and in other NovaGold reports and documents filed with applicable
securities regulatory authorities from time to time. NovaGold’s forward-looking
statements reflect the beliefs, opinions and projections 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.
NovaGold Resources Inc.
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Map 1: San Roque Target Areas
NovaGold Resources Inc.
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