Dallas, Texas 02/04/2014 (FINANCIALSTRENDS) – The $946 million market capped Canadian gold mining firm NovaGold Resources Inc. (USA) (NYSEMKT:NG) announced on 24th January, the findings from its exploratory drilling tests which it had conducted at its JV project at Galore Creek property. This mining field is a 50 / 50 partnership between the Vancouver based mining firm and Teck Resources Inc and is located in the British Columbia. It has been estimated that this mine holds huge quantities of copper, gold and silver ore which is at the back of these exploratory drilling efforts by the two firms.
The key take away from the announcement by NovaGold Resources Inc. (USA) (NYSEMKT:NG) was that the test drills confirmed presence of significantly large quantities of mineral ores and have been demarcated for future development goals. The drilling effort which commenced in 2013 with the aim of determining the extent of mineral ore presence and augmenting the “resource model confidence”, was executed with laser sharp focus and was completed ahead of schedule.
In his opening remarks at a press conference organized to announce the findings of the tests, NovaGold Resources Inc. (USA) (NYSEMKT:NG) President and Chief Executive Officer Greg Lang has been quoted to have said that, “The 2013 drill program at Galore Creek produced excellent results which exceeded our stated objectives. With more than 11,600-meters drilled, the in-fill and exploration drilling confirmed significant mineralization in areas within and adjacent to the Legacy zone. The work was completed ahead of schedule and under budget. I would like to congratulate all members of the team on their hard work, enhanced safety practices and, most importantly, zero lost-time injuries.”
Based on the positive and definitive data obtained in the test results, NovaGold Resources Inc. (USA) (NYSEMKT:NG) hopes to develop the Galore Creek mining property as one of Canada’s “largest and lowest-cost” copper mining projects in Canada.