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Galore Creek

Technical Report

Exploration & Project Development

Additional mineral resources occur throughout the site.

Galore Creek Deposit

The Galore Creek property comprises 375,476 acres (151,950 hectares) and the Copper Canyon property comprises 28,032 acres (11344.1 hectares) of British Columbia mineral claims located within the Tahltan Nation territory. The majority of proven and probable mineral reserves at Galore Creek are hosted within the main Central Pit. Additional mineral resources exist in extensions to the southeast, an area known as Bountiful, and would be economic at long-term metal price assumptions, but were not drilled to sufficient confidence to be included in the prefeasibility study.

The Copper Canyon deposit is located mid-way up the east fork of Galore Creek, approximately two kilometers from the Central Pit and hosts an inferred mineral resource and multiple high-quality target areas. NOVAGOLD acquired Copper Canyon Resources to consolidate the land position and offered the Copper Canyon lands to Teck for inclusion in the Galore Creek Partnership Agreement.

Additional reported mineral resources occur at depth in the Central Pit and in four adjacent satellite deposits on the property: Junction, Southwest, West Fork, and Bountiful. Mineralization has been identified on other prospects, including the Butte, West Rim, North Junction, North Rim and Saddle areas.

Exploration

Throughout 2011 and 2012, resource and geotechnical drilling were carried out to upgrade the classification of inferred mineral resources and obtain data to support further mine planning and engineering. An extensive 27,900-meter drilling campaign was completed in 2012. It confirmed previously reported drill results and demonstrated the potential for substantial extension of the mineralized area beyond the limits of the current prefeasibility study pit. Notably, it led to the discovery of the Legacy zone, a 700-meter long mineralized zone located northeast of Bountiful and adjacent to the eastern extents of the Central Pit. The full results from the 2012 drill program are detailed in our news release dated February 25, 2013.

The 2013 drill program focused on assessing the extent of the Legacy mineralization and evaluating its impact on future mine and project design. 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. Additional information on the 2013 drill program is outlined in the Company's news release dated January 23, 2014.

Work Plan

With our partner Teck, we have been working on technical studies in project mine planning and design, as well as waste rock and water management. In 2017, the focus at Galore Creek was specifically on site care and maintenance with the majority of the work conducted over the summer months. Surface reconnaissance exploration was also conducted at Galore Creek and the results were presented by the Galore Creek Management Corporation at the 2018 Prospectors & Developers Association of Canada Convention. Since our primary objective is advancement of the flagship Donlin Gold project, NOVAGOLD’s intention is to sell all or part of its 50% interest in Galore Creek and re-deploy the proceeds toward Donlin Gold. We want to make sure that the value we would receive for our interest in this large high-grade copper-gold project is reflective of its scarcity value. With escalating copper prices, there is a renewed interest in Galore Creek, a likely core asset for any major company.

Footnotes

Source:

  • Galore Creek Property NI 43-101 Technical Report entitled "Galore Creek Project British Columbia NI 43-101 Technical Report on Pre-Feasibility Study” effective September 12, 2011. A copy of the Galore Creek Technical Report is available here as well as at www.sedar.com or www.sec.gov.*Please link to webpage where the technical study can be downloaded.
  • NOVAGOLD filed a news release entitled " NOVAGOLD Reports Discovery of 700-Meter Legacy Zone at Galore Creek Drilling Extends Mineralization Substantially Beyond the Pit Limits” dated February 25, 2013. It is available for download on NOVAGOLD's website at www.novagold.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov
  • NOVAGOLD filed a news release entitled " NOVAGOLD's 2013 Drill Results at Galore Creek Identify Extensions to Mineralization at Legacy Zone” dated January 24, 2014. It is available for download on NOVAGOLD's website at www.novagold.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov
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