Donlin Gold LLC,
owned 50/50 by
Barrick Gold Corporation (“Barrick”) (TSX: ABX) (NYSE:
GOLD) and NOVAGOLD RESOURCES INC.
(“NOVAGOLD”) (TSX, NYSE American:
NG), is pleased to announce the successful
completion of its 2020
85-hole
drilling program
totaling approximately
23,400 meters. The holes
were drilled in both the ACMA and Lewis deposit areas
of the Donlin Gold project.
- Assay results for
the first 25 holes (representing 30% of the length drilled) have
been received to date, of which nine were previously released to
the market on August 6.
- Assay results show
higher grades over thinner intervals compared to those predicted by
previous modelling, particularly in sedimentary rocks.
- The Donlin Gold team
is wrapping-up site activities with the drill core being logged,
cut, sampled, and shipped to assay laboratories. Site activities
are now completed.
Objectives of the 2020 Drill Program
and Results to
Date
The primary objective of the 2020 drill program, the largest
such campaign at Donlin Gold since 2008, has been to validate and
increase the confidence in recent geologic modeling concepts. Once
complete, it is expected to drive an update of mining schedules and
life of mine business plans.
Results to date continue to exceed modeled grade-thickness, with
higher grades observed over narrower intervals, particularly in
sedimentary rocks. Additional assay results will be reported as
they become available.
-
Five of the top intervals identified since the results announced on
August 6, 2020 include: • DC20-1877 intersected 4.17 m
grading 80.6 g/t gold, starting at 123.48 m drilled depth,
including a sub interval of 3.15 m grading 106.2 g/t gold, starting
at 124.50 m drilled depth; • DC20-1888 intersected 6.93
m grading 43.1 g/t gold, starting at 178.58 m drilled
depth, including a sub interval of 3.25 m grading 90.5 g/t
gold, starting at 180.26 m drilled depth;• DC20-1878
intersected 19.77 m grading 11.3 g/t gold, starting at 48.86 m
drilled depth, including a sub interval of 7.00 m grading 25.2 g/t
gold, starting at 54.86 m drilled depth; • DC20-1886
intersected 33.88 m grading 6.5 g/t gold, starting at 218.20 m
drilled depth, including a sub interval of 7.94 m grading 11.3
g/t gold, starting at 224.20 m drilled depth; and• DC20-1886
intersected 22.12 m grading 4.7 g/t gold, starting at 158.78 m
drilled depth, including a sub interval of 4.00 m grading 12.3 g/t
gold, starting at 172.90 m drilled depth.
-
Drill hole collar locations are shown in Figure 1.
-
Drill hole orientations and depths are included in Table 1.
-
Additional significant intervals are shown in Table 2.
Statements by the Owners
With the receipt of the latest drill results, the 2020 drill
program continues to advance Donlin Gold up the value
chain.
“A comprehensive geological understanding of any orebody is a
foundational step that few companies in the gold industry do well.
With an orebody the size, scale, and quality of Donlin Gold it is
of even greater importance in order for the project to successfully
deliver maximum value for all our stakeholders,” said Mark Bristow,
President and CEO of Barrick. “Building on the last two decades of
exploration, the results continue to highlight Donlin’s world-class
potential.” Bristow added: “I’d like to congratulate the Joint
Venture team, as well as thank our Native Corporation partners,
Calista Corporation (“Calista”) and The Kuskokwim Corporation
(TKC), on successfully completing drilling despite the enormous
challenges associated with operating during the COVID-19
pandemic.”
Greg Lang, NOVAGOLD’s President and CEO, said, “With the latest
set of assay results, we continue to encounter intersections of
higher grade mineralization than previously modeled. With the
industry burning through reserves, and grades continuing to
decline, great drill results with even higher than modeled grades
are exciting for any mining company — and we believe that to
be particularly true for Donlin Gold at this late stage of
development. The data from the 2020 drill program will be
incorporated into an updated model, which could be further verified
with additional drilling in 2021. Understanding the optimized
geological model will form the basis for determining the best
approach for the development of Donlin Gold.”
Mr. Lang added, “We are proud to work in Alaska, a state where
the rule of law is well established, and socially responsible and
environmentally sound mine development is welcomed. As we wrap-up
activities at the site for the winter, I want to thank the Donlin
Gold team, that, despite the unprecedented challenges posed by
COVID-19, actually completed the drilling earlier than forecast,
thereby allowing us an opportunity to drill additional holes.”
COVID-19 Response & Community
Engagement
To date, no employees or contractors at the Donlin Gold site
have tested positive for COVID-19. With dedicated community
partners in Alaska and in the Yukon-Kuskokwim (Y-K) region, who
share the objective of protecting the health of Donlin Gold’s
employees and contractors, a wide-ranging set of policies have been
implemented at the Donlin Gold project site this year designed to
mitigate the spread of COVID-19.
Donlin Gold continues to work with Calista, TKC and other key
representatives in the region to respond to community needs
resulting from the COVID-19 pandemic. Despite this year’s
challenges, Donlin Gold has maintained community engagement
programs related to environmental management, safety, training,
educational, health and cultural initiatives. A few noteworthy and
recent initiatives included partnering with the Association of
Village Council Presidents, Orutsararmiut Native Council and the
Native Village of Napaimute for the Backhaul Hazardous Waste
Removal from remote villages in the Y-K region, where a total of
approximately 45,000 pounds of household hazardous materials, such
as large appliances, fluorescent tubes, lead acid batteries, and
electronic waste was collected and shipped out of the area for
proper disposal; and Donlin Gold conducted the Campfire Alaska
Summer Program with support staff in 23 Y-K communities to provide
distanced activities and meal programs for youth and elders.
About Donlin Gold
Donlin Gold LLC is an Alaska-based company owned equally by
Barrick Gold U.S. Inc. and NovaGold Resources Alaska, Inc., which
are wholly owned subsidiaries of Barrick and NOVAGOLD,
respectively.
Donlin Gold is located in Alaska, the second largest
gold-producing state in the U.S. With approximately 39 million
ounces of gold grading 2.24 grams per tonne in the measured and
indicated resource categories (100 percent basis)1, Donlin Gold
hosts one of the largest and highest-grade undeveloped open-pit
gold endowments in the world. The planned pits in which the
existing resources are sited occupy only three kilometers of an
eight-kilometer mineralized belt, which itself is located on less
than 5% of Donlin Gold’s land position. Current activities at
Donlin Gold are focused on the drill program, optimization efforts,
and community outreach.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bf11d6b1-1ca0-436b-9683-7a9c480d9de7
Depicted grid system is based on NAD83 UTM zone 4N
coordinates.
TABLE
1Drill Hole
Orientations*
and
Depths
Hole |
Azimuth (°) |
Inclination (°) |
Depth (m) |
DC20-1865 |
237 |
79 |
227.0 |
DC20-1866 |
45 |
67 |
302.7 |
DC20-1867 |
28 |
73 |
217.5 |
DC20-1868 |
358 |
67 |
247.2 |
DC20-1869 |
330 |
72 |
175.9 |
DC20-1870 |
307 |
71 |
249.9 |
DC20-1871 |
303 |
63 |
458.4 |
DC20-1872 |
312 |
53 |
632.8 |
DC20-1873 |
250 |
49 |
274.9 |
DC20-1874** |
300 |
76 |
253.0 |
DC20-1875** |
303 |
53 |
218.5 |
DC20-1876** |
288 |
69 |
235.0 |
DC20-1877** |
303 |
73 |
249.9 |
DC20-1878** |
305 |
55 |
459.9 |
DC20-1879** |
303 |
58 |
231.0 |
DC20-1880** |
300 |
71 |
249.9 |
DC20-1881** |
299 |
52 |
256.0 |
DC20-1882** |
324 |
57 |
524.9 |
DC20-1883** |
309 |
53 |
266.4 |
DC20-1884** |
305 |
73 |
251.8 |
DC20-1885** |
278 |
64 |
296.6 |
DC20-1886** |
306 |
56 |
255.4 |
DC20-1887** |
305 |
60 |
255.4 |
DC20-1888** |
312 |
73 |
266.5 |
DC20-1889** |
328 |
57 |
406.6 |
DC20-1890 |
abandoned before completion, re-drilled as 1891 |
DC20-1891** |
330 |
56 |
377.3 |
* Note that azimuth and inclination values vary as each hole
progresses. The stated values are hole averages, rounded to the
nearest degree.**Azimuth and inclination of these holes only
include data from downhole directional surveys performed by the
drilling contractor. Televiewer surveys were also conducted, but
those data are not yet reflected here due to interpretations in
progress. Once they are included, the azimuth and inclination
values could change. Assay data are not yet available from 244.5m
to 251.8m in DC20-1884, from 234.5m to 255.4m in DC20-1887, all of
DC20-1889, and from 188.7m to 377.3m in DC20-1891.
The owners provided an initial update on assay
results in the August 6, 2020 media release “DONLIN GOLD PROJECT
PROVIDES UPDATE ON RECENT DRILLING AND ONGOING COMMUNITY SUPPORT IN
ALASKA AMID COVID-19 PANDEMIC”. These initial results are
referenced in Table 2 and marked with their disclosure
date.
TABLE 22020 Donlin Gold
Significant Assay Intervals
Hole ID |
Area |
From(Meters) |
To(Meters) |
Length(Meters) |
Au Grade(g/t) |
|
DC20-1865 |
ACMA |
136.75 |
149.16 |
12.41 |
4.91 |
Reported 8/6 |
DC20-1865 |
|
155.50 |
174.21 |
18.71 |
2.03 |
Reported 8/6 |
DC20-1865 |
|
200.22 |
213.57 |
13.35 |
2.97 |
Reported 8/6 |
DC20-1865 |
|
TOTAL |
|
44.47 |
3.12 |
|
DC20-1866 |
ACMA |
14.00 |
17.82 |
3.82 |
3.48 |
Reported 8/6 |
DC20-1866 |
|
35.39 |
81.30 |
45.91 |
5.03 |
Reported 8/6 |
including |
|
63.35 |
75.30 |
11.95 |
10.44 |
Reported 8/6 |
DC20-1866 |
|
98.25 |
103.42 |
5.17 |
7.01 |
Reported 8/6 |
DC20-1866 |
|
108.30 |
131.66 |
23.36 |
4.15 |
Reported 8/6 |
DC20-1866 |
|
208.44 |
221.61 |
13.17 |
4.69 |
Reported 8/6 |
DC20-1866 |
|
226.53 |
256.81 |
30.28 |
4.20 |
Reported 8/6 |
DC20-1866 |
|
266.00 |
276.76 |
10.76 |
4.72 |
Reported 8/6 |
DC20-1866 |
|
281.33 |
285.57 |
4.24 |
1.83 |
Reported 8/6 |
DC20-1866 |
|
291.00 |
296.86 |
5.86 |
5.61 |
Reported 8/6 |
DC20-1866 |
|
TOTAL |
|
142.57 |
4.61 |
|
DC20-1867 |
ACMA |
23.20 |
28.04 |
4.84 |
7.37 |
Reported 8/6 |
DC20-1867 |
|
66.14 |
70.74 |
4.60 |
5.90 |
Reported 8/6 |
DC20-1867 |
|
92.68 |
104.00 |
11.32 |
6.17 |
Reported 8/6 |
DC20-1867 |
|
TOTAL |
|
20.76 |
6.39 |
|
DC20-1868 |
ACMA |
115.51 |
125.74 |
10.23 |
4.13 |
Reported 8/6 |
DC20-1868 |
|
243.48 |
247.19 |
3.71 |
1.92 |
Reported 8/6 |
DC20-1868 |
|
TOTAL |
|
13.94 |
3.54 |
|
DC20-1869 |
ACMA |
10.80 |
16.15 |
5.35 |
3.22 |
Reported 8/6 |
DC20-1869 |
|
33.30 |
43.30 |
10.00 |
2.68 |
Reported 8/6 |
DC20-1869 |
|
49.30 |
58.83 |
9.53 |
3.86 |
Reported 8/6 |
DC20-1869 |
|
128.19 |
137.60 |
9.41 |
3.08 |
Reported 8/6 |
DC20-1869 |
|
TOTAL |
|
34.29 |
3.20 |
|
DC20-1870 |
ACMA |
156.66 |
164.60 |
7.94 |
4.24 |
Reported 8/6 |
DC20-1870 |
|
173.10 |
180.80 |
7.70 |
7.53 |
Reported 8/6 |
DC20-1870 |
|
TOTAL |
|
15.64 |
5.86 |
|
DC20-1871 |
ACMA |
12.80 |
20.80 |
8.00 |
4.01 |
Reported 8/6 |
DC20-1871 |
|
30.35 |
72.26 |
41.91 |
11.61 |
Reported 8/6 |
including |
|
38.24 |
42.24 |
4.00 |
17.00 |
Reported 8/6 |
including |
|
55.78 |
62.26 |
6.48 |
38.77 |
Reported 8/6 |
DC20-1871 |
|
341.67 |
347.44 |
5.77 |
1.00 |
Reported 8/6 |
DC20-1871 |
|
425.97 |
435.71 |
9.74 |
1.60 |
|
DC20-1871 |
|
TOTAL |
|
65.42 |
8.25 |
|
DC20-1872 |
Lewis |
47.30 |
73.46 |
26.16 |
3.40 |
|
DC20-1872 |
|
82.80 |
86.60 |
3.80 |
4.74 |
|
DC20-1872 |
|
163.82 |
167.70 |
3.88 |
4.39 |
Reported 8/6 |
DC20-1872 |
|
290.62 |
294.58 |
3.96 |
3.17 |
Reported 8/6 |
DC20-1872 |
|
544.34 |
555.00 |
10.66 |
1.80 |
|
DC20-1872 |
|
603.23 |
609.23 |
6.00 |
2.33 |
|
DC20-1872 |
|
TOTAL |
|
54.46 |
3.11 |
|
DC20-1873 |
Lewis |
42.90 |
53.74 |
10.84 |
4.36 |
Reported 8/6 |
DC20-1873 |
|
60.88 |
68.54 |
7.66 |
18.40 |
Reported 8/6 |
including |
|
63.16 |
68.54 |
5.38 |
25.26 |
Reported 8/6 |
DC20-1873 |
|
TOTAL |
|
18.50 |
10.17 |
|
DC20-1874 |
ACMA |
159.39 |
169.59 |
10.20 |
7.24 |
|
DC20-1874 |
|
174.65 |
177.97 |
3.32 |
3.51 |
|
DC20-1874 |
|
236.83 |
239.88 |
3.05 |
5.52 |
|
DC20-1874 |
|
TOTAL |
|
16.57 |
6.18 |
|
DC20-1875 |
Lewis |
18.75 |
22.64 |
3.89 |
1.50 |
|
DC20-1875 |
|
43.17 |
47.09 |
3.92 |
1.95 |
|
DC20-1875 |
|
100.06 |
105.68 |
5.62 |
6.09 |
|
DC20-1875 |
|
TOTAL |
|
13.43 |
3.55 |
|
DC20-1876 |
Lewis |
5.62 |
18.35 |
12.73 |
5.35 |
|
DC20-1876 |
|
TOTAL |
|
12.73 |
5.35 |
|
DC20-1877 |
ACMA |
123.48 |
127.65 |
4.17 |
80.58 |
|
including |
|
124.50 |
127.65 |
3.15 |
106.24 |
|
DC20-1877 |
|
TOTAL |
|
4.17 |
80.58 |
|
DC20-1878 |
Lewis |
27.47 |
34.05 |
6.58 |
2.83 |
|
DC20-1878 |
|
48.86 |
68.63 |
19.77 |
11.34 |
|
including |
|
54.86 |
61.86 |
7.00 |
25.24 |
|
DC20-1878 |
|
74.63 |
79.74 |
5.11 |
15.79 |
|
including |
|
74.63 |
77.74 |
3.11 |
21.10 |
|
DC20-1878 |
|
96.92 |
105.70 |
8.78 |
1.23 |
|
DC20-1878 |
|
120.32 |
124.31 |
3.99 |
1.83 |
|
DC20-1878 |
|
132.14 |
135.94 |
3.80 |
1.21 |
|
DC20-1878 |
|
140.90 |
154.70 |
13.80 |
3.10 |
|
DC20-1878 |
|
175.34 |
186.70 |
11.36 |
2.00 |
|
DC20-1878 |
|
198.40 |
240.70 |
42.30 |
2.03 |
|
DC20-1878 |
|
244.75 |
247.92 |
3.17 |
4.27 |
|
DC20-1878 |
|
TOTAL |
|
118.66 |
4.31 |
|
DC20-1879 |
Lewis |
62.30 |
68.44 |
6.14 |
1.85 |
|
DC20-1879 |
|
118.57 |
149.20 |
30.63 |
2.40 |
|
DC20-1879 |
|
TOTAL |
|
36.77 |
2.31 |
|
DC20-1880 |
ACMA |
40.70 |
44.80 |
4.10 |
10.67 |
|
DC20-1880 |
|
136.30 |
139.80 |
3.50 |
10.23 |
|
DC20-1880 |
|
TOTAL |
|
7.60 |
10.47 |
|
DC20-1881 |
ACMA |
50.75 |
55.25 |
4.50 |
3.03 |
|
DC20-1881 |
|
TOTAL |
|
4.50 |
3.03 |
|
DC20-1882 |
Lewis |
5.00 |
9.00 |
4.00 |
4.52 |
|
DC20-1882 |
|
15.00 |
21.00 |
6.00 |
6.54 |
|
DC20-1882 |
|
27.00 |
43.00 |
16.00 |
2.81 |
|
DC20-1882 |
|
67.00 |
71.00 |
4.00 |
1.51 |
|
DC20-1882 |
|
113.11 |
121.27 |
8.16 |
4.28 |
|
DC20-1882 |
|
160.18 |
167.55 |
7.37 |
2.11 |
|
DC20-1882 |
|
200.80 |
219.63 |
18.83 |
1.75 |
|
DC20-1882 |
|
233.97 |
245.15 |
11.18 |
4.73 |
|
DC20-1882 |
|
251.03 |
255.03 |
4.00 |
3.90 |
|
DC20-1882 |
|
302.03 |
328.53 |
26.50 |
2.24 |
|
DC20-1882 |
|
336.49 |
349.54 |
13.05 |
2.32 |
|
DC20-1882 |
|
392.24 |
402.03 |
9.79 |
2.99 |
|
DC20-1882 |
|
TOTAL |
|
128.88 |
2.94 |
|
DC20-1883 |
Lewis |
49.38 |
62.00 |
12.62 |
2.19 |
|
DC20-1883 |
|
137.16 |
157.45 |
20.29 |
1.21 |
|
DC20-1883 |
|
172.70 |
178.97 |
6.27 |
2.54 |
|
DC20-1883 |
|
214.50 |
222.50 |
8.00 |
2.58 |
|
DC20-1883 |
|
230.00 |
234.00 |
4.00 |
9.12 |
|
DC20-1883 |
|
258.50 |
264.50 |
6.00 |
15.45 |
|
DC20-1883 |
|
TOTAL |
|
57.18 |
3.81 |
|
DC20-1884 |
ACMA |
142.50 |
152.25 |
9.75 |
5.07 |
|
DC20-1884 |
|
163.25 |
167.10 |
3.85 |
2.17 |
|
DC20-1884 |
|
TOTAL |
|
13.60 |
4.25 |
|
DC20-1885 |
ACMA |
268.96 |
274.75 |
5.79 |
12.96 |
|
including |
|
268.96 |
272.87 |
3.91 |
16.11 |
|
DC20-1885 |
|
TOTAL |
|
5.79 |
12.96 |
|
DC20-1886 |
Lewis |
43.76 |
49.67 |
5.91 |
2.17 |
|
DC20-1886 |
|
125.88 |
139.80 |
13.92 |
3.47 |
|
DC20-1886 |
|
147.00 |
151.00 |
4.00 |
3.95 |
|
DC20-1886 |
|
158.78 |
180.90 |
22.12 |
4.65 |
|
including |
|
172.90 |
176.90 |
4.00 |
12.30 |
|
DC20-1886 |
|
196.80 |
212.20 |
15.40 |
3.37 |
|
DC20-1886 |
|
218.20 |
252.08 |
33.88 |
6.52 |
|
including |
|
224.20 |
232.14 |
7.94 |
11.27 |
|
DC20-1886 |
|
TOTAL |
|
95.23 |
4.75 |
|
DC20-1887 |
Lewis |
5.10 |
10.50 |
5.40 |
1.78 |
|
DC20-1887 |
|
132.00 |
145.50 |
13.50 |
4.32 |
|
including |
|
134.00 |
138.00 |
4.00 |
10.02 |
|
DC20-1887 |
|
150.45 |
160.00 |
9.55 |
4.65 |
|
DC20-1887 |
|
177.38 |
185.00 |
7.62 |
1.65 |
|
DC20-1887 |
|
212.50 |
218.50 |
6.00 |
1.73 |
|
DC20-1887 |
|
TOTAL |
|
42.07 |
3.22 |
|
DC20-1888 |
ACMA |
178.58 |
185.51 |
6.93 |
43.12 |
|
including |
|
180.26 |
183.51 |
3.25 |
90.49 |
|
DC20-1888 |
|
191.45 |
203.33 |
11.88 |
1.77 |
|
DC20-1888 |
|
TOTAL |
|
18.81 |
17.00 |
|
DC20-1891 |
Lewis |
8.08 |
15.39 |
7.31 |
1.65 |
|
DC20-1891 |
|
52.99 |
76.37 |
23.38 |
2.58 |
|
DC20-1891 |
|
107.69 |
121.70 |
14.01 |
2.20 |
|
DC20-1891 |
|
TOTAL |
|
44.70 |
2.31 |
|
Significant intervals represent drilled intervals and not
necessarily true thickness of mineralization. Mineralized intervals
meet or exceed 3 meters in length above 1 g/t. A maximum of 4
meters of continuous dilution (< 1 g/t) is permitted. Any drill
intervals not depicted in this table did not meet the significant
interval criteria. Assay data are not yet available from 244.5m to
251.8m in DC20-1884, from 234.5m to 255.4m in DC20-1887, all of
DC20-1889, and from 188.7m to 377.3m in DC20-1891.
QA/QC Procedures
The QA/QC procedures for the 2020 Donlin Gold drill program and
sampling protocol were developed and managed by Donlin Gold LLC
(“Donlin Gold”) and overseen by Barrick and NOVAGOLD. The chain of
custody from the drill site to the sample preparation facility was
continuously monitored. All samples are HQ-diameter core.
Approximately 93% core recovery has been achieved to date. Core was
logged, cut, and sampled at site by Donlin Gold employees. Samples
were primarily collected on two-meter lengths, with a minimum
length of 0.3 meters and maximum length of approximately 3.5
meters. Sampled half-core was crushed and pulverized in ALS
Limited’s Fairbanks, Alaska or Whitehorse, Yukon sample preparation
facilities. Pulp samples were sent to the ALS lab in Vancouver,
British Columbia for gold assays and multi-element analysis. At
least 14 quality control samples (four standards, four coarse
blanks, two pulp blanks, two coarse duplicates, and two pulp
duplicates) were inserted into each batch of 80 samples. The review
of the quality control samples did not indicate any bias or error.
There are no known factors that would materially affect the
accuracy or reliability of the drill program data referred to in
this media release.
Downhole directional surveys were completed on all reported
completed holes by both Boart Longyear drill operators and on all
but one reported completed hole by DGI Geoscience Inc. technicians,
and collar surveys were completed on all holes by either Rowland
Engineering Consultants or Brice Engineering LLC.
Each of ALS Limited, Boart Longyear, DGI Geoscience Inc.,
Rowland Engineering Consultants, and Brice Engineering LLC are
independent of Donlin Gold, Barrick, and NOVAGOLD.
Scientific and Technical Information
Certain scientific and technical information contained herein
with respect to the Donlin Gold project is derived from the “Donlin
Creek Gold Project Alaska, USA NI 43-101 Technical Report on Second
Updated Feasibility Study” prepared by AMEC with an effective date
of November 18, 2011, as amended January 20, 2012 (the “Second
Updated Feasibility Study”). Kirk Hanson, P.E., Technical Director,
Open Pit Mining, North America, (AMEC, Reno), and Gordon Seibel,
R.M. SME, Principal Geologist, (AMEC, Reno) are the Qualified
Persons responsible for the preparation of the independent
technical report, each of whom are independent “qualified persons”
as defined by NI 43-101.
Clifford Krall, P.E., who is the Mine Engineering Manager for
NOVAGOLD and a “qualified person” under NI 43-101, has approved and
verified the scientific and technical information related to the
2020 Donlin Gold drill program contained in this media release. To
verify the information related to the drilling program, he has
visited the project site several times during the field season;
discussed and observed logging, sampling, and sample shipping
processes with responsible site staff; discussed and reviewed assay
and QA/QC results with responsible personnel; and reviewed
supporting documentation, including drill hole location and
orientation and significant assay interval calculations.
Jay Olcott, SME Registered Member, who is a Barrick Project
Manager and a “qualified person” under NI 43101 has reviewed
and approved the assay results for the Donlin Gold project
contained in this media release.
Barrick Contacts:Kathy du PlessisInvestor and
Media Relations+44 20 7557 7738Email: barrick@dpapr.com
Catherine RawCOO, North AmericaTel: +1 416 307 5157Email:
craw@barrick.comwww.barrick.com
NOVAGOLD Contacts:
Mélanie HennesseyVice President, Corporate CommunicationsJason
MercierManager, Investor Relations
Tel: +1 604-669-6227 or 1-866-669-6227www.novagold.com
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 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 Barrick and 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 anticipated benefits from the 2020
drill program including an improved geological model for Donlin
Gold; ongoing support provided to key stakeholders including Native
Corporation partners; the potential impact of the COVID-19 pandemic
on the development of Donlin Gold; the potential development and
construction of Donlin Gold; the sufficiency of funds to continue
to advance development of Donlin Gold; perceived merit of
properties; mineral reserve and resource estimates; and future
share price performance of Barrick and NOVAGOLD. 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 Barrick’s and NOVAGOLD’s
management expectations, 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
permits including the right-of-way lease offer for the project’s
buried natural gas pipeline; the need for additional financing to
explore and develop properties and availability of financing in the
debt and capital markets; the outbreak of the coronavirus global
pandemic (COVID-19); 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, and development and eventual
construction of the Donlin Gold property; 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 a positive construction decision will be made regarding
Donlin Gold; and other risks and uncertainties disclosed in
Barrick’s most recent Form 40-F/Annual Information Form
on file with the SEC and Canadian provincial securities regulatory
authorities and 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 Barrick and NOVAGOLD with applicable
securities regulatory authorities from time to time. Copies of
these filings may be obtained by visiting Barrick’s and NOVAGOLD’s
Investor Relations website at www.barrick.com and www.novagold.com,
respectively, or the SEC's website at www.sec.gov or at
www.sedar.com. The forward-looking statements contained herein
reflect the beliefs, opinions and projections of Barrick and
NOVAGOLD on the date the statements are made. Barrick and NOVAGOLD
assume no obligation to update the forward-looking statements of
beliefs, opinions, projections, or other factors, should they
change, except as required by law.
Cautionary Note to United States Investors
NOVAGOLD cautions that this media release has been prepared in
accordance with the requirements of the securities laws in effect
in Canada, which differ from the requirements of U.S. securities
laws. Unless otherwise indicated, all resource and reserve
estimates included in this media release have been prepared in
accordance with Canadian National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”) and the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM)—CIM Definition
Standards on Mineral Resources and Mineral Reserves, adopted by the
CIM Council, as amended (“CIM Definition Standards”). NI 43-101 is
a rule developed by the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
Canadian standards, including NI 43-101, differ significantly from
the requirements of the United States Securities and Exchange
Commission (SEC) Industry Guide 7 (“SEC Industry Guide 7”), and
resource and reserve information contained herein may not be
comparable to similar information disclosed by U.S. companies.
NOVAGOLD’s disclosure concerning Reserve & Resources Estimates
remains consistent with NI 43-101. Under SEC Industry Guide 7,
mineralization may not be classified as a "reserve” unless the
determination has been made that the mineralization could be
economically and legally produced or extracted at the time the
reserve determination is made. SEC Industry Guide 7 normally does
not permit the inclusion of information concerning "measured
mineral resources”, "indicated mineral resources” or "inferred
mineral resources” or other descriptions of the amount of
mineralization in mineral deposits that do not constitute
"reserves” under SEC Industry Guide 7 in documents filed with the
SEC. Investors should also understand that "inferred mineral
resources” have a great amount of uncertainty as to their existence
and great uncertainty as to their economic and legal feasibility.
Under Canadian rules, estimated "inferred mineral resources” may
not form the basis of feasibility or pre-feasibility studies except
in rare cases. Disclosure of "contained ounces” in a resource is
permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report mineralization that does
not constitute "reserves” under SEC Industry Guide 7 as in-place
tonnage and grade without reference to unit measures. The
requirements of NI 43-101 for identification of "reserves” are also
not the same as those of SEC Industry Guide 7, and reserves
reported by NOVAGOLD in compliance with NI 43-101 may not qualify
as "reserves” under SEC Industry Guide 7. Donlin Gold does not have
known reserves, as defined under SEC Industry Guide 7. Accordingly,
information concerning mineral deposits set forth herein may not be
comparable with information made public by companies that report in
accordance with SEC Industry Guide 7.
On October 31, 2018, the SEC adopted a final rule (“New Final
Rule”) that will replace SEC Industry Guide 7 with new disclosure
requirements that are more closely aligned with current industry
and global regulatory practices and standards, including NI 43-101.
Companies must comply with the New Final Rule for the Company’s
first fiscal year beginning on or after January 1, 2021, which for
NOVAGOLD would be the fiscal year beginning December 1, 2021. The
New Final Rule provides that SEC Industry Guide 7 will remain
effective until all registrants are required to comply with the New
Final Rule, at which time SEC Industry Guide 7 will be rescinded.
While early voluntary compliance with the New Final Rule is
permitted, NOVAGOLD has not elected to comply with the New Final
Rule at this time.
___________________
1 Donlin Gold data as per the Second Updated
Feasibility Study (as defined below). Donlin Gold 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, of which Barrick and NOVAGOLD each own 50%. Mineral
resources have been estimated in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
(“NI 43-101”).
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