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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 continue to work on technical studies in project mine planning and design, as well as waste rock and water management. Additionally, the Galore Creek Partnership completed Phase 1 of the Galore Valley integrated planning study which included the surface water drainage studies. We expect this effort to further improve the value and marketability of the Galore Creek project.

Due to challenging copper markets, we intend to maintain the current level of activities at Galore Creek with minimal spending. When the market improves, Galore Creek will warrant the attention that it deserves as an incredibly valuable polymetallic deposit in British Columbia with the potential to be a core asset for any mining company. Our shareholders will benefit from improved copper market conditions as the value realized from disposition of all or part of our 50% interest in Galore Creek will help strengthen our cash position and contribute toward the development of Donlin Gold.

We also remain active in the communities around Galore Creek, sponsoring local fundraising events as well as supporting and participating in Tahltan initiatives. Building mutually-beneficial relationships and maintaining strong lines of communication with local communities is a key corporate value.

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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