NovaGold reports Q1 financial results, shares up

AngloGold already started a planned 17,000-metre, Phase 2 drill program on the property.

The deal, approved by shareholders on Tuesday, creates a company that will eclipse Anglo American Platinum Ltd. as the world’s biggest platinum miner and will rank second to Russia’s MMC Norilsk Nickel for palladium output.

The jump was driven primarily by the $17.4-billion acquisition of Goldcorp Inc.

The project is located 100 kilometres north-northwest of the Ring of Fire nickel and chromite deposits.

The dispute at Penasquito, Mexico's largest gold and silver mine, has led to losses for public coffers and the firm, as well as lost pay for workers and contractors.

Nighthawk has increased its drill program to 35,000 metres for the year, up from the previously forecast 25,000 metres, which makes it the largest drill program in the explorer’s history.

For all the deposits, the indicated resource is 3.2 million tonnes averaging 6.33 g/t gold and containing 643,000 oz. of gold.

Underground mining rates are to reach 1,200 t/d in 2020, and the company is seeking ways to reach that level before the end of 2019.

Notable drill results include 393 g/t gold over 2.2 metres, 31g/t gold over 6.1 metres and 82.9g/t gold over 2.3 metres.