NovaGold (TSE:NG) has struck an agreement with a native group in Alaska respecting its Ambler project.
The company said the agreement consolidates NovaGold’s land holdings with those of NANA Regional Corporation Inc. into a 18,000-hectare land package, and provides a framework for exploring and developing the polymetallic deposit.
Under the deal, NANA will have the option to participate as a joint-venture partner or receive mining royalties, while NovaGold has the right to lease lands for mining operations.
NovaGold’s May 2011 PEA for Ambler shows indicated resources of 16.8 million tonnes and 12.1 million tonnes inferred.
The deposit contains copper, zinc, gold and silver.
NovaGold is half-owner, along with Barrick Gold, of the Donlin Gold deposit in Alaska. The company also splits ownership of the Galore Creek deposit in British Columbia, a copper-gold-silver deposit, with Teck Resources.
