Canadian miners advance US$60M investment at gold project

photo by novagold

Drilling progresses Canada’s Novagold has released its 2022 second quarter financial results along with an update on the company’s gold development project in the U.S. state of Alaska, Donlin Gold, which the miner jointly owns with Barrick Gold.


At Donlin Gold, the ongoing drill programme is progressing ahead of schedule with 24,000 meters of the planned 34,000-meter drill programme completed to date, Novagold said in a statement.


"The Donlin Gold total 2022 expenditures are anticipated to be $60 million (of which NOVAGOLD’s portion is 50%). The budget also supports the advancement of environmental activities, and finances community and external affairs efforts," according to the statement. "In the second quarter 2022, the team of 150 people at Donlin Gold are advancing drilling activities at a good pace, with more than 70% of the planned drilling completed to date. We expect the first set of assay results from the 2022 drill program to be issued this summer."