NovaGold Resources said it will issue a new mine proposal for its 50%-owned Galore Creek project in British Columbia by the end of the first quarter this year.
The Galore Creek gold-copper project – a 50:50 joint venture between NovaGold and Teck Resources – was earlier stalled for development.
NovaGold said mine management is now adopting an aggressive programme that will help it advance the project towards a construction decision, spurred on by a recovery in metal prices and the improved financial position of part owner Teck.
It is believed the design of the project could be improved as part of plans for mine development.
Galore Creek is one of North America’s largest unexploited gold and copper deposits with 7.3 million ounces of gold, 8.9 billion pounds of copper and 123 million ounces of silver in measured and indicated resources.