800 West Pender Street, Suite 1020
Vancouver, British Columbia
Canada V6C 2V6
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
By: /s/ Jeffrey R. Mason
Director and Chief Financial Officer
Date: January 9, 2006
Print the name and title of the signing officer under his signature.
-------------------
Northern Dynasty Minerals Ltd.
1020 - 800 W Pender St.
Vancouver BC
Canada V6C 2V6
Tel 604 684-6365
Fax 604 684-8092
Toll Free 1 800 667-2114
www.northerndynasty.com
Drilling at Pebble Continues To Expand
High-Grade East Zone Porphyry Discovery
Initial Resource Estimate of East Zone in Progress
Assessment of Potential Significant Benefits of East Zone
and Feasibility Study and Permitting Timing
January
9, 2006, Vancouver, BC -
Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. (TSXV:NDM;
AMEX:NAK) announces assay results for core Holes 5334 through 5337, recently
completed in the newly identified East Zone porphyry copper-gold-molybdenum
system which adjoins the Pebble deposit on the east. Drilling continues to
expand this major new discovery. Highlights include:
- Hole 5334 intersected 915 feet grading 1.38% copper equivalent (CuEQ1)
comprising 0.62% Cu, 1.06 g/t Au, 0.023% Mo. Included in this intersection
is a 330 foot interval grading 1.82% CuEQ (0.64% Cu, 1.81 g/t Au, 0.019% Mo).
- Hole 5335 intersected 2478 feet grading 1.21% CuEQ comprising 0.81%
Cu, 0.44 g/t Au, 0.023% Mo.
- Hole 5336 intersected 2584 feet grading 1.13% CuEQ (0.67% Cu, 0.23
g/t Au, 0.055% Mo). Included in this intersection is a 646 foot interval grading
1.42% CuEQ (0.85% Cu, 0.33 g/t Au, 0.052% Mo).
- Hole 5337 intersected 2028 feet grading 1.28% CuEQ (0.83% Cu, 0.34
g/t Au, 0.041% Mo). Included in this intercept is a 758 foot interval grading
1.70% CuEQ (1.25% Cu, 0.37 g/t Au, and 0.038% Mo).
Results from Holes 5334 through 5337 (4 holes), combined with drill hole results
announced on September 21 (8 holes), October 20 (2 holes), and November 1,
2005 (1 hole), indicate the new porphyry system hosts a substantial volume
of mineralized material with excellent copper, gold and molybdenum grades.
A tabulation of assay results from all 2005 East Zone discovery holes is attached
to this news release. The area influenced by these widely-spaced drill holes
measures about 4000 feet by 4000 feet. Drill intercepts have a vertical dimension
of about 2000 feet on average and most holes stopped in mineralization due
to depth limitations of the drills. The East Zone deposit is open to expansion
to depth and in all lateral directions. A Location Plan Map and Cross Sections
are posted on Northern Dynasty's website at www.northerndynasty.com.
All results from the 2005 drilling program have now been announced. The bid
process for a contract for follow-up drilling is complete. A four-rig, deep
drilling program to fully delineate this exciting new discovery has been contracted
to start in March 2006. An initial resource estimate for the East Zone is
also underway, for release early in 2006.
Hole 5334 was drilled on an azimuth of 090 degrees at a dip of 75 degrees
and entered the mineralized system at a vertical depth of 2645 feet below
surface. Holes 5335, 5336 and 5337 were drilled vertically and entered the
mineralized body 1690, 1645, and 1550 feet, respectively, below surface. Detailed
results for the four new holes are listed below.
NEW EAST ZONE ASSAY RESULTS
Drill Hole |
From |
To |
Intercept |
Cu |
Au2 |
Mo |
CuEQ1 |
|
Number |
feet | feet | feet | % | g/t | % | % | |
5334 |
| 2706 | 3766 | 1060 | 0.58 | 0.95 | 0.022 | 1.26 |
5334 |
Incl. | 2755 | 3670 | 915 | 0.62 | 1.06 | 0.023 | 1.38 |
5334 |
and | 3078 | 3408 | 330 | 0.64 | 1.81 | 0.019 | 1.82 |
5335 |
| 1690 | 4168 | 2478 | 0.81 | 0.44 | 0.023 | 1.21 |
5335 |
Incl. | 1690 | 3436 | 1746 | 0.97 | 0.42 | 0.023 | 1.35 |
5335 |
and | 1698 | 2548 | 850 | 1.09 | 0.44 | 0.022 | 1.48 |
5336 |
| 1645 | 4228 | 2584 | 0.67 | 0.23 | 0.055 | 1.13 |
5336 |
Incl. | 1645 | 1794 | 150 | 1.16 | 0.71 | 0.059 | 1.92 |
5336 |
Incl. | 1862 | 2508 | 646 | 0.85 | 0.33 | 0.063 | 1.42 |
5336 |
Incl. | 3178 | 3878 | 700 | 0.81 | 0.27 | 0.052 | 1.28 |
5337 |
| 1650 | 3678 | 2028 | 0.83 | 0.34 | 0.041 | 1.28 |
5337 |
Incl. | 1650 | 2838 | 1188 | 1.10 | 0.48 | 0.036 | 1.60 |
5337 |
and | 1650 | 2408 | 758 | 1.26 | 0.37 | 0.038 | 1.70 |
Note
1 Copper equivalent calculations use metal prices of US$1.00/lb for copper,
US$400/oz for gold, and US$6.00/lb for molybdenum. Adjustment factors to account
for differences in relative metallurgical recoveries for gold, copper and
molybdenum will depend upon the completion of definitive metallurgical testing.
CuEQ = Cu % + (Au g/t x 12.86/22.05) + (Mo% x 132.28/22.05)
Note 2 Au values > 5.0 g/t capped at 5.0 g/t
During 2005, significant
progress was achieved by Northern Dynasty on its comprehensive C$44.7 million
drilling, engineering and nvironmental/socio-economic programs. Objectives
for 2005 included the preparation of a feasibility study by year end and preparation
of applications for project permitting by state and federal agencies, for
submittal in mid-2006. However, plans are currently being revised to incorporate
this recently discovered substantial high-grade porphyry deposit adjoining
the Pebble deposit on the east. Until the new deposit is extensively drilled
and delineated, it is premature to finalize the feasibility study or to prepare
permit applications. The Company's current goal is to optimize the project
design with regard to mineral resources as well as social, environmental,
and economic factors. Accordingly, the completion of the feasibility study
and environmental applications has been deferred until the results of the
East Zone drilling are integrated into the overall Pebble Project plan, in
order to assess the impact of this new zone.
Mark Rebagliati, P.Eng., is the Qualified Person for the exploration and drilling
programs for the Pebble Project and is supervising the quality control and
quality assurance programs. Core logging and sampling are completed in Northern
Dynasty's secure facility at Iliamna, Alaska. The NQ-size core is sawn
and samples are transported to the ALS Chemex laboratory in Fairbanks for
drying, weighing and crushing. Samples are shipped by airfreight to the main
ALS Chemex laboratory, North Vancouver, Canada (an ISO 9002 certified laboratory)
for final preparation and analysis. Gold is determined by 30 g Fire Assay
(FA) fusion with an Atomic Absorption Spectroscopy (AAS) finish. Copper and
molybdenum assays are by four acid digestion with an Inductively Coupled Plasma-Emission
Spectroscopy (ICP-ES) finish. All samples are also analyzed for 23 additional
elements by four acid digestion ICP-ES. Northern Dynasty includes standards,
duplicates and blanks in addition to the laboratory's internal quality
control work. Duplicate samples are analyzed by Acme Analytical Laboratories
of Vancouver, Canada.
For further details on Northern Dynasty and the Pebble Project please visit
the Company's website at www.northerndynasty.com or contact Investor Services
at (604) 684-6365 or within North America at 1-800-667-2114. Review Northern
Dynasty's Canadian public filings at www.sedar.com and US public filings
at www.sec.gov.
Comments on Forward Looking Information, Estimates and other Cautionary Factors
Neither the TSX Venture Exchange nor any other regulatory
authority accepts responsibility for the adequacy or accuracy of this release.
This release includes
certain statements that may be deemed "forward-looking statements".
All statements in this release, other than statements of historical facts,
especially those that address estimated resource quantities, grades and contained
metals, are forward-looking statements because they are generally made on
the basis of estimation and extrapolation from a limited number of drill holes
and metallurgical studies. Although diamond drill hole core provides valuable
information about the size, shape and geology of an exploration project, there
will always remain a significant degree of uncertainty in connection with
these valuation factors until a deposit has been extensively drilled on closely
spaced centers which has occurred only in specific areas on the Pebble Project.
Although the Company believes the expectations expressed in its forward-looking
statements are based on reasonable assumptions, such statements should not
be in any way construed as guarantees of the ultimate size, quality or commercial
feasibility of the Pebble Project or of the Company's future performance.
Subsequent results and developments may differ materially from those postulated
in the estimates and forward-looking statements. Other factors that could
cause the Company's actual results and performance to differ materially
from those in forward-looking statements include adverse market prices for
metals, the conclusions of detailed feasibility and technical analyses, lower
than expected grades and quantities of resources, mining rates and metal recovery
rates and the fact that necessary capital may not be available to the Company
on terms acceptable to it or at all. The need for compliance with extensive
environmental and socio-economic rules and practices and the requirement for
the Company to obtain government permitting can cause a delay or even abandonment
of a mineral project. The Company is subject to the specific risks inherent
in the mining business as well as general economic and business conditions.
For more information on the Company, Investors should review the Company's
annual Form 20-F filing with the United States Securities Commission and its
home jurisdiction filings that are available at www.sedar.com.
Information about CuEQ
Copper equivalency or "CuEQ" is a manner of expressing poly-metallic deposits as a grade of the principal mineralization (by value). As used herein, gold and molybdenum values have been expressed as part of the copper grade. CuEQ as calculated herein is based on assumed metal prices of US$1.00/lb for copper, US$400/oz for gold, and US$6.00/lb for molybdenum. Copper equivalent has not been adjusted for metallurgical recoveries. Adjustment factors to account for differences in relative metallurgical recoveries for gold, copper and molybdenum depend upon the completion of definitive metallurgical testing. Significant shifts in the relative values of these metals can significantly change the CuEQ. CuEQ is provided for illustrative purposes only.
NORTHERN DYNASTY MINERALS LTD.
PEBBLE PROJECT
TABLE OF EAST ZONE ASSAY RESULTS
Drill Hole |
Vertical Depth to Cretaceous |
Hole Dip |
Hole Direction |
|
From |
To |
Intercept |
Cu |
Au2 |
Mo |
CuEQ1 |
|
number |
feet | Degrees | degrees | feet | feet | feet | % | g/t | % | % | ||
5311 |
1060 | -90 | 0 | 1068 | 1378 | 310 | 0.37 | 0.32 | 0.015 | 0.64 | ||
5311 |
| 1618 | 2188 | 570 | 0.46 | 0.41 | 0.019 | 0.81 | ||||
5316 |
1958+ | -90 | 0 | Hole Lost in Tertiary Rocks - No Assays | ||||||||
5318 |
574 | -90 | 0 | 574 | 2078 | 1504 | 0.40 | 0.41 | 0.030 | 0.82 | ||
5318 |
| Incl. | 708 | 1218 | 510 | 0.59 | 0.62 | 0.026 | 1.10 | |||
5321 |
730 | -65 | 92 | 804 | 1868 | 1065 | 0.42 | 0.47 | 0.019 | 0.81 | ||
5321 |
| Incl. | 804 | 1123 | 320 | 0.58 | 0.66 | 0.023 | 1.10 | |||
5324 |
1300 | -60 | 109 | 1937 | 4017 | 2080 | 0.54 | 0.26 | 0.026 | 0.85 | ||
5324 |
| Incl. | 2447 | 4017 | 1570 | 0.59 | 0.30 | 0.031 | 0.95 | |||
5324 |
| and | 2717 | 3847 | 1130 | 0.65 | 0.38 | 0.033 | 1.06 | |||
5324 |
| and | 3017 | 3847 | 830 | 0.66 | 0.43 | 0.039 | 1.14 | |||
5325 |
780 | -65 | 90 | 872 | 1528 | 656 | 0.37 | 0.55 | 0.009 | 0.74 | ||
5325 |
| Incl. | 1158 | 1378 | 220 | 0.44 | 0.67 | 0.009 | 0.89 | |||
5326 |
1760 | -65 | 125 | 2003 | 4258 | 2255 | 0.45 | 0.50 | 0.030 | 0.92 | ||
5326 |
| Incl. | 2008 | 3008 | 1000 | 0.64 | 0.83 | 0.029 | 1.30 | |||
5326 |
| and | 2008 | 2348 | 340 | 0.77 | 1.07 | 0.039 | 1.63 | |||
5326 |
| and | 2488 | 2998 | 510 | 0.61 | 0.81 | 0.021 | 1.21 | |||
5327 |
1500 | -65 | 90 | 1719 | 4338 | 2619 | 0.87 | 0.70 | 0.028 | 1.45 | ||
5327 |
| Incl. | 1732 | 2337 | 605 | 0.90 | 1.06 | 0.013 | 1.60 | |||
5327 |
| Incl. | 2457 | 3977 | 1520 | 0.95 | 0.70 | 0.034 | 1.56 | |||
5327 |
| and | 2897 | 3187 | 290 | 1.08 | 1.30 | 0.029 | 2.00 | |||
5330 |
1530 |
-60 |
60 |
|
1869 |
4211 |
2342 |
0.99 |
0.26 |
0.036 |
1.36 |
|
5330 |
| Incl. | 1869 | 2815 | 946 | 1.37 | 0.15 | 0.031 | 1.64 | |||
5330 |
| and | 1869 | 2235 | 366 | 1.70 | 0.11 | 0.028 | 1.93 | |||
5330 |
| Incl. | 4005 | 4211 | 206 | 1.12 | 0.22 | 0.054 | 1.57 | |||
5331 |
1275 |
-60 |
90 |
|
1521 |
3946 |
2425 |
0.55 |
0.28 |
0.040 |
0.95 |
|
5331 |
| Incl. | 1521 | 1638 | 117 | 0.74 | 0.39 | 0.036 | 1.18 | |||
5331 |
|
|
|
Incl. |
2191 |
2358 |
167 |
0.73 |
0.43 |
0.029 |
1.16 |
|
5331 |
| and | 3468 | 3946 | 478 | 0.74 | 0.39 | 0.042 | 1.22 | |||
5332 |
1595 | -60 | 90 | 1839 | 4206 | 2367 | 0.89 | 0.33 | 0.055 | 1.41 | ||
5332 |
| Incl. | 1839 | 2656 | 817 | 1.28 | 0.28 | 0.050 | 1.74 | |||
5333 |
3650+ | -60 | 90 | Hole Lost in Tertiary Rocks - No Assays | ||||||||
5334 |
2560 | -75 | 90 | 2706 | 3766 | 1060 | 0.58 | 0.95 | 0.022 | 1.26 | ||
5334 |
| Incl. | 2755 | 3670 | 915 | 0.62 | 1.06 | 0.023 | 1.38 | |||
5334 |
| and | 3078 | 3408 | 330 | 0.64 | 1.81 | 0.019 | 1.82 | |||
5335 |
1690 |
-90 |
0 |
|
1690 |
4168 |
2478 |
0.81 |
0.44 |
0.023 |
1.21 |
|
5335 |
| Incl. | 1690 | 3436 | 1746 | 0.97 | 0.42 | 0.023 | 1.35 | |||
5335 |
| and | 1698 | 2548 | 850 | 1.09 | 0.44 | 0.022 | 1.48 | |||
5336 |
1645 | -90 | 0 | 1645 | 4228 | 2584 | 0.67 | 0.23 | 0.055 | 1.13 | ||
5336 |
| Incl. | 1645 | 1794 | 150 | 1.16 | 0.71 | 0.059 | 1.92 | |||
5336 |
| Incl. | 1862 | 2508 | 646 | 0.85 | 0.33 | 0.063 | 1.42 | |||
5336 |
| Incl. | 3178 | 3878 | 700 | 0.81 | 0.27 | 0.052 | 1.28 | |||
5337 |
1550 | -90 | 0 | 1650 | 3678 | 2028 | 0.83 | 0.34 | 0.041 | 1.28 | ||
5337 |
| Incl. | 1650 | 2838 | 1188 | 1.10 | 0.48 | 0.036 | 1.60 | |||
5337 |
| and | 1650 | 2408 | 758 | 1.26 | 0.37 | 0.038 | 1.70 | |||