Northern Freegold Resources Ltd. (TSX VENTURE: NFR) is pleased to
announce that it has filed the NI 43-101 compliant report
supporting the Company's recent resource increase at its Nucleus
deposit. (See PR #10-06, March 5, 2010) The Nucleus deposit is the
most advanced stage exploration target on the road accessible
district scale 198 square kilometer Freegold Mountain Project in
the Yukon Territory. The Deposit is a near surface, bulk tonnage,
potentially open-pittable intrusion related gold deposit which may
be part of a much larger porphyry Cu +/- Au +/- Mo system
recognized in the Revenue Zone, directly to the east. The report
may be accessed via the Company's website at
www.northernfreegold.com or on SEDAR at www.sedar.com.
Highlights from Technical Report:
The "Technical Report on the Nucleus Property, Freegold Mountain
Project, Including an Updated Mineral Resource Estimate", with an
effective date of April 19, 2010, prepared by GeoVector Management
Inc. and Northern Freegold Resources Ltd.:
- identifies within the Nucleus deposit an inferred mineral
resource of 35.8 Mt of ore at a grade of 0.87 g/t gold for a total
of 1.04 million ounces of gold, at a 0.4 g/t gold cutoff
-- within this resource is a a higher grade zone of 2.2 Mt of
ore at a grade of 2.55 g/t for 183,631 ounces of gold, at a 0.4 g/t
gold cutoff
-- which includes 1.5 Mt of ore at a grade of 3.47 g/t for
166,921 ounces of gold, at a 1.0 g/t gold cutoff
-- or 0.8 Mt of ore at a grade of 5.11 g/t for 137,166 ounces of
gold, at a 2.0 g/t gold cutoff
- concludes the Nucleus deposit remains open in all directions
and at depth and that it can potentially be greatly increased with
extensional drilling
- recognizes that preliminary gold recovery metallurgical
testing completed by G & T Metallurgical Services Ltd. on
separate composite bulk samples indicate excellent overall gold
recovery ranging from 92 to 98%
Susan Craig, NFR's President & CEO commented, "We are
pleased to issue this updated technical report on the Nucleus
Deposit which indicates resource growth close to 40% in grade and
ounces at a higher cutoff. The 2010 program will allow us to pursue
resource growth at Nucleus, and to test potential to define new
resources in other target areas." Ms. Craig adds, "The report
recognizes that the Nucleus deposit may be related to a larger Cu
+/- Au +/- Mo system recognized in the Revenue Zone to the
east."
The Nucleus deposit is comparable in both geologic setting and
deposit type to other deposits contained within the Tintina Gold
Belt, which extends from Alaska in the West into the Yukon
Territories in the East. Numerous multi-milllion ounce gold
deposits occur in the Tintina Gold Belt including the producing
Fort Knox mine operated by Kinross Gold Corporation and the Pogo
mine operated by Sumitomo Metal Mining in Alaska. Mutli-million
ounce development stage projects include the recently discovered
Livengood Project of International Tower Hill Mines Ltd., also
located in Alaska. The White Gold deposit of Underworld Resources,
of which Kinross Gold has acquired is approximately 100 km to the
northwest of the Nucleus deposit. Also in close proximity to the
Freegold Mountain Project area is the producing Minto Mine of
Capstone, the Carmacks Copper Deposit of Western Copper Corporation
in its final permitting stage and the Casino Copper-Gold-Moly
Deposit which is has entered into the Yukon Environmental
Assessment Process.
Based on geology, styles of mineralization and structure, the
Nucleus deposit is classified as a low grade, bulk tonnage,
intrusive related low sulphidation epithermal gold deposit. The
Deposit may be part of a much larger porphyry Cu +/- Au +/- Mo
system recognized in the Revenue Zone, which is underlain by
several brecciated and mineralized granitic bodies. The Revenue
Zone shows similar geological and mineralogical characteristics to
the Casino porphyry Cu +/- Au +/- Mo +/- Ag deposit, containing 8
million ozs Au, 4.4 billion lbs Cu and 440 million lbs Mo
(www.westerncoppercorp.com). These reserves and resources have not
been verified by the qualified person and the information is not
necessarily indicative of the mineralization at Freegold
Mountain.
Mineral resource estimates were carried out by Mr. Joseph
Campbell, B.Sc., P. Geo., President of GeoVector Management Inc.
and Dr. Allan Armitage, PhD, P.Geol (AB), a consulting geologist
with GeoVector Management inc. and independent Qualified Person's
as defined by National Instrument 43-101. Dr. Armitage and Mr.
Campbell have acted as the Qualified Persons, as defined in NI
43-101, for the mineral resource estimate component of the
technical report.
Wade Barnes, P. Geo., Senior Geologist with Northern Freegold is
a Qualified Person as defined by National Instrument 43-101, and
has reviewed and approved the technical information in this
release.
About Northern Freegold
Northern Freegold is a well financed rapidly advancing
Canadian-based precious metals exploration and development company,
which brings local expertise and strong management to focus on the
development of economic mineral resources on the district-scale
Freegold Mountain gold and copper project in the Yukon and the
Burro Creek gold and silver property in Arizona.
Northern Freegold Resources Ltd.
On behalf of the Board of Directors
Susan P. Craig, President & CEO
Cautionary Note Regarding Forward-Looking Statements
The information in this press release includes certain
"forward-looking statements". All statements, other than statements
of historical fact, included herein including, without limitation,
plans for and intentions with respect to the company's properties,
statements regarding intentions with respect to obligations due for
various projects, strategic alternatives, quantity of resources or
reserves, timing of permitting, construction and production and
other milestones, are forward looking statements. Statements
concerning Mineral Reserves and Mineral Resources are also
forward-looking statements in that they reflect an assessment,
based on certain assumptions, of the mineralization that would be
encountered and mining results if the project were developed and
mined in the manner described. Forward-looking statements involve
various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from NFR's expectations include the
uncertainties involving the need for additional financing to
explore and develop properties and availability of financing in the
debt and capital markets; uncertainties involved in the
interpretation of drilling results and geological tests and the
estimation of reserves and resources; the need for cooperation of
government agencies and First Nation groups in the exploration, and
development of properties; and the need to obtain permits and
governmental approval. NFR's forward looking statements reflect the
beliefs, opinions and projections of management on the date the
statements are made. NFR assumes no obligation to update the
forward looking statements if management's beliefs, opinions,
projections, or other factors should they change.
Cautionary Note Regarding Reserve and Resource Estimates
This press release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which
differ from the requirements of U.S. securities laws. Unless
otherwise indicated, all resource and reserve estimates included in
this press release have been prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101") and the Canadian Institute of Mining and Metallurgy
Classification System. NI 43-101 is a rule developed by the
Canadian Securities Administrators which establishes standards for
all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Canadian standards,
including NI 43-101, differ significantly from the requirements of
the United States Securities and Exchange Commission ("SEC"), and
resource and reserve information contained herein may not be
comparable to similar information disclosed by U.S. companies. In
particular, and without limiting the generality of the foregoing,
the term "resource" does not equate to the term "reserves".
Investors should also understand that "inferred mineral resources"
have a great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an "inferred mineral resource"
will ever be upgraded to a higher category. The estimation of
quantities of resources and reserves is complex, based on
significant subjective assumptions and forward-looking information,
including assumptions that arise from the evaluation of geological,
geophysical, engineering and economic data for a given ore body.
This data could change over time as a result of numerous factors,
including new information gained from development activities,
evolving production history and a reassessment of the viability of
production under different economic conditions. Changes in data
and/or assumptions could cause reserve estimates to substantially
change from period to period. No assurance can be given that the
indicated level of mineral will be produced. Actual production
could differ from expected production and an adverse change in
mineral prices could make a reserve uneconomic to mine. Variations
could also occur in actual ore grades and recovery rates from
estimates.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Northern Freegold Resources Ltd. Sarah Longhurst
Investor Relations Manager (604) 893-8757 or 1-877-893-8757 (604)
893-8758 (FAX) www.northernfreegold.com
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