Northern Freegold Adds Second Drill Ahead of Schedule to Successful Drilling Program at Freegold Mountain Project, Yukon
July 08 2010 - 9:15AM
Marketwired
Northern Freegold Resources Ltd. (TSX VENTURE: NFR) is pleased to
announce arrival of the second drill ahead of schedule at the road
accessible, district scale (198 km2) Freegold Mountain Project.
Step out diamond drilling began at the Nucleus Deposit (million
ounce(1) NI 43-101 compliant inferred gold resource) on June 29,
2010. The Nucleus deposit remains open to further expansion in all
directions and to depth. The primary objective of the 4,500 m drill
program at Nucleus is to increase the resource. The Nucleus deposit
is primarily a gold system with some copper enrichment, but is
thought to be part of a much larger gold-copper porphyry system
which extends through the Revenue Zone.
The first drill has completed a total of 2,550 m of the planned
5,500 m program in the Revenue Zone where a large scale gold and
copper soil anomaly (24 km2) extends from the Nucleus Deposit for 6
km eastward. Sixteen reverse circulation (RC) holes have been
completed at the Granger target, and the RC drill has been moved to
the Discovery target within the Revenue Zone, where it is currently
drilling its 3rd hole (see attached map).
The 10,000 m combined diamond and RC drill program in the
Nucleus and Revenue zones is part of a Phase 1 Program at Freegold
Mountain. Drill results will be released as they are received,
compiled and interpreted.
The Revenue Zone shows similar geological and mineralogical
characteristics to other deposits in the region which have
developed multi-million ounce gold resources with multi-billion
pound copper resources. Limited historical drilling in the target
areas has identified results warranting follow up which may lead to
definition of new project resources.
Susan Craig, NFR's President & CEO commented "Management is
pleased with the rapid progress of the drill program at site and
looking forward to releasing results as they are received. Trips to
site reinforce management's belief that the project has the
potential for significant resource expansion and possible discovery
of a much larger system."
(1)(35.8 million tonnes @ 0.87 g/t gold with a 0.4 g/t cutoff;
see news release dated March 5, 2010).
Dr. Allan Armitage, PhD, P. Geol (AB), Exploration Manager for
Northern Freegold is a Qualified Person as defined by National
Instrument 43-101 and will be responsible for quality control of
exploration undertaken by the Company and has reviewed and approved
the technical information in this release.
About the Freegold Mountain Project
The road accessible Freegold Mountain Project is located 200 km
northwest of Whitehorse, the capital of the Yukon and is situated
within an active exploration and mining area in the Tintina Gold
Belt of the Yukon which includes the producing Minto Mine of
Capstone Mining Corp. to the north, Casino Deposit and Carmacks
Copper Deposit of Western Copper Corporation to the west and east,
and the White Gold Property of Underworld/Kinross to the northwest.
NFR controls 198 square km (75 square miles) within the district
scale Freegold Mountain Project. Within the project expanse are at
least 20 identified mineralized zones, including the Nucleus,
Revenue and Tinta.
The Freegold Mountain Project is located on the Freegold
Mountain Road, a government maintained gravel road. The Freegold
Road connects to the Klondike Highway, an all weather paved
highway, which connects to Whitehorse, the capital of the Yukon,
and the major supply centre for the Yukon. Powerlines located along
the Klondike Highway are at present 30 km from the Freegold Project
boundary. The Carmacks Copper deposit will require a 12 km power
line to connect to the power grid along the Klondike Highway. From
this location, the power line would be within 7 km of the Freegold
Mountain project boundary.
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. Multi-million ounce development stage
projects include the recently discovered Livengood Project of
International Tower Hill Mines Ltd., also located in Alaska. In
close proximity to the Freegold Mountain Project area, the Carmacks
Copper Deposit of Western Copper Corporation is in its final
permitting stage and the Casino Copper-Gold-Moly Deposit which is
preparing for entering into the Yukon Environmental Assessment
Process.
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.
To view the map accompanying this news release, please click on
the following link: http://media3.marketwire.com/docs/nfr78.JPG
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. Julie Hajduk Investor
Relations Manager (604) 893-8757 or 1-877-893-8757 (604) 893-8758
(FAX) www.northernfreegold.com
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