Northern Freegold Resources Ltd. (TSX VENTURE: NFR) is pleased to
announce remaining results from the reverse circulation (RC) and
diamond drill program in the Revenue Zone, as well as initial
results from a 60 line km (30 km2) Titan-24 deep earth imaging
induced polarization survey over the Nucleus Deposit and Revenue
Zone at the road-accessible Freegold Mountain Project, Yukon.
Highlights of the Survey
As can be seen in the attached plan map (figure 1), 5 additional
large scale zones of interest extending east from the Nucleus
Deposit through the Revenue Zone were defined by the survey and are
summarized in the table below.
----------------------------------------------------------------------------
Dimensions(width x Approx. depth
Zone of Interest length) below surface Drill Tested
----------------------------------------------------------------------------
1 1.5 km x 1.5 km 100 to 500 m 1 m oz resource above
----------------------------------------------------------------------------
2 2 km x 1.1 km 100 to 300 m Minimal historic
----------------------------------------------------------------------------
3 3 km x 0.6 km 300 to 600 m None
----------------------------------------------------------------------------
4 3 km x 1.1 km 200 to 700 m None
----------------------------------------------------------------------------
5 0.5 km x 1.6 km 100 to 300 m None
----------------------------------------------------------------------------
6 3.0 km x 1.2 km 100 to 500 m Minimal shallow
----------------------------------------------------------------------------
The million ounce(1) Nucleus Deposit correlates with a combined
high chargeability and high conductivity zone (zone 1) extending
over an area of 1.5 km wide by 1.5 km long, at an approximate depth
of 100 to 500 m below surface. The million ounce resource defined
to date tests only the upper reaches of this anomaly which is open
laterally and to depth (see attached figure 2).
Highlights of Revenue Drill Program
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. A total of 37 shallow RC holes (average
depth 137 m) were drilled at the Guder and Discovery Targets during
2010. These were followed by 5 (1531m) deeper diamond drill holes.
In the attached grade thickness plot from the 2010 drill program
(Figure 3), a distinct mineralized area has been outlined, which is
open laterally and to depth. Management believes the Discovery,
Guder and Granger Targets are indicative of a large scale gold,
copper and silver system.
Selected drill hole highlights are outlined in the table below;
complete drill results can be found at the end of the release. The
RC drilling program outlined a wide area of near surface
mineralization. Limited follow-up diamond drilling has shown
mineralization to continue at depth. Also of note, is that the
holes at the Guder and Discovery targets are on the edge of a
significant chargeability anomaly seen in the Titan-24 IP
survey.
----------------------------------------------------------------------------
HOLE Inter- Au_ Au_
-ID Length From To val Au Ag Cu eq(1) Mo W eq(2)
(m) (m) (m) (m) (g/t) (g/t) (%) (g/t) (ppm) (ppm) (g/t)
----------------------------------------------------------------------------
RVRC10-
031 117.4 6.10 117.35 111.25 0.36 3.27 0.15 0.83 66.2 128.8 1.05
Incl 85.34 105.16 19.82 0.76 4.45 0.22 1.42 76.0 208.3 1.72
----------------------------------------------------------------------------
RVD10-
009 150.0 3.10 87.00 83.90 0.11 1.55 0.06 0.30 (i) 143.8 0.41
And 103.94 231.45 127.51 0.13 1.59 0.08 0.38 48.9 37.3 0.50
----------------------------------------------------------------------------
RVRC10-
038 152.40 6.10 70.10 64.00 0.25 2.21 0.11 0.58 233.1 130.1 1.12
Incl. 18.29 59.44 41.15 0.32 2.76 0.14 0.75 300.1 174.0 1.45
And 73.15 153.92 80.77 0.15 0.61 0.04 0.26 69.4 0.0 0.39
----------------------------------------------------------------------------
RVD10-
012 340.77 158.53 265.00 106.47 0.24 1.59 0.06 0.44 133.7 168.3 0.81
Incl. 213.00 237.17 24.17 0.60 2.67 0.05 0.80 269.9 190.9 1.45
Incl. 241.00 253.00 12.00 0.29 2.25 0.10 0.60 97.7 182.5 0.92
And 269.00 340.77 71.77 0.09 1.54 0.06 0.28 127.8 259.2 0.72
Incl 317.00 332.00 15.00 0.20 2.81 0.14 0.63 254.3 212.3 1.27
----------------------------------------------------------------------------
(1)Au equivalent metal prices: US$846.00/oz gold, US$3.31/lb copper,
US$14.40/oz silver (3 yr average; no discount for metallurgical recovery in
contained metal figures).(2)Au equivalent as above and including molybdenum
and tungsten metal prices: US$23.53/lb molybdenum, US$9.13/lb tungsten (3 yr
average; no discount for metallurgical recovery in contained metal figures).
"The results from the Titan Survey and the 2010 drill program in
the Revenue confirm management's belief in a large scale
mineralized system encompassing the million ounce resource at the
Nucleus Deposit and related mineralization extending east through
the Revenue Zone. The size of the untested anomaly beneath the
Nucleus Deposit is significant and has great potential for us to
add resources to the Freegold Project," commented Bill Harris,
NFR's Chairman & COO. "Integration of this geophysical survey
with geochemical surveys, geological mapping, as well as the
results of all 2010 and earlier drilling, will assist in the
prioritization of high potential targets for drilling in 2011
leading to new and updated resource calculations."
Titan 24 Survey
The Titan-24 deep earth imaging induced polarization survey was
carried out by Quantec Geoscience during August/September 2010. The
62 line km survey covered an area of approx. 30 km2 which includes
the area covering the million ounce(1) gold resource at the Nucleus
Zone; the 24 km2 gold and copper soil geochemical anomaly over the
Nucleus and Revenue Zones as well as the 2010 drill program in the
Revenue Zone. In total, 14 parallel (north-south) oriented lines
were surveyed. Line spacing was 500 m and line length varied from
line to line; dipole spacing was 200 m. The exploration objective
of the survey was to test the response of the system over known
mineralization, and to detect structurally hosted mineralization
characterized by disseminated to massive sulphide
mineralization.
Titan 24 surveys have been a part of the successful
identification of porphyry ore bodies and extensions of known ore
bodies at other locations in the Yukon and BC. The Quantec Titan-24
DC/IP is a high resolution electrical method that uses the
injection of current and the measurement of voltage difference
along with its rate of decay to determine the subsurface
resistivity and chargeability. The survey measured the resistivity
(DC) and induced polarization (IP) properties of the underlying
rock, yet does not define or indicate a specific mineral type,
quantity or grade. The resistivity can be an indicator of metallic
mineralization, yet often is an indirect indicator of alteration.
The IP measures the chargeability of the subsurface. Chargeability
is a near-direct indicator of the presence of mineralization, in
both massive and disseminated forms. However, IP anomalies are not
necessarily ore bodies, and until drill tested, do not confirm a
discovery. The surveys are another tool used in the discovery of
potential ore bodies.
Qualified Person
Allan Armitage, PhD, P. Geol (AB), Exploration Manager for
Northern Freegold is a Qualified Person as defined by National
Instrument 43-101 and is responsible for quality control of
exploration undertaken by the Company and has reviewed and approved
the technical information in this release.
Assays
Samples collected from RC and diamond drill holes were shipped
to ALS Laboratory's (ALS) sample preparation facility in
Whitehorse. Samples submitted to this lab are prepared for shipping
by logging into the ALS system, prepared by drying, crush to
appropriate particle size and representatively split to a smaller
size for shipping. The prepped samples are shipped to the main
North American laboratory in North Vancouver, BC for final
pulverizing and analysis. Samples were analyzed for gold by fire
assay (FA) with an atomic absorption finish (AA) on 30 gram
samples. All samples having more than 1,000 ppm gold were
re-assayed by FA and a gravimetric finish. Each sample is also sent
for multi-element analysis by the ICP-MS method, which includes Cu,
Ag, Mo and W.
Conference Call
A conference call to discuss the significance and details of the
results will be held on Wednesday, November 24th at 1:30 pm PST
time with our President & CEO, Susan Craig. The conference call
dial in number will be issued in a separate press release to
follow.
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 Craig, President & CEO
(1) (35.8 million tonnes @ 0.87 g/t gold with a 0.4 g/t cutoff
including higher grade zone of 184,000 contained ounces of gold
within 2.2 million tonnes @ 2.55 g/t gold with a 0.4 g/t cutoff ;
see news release dated March 5, 2010).
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.
Significant Gold, copper and Silver Assay Intercepts
Guder
----------------------------------------------------------------------------
HOLE- Inter- Au_ Au_
ID Length From To val Au Ag Cu eq(1) Mo W eq(2)
(m) (m) (m) (m) (g/t) (g/t) (%) (g/t) (ppm) (ppm) (g/t)
----------------------------------------------------------------------------
RVRC10-
029 152.4 15.2 152.4 137.2 0.17 1.71 0.07 0.39 51.9 20.7 0.50
Incl. 51.8 70.1 18.3 0.39 2.88 0.13 0.78 75.9 60.3 0.98
and 85.3 91.4 6.1 0.34 1.73 0.07 0.57 49.0 (i) 0.66
and 94.5 102.1 7.6 0.27 2.56 0.13 0.68 91.6 58.0 0.89
and 106.7 111.3 4.6 0.22 2.1 0.11 0.53 54.7 (i) 0.64
----------------------------------------------------------------------------
RVRC10-
030 152.4 1.52 152.40 150.88 0.19 1.99 0.09 0.46 48.8 28.5 0.57
Incl. 44.20 96.01 51.81 0.24 2.89 0.12 0.63 60.9 47.6 0.78
and 135.64 152.40 16.76 0.26 1.67 0.07 0.48 50.0 (i) 0.58
----------------------------------------------------------------------------
RVRC10-
031 117.4 6.10 117.35 111.25 0.36 3.27 0.15 0.83 66.2 128.8 1.05
Incl. 10.67 18.29 7.62 0.65 9.42 0.45 2.03 127.8 422.3 2.59
and 73.15 79.25 6.10 0.48 3.25 0.15 0.94 39.8 105.0 1.09
and 85.34 105.16 19.82 0.76 4.45 0.22 1.42 76.0 208.3 1.72
----------------------------------------------------------------------------
RVRC10-
032 74.7 3.05 74.68 71.63 0.17 2.02 0.08 0.43 34.0 (i) 0.49
Incl. 3.05 28.96 25.91 0.24 3.15 0.13 0.64 48.9 (i) 0.73
----------------------------------------------------------------------------
RVRC10-
033 170.7 No Significant assays
----------------------------------------------------------------------------
RVRC10-
034 153.9 48.77 65.53 16.76 0.16 2.04 0.08 0.40 (i) (i) 0.40
----------------------------------------------------------------------------
74.68 91.44 16.76 0.17 1.53 0.06 0.37 (i) (i) 0.36
109.73 128.02 18.29 0.15 1.44 0.06 0.35 45.4 (i) 0.44
137.16 146.30 9.14 0.16 1.67 0.06 0.36 62.0 (i) 0.48
----------------------------------------------------------------------------
RVRC10-
035 73.2 6.10 76.20 70.10 0.15 1.56 0.07 0.36 (i) (i) 0.36
Incl. 6.10 12.19 6.09 0.21 2.80 0.12 0.58 (i) (i) 0.58
and 44.20 51.82 7.62 0.30 2.12 0.09 0.57 30.6 (i) 0.64
----------------------------------------------------------------------------
RVRC10-
036 153.9 6.10 94.49 88.39 0.13 1.97 0.09 0.41 47.3 (i) 0.50
Incl. 6.10 54.86 48.76 0.18 2.60 0.12 0.53 55.0 (i) 0.64
115.82 126.49 10.67 0.09 1.89 0.08 0.33 115.2 (i) 0.55
----------------------------------------------------------------------------
RVRC10-
037 6.10 152.40 146.30 0.11 1.48 0.06 0.29 (i) (i) 0.30
Incl. 18.29 57.91 39.62 0.14 1.99 0.09 0.40 (i) (i) 0.41
----------------------------------------------------------------------------
RVD10-
009 150.0 3.10 87.00 83.90 0.11 1.55 0.06 0.30 (i) 143.8 0.41
Incl. 65.60 83.82 18.22 0.16 2.46 0.10 0.49 44.4 229.6 0.74
94.63 98.60 3.97 0.07 1.40 0.06 0.27 128.2 59.9 0.56
103.94 231.45 127.51 0.13 1.59 0.08 0.38 48.9 37.3 0.50
Incl. 162.00 187.40 25.40 0.14 1.98 0.10 0.43 33.9 28.7 0.52
and 207.00 231.45 24.45 0.17 2.07 0.10 0.49 68.0 (i) 0.62
----------------------------------------------------------------------------
(1)Au equivalent metal prices: US$846.00/oz gold, US$3.31/lb copper,
US$14.40/oz silver (3 yr average; no discount for metallurgical recovery in
contained metal figures).
(2)Au equivalent as above and including molybdenum and tungsten metal
prices: US$23.53/lb molybdenum, US$9.13/lb tungsten (3 yr average; no
discount for metallurgical recovery in contained metal figures).
Discovery
----------------------------------------------------------------------------
HOLE- Inter- Au_ Au_
ID Length From To val Au Ag Cu eq(1) Mo W eq(2)
(m) (m) (m) (m) (g/t) (g/t) (%) (g/t) (ppm) (ppm) (g/t)
----------------------------------------------------------------------------
RVRC10-
038 152.40 6.10 70.10 64.00 0.25 2.21 0.11 0.58 233.1 130.1 1.12
Incl. 18.29 59.44 41.15 0.32 2.76 0.14 0.75 300.1 174.0 1.45
73.15 153.92 80.77 0.15 0.61 0.04 0.26 69.4 0.0 0.39
Incl. 73.15 82.30 9.15 0.17 1.00 0.06 0.35 123.7 0.0 0.58
and 147.83 153.92 6.09 0.27 1.70 0.09 0.55 0.0 0.0 0.55
----------------------------------------------------------------------------
RVRC10-
039 153.92 4.57 153.92 149.35 0.12 1.42 0.05 0.29 90.6 105.3 0.54
Incl. 4.57 12.19 7.62 0.15 1.60 0.06 0.34 179.9 80.0 0.75
and 33.53 51.82 18.29 0.18 1.27 0.08 0.40 103.6 140.7 0.71
and 60.96 80.77 19.81 0.15 1.78 0.07 0.37 127.4 221.6 0.78
----------------------------------------------------------------------------
RVRC10-
040 161.54 4.57 47.24 42.67 0.20 0.80 0.06 0.38 196.2 0.0 0.75
Incl. 15.24 38.10 22.86 0.29 0.76 0.07 0.48 278.7 0.0 1.01
57.91 158.50 100.59 0.13 0.60 0.04 0.26 78.3 73.9 0.46
Incl. 96.01 105.16 9.15 0.14 0.93 0.08 0.36 97.2 101.8 0.62
and 109.73 117.35 7.62 0.23 0.96 0.06 0.41 120.3 64.0 0.69
and 124.97 143.26 18.29 0.21 0.88 0.06 0.38 0.0 203.1 0.53
----------------------------------------------------------------------------
RVD10-
010 350.52 111.00 135.90 24.90 0.45 3.57 0.18 1.00 43.8 187.3 1.23
Incl. 130.25 135.90 5.65 1.83 10.46 0.62 3.69 57.8 262.1 3.99
271.05 281.00 9.95 0.07 1.22 0.10 0.36 0.0 0.0 0.37
308.40 340.70 32.30 0.17 2.61 0.12 0.54 117.8 91.7 0.83
Incl. 308.40 321.75 11.35 0.31 4.74 0.22 0.98 266.3 177.0 1.62
----------------------------------------------------------------------------
RVD10-
011 239.27 85.00 112.25 27.25 0.12 1.89 0.08 0.35 51.4 115.3 0.54
Incl. 96.01 101.30 5.29 0.28 3.27 0.13 0.69 92.2 0.0 0.86
122.00 126.23 4.23 0.13 1.84 0.07 0.35 109.7 0.0 0.56
163.00 171.00 8.00 0.16 0.99 0.10 0.43 0.0 0.0 0.43
----------------------------------------------------------------------------
RVD10-
012 340.77 5.00 13.00 8.00 0.18 2.88 0.09 0.48 54.5 40.0 0.61
110.00 119.00 9.00 0.24 2.13 0.08 0.50 0.0 0.0 0.50
127.26 135.32 8.06 0.10 1.96 0.06 0.31 0.0 0.0 0.31
158.53 265.00 106.47 0.24 1.59 0.06 0.44 133.7 168.3 0.81
Incl. 213.00 237.17 24.17 0.60 2.67 0.05 0.80 269.9 190.9 1.45
and 241.00 253.00 12.00 0.29 2.25 0.10 0.60 97.7 182.5 0.92
269.00 340.77 71.77 0.09 1.54 0.06 0.28 127.8 259.2 0.72
Incl. 294.00 298.35 4.35 0.11 2.47 0.07 0.33 0.0 500.9 0.71
and 317.00 332.00 15.00 0.20 2.81 0.14 0.63 254.3 212.3 1.27
----------------------------------------------------------------------------
RVD10-
013 350.00 131.50 137.50 6.00 0.16 1.23 0.05 0.33 0.0 53.3 0.37
174.00 192.90 18.90 0.21 0.67 0.04 0.32 0.0 0.0 0.32
203.85 211.70 7.85 0.15 1.63 0.08 0.40 56.7 0.0 0.50
219.65 223.65 4.00 0.38 2.45 0.07 0.61 0.0 0.0 0.60
236.50 247.55 11.05 0.27 3.34 0.16 0.77 0.0 0.0 0.77
256.40 261.80 5.40 0.22 2.00 0.09 0.49 0.0 0.0 0.49
268.80 278.00 9.20 0.12 2.06 0.06 0.31 0.0 0.0 0.31
----------------------------------------------------------------------------
To view figure 1, please visit the following link:
http://media3.marketwire.com/docs/654430fig1.jpg
To view figure 2 and figure 3, please visit the following
link:
http://media3.marketwire.com/docs/654430fig2.jpg
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 1-877-893-8757 or 604-893-8757 604-893-8758 (FAX)
www.northernfreegold.com
Northern Freegold Resour... (TSXV:NFR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Northern Freegold Resour... (TSXV:NFR)
Historical Stock Chart
From Jul 2023 to Jul 2024