Northern Freegold Drilling Expands Mineralization in Revenue Zone; Reports Results from Titan-24 Geophysical Survey at Freegold Mountain Project, Yukon Highlights- Successful drill program in Revenue zone defines significant near surface gold, copper
Highlights
- Successful drill program in Revenue zone defines significant near surface gold, copper and silver mineralization open laterally and to depth
-- Two adjacent mineralized zones outlined (450 m x 150 m x 200 m deep and 800 m x 150 m x 150 m deep) at Guder and Discovery targets
- Titan Survey identifies 6 zones of interest over and around Revenue Zone and Nucleus Deposit including
-- 1.5 km x 1.5 km high chargeability anomaly (100 to 500 m deep) below million ounce(1) Nucleus Deposit resource
- Results from the Titan Survey combined with the drill results from Revenue Zone confirm management's belief in a large scale mineralized system encompassing the Nucleus Deposit and extending east through the Revenue Zone
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/22/10 -- 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.
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Dimensions(width x Approx. depth
Zone of Interest length) below surface Drill Tested
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1 1.5 km x 1.5 km 100 to 500 m 1 m oz resource above
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2 2 km x 1.1 km 100 to 300 m Minimal historic
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3 3 km x 0.6 km 300 to 600 m None
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4 3 km x 1.1 km 200 to 700 m None
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5 0.5 km x 1.6 km 100 to 300 m None
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6 3.0 km x 1.2 km 100 to 500 m Minimal shallow
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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.
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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)
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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
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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
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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
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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
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(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
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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)
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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
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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
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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
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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
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RVRC10-
033 170.7 No Significant assays
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RVRC10-
034 153.9 48.77 65.53 16.76 0.16 2.04 0.08 0.40 (i) (i) 0.40
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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
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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
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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
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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
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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
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(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
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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)
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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
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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
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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
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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
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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
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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
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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
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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