Northern Gold Intersects Gold Mineralization from Initial Drilling at Buffonta Kerr Pit
TORONTO, ONTARIO -- (Marketwire) -- 03/05/13 -- NORTHERN GOLD MINING INC. (TSX VENTURE: NGM) ("Northern Gold" or the "Company") is pleased to announce results of the first three diamond drill holes from its winter surface diamond drilling program on its newly acquired Buffonta Property, comprised within the Golden Bear Project, 100 km east of Timmins, Ontario. The three drill holes totaled 997.5 metres. To date, fifteen drill holes totaling over 5,000 metres have been completed during the winter drilling program.
Drill assay highlights of the three drill holes include:
-- 3.50 g/t Au over 3.0m (106.5 to 109.5m) BUF-12-01
-- 7.99 g/t Au over 1.15m (206.85 to 208.0m) BUF-12-01
-- 5.95 g/t Au over 2.0m (26.0 to 28.0m) BUF-12-02
-- 4.82 g/t Au over 7.5m (144.5 to 152.0m) BUF-12-02
Greg Gibson, President and CEO of Northern Gold, commented: "These drill intercepts uncover mineralization beyond the known historical resources on the Buffonta Property with grades in line with these resources. We are definitely encouraged by the geology and mineralization we continue to encounter and look forward to providing further results as they become available."
Drill hole BUF-12-01 was collared on section L26+50, targeting mineralization below the past-producing Kerr Pit. Drill holes BUF-12-02 and BUF-12-03 were collared on section L26+00, 50 metres to the east. Drill hole BUF-12-03 is an undercut of hole BUF-12-02, collared 50 metres to the north. All holes were drilled at -45 degrees grid south.
All three drill holes successfully intersected significant gold mineralization hosted in either quartz veins or silica-flooded zones in variolitic and massive basalt at or proximal to the contact with the southeasterly-striking Buffonta Fault and felsic dykes which are interpreted to emanate from the Garrison granodioritic intrusive stock. Mineralization is typically associated with 1-3% sulphides (pyrite, chalcopyrite, and molybdenite). Also of note, drill holes BUF-12-01 and BUF-12-03 intersected kimberlite at the Buffonta Fault.
The objective of the current drilling program is two-fold: to confirm the extension of mineralization below the Kerr Pit and to test for continuity between the Kerr Pit and Zones No.5 and No.6, located 350 metres to the southeast. The Buffonta Property hosts 3 known gold zones - Kerr Pit, No. 5 Zone, and No. 6 Zone. Historical production reports indicate that 9,000 ounces of gold were recovered from a total of 70,000 tons milled at the Kerr-Addison Mill. In addition, these reports also suggest that a resource (unclassified) of 600,000 tons of material averaging 0.17 ounces of gold per ton remains in the 3 Zones. (source: Ontario Geological Survey, OFR 5735, 1990). A qualified person has not done sufficient work to classify the Buffonta historical resource as current and this resource should not be relied upon.
Table 1 - Buffonta Drill Assay Results
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From Inc To Interval Au g/t
Hole ID Zone Section(i) (m) (m) (m) (m) Uncut
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BUF-12-01 Kerr Pit L26+50 40.00 41.00 1.00 1.47
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52.00 53.00 1.00 1.10
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59.00 64.80 5.80 1.36
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72.50 73.50 1.00 4.22
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102.50 109.50 7.00 1.78
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106.50 109.50 3.00 3.50
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112.50 114.50 2.00 1.95
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167.50 168.50 1.00 1.99
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206.85 208.00 1.15 7.99
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225.00 226.00 1.00 4.36
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BUF-12-02 Kerr Pit L26+00 26.00 28.00 2.00 5.95
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31.00 32.00 1.00 1.66
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86.00 87.00 1.00 1.72
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116.00 117.00 1.00 1.89
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121.00 122.00 1.00 1.38
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137.50 138.50 1.00 10.90
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144.50 152.00 7.50 4.82
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144.50 147.20 2.70 10.40
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144.50 145.00 0.50 3.29
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146.00 147.20 1.20 21.90
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150.00 152.00 2.00 3.92
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189.00 190.00 1.00 1.06
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BUF-12-03 Kerr Pit L26+00 19.00 20.00 1.00 4.17
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93.00 94.00 1.00 1.33
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170.65 180.30 9.65 1.38
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170.65 173.65 3.00 1.86
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177.30 180.30 3.00 2.28
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213.50 214.50 1.00 2.22
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221.25 222.25 1.00 1.50
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235.25 239.00 3.75 1.00
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266.00 267.00 1.00 2.87
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271.00 275.00 4.00 1.40
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Notes:
(i) Significant assays from three drill holes drilled on line sections
L26+50 and L26+00 between the Kerr Pit and the No. 5 and 6 Zones. Intervals
reported are downhole lengths; true widths of mineralization are not yet
known.
Table 2 - Location and Initial Orientation of Drill Holes
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Section Line Section Line Azimuth
Hole ID Easting Northing (True) Inclination (degrees)
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BUF-12-01 L26+50 10+025 235 -45
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BUF-12-02 L26+00 10+025 235 -45
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BUF-12-03 L26+00 10+075 235 -45
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Buffonta Property drilling cross sections and a drill plan will be posted on the Company's website at: http://northerngold.ca/golden-bear-project/buffonta-property.
Quality Assurance/Quality Control
Northern Gold has implemented comprehensive, industry standard quality-assurance, quality-control protocols for diamond drilling, core recovery, handling, sampling, shipping and assaying. Details of these best practice principals can be viewed on the Company's website at: http://www.northerngold.ca/QA-QC.php.
The technical aspects of this press release have been reviewed and approved by Gary Nassif, M.Sc., P.Geo., Manager Exploration Services of Northern Gold and the "Qualified Person" as defined by National Instrument 43-101 for the Golden Bear Project.
About Northern Gold
Northern Gold is a TSX Venture Exchange-listed gold company based in Toronto, Ontario. The Company's main focus is the exploration and development of its prospective mineral properties of the Golden Bear Project in the Larder Lake Mining Division, northeastern Ontario. Led by an experienced management team, Northern Gold has a portfolio of advanced exploration projects, including the Jonpol and Garrcon Deposits and the newly acquired Buffonta Property. The recent acquisition of the Harker-Holloway Property and amalgamation with Victory Gold Mines Inc. add to the Company's regional consolidation strategy along the Destor-Porcupine Fault Zone.
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, Northern Gold's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Northern Gold's public documents filed on SEDAR. Although Northern Gold believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Northern Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Northern Gold Inc.
David Reid
Director, Business Development
416.366.7300 Ext. 104 or Cell: 705.254.8303
dreid@northerngold.ca
www.northerngold.ca