Northern Freegold Intersects 125.6 Metres Averaging 2.29 g/t Gold Equivalent (0.44 g/t Au, 5.15 g/t Ag, 0.21% Cu and 0.13% Mo...
15 November 2011 - 9:45PM
Marketwired
Northern Freegold Resources Ltd. (TSX
VENTURE:NFR)(OTCBB:NFRGF)(FRANKFURT:8NG) -
Highlights:
-- Drilling continues to expand the Target Deposit and demonstrate
considerable size potential:
-- Mineralization steps out 100 metres to the east.
-- Depth extent of mineralization doubled, from 250 metres to over 500
metres.
-- Long intervals, such as: 223.3 metres averaging 1.58 g/t AuEq (0.36 g/t
Au, 3.98 g/t Ag, 0.18% Cu and 0.08% Mo) in Hole RVD11-028.
-- Includes 125.6 metres averaging 2.29 g/t AuEq.
-- The deposit continues to be open laterally and at depth.
Northern Freegold Resources Ltd. is pleased to announce results
for an additional eight drill holes completed on the Revenue Zone
gold-rich porphyry system at the road-accessible Freegold Mountain
Project, Yukon. All eight holes returned intervals of significant
gold, silver, copper and molybdenum mineralization, with several
intervals ranging from more than 30 metres to over 220 metres in
length. The results reported in Table 1 include holes drilled
within and around the Revenue Target Deposit and confirm that
mineralization continues an additional 250 metres at depth for an
aggregate total of 500 metres. In addition, step-out hole RVD11-028
extends the known mineralization by approximately 100 metres along
strike to the east. The Revenue Zone continues to remain open
laterally and at depth.
"I am delighted to present these important new results which,
along with previous intercepts reported in our September release
such as 305 metres averaging 0.95 g/t AuEq, compound the evidence
for a major expansion of the Revenue Zone mineralization both along
strike and at depth," commented Northern Freegold President and CEO
John Burges. "We continue to work towards delineating a valuable
large scale gold-rich porphyry system at Freegold Mountain that
stretches over 8 kilometres, from the existing resources at the
Nucleus Zone to the west, through the Revenue Target Deposit, and
eastward to the Stoddart mineralized zone."
Maps of drill hole locations are posted to the Company website:
www.northernfreegold.com. Three-dimensional models of the project
are available at: http://www.corebox.net/properties/freegold.
About the Revenue Target Deposit
As outlined in the news release dated February 24, 2011, a
minimum Target Deposit of 40 to 110 million tonnes of mineralized
material has been identified at the Revenue Zone gold-rich porphyry
system, potentially containing 0.7 to 1.1 million ounces gold (0.3
to 0.5 g/t Au); 5.0 to 10.0 million ounce silver (2.7 to 3.7 g/t
Ag); 130 to 280 million pounds copper (0.11 to 0.14% Cu) (1.3 to
2.5 million ounces gold equivalent at 0.7 to 1.0 g/t gold).
The Target Deposit extends over 1500 metres in an east-west
direction, and from surface to a depth of 250 metres. It remains
open for expansion laterally and to depth. The Nucleus deposit lies
directly adjacent to the Revenue Zone, to the west. The Stoddart
Zone lies approximately six kilometres east of the Revenue Zone and
includes high-priority geophysical targets defined over two and a
half kilometres of strike (see news release dated October 20,
2011).
Freegold Mountain Project Development
Northern Freegold has completed the 2011 exploration program.
The main purpose of the exploration program was to upgrade the
Au-Cu-Ag-Mo Revenue Zone from Target Deposit to Inferred Resource.
Twenty seven (27) drill holes totaling approx. 12,375 metres have
been completed in the Revenue Zone, with a total of 6,800 core
intervals sampled for assay. Initial results of the diamond
drilling were released in September (see news release dated
September 22, 2011). The core samples from the ten remaining holes
will be released as they are received, compiled and interpreted. It
is anticipated that the results of the diamond drilling will be
used to calculate the resource on the Revenue Zone by the end of Q1
2012. The Company is currently preparing its project development
goals for 2012 and expects to report those to its shareholders
before the end of the year.
Mr. Burges commented: "Northern Freegold's public market
capitalization value is approximately $12 per gold equivalent ounce
- which is a substantial discount to our junior gold peer group
average. We remain a hidden gem. We will look to close this gap by
delivering on our objectives for the Revenue 2011 drill program; by
increasing the size of the technical resource; by demonstrating
significant potential for growth in 2012 and by meeting project
development milestones."
Table 1: Significant Gold, Copper and Silver Assay Intercepts From the
Revenue Zone
---------------------------------------------------------------------------
Length Au Ag Cu Mo AUEQ
Hole # From To (m)(1) (g/t) (g/t) (%) (%) (g/t)(2)
---------------------------------------------------------------------------
RVD11-023 10.6 22.6 12.0 0.04 1.70 0.06 0.00 0.19
---------------------------------------------------------------------------
Hole Lost at 46 Metres
---------------------------------------------------------------------------
RVD11-024 268.5 282.3 13.9 0.07 0.68 0.08 0.00 0.29
---------------------------------------------------------------------------
RVD11-024 387.1 398.6 11.5 0.10 1.10 0.07 0.00 0.30
---------------------------------------------------------------------------
RVD11-024 424.0 433.2 9.2 0.26 1.20 0.06 0.00 0.41
---------------------------------------------------------------------------
RVD11-025 152.0 164.0 12.0 0.10 3.25 0.05 0.01 0.38
---------------------------------------------------------------------------
RVD11-025 170.0 206.2 36.2 0.19 2.38 0.06 0.00 0.37
---------------------------------------------------------------------------
RVD11-025 214.6 257.3 42.7 0.12 1.29 0.06 0.01 0.34
---------------------------------------------------------------------------
RVD11-025 277.4 309.0 31.6 0.12 0.98 0.05 0.00 0.26
---------------------------------------------------------------------------
RVD11-025 317.7 325.1 7.4 0.13 1.53 0.08 0.00 0.35
---------------------------------------------------------------------------
RVD11-026 76.0 81.6 5.5 0.11 2.33 0.09 0.01 0.43
---------------------------------------------------------------------------
RVD11-026 93.1 108.6 15.5 0.16 3.29 0.11 0.01 0.50
---------------------------------------------------------------------------
RVD11-026 123.9 235.5 111.6 0.16 2.63 0.11 0.01 0.54
---------------------------------------------------------------------------
Incl. 167.2 176.9 9.7 0.45 6.64 0.27 0.03 1.39
---------------------------------------------------------------------------
and 194.6 215.5 20.9 0.23 4.20 0.19 0.02 0.94
---------------------------------------------------------------------------
and 219.0 229.5 10.5 0.22 3.57 0.14 0.01 0.68
---------------------------------------------------------------------------
RVD11-026 273.5 307.7 34.2 0.08 0.61 0.07 0.00 0.26
---------------------------------------------------------------------------
RVD11-026 312.7 330.6 17.9 0.15 0.73 0.07 0.02 0.54
---------------------------------------------------------------------------
RVD11-026 337.3 365.3 28.0 0.17 1.14 0.10 0.01 0.47
---------------------------------------------------------------------------
RVD11-026 404.0 423.2 19.2 0.10 2.40 0.14 0.01 0.48
---------------------------------------------------------------------------
RVD11-027 27.9 39.5 11.6 0.37 0.75 0.03 0.00 0.45
---------------------------------------------------------------------------
RVD11-027 65.7 78.0 12.3 0.28 0.15 0.00 0.00 0.28
---------------------------------------------------------------------------
Hole Lost at 104 Metres
---------------------------------------------------------------------------
RVD11-028 48.2 65.6 17.4 0.18 1.53 0.08 0.00 0.41
---------------------------------------------------------------------------
RVD11-028 78.0 301.3 223.3 0.36 3.98 0.18 0.08 1.58
---------------------------------------------------------------------------
Incl. 112.2 135.0 22.8 0.60 5.55 0.30 0.02 1.50
---------------------------------------------------------------------------
and 146.7 272.3 125.6 0.44 5.15 0.21 0.13 2.29
---------------------------------------------------------------------------
RVD11-028 308.9 312.1 3.2 2.31 0.40 0.02 0.00 2.36
---------------------------------------------------------------------------
RVD11-028 454.0 465.4 11.5 0.09 0.98 0.05 0.01 0.27
---------------------------------------------------------------------------
RVD11-028 513.3 523.1 9.8 0.09 0.97 0.06 0.00 0.23
---------------------------------------------------------------------------
RVD11-029 95.9 116.0 20.2 0.41 0.13 0.00 0.00 0.42
---------------------------------------------------------------------------
RVD11-029 173.7 206.0 32.4 0.27 0.70 0.10 0.00 0.49
---------------------------------------------------------------------------
RVD11-029 222.0 232.5 10.5 0.17 0.56 0.10 0.00 0.39
---------------------------------------------------------------------------
RVD11-029 269.8 280.3 10.6 0.08 1.45 0.07 0.01 0.33
---------------------------------------------------------------------------
RVD11-030 182.0 188.0 6.0 0.42 0.70 0.04 0.00 0.52
---------------------------------------------------------------------------
RVD11-030 232.5 240.1 7.6 0.16 1.81 0.09 0.00 0.37
---------------------------------------------------------------------------
RVD11-030 345.2 355.2 10.0 0.45 0.32 0.02 0.00 0.54
---------------------------------------------------------------------------
(1) True widths unknown.
(2) Au equivalent metal prices: US$1,016.00/oz gold, US$2.95/lb copper,
US$15.82/oz silver and US$34.88/kg molybdenum (3 yr average; no
discount for metallurgical recovery in contained metal figures).
Quality Control
The project is being managed by GeoVector Management Inc. of
Ottawa, Ontario http://www.geovector.ca under the supervision of A.
Armitage, Ph.D., P.Geo. Dr. Armitage is the Exploration Manager for
Northern Freegold and is the Qualified Person, as defined by NI
43-101, for the Freegold Mountain Project. Dr. Armitage has
reviewed the technical information in this release.
All core samples from diamond drilling completed by Northern
Freegold in 2011 follow NI 43-101 approved QA/QC protocols
including insertion of blanks, commercial standards and duplicate
core samples. For the 2011 program, core samples are split and
shipped to ALS Laboratory's (ALS) sample preparation facility in
Whitehorse. The prepped samples are shipped to the main North
American laboratory in North Vancouver, BC for final pulverizing
and analysis.
About Northern Freegold
Northern Freegold is a well-financed, rapidly advancing
Canadian-based precious metals exploration and development company.
NFR brings wide-ranging 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.
Management believes the Revenue target deposit, the Nucleus
deposit and the Stoddart Zone are all part of a large scale
gold-rich porphyry system, which extends in an east-west direction
for more than 8 km. The system has the potential to host
multi-million ounce gold resources with multi-billion pound copper
resources similar to other porphyry deposits in the region. For
maps and more information, please visit our website
www.northernfreegold.com.
On behalf of the Board of Directors
John Burges, President and 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Northern Freegold Resources Ltd. Julie Hajduk Investor
Relations Manager 604.893.8757 or Toll Free: 1.877.893.8757
604.893.8758 (FAX)www.northernfreegold.com
Northern Freegold Resour... (TSXV:NFR)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Northern Freegold Resour... (TSXV:NFR)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
