Northern Freegold Resources Ltd. (TSX VENTURE: NFR) is pleased to
provide results from 6 additional drill holes in the Nucleus Zone
at the district scale road accessible Freegold Mountain Project,
located in the Yukon. In 2009, a total of 10,440 m were completed
within 44 drill holes in the Nucleus Zone, where an initial
inferred gold resource of 1.082 million ounces was announced(1).
The Nucleus Zone is a bulk tonnage, potentially open-pittable
intrusion related gold mineralized system. The 6 holes fall within
the large scale northwest trending brittle shear zone, identified
from the 2009 field program, and first documented in the Nov. 19,
2009 release.
To view the map accompanying this news release please click on
the following link:
http://media3.marketwire.com/docs/nfr123map.JPG.
Highlights:
- Highlights from holes within this release include (see
attached map):
-- Hole 153: 3.74 m of 4.43 g/t gold including 0.37 m of 38.70
g/t gold; and 1.80 m of 11.30 g/t gold
-- Hole 149: 12.84m of 0.81 g/t gold and 31.85m of 0.56 g/t
gold
-- Hole 150: 6.49 m of 1.47 g/t gold
- These holes were drilled in the same area of the brittle shear
zone outlined in the previous news release and continue to expand
mineralization to the south and southwest of the Nucleus
- The northwest trending brittle shear zone, identified by
integrating historical geophysical surveys, geological mapping and
diamond drilling, is part of a large shear system within the
Freegold Mountain Project. The brittle shear zone has the potential
to host mineralization as seen by the following significant results
returned from earlier holes from 2008(2) and 2009(3) such as
-- Hole 111: 7.90 m of 25.33 g/t gold and 2.55 m of 49.70 g/t
gold
-- Hole 113: 3.60 m of 55.27 g/t gold including 0.73 m of 142.00
g/t gold
-- Hole 128: 1.31 m of 11.50 g/t gold and 25.38 m of 1.25 g/t
gold
-- Hole 144: 4.47 m of 9.68 g/t gold and 17.10 m of 1.01 g/t
gold
-- Hole 147: 2.27 m of 10.05 g/t gold, 0.42 m of 51.40 g/t gold
& 2.00m of 9.68 g/t gold
- The Nucleus zone remains open in all directions and at
depth.
(1) (67.67 million tonnes @ 0.5 g/t gold with a 0.3 g/t cutoff;
see news release dated July 27, 2009).
(2) see news release dated March 26, 2009;
(3) see news releases dated Oct. 22, 2009 and Nov. 19, 2009
Bill Harris, CEO & COO commented "Management at Northern
Freegold is very pleased that the newly identified brittle shear
zone located along the south and southwest sides of the Nucleus
deposit continues to return high grade gold values as well as long
intervals of lower grade mineralization. Recognition that the
brittle shear zone may be part of a larger system at the Freegold
Mountain Project is also key in prioritizing drill targets for the
2010 program at Freegold Mountain. The brittle shear zone
represents a significant new target for resource expansion."
Complete results for the 6 holes are presented in the tables at
the end of this release. The remaining 6 holes will be released as
they are received, compiled and interpreted. Drill sections and a
3D visualization can be viewed at ww.corebox.net or by following a
link on the company's website at www.northernfreegold.com.
Sampling Methodology, Quality Control and Assurance
The holes were drilled by a skid mounted diamond drill with NTW
core size (5.6 cm/2.2 inches in diameter). Core samples from
diamond drilling were split and sent to both EcoTech Laboratory in
Whitehorse for sample preparation and then to EcoTech Laboratory in
Kamloops for analysis, as well as to ALS Chemex Laboratory in North
Vancouver for sample preparation and analysis. Blanks, commercial
standards and duplicate core samples were included in each batch.
To determine Au levels at the ppb level (detection limit 5-1000 ppb
(10,000 ppb at ALS)) 30 g samples were fire assayed then digested
in aqua regia solution and analyzed by atomic absorption. Values
over 1,000 ppb are re-assayed by fire assay and then digested with
aqua regia and then re-analyzed by an atomic absorption instrument
(detection limit 0.03 g/t) at EcoTech, or re-assayed by fire assay
followed by a gravimetric finish at ALS. Other elements are
analyzed by a 29 elements (33 at ALS) package (ICP-AES analysis).
Additional check-analyses are carried out by the lab which did not
receive the original sample. Intervals reported in this release do
not necessarily represent true widths of mineralization. The
technical information disclosed in this release has been reviewed
and approved by Wade Barnes, P. Geo.
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 called the Tintina
Gold Belt. NFR controls 166 square km (64 square miles) within the
district scale Freegold Mountain Project, containing at least 20
identified mineralized zones, including the Nucleus, Revenue and
Tinta. Nearby projects include the producing Minto Mine of Capstone
Mining Corp. the Casino and Carmacks Copper Deposits of Western
Copper Corporation, and the White Gold Property of Underworld
Resources to the northwest.
The Freegold Mountain Project is well situated within the
stable, mining supportive jurisdiction of the Yukon which has a
single assessment approach for developing projects The Freegold
Mountain Project is located within the traditional territories of
two settled First Nations: Little Salmon Carmacks First Nation and
the Selkirk First Nation.
The Freegold Mountain Project is located on the Freegold Road, a
government maintained gravel road that connects to the Klondike
Highway, an all weather paved highway leading to Whitehorse.
Powerlines along the Klondike Highway are 30 km from the Freegold
Project boundary.
Other projects in the Tintina Gold Belt are the producing Fort
Knox mine operated by Kinross Gold and the recently discovered
Livengood Project of International Tower Hill Mines Ltd., both
located in Alaska. The open-pit Fort Knox mine contains proven and
probable resources of 252.8 Mt at an average grade of 0.47 g/t gold
as of December 31, 2008 (www.kinross.com). These reserves and
resources have not been verified by the qualified person and the
information is not necessarily indicative of the mineralization at
Freegold Mountain.
Northern Freegold also announces it has granted incentive stock
options to directors, employees and consultants of the company for
the purchase of a total of 1,660,000 shares at an exercise price of
$0.35 per share, expiring December 4, 2012 and 2014.
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 P. Craig, President
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.
Drill Hole Results
---------------------------------------------------------------------------
Length(m)
Az
(degrees)/
Dip From To Interval Interval Au(1) Au(2) Cu
Hole No. (degrees) m m m feet g/tonne oz/ton (3)%
---------------------------------------------------------------------------
GRD09-148 12.38 not sampled, shut down because of ground conditions
180/-50
---------------------------------------------------------------------------
GRD09-149 300.23 0.00 36.58 36.58 120.01 0.47 0.014 (ii)
and 0/-50 81.65 94.49 12.84 42.13 0.81 0.023 (ii)
including 86.26 89.05 2.79 9.15 1.90 0.055 .14
and 131.15 137.17 6.02 19.75 0.71 0.021 (ii)
and 205.62 237.47 31.85 104.49 0.56 0.016 (ii)
including 205.62 206.96 1.34 4.40 5.99 0.175 (ii)
and 295.38 296.79 1.41 4.63 1.58 0.046 (ii)
---------------------------------------------------------------------------
GRD09-150 298.71 124.20 130.69 6.49 21.29 1.47 0.043 (ii)
including 0/-63 127.01 130.69 3.68 12.07 2.19 0.064 (ii)
and 142.89 143.82 0.93 3.05 1.47 0.043 (ii)
and 208.86 209.51 0.65 2.13 2.19 0.064 .16
and 211.84 213.66 1.82 5.97 1.03 0.030 .23
and 256.85 265.45 8.60 28.22 0.91 0.027 (ii)
including 262.28 265.45 3.17 10.40 1.97 0.057 .11
---------------------------------------------------------------------------
GRD09-151 240.80 10.90 13.10 2.20 7.22 2.01 0.059 (ii)
and 0/-60 51.00 52.10 1.10 3.61 4.17 0.122 (ii)
and 83.00 98.60 15.60 51.18 0.51 0.015 (ii)
and 125.50 140.70 15.20 49.87 1.40 0.041 (ii)
Including 135.20 137.20 2.00 6.56 8.00 0.233 (ii)
---------------------------------------------------------------------------
GRD09-153 391.89 24.38 38.82 14.44 47.38 0.55 0.016 (ii)
and 0/-50 118.52 123.37 4.85 15.91 0.62 0.018 (ii)
including 118.52 118.97 0.45 1.48 3.79 0.111 .29
and 306.26 316.42 10.16 33.33 0.83 0.024 (ii)
including 308.13 311.44 3.31 10.86 1.79 0.052 .12
and 327.96 331.7 3.74 12.27 4.43 0.129 (ii)
including 327.96 328.33 0.37 1.21 38.70 1.129 .38
and 352.57 353.84 1.27 4.17 1.01 0.029 (ii)
and 368.30 370.10 1.80 5.91 11.30 0.330 .10
---------------------------------------------------------------------------
GRD09-156 105.16/ NSR
0/-79
---------------------------------------------------------------------------
Results less than 2.5 g/t/m gold were not reported in this table, unless
the grade was greater than 1 g/t gold
(1) Au composite intervals were calculated from Au ppb if Au values less
than 1,000 ppb; if Au values were greater than 1,000 ppb fire assay
g/tonne values were used;
(2) Au oz/ton values were converted by dividing Au g/tonne value by
34.2857
(3) Percent values were calculated from ppm results; if Cu value was
greater than 10,000 ppm lab reported % values were used;
(ii) Cu values less than 0.10%; NSR - No significant results
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. Debbie James Investor
Relations Manager 877.893.8757 or 604.893.8757 604.893.8758 (FAX)
www.northernfreegold.com
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