Northern Freegold Increases Land Package to 198 Square Km Based Upon Results from 2009 Field Program at Freegold Mountain Projec
19 January 2010 - 1:15AM
Marketwired
Northern Freegold Resources Ltd. (TSX VENTURE: NFR) has added 177
new claims to its road accessible district scale 166 square
kilometre Freegold Mountain Project in Yukon Territory, based upon
new targets identified from the 2009 field season. Reinterpretation
of regional scale geophysical data provided several target areas of
interest for further exploration. The new claims will increase the
size of the project by 20%, bringing it up to approximately 198
square kilometers.
An initial inferred 1.08 million ounce gold resource (67.57
million tonnes @ 0.50 g/t gold with 0.30 g/t gold cutoff) within
the Nucleus Zone was announced in July of 2009. Northern Freegold
is presently updating the 3D geological model in the Nucleus Zone
to incorporate the 44 drill holes from the 2009 drill program and
an updated resource will be released during the first quarter of
2010. To date, only 2% of the Freegold Mountain project has been
drilled.
During the 2009 field season Northern Freegold conducted a 130
line km ground geophysics survey over Nucleus and Revenue zones in
conjunction with detailed geological mapping. The goals of the
geophysics survey were to test the continuity of structures between
Nucleus and Revenue, define geophysical signatures for known rock
type in outcrop exposure, fill in gaps in the geological map where
there was sparse outcrop, map structures that could influence
mineralization and define new target areas. The geophysical results
showed strong correlations with the outcrop mapping and were used
to guide geological interpretation in areas of sparse data.
The ability of the ground magnetic geophysical survey to predict
geology was then applied to the rest of the Freegold Mountain
Project by reinterpreting the regional airborne magnetic
geophysical surveys. Reinterpretation of historical airborne
geophysics produced a preliminary structural model, produced a
preliminary geological map and defined new target areas. As can be
seen on the attached map, some of the newly defined targets
extended outside the original claim boundary. Recognizing the
potential of these new targets, NFR staked new claims to cover
these areas.
"The 2009 program defined several large scale targets (5-10 km
long) across the Freegold Mountain Project, which management
believes is indicative of large scale mineralized systems at
Freegold Mountain," commented Bill Harris, Chairman & COO of
Northern Freegold Resources. Northern Freegold has one of the
largest land holdings in the Dawson Range with a total of 230 sq.
kms over three properties.
Over the next few months a strategic assessment of this data to
prioritize targets within these large scale systems will help
determine the 2010 program at Freegold Mountain, which will include
an estimated 10,000 m of drilling to build ounces in the Nucleus
Deposit and test the best targets to discover new resources.
The technical information disclosed in this release has been
reviewed and approved by Wade Barnes, P. Geo.
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
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.
To view the map accompanying this release please visit the
following link: http://media3.marketwire.com/docs/nfr118m.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. Debbie James Investor
Relations Manager 877.893.8757 or 604.893.8757 604.893.8758 (FAX)
www.northernfreegold.com
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