Northern Freegold Increases Land Package to 198 Square Km Based upon results from 2009 Field Program at Freegold Mountain Project, Yukon
January 18, 2010 NFR:TSX.V PR #10‐03
Northern Freegold Increases Land Package to 198 Square Km Based upon results from 2009 Field Program at Freegold Mountain Project, Yukon
Vancouver, BC: January 18, 2010. Northern Freegold Resources Ltd. (NFR: TSX‐V) 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
Signed "Susan Craig"
Susan Craig President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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.
Freegold Mountain Project
Nucleus Tinta New targets and additional claims Ridge Stoddart
Yukon Territory
0 5 10 Kilometers Goldy January 18, 2010
75 new claims
Tinta Zone *** NI43-101 Inferred Resource of 70,000 contained ounces gold, 1.82 million ounces of silver, 7.40 million lbs of copper, 22.80 million lbs lead, and 38.30 million lbs zinc within 98 new claims 1.15 million [email protected] g/t Au (0.5 g/t cutoff), 49.34 g/t Ag, 0.29% Cu, 0.90% Pb, 1.51% Zn
Nucleus Zone *** NI43-101 Inferred Resource of 1.1 million contained ounces of gold within 67.6 million tonnes @ 0.50 g/t Au (0.3 g/t cutoff)
Legend
Drillhole collars NFR New Claims Structural targets
d tn Roa old M Freeg
Freegold Mountain Project First Nations Settlement Lands 0 2.5 5 10 15 20 ***www.northernfreegold.com Kilometers NFR Press Release July 27, 2009