Northern Freegold Initiates Resource Expansion Program on Major Gold and Copper Target with 10,000 m Phase 1 Drill Program at Freegold Mountain Project, Yukon
May 11, 2010 NFR:TSX.V PR #10‐08
Northern Freegold Initiates Resource Expansion Program on Major Gold and Copper Target with 10,000 m Phase 1 Drill Program at Freegold Mountain Project, Yukon
Vancouver, BC: May 11, 2010. Northern Freegold Resources Ltd. (NFR: TSX‐V) is pleased to announce plans for its 2010 phase 1 drill program at the Freegold Mountain Project in the Yukon Territory. Mobilization to the road accessible, district scale (198 km2) Freegold Mountain Project will begin mid May, with drills turning by June 1st.
2010 Phase 1 Program Objectives:
1. Continue to expand on the million ounce NI 43‐101 inferred gold resource at the Nucleus deposit; and
2. Drill test the large scale gold and copper soil anomaly (6 x 4 km) which extends from the Nucleus deposit eastwards to beyond the Revenue Zone.
The Nucleus deposit remains open to further expansion and though it is primarily a gold system with some copper enrichment, it is now thought to be part of a much larger gold enriched porphyry system which has been recognized at the Revenue Zone. The Revenue Zone shows similar geological and mineralogical characteristics to other deposits in the region which have developed multi‐million ounce gold resources with multi‐billion pound copper resources. Geologic modeling this winter has defined a number of priority targets for drill testing this season with the primary objective of increasing the overall resource at the Freegold Mountain project and testing this large scale system.
Susan Craig, NFR’s President & CEO commented “Management is excited with the targets developed through the modeling efforts this past winter and believe we have the potential for significant resource expansion and possible discovery of a much larger system. Our exploration team led by Dr. Allan Armitage has laid out a systematic program to test the highest priority targets in Phase 1 of this program which should result in steady flow of news from the project through the coming field season.”
Nucleus Deposit 2010 Drill Strategy
A NI 43‐101 inferred resource of 1.0 million ounces of gold has been identified at the Nucleus deposit to date (35.82 Mt at a grade of 0.87 g/t gold using a 0.4 g/t gold cutoff). The deposit is a near surface, bulk tonnage, potentially open‐pittable intrusion related gold deposit. A higher grade zone containing 183,631 ounces of gold (2.2 Mt of ore at a grade of 2.55 g/t, using 0.4 g/t cutoff) has been identified in the resource. The Nucleus deposit is open in all directions and at depth, and has potential for significant resource expansion.
Northwest trending corridors of higher grade gold mineralization will be priority targets for follow‐up testing. For example, hole GRD09‐144, at the western end of one of these corridors intersected 16.22 m at 2.96 g/t gold, while hole GRD09‐128 towards the eastern end within the same corridor intersected 25.38 m of 1.25 g/t gold. The 2010 phase 1 drill program will include 3,000 m of diamond drilling (~15 holes) to test the extension of these corridors. A 1,500 m program of reverse circulation (RC) is also planned for larger step‐out drilling to the northeast. The objective of these programs is to expand the resource at the deposit.
Revenue Zone 2010 Drill Strategy
Modeling and data compilation at the Nucleus and Revenue zones has identified a significant gold and copper soil anomaly covering an area 6 km by 4 km (24 km2) (see attached maps). The million ounce Nucleus gold deposit sits on the western side of this anomaly. Review of the historical work in this area, the extensive soil anomaly and geophysics suggests the potential for a large porphyry Au ± Cu ± Ag ± Mo system. The 2010 phase 1 drill program will include 4,500 m of RC drilling to systematically test several priority targets within the anomaly including the Granger, Discovery and Guder targets. Limited historical drilling in these target areas has identified results warranting follow up which may lead to definition of new project resources.
The Granger target has historical drill results with significant gold and silver values (see below), resulting in significant gold equivalent values1.
| Hole No. Length From To Interval Au Ag Cu Mo m m m M g/t g/t ppm ppm | Au equiv. |
|---|---|
| g/t | |
| Granger RVD07‐01 190.55 5.51 14.20 8.69 1.69 2.73 293 6 And 28.05 33.47 5.42 0.52 1.00 335 1 | |
| 1.81 | |
| 0.72 |
Historic and recent drilling at the Discovery target intersected wide intervals of gold ± silver, copper and molybdenum which result in significant gold equivalent values.
| Hole No. Length From To Interval Au Ag Cu Mo m M m M g/t g/t ppm ppm | Au equiv. |
|---|---|
| g/t | |
| Discovery GRDR80‐01 75.00 33.53 70.10 39.62 0.41 5.30 2100 * GRDR80‐02 73.00 12.19 57.91 51.82 0.32 8.39 1377 * GRDR91‐01 103.00 23.32 10.271 79.39 0.87 * 3243 * GRDR91‐02 91.00 67.66 76.81 9.15 0.31 * 2367 * GRDR91‐03 104.00 73.76 79.86 6.10 1.06 * 75 * GRS84‐07 64.00 21.60 43.00 21.40 1.49 10.05 5083 * GRS84‐09 76.00 47.85 53.34 5.80 2.60 0.04 * * RVD07‐05 152.00 43.40 72.50 29.10 0.59 5.71 2084 102 RVD07‐06 154.00 66.40 101.30 34.90 0.51 6.08 2166 67 | |
| 1.06 | |
| 0.83 | |
| 1.74 | |
| 0.94 | |
| 1.08 | |
| 3.03 | |
| 2.60 | |
| 1.42 | |
| 1.31 |
*Not analyzed
Drill testing by NFR in the Guder target in 2007 returned significant gold equivalent values of note. Historical drilling in 1991 intersected similar Au and Cu grades, which were not analyzed for silver and molybdenum.
| Hole No. Length From To Interval Au Ag Cu Mo m m m M g/t g/t ppm ppm | Au equiv. |
|---|---|
| g/t | |
| Guder RVD07‐02 125.00 69.25 75.00 5.75 0.23 3.23 1411 45 RVD07‐04 130.00 59.00 100.58 41.58 0.32 6.18 2491 94 | |
| 0.81 | |
| 1.26 |
1Au equivalent metal prices: $US$846.00/oz gold, US$3.31/lb copper, US$14.40/oz silver, US$21.80/lb molybdenum (3 yr average; no discount for metallurgical recovery in contained metal figures).
Dr. Allan Armitage, PhD, P. Geol (AB), Exploration Manager for Northern Freegold is a Qualified Person as defined by National Instrument 43‐101 and will be responsible for quality control of exploration undertaken by the Company and has reviewed and approved the technical information in this release.
Investor Relations Update and Option Issuance
NFR is pleased to announce that it has hired Ms. Julie Hajduk as Manager of Corporate Communications to assist the Company in increasing its investor outreach, corporate communications and financial public relations services. Ms. Hajduk brings over 15 years of experience in the capital markets including most recently working as IR Manager and Corporate Secretary for Buffalo Gold Ltd. Her services will include liaising with the national and international investment community, arranging financial and industry specific media and interviews for the Company, providing shareholder and investor communication services, coordinating advertising and public relations programs for the Company, and other related services. She will receive $5,500 per month and granted a total of 150,000 incentive stock options exercisable into common shares at an exercise price of $0.32 per share to vest quarterly over the following 12 months with an expiry date of May 12th, 2013 in accordance with TSX Policy and pursuant to NFR’s Option Plan. NFR has also granted 300,000 stock options to consultants of the Company at an exercise price of $0.32, expiring May 12, 2012.
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 in the Tintina Gold Belt of the Yukon which includes the producing Minto Mine of Capstone Mining Corp. to the north, Casino Deposit and Carmacks Copper Deposit of Western Copper Corporation to the west and east, and the White Gold Property of Underworld Resources to the northwest. NFR controls 198 square km (75 square miles) within the district scale Freegold Mountain Project. Within the project expanse are at least 20 identified mineralized zones, including the Nucleus, Revenue and Tinta.
The Freegold Mountain Project is located on the Freegold Mountain Road, a government maintained gravel road. The Freegold Road connects to the Klondike Highway, an all weather paved highway, which connects to Whitehorse, the capital of the Yukon, and the major supply centre for the Yukon. Powerlines located along the Klondike Highway are at present 30 km from the Freegold Project boundary. The Carmacks Copper deposit will require a 12 km power line to connect to the power grid along the Klondike Highway. From this location, the power line would be within 7 km of the Freegold Mountain project boundary.
Numerous multi‐million ounce gold deposits occur in the Tintina Gold Belt including the producing Fort Knox mine operated by Kinross Gold Corporation and the Pogo mine operated by Sumitomo Metal Mining in Alaska. Multi‐million ounce development stage projects include the recently discovered Livengood Project of International Tower Hill Mines Ltd., also located in Alaska. In close proximity to the Freegold Mountain Project area, the Carmacks Copper Deposit of Western Copper Corporation is in its final permitting stage and the Casino Copper‐Gold‐Moly Deposit has entered into the Yukon Environmental Assessment Process.
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 P. Craig"
Susan P. 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.
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| ² | ||||||
| Nucl Explor | eus/Revenue ation Potential | |||||
| Yukon Territory Go inta 0 375 | ld in Soils May 11, 2010 750 1,500 | |||||
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EEE EEEEE EE EEE EE EEEE E GE GRE EEE R EEE EE RDE EEE D ER D EEE EEEE EEEE R R8 E E EEEE EE EE E0E 9 8E - 1 00 - -E 1E 0E 0E E E 1 2 E E EEE EE D 0 EE E E E E E EE E E E E EE E EE EE EE E EE EE E EE EE E E E E E E E E EE E E E EE EEE E E E E E E E E E E E E E E EE EEE E E EE EE E E EE E E E E E E EE EE EE EEE E E E E E E E E E EE EE E E E E EE EE EE EE EE EE EE E E E EE E E E E E E E E E E E E EE EE EEE EEE E | E EE E E E E E EE EE EE EE EE E E E E E E E EEE E E E E E | E EEEEEEEE E EEEEE EEEEEE E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E | E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E EE E E E E E E E | E E E E E E E E EE E E E E E E E E E E E E E E E E E E E EE E E EE E E E E E E E E E E E E E E E E E E E E E E E E E E E E EEE E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E |
| EEEEEE Resource: n tonnes E /t gold cutoff) | EEE EEEE E E E E E E E E E E E E E E | E | E | |||
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