Northern Freegold Resources Ltd. (TSX VENTURE: NFR)(OTCBB:
NFRGF)(FRANKFURT: 8NG) is pleased to announce based on an
evaluation of historic and 2010 drill hole data from the Revenue
Zone gold-rich porphyry system the following target deposit:
Revenue Zone Target Deposit Potential
Potential Potential Gold
Range of Ounces Equivalent
Potential of Gold Potential Ounces Potential Lbs of Ounces(i)
Tonnes (Grade) of Silver (Grade) Copper (Grade) (Grade)
---------------------------------------------------------------------------
40 to 0.7 to 5.0 to 130 to 1.3 to
110 1.1 M Ozs 10.0 M Ozs 280 M lbs 2.5 M Ozs
Million (0.3 to 0.5 g/t) (2.7 to 3.7 g/t) (0.11 to 0.14%) (0.7 to 1.0 g/t)
---------------------------------------------------------------------------
Range of Potential Lbs of Potential Lbs of Tungsten
Potential Tonnes Molybdenum (Grade) (Grade)
---------------------------------------------------------------------------
40 to 110 Million 9 to 18 M lbs 10 to 16 M lbs
(0.007 to 0.011%) (0.006 to 0.011%)
(i)Gold equivalent (AuEq) is calculated based upon prices of US$846/oz for
gold, US$14.40/oz, for silver, and US$3.31/lb for copper with no discount
for metallurgical recovery in contained metal figures (Note: total contained
AuEq values may not add exactly because of rounding)
The reader should be cautioned that the potential quantity and
grade is conceptual in nature, that there has been insufficient
exploration to define a mineral resource and that it is uncertain
if further exploration will result in the target being delineated
as a mineral resource.
The target deposit extends from surface to a depth of 250 m and
is located adjacent to the Nucleus Deposit (see Figure 1).
Management believes the Revenue target deposit and the Nucleus
deposit are part of a large scale gold rich porphyry system.
Indicated resources of 1.1 million ounces gold, 1.4 million ounces
silver and 67.8 million lbs copper (1.4 Moz AuEq)(1)and inferred
resources of 0.63 million ounces gold, 1.3 million ounces silver
and 62.0 million lbs of copper (0.9 Moz AuEq)(2)were recently
announced for the Nucleus deposit (see news release Feb. 22,
2011).
"The 2010 program at Freegold Mountain demonstrates the
potential for a multi-million ounce system encompassing the Nucleus
Deposit and the Revenue Zone," stated Susan Craig, President &
CEO, Northern Freegold Resources Ltd. "The scale of the anomaly
from the Titan Survey, combined with the resource in the Nucleus
Deposit and the target deposit in the Revenue indicate an open
ended large scale gold rich system."
(1)48.5 million tonnes at 0.70 g/t gold, 0.90 g/t silver and
0.06% copper at 0.40 AuEq cutoff; (2)41.4 million tonnes at 0.47
g/t gold, 0.98 g/t silver and 0.07% copper at 0.40 AuEq cutoff.
Large Scale Mineralized System Encompasses Nucleus Deposit and
Revenue Zone
Management believes the system has potential to host
multi-million ounce gold resources with multi-billion pound copper
resources similar to other deposits in the region based upon:
1. Titan 24 geophysical survey covering an 30 sq km area shows large scale
significant chargeability anomaly (near direct indicator of presence of
mineralization) throughout the area (refer to figure 1)
2. Presence of Nucleus deposit on edge of this anomaly;
3. Proximity of Revenue Target Deposit to Nucleus Deposit and recognition
that holes which returned significant results are located on the edge of
the significant chargeability anomaly.
4. To date, drilling in the Nucleus Deposit and the Revenue Target Deposit
has only tested a very small portion of the significant chargeability
anomaly seen in Figure 1.
2011 Program
Planning for a significant follow up exploration program for
2011 at Freegold Mountain is underway. 3D modeling of existing
drill and resource results, combined with the Titan geophysical
survey is being utilized to delineate targets to expand resources
and test the Titan geophysical anomalies. Details of the program
will be released when finalized.
2010 Program and Analysis
As part of an evaluation to determine the potential of the
Revenue Zone to host a significant resource, Northern Freegold
completed a program of reverse circulation and diamond drilling
totaling 7,165 m in 2010. The drill program was successful in
delineating significant near surface gold, copper and silver
mineralization in the Guder and Discovery targets over an area of
450 m x 150 m x 200 m deep and 800 m x 150 m x 150 m deep
respectively (see news releases Sept. 16 and Nov. 22, 2010).
GeoVector Management Inc., of Ottawa Ontario was contracted to
conduct an independent assessment of the potential resource
incorporating the 2010 program, and historical drilling. The
database is based upon more than 130 shallow drill holes and
approx. 6,000 assays. The database includes assays from rotary
airblast, reverse circulation and diamond drilling conducted by
Northern Freegold in 2010 and 2007 as well as assay data from
re-sampling of historic drill core in 2010.
Dr. A. Armitage, P. Geol., is the Qualified Person, as defined
by NI 43-101, for the Freegold Mountain Project, including the
Revenue Target, and has reviewed the technical information in this
release.
Geovector has reviewed and approved the information in this
release.
Conference call Monday February 28, 2011
Northern Freegold is pleased to give investors an opportunity to
hear President & CEO Susan Craig discuss the significance of
the recently released resource and target deposit calculations.
Phone lines will be open following the update. The call has been
scheduled for Monday February 28th, 2011 commencing at 1:30 PM PST
(4:30 PM EST). Participants may call in to join the conference call
at 416-340-8530 or Toll Free at 1-877-240-9772. If you are unable
to join us at the designated time, please go to our home page at
www.northernfreegold.com where you will find the audio copy of the
conference call. Also, you may call in at 905-694-9451 /
800-408-3053 Pass code: 5818145 for an instant replay until March
14, 2011.
Northern Freegold is a well-financed rapidly advancing
Canadian-based precious metals exploration and development company.
NFR 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 & 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 a map of the Nucleus Deposit & Revenue Target
Deposit please go to the following link:
http://media3.marketwire.com/docs/nfrb224.pdf.
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. Julie Hajduk Investor
Relations Manager 1-877-893-8757 www.northernfreegold.com
Northern Freegold Resour... (TSXV:NFR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Northern Freegold Resour... (TSXV:NFR)
Historical Stock Chart
From Jul 2023 to Jul 2024