Monday, January 21, 2008
Northern Freegold Commences 3,000 m drill program at Burro Creek Gold/Silver Property, Arizona
Vancouver, BC. January 21, 2008. Northern Freegold Resources Ltd. (NFR: TSX-V) is pleased to announce a +$1 million exploration program has commenced at the Burro Creek Gold/Silver Property located in Mohave County, Arizona, U.S.A. The main focus of the program will be drilling to confirm and update historical results on an open pit type epithermal gold/silver mineralized zone on the property and to drill test areas on the property with potential to discover additional mineralization along strike and to depth.
Burro Creek Property Highlights
- High grade gold/silver vein within wider structure of lower grade
- 1.7 km known strike length of vein system up to 45 metres wide, open in both directions
- Portion of vein 300 m long and 230 m deep was fully permitted for open pit mining operations in mid 1980s
- Excellent infrastructure with Arizona State Highway, parallel high tension powerlines within 1.6 km of deposit; water rights secured
The Burro Creek Property
The Burro Creek Property is located 1.6 km off State Highway 93 in Mohave County, Arizona, 105 km southeast of Kingman, Arizona, and 265 km southeast of Las Vegas, Nevada. The 2000 acre property consists of four patented mineral claims and 150 surrounding unpatented mineral claims.
The Property covers a low-sulphidation epithermal vein system that has been traced for over 1.7 km and exhibits widths of up to 45 metres. A NI 43-101 report dated July 17, 2007 entitled "Evaluation Report of the Burro Creek Project" has been completed by J. Pautler, P. Geo., an independent qualified person. Previous reverse circulation, diamond drilling and underground development conducted on the property focused on a 300 metre strike length in the central block of the exposed vein system and outlined a historical gold and silver resource of 2.6 million tons with an average grade of 0.03 oz gold and 1.1 oz silver per ton. These historical results reported in the NI 43-101 report are considered by management to be reliable and relevant, though not conforming to current NI 43-101 standards.
The Property was fully permitted to commence production in the 1980's , but the production decision was deferred due to a decline in the gold price. At that time, the intent was to place the existing resource into production, and continue to expand the resource through exploration funded by the ensuing profits.
Bill Harris, President & CEO commented "We are excited to commence drilling on the Burro Creek Property with it's excellent potential to expand the historical resources on this previously permitted project. The year round field season on the Burro Creek Property will complement the shorter exploration season at our district scale Freegold Mountain project in the Yukon, and ensure that Northern Freegold will be reporting results year round."
The technical information disclosed in this release has been reviewed and approved by Susan P. Craig,
Additionally, Northern Freegold announces incentive stock options to directors, officers, employees and consultants for the purchase of 770,000 shares at an exercise price of $0.75 per share, with the options expiring January 21, 2011.
Northern Freegold is a Canadian-based resource exploration and development company which relies on local expertise and strong management to focus on development of economic reserves on the district-scale Freegold Mountain Project in the Yukon and Arizona.
Northern Freegold Resources Ltd.
On behalf of the Board of Directors
Signed "Bill Harris"
William (Bill) G. Harris
President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.