|
|
Wednesday, May 21, 2008 Northern Freegold Commences Drilling in Goldy Zone to follow up on 9.3 m of 15.45 g/t Gold Intercept at Freegold Mountain, Yukon
Vancouver, BC. May 21, 2008. Northern Freegold Resources Ltd. (NFR: TSX-V) is pleased to announce it has commenced drilling in the Goldy Zone on the district scale 166 sq km (64 sq mile) Freegold Mountain Project in the Yukon Territory. The initial holes in the Goldy Zone have been sited to define the trend of the mineralized interval which returned 53.75 m (176.30 feet) of 3.6 g/t (0.11 oz/ton) gold intersected in hole GY07-16 in 2007 (see press release November 15, 2007). This hole returned 9.3 m (30.50 feet) of 15.45 g/t (0.50 oz/ton) gold within the longer intercept, including 1.20 m (3.94 feet) of 38.00 g/t (1.22 oz/ton) gold. This the second of four drills scheduled to drill 25,000 m (82,000 feet) at Freegold Mountain during the 2008 season. All four drills are expected to be in operation within the next 2 weeks.
The first drill commenced drilling on the Nucleus Zone on April 24, 2008, two months earlier than prior exploration programs. This drill has completed over 1,300 m to date (4,200 feet) in 7 holes, and is strategically drill testing the area adjacent to holes GRD07-41 and GRD07-58, which returned 72 m of 2.5 g/t Au and 75 m of 4.26 g/t Au respectively in 2007, and highlighted a higher grade trend with the Nucleus Zone, a low grade, bulk tonnage gold target. Another drill will also focus on the Nucleus Zone in order that the company may calculate a NI 43-101 compliant resource at the Nucleus Zone upon results from the 2008 season.
The drill currently in the Goldy Zone will also be following up on porphyry style mineralization at the Stoddart Zone, and the high grade gold-silver-copper mineralization at the Ridge Zone (both discovered in 2007), and other zones of interest. The 4th drill will be focused at the Tinta Zone, a high grade gold-silver-copper polymetallic vein system 20 km from the Nucleus Zone. A NI 43-101 compliant resource will also be calculated at the Tinta Zone, upon receipt of results.
Susan Craig, President commented "The early commencement drilling at the Goldy and Nucleus Zones will allow us to be in receipt of assays early in the 2008 season which will allow NFR to better define drill targets. As in previous years, Kluane Drilling of Whitehorse is doing an excellent job of maximizing footage while drilling oriented core, which will also help define the trend of higher grade targets for follow up. Better definition of these high grade trends within what were previously thought to be low grade bulk tonnage gold targets will help NFR reach its goal of developing resources and building reserves."
Freegold Mountain Project
The Freegold Mountain Project is situated within the Dawson Range portion of the Tintina Gold Belt, characterized by plutonic rocks of the 100 million year old Cretaceous Dawson Range Batholith and early Jurassic Klotassin Suite metaplutonic rocks intruding metavolcanic and metasedimentary rocks of the Yukon-Tanana Terrane. The Dawson Range is a well-mineralized belt over 100 km long, extending from Mount Freegold northwesterly to the Casino copper-gold porphyry deposit. This belt is transected by the west-northwest trending Big Creek Fault, which provides the locus for many mineral occurrences including placer gold deposits, porphyry gold-copper mineralization, gold veins and breccias bodies. The Freegold Mountain Project covers a 35 km long section of this belt.
The Project area is in excess of 166 square km (64 square miles) and includes several road-accessible mineralized zones with historical resource estimates (not compliant with NI-43-101). Work on the Freegold Mountain Project dating back to 1930 indicates that the property has the potential to host intrusion related gold deposits or bulk-tonnage gold+/-copper porphyry style mineralization (eg. the Nucleus Zone) with similarities to the mineralization at Kinross Gold's Fort Knox deposit in Alaska which has produced more than 3 million ounces in the past 10 years and still has a resource of 2.7 million ounces of gold from proven and probable reserves of 159.7 million tonnes grading 0.53 g/t as at Dec. 31, 2006 (www.kinross.com). (These reserves have not been verified by the qualified person and the information is not necessarily indicative of the mineralization at Freegold Mountain Project). The Project also has potential to host other related deposit types such as intrusive-hosted polymetallic vein systems (Tinta Hill), epithermal vein systems (Goldy, Dart) and skarn deposits (Margarete/Augusta), as well as other porphyry targets (Stoddart).
The technical information disclosed in this release has been reviewed and approved by Susan P. Craig, P. Geo.
Northern Freegold is a well financed 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 "Susan P. Craig"
Susan P. Craig
President
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.
|
|
|