Northern Freegold
Files Nucleus Deposit NI 43-101 Compliant Technical Report
Vancouver,
BC: April 29, 2010.� Northern
Freegold Resources Ltd. (NFR: TSX-V) is pleased to announce that it has filed
the NI 43-101 compliant report supporting the Company's recent resource
increase at its Nucleus deposit. (See PR #10-06, March 5, 2010) The
Nucleus deposit is the most advanced stage exploration target on the road
accessible district scale 198 square kilometer Freegold Mountain Project
in the Yukon Territory.� The
Deposit is a near surface, bulk tonnage, potentially open-pittable
intrusion related gold deposit which may be part of a much larger
porphyry Cu � Au � Mosystem recognized in the Revenue Zone,
directly to the east.� The report
may be accessed via the Company's website at www.northernfreegold.com or on SEDAR at
www.sedar.com.�
Highlights from Technical Report:
The
"Technical Report on the Nucleus Property, Freegold Mountain
Project, Including an Updated Mineral Resource Estimate,", with an
effective date of April 19, 2010, prepared by GeoVector Management Inc.
and Northern Freegold Resources Ltd.:
�
identifies within the Nucleus deposit an inferred mineral resource
of 35.8 Mt of ore at a grade of 0.87 g/t gold for a total of 1.04 million
ounces of gold, at a 0.4 g/t gold cutoff
o within this resource is a a higher grade
zone of 2.2 Mt of ore at a grade of 2.55 g/t for 183,631 ounces of gold,
at a 0.4 g/t gold cutoff��
o which includes 1.5 Mt of ore at a grade
of 3.47 g/t for 166,921 ounces of gold, at a 1.0 g/t gold cutoff
o or 0.8 Mt of ore at a grade of 5.11 g/t
for 137,166 ounces of gold, at a 2.0 g/t gold cutoff
�
concludes the Nucleus deposit remains open in all directions and
at depth and that it can potentially be greatly increased with
extensional drilling
�
recognizes that preliminary gold recovery metallurgical testing
completed by G & T Metallurgical Services Ltd. on separate composite
bulk samples indicate excellent overall gold recovery ranging from 92 to
98%
Susan Craig, NFR's President & CEO
commented "We are pleased to issue this updated technical report on
the Nucleus Deposit which indicates resource growth close to 40% in grade
and ounces at a higher cutoff.� The
2010 program will allow us to pursue resource growth at Nucleus, and to
test potential to define new resources in other target areas."� Ms. Craig adds, "the report
recognizes that the Nucleus deposit may be related to a larger Cu � Au � Mo system recognized in the Revenue Zone to the
east."
The Nucleus
deposit is comparable in both geologic setting and deposit type to other
deposits contained within the Tintina Gold Belt, which extends from
Alaska in the West into the Yukon Territories in the East.�� Numerous multi-milllion 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.� Mutli-million ounce development stage
projects include the recently discovered Livengood Project of
International Tower Hill Mines Ltd., also�
located in Alaska. The White Gold deposit of Underworld Resources,
of which Kinross Gold has acquired is approximately 100 km to the
northwest of the Nucleus deposit.� Also
in close proximity to the Freegold Mountain Project area is the producing
Minto Mine of Capstone, the Carmacks Copper Deposit of Western Copper
Corporation in its final permitting stage and the Casino Copper-Gold-Moly
Deposit which is has entered into the Yukon Environmental Assessment
Process.
Based on
geology, styles of mineralization and structure, the Nucleus deposit is
classified as a low grade, bulk tonnage, intrusive related low
sulphidation epithermal gold deposit. The Deposit may be part of a much
larger porphyry Cu � Au � Mo system recognized in the Revenue Zone, which
is underlain by several brecciated and mineralized granitic bodies. The
Revenue Zone shows similar geological and mineralogical characteristics
to the Casino porphyry Cu � Au � Mo � Ag deposit, containing 8 million
ozs Au, 4.4 billion lbs Cu and 440 million lbs Mo
(www.westerncoppercorp.com).� These
reserves and resources have not been verified by the qualified person and
the information is not necessarily indicative of the mineralization at
Freegold Mountain.
Mineral
resource estimates were carried out by Mr. Joseph Campbell, B.Sc., P.
Geo., President of GeoVector Management Inc. and Dr. Allan Armitage, PhD,
P.Geol (AB), a consulting geologist with GeoVector Management inc. and
independent Qualified Person's as defined by National Instrument
43-101.� Dr. Armitage and Mr. Campbell have acted as the Qualified Persons,
as defined in NI 43-101, for the mineral resource estimate component of
the technical report.
Wade
Barnes, P. Geo., Senior Geologist with Northern Freegold is a Qualified
Person as defined by National Instrument 43-101, and has reviewed and
approved the technical information in this release.
About Northern Freegold
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
releaseincludes 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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