Northern Gold Intersects 4.52 g/t Au over 11.5m at Gold Pike Property
Published : July 10, 2013
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TORONTO, ONTARIO--(Marketwired - July 10, 2013) - NORTHERN GOLD MINING INC. (News - Market indicators) ("Northern Gold" or the "Company") is pleased to announce results of 15 additional Diamond drill holes from surface Diamond drilling on the Gold Pike Property, comprised within the Golden Bear Project, 100 km east of Timmins, Ontario. The 15 holes, totaling 3,786 metres, followed up on previous results and were drilled into the 300 metre long gold-mineralized structure which contains the former producing Royal Oak open pit mine. Since June of 2011, Victory Gold Mines, Northern Gold's wholly-owned subsidiary, has drilled 52 holes totaling 11,056 metres on the Gold Pike Property.

Drill assay highlights of the 15 drill holes include:

  • 4.97 g/t Au over 3.3m (168.0 to 171.3m) GP-12-43
  • 3.22 g/t Au over 14.2m (290.0 to304.2m) GP-12-47
  • 4.52 g/t Au over 11.5m (246.7 to 258.2m) GP-12-48

The program had 3 objectives: to continue the testing of open pit potential from surface to a depth of 200 metres, to test for the depth continuity of gold mineralization below 200 metres, and to test the potential along strike to the southeast.

Positive results were obtained to all 3 objectives, including 4.52 g/t Au over 11.5 metres at a depth of 250 m below surface. Full results for the 15 holes are provided in Table 1. The Longitudinal Section (figure 2) indicates the pierce point of the drill holes of the gold mineralized structure.

The focus of the initial exploration drilling was to outline gold mineralization between surface and 200 metres deep in the area of the former producing open pit mine (1992-1993). The next stage of drilling is designed to extend the mineralization to the west and to continue to outline the mineralization down plunge from 150 metres to 250 metres depth. Future drilling programs will continue to trace the gold mineralization to depth to follow up on drill results which indicate the potential for mineralization suitable for underground mining at depth. The Black Fox mine, 5.5 km northwest, is currently operating both an open pit and an underground mine on similar geology on the Destor Porcupine Fault Zone.

The exploration program on the Gold Pike Mine Property has been successful in:

  • confirming the potential expansion of the former producing open pit both along strike and to depth;
  • extending the strike length of the gold mineralization; and
  • extending and confirming the mineralization to depth.

Confirming Mineralization within the envelope of a Potential Open Pit

Holes GP-12-38 to 12-43 were drilled above the 200m below surface level to confirm mineralization within a potential open pit shell. Results are shown on Table 1 and the pierce point within the mineralized plane is shown on the longitudinal section - Figure 2. Intersections include GP-12-43 with 2 zones, 4.97 g/t Au over 3.3m and 2.35 g/t Au over 4.7m. Drilling confirmed the open pit potential of the mineralization. 

Confirming Mineralization at Depth below 200m from surface

Holes GP-12-44 to 12-49 were drilled below a depth of 200m to confirm the extension of the mineralization to depth. This mineralization would be extracted by underground mining and therefore a higher grade is necessary. All of the holes returned intersections greater than 3 g/t Au. Results include GP-12-48 which assayed 11.6 g/t Au over 1.5m within a larger interval of 4.52 g/t Au over 11.5 m at 250 metres below surface. The results increased the confidence of the mineralization continuing to depth with a number of intersections in the 300 meter below surface vicinity.

Testing for Mineralization along strike

Holes GP-12-50 to 12-52 were drilled to the southeast above the plunge of the defined mineralization as indicated on the longitudinal section, figure 2. Hole 51 was drilled almost 100 metres southeast of the zone and intersected 1.27 g/t Au over 19.4 metres at a depth of 125 metres below surface - see figure 2, longitudinal section. This indicates the potential for additional lenses of mineralization along strike of the known zone.

Gold Pike Property

The Gold Pike Property consists of 28 contiguous claims with 3 kilometres of strike length along the Destor Porcupine Fault Zone. Gold mineralization was outlined on the property by Noranda during the 1980's. The Noranda drilling outlined a mineralized zone over a strike length of 300m to a depth of 250m below surface. The zone remains open both along strike and down dip. Royal Oak Mines initiated production from an open pit mine in the early 1990's processing approximately 100,000 tons with a recovered grade of 3.4 g/t Au. (Source: Resident Geologist) when the gold price averaged $366 per oz. Victory Gold plans to continue exploration and to expand the gold mineralized zones along strike and to depth from the previous mining operation.

The Victory Gold drill program has confirmed and extended the mineralization outlined by Noranda and indicated that the mineralization is open at depth and down plunge to the southeast and is amenable to additional step out drilling. In addition, indications of parallel mineralization have been indicated by both Victory Gold and Noranda drilling and warrant additional follow up.

The Gold Pike Mine Property is 28 contiguous claims. Victory Gold is earning up to a 70% interest on those 8 claims that contain the former producing open pit from Matachewan Consolidated Mines, Limited ("MCM"). Sufficient expenditures have been made to earn an initial 50% interest. 

Key terms of the option agreement are:

- earn 50% over three years by making $450,000 in exploration expenditures, $60,000 in cash payments, and 500,000 shares;

- earn 60% for an additional $1 million in exploration expenditures over 2 years; and

- earn 70% for an additional $2 million in exploration expenditures over 3 years.

MCM retains a 2% NSR (1% of which can be purchased for $1 million) and receives an annual advance royalty of $25,000 after Victory Gold's 50% earn in.

A joint venture is established after the 70% Victory Gold earn in. Should Victory Gold provide 100% of the mine financing, it recovers 200% of exploration expenditures as a priority on 90% of joint venture profits.

In addition, Victory Gold owns a 40% interest in 16 claims that form the eastern part of the Gold Pike Mine Property and has the option to spend $700,000 by July, 2015 to increase ownership to 60% in partnership with St Andrew Goldfields Ltd. and Plato Gold Corp.

Victory Gold also owns 100% interest in the 2 northern claims of the Gold Pike Mine Property.

To view Figures 1 and 2 please click on the following link: http://media3.marketwire.com/docs/NGM0710.pdf

QUALIFIED PERSONS

Kenneth Guy, P. Geo., the Qualified Person (as such term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects) for Victory Gold, supervised all exploration work and is responsible for the geological information presented herein. This press release has been reviewed and approved by Gary Nassif, M.Sc., P.Geo., Manager Exploration Services of Northern Gold and the Qualified Person for the Golden Bear Project.

All drilling was completed by Norex Drilling, a local drill contractor using NQ size core. Core samples collected by Victory Gold were assayed for gold by ALS Chemex. Analysis consisted of a fire assay of a 30-gram sample with an atomic absorption finish. Samples assaying over 10.0 grams gold per tonne Au are re-assayed with gravimetric finish. Samples noted to contain visible gold are analyzed via total metallic assay method. A rigorous Quality Control and Assurance Program (QA/QC) is in place, using control samples such as blanks and duplicate checks. In addition, duplicate analyses of 10% of the samples are corroborated by check assays performed at a Third Party Laboratory.

Resignation and Appointment of Officers

The Company announces that it has accepted the resignations of Tyler Culhane and Lisa McCormack as Chief Operating Officer and Corporate Secretary, respectively. The Company wishes to thank both Mr. Culhane and Ms. McCormack for their contributions to Northern Gold and wish them both every success in their future endeavors. Northern Gold also announces the appointment of Johnny Oliveira as Corporate Secretary of the Company. Mr. Oliveira is currently Chief Financial Officer for the Company and has over 10 years of accounting, auditing and tax experience with mineral exploration companies. He holds an Honours Bachelor in Business Administration from Wilfrid Laurier University and is a registered member of the Institute of Chartered Accountants of Ontario.

About Northern Gold

Northern Gold is a TSXV-listed gold company based in Toronto, Ontario. The Company's main focus is the exploration and development of its prospective mineral properties of the Golden Bear Project in the Larder Lake Mining Division, northeastern Ontario. Northern Gold has a portfolio of advanced exploration projects, including the Jonpol and Garrcon Deposits and the Buffonta Property. The recent property acquisitions including the Harker-Holloway Property and amalgamation with Victory Gold Mines Inc. add to the Company's regional consolidation strategy along the Destor-Porcupine Fault Zone.

CAUTIONARY STATEMENT: Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Northern Gold's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Northern Gold's public documents filed on SEDAR. Although Northern Gold believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Northern Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Table 1: 2012-13 Exploration Program Drill Results Table, 15 Holes
 
Hole ID Sect East
 (utm)
North
 (utm)
Drill
length
Az Dip From
 (m)
To
(m)
Width
 (m)
Au-
g/t
GP-12-38 1170 552988 5372750 189 48 -53 182.2 183.2 1.0 1.78
GP-12-39 1200 552984 5372789 129 48 -45 74.7 75.7 1.0 0.65
GP-12-40 1230 552983 5372788 135 24 -55 no significant values
GP-12-41 1140 552994 5372723 204 47 -45 123.6 125.7 2.1 1.26
              133.2 134.6 1.4 2.26
              181.2 184.2 3.0 3.89
              199.0 200.0 1.0 1.81
GP-12-42 1110 553013 5372691 228 48 -45 150.4 154.8 4.4 1.12
              164.7 170.3 5.6 1.17
              177.7 179.1 1.4 1.54
              187.7 193.1 5.4 0.64
              221.3 224.5 3.2 1.63
GP-12-43 1050 553043 5372642 249 46 -59 168.0 171.3 3.3 4.97
              192.9 198.3 5.4 1.71
              203.5 205.3 1.8 0.62
              207.0 211.7 4.7 2.35
GP-12-44 1050 553043 5372642 322 46 -68 287.6 290.1 2.5 4.12
              307.9 312.0 4.1 1.28
GP-12-45 1080 553055 5372697 353 45 -78 159.2 160.5 1.3 0.69
              185.0 187.0 2.0 0.97
              229.9 237.0 7.1 0.75
              239.0 240.0 1.0 3.82
              268.1 269.0 0.9 3.95
GP-12-46 1020 553062 5372622 368 46 -76 34.0 34.6 0.6 4.05
              256 261.7 5.7 0.50
              267.9 274.0 6.1 2.87
  incl           267.9 268.9 1.0 7.97
  and           272.6 274.0 1.4 3.74
              277 277.9 0.9 20.2
              281.3 284.1 2.8 3.16
GP-12-47 990 553099 5372613 351 46 -81 70.4 72.4 2.0 2.6
              268.4 274.3 5.9 1.57
              285.4 307.8 22.4 2.47
  incl           290.0 304.2 14.2 3.22
  incl           291.5 298.0 6.5 3.97
GP-12-48 960 553126 5372596 266 47 -71 201.1 219.2 18.1 1.85
  incl           208.8 215.3 6.5 3.13
              230.4 258.2 27.8 2.25
  incl           246.7 258.2 11.5 4.52
  incl           254.7 256.2 1.5 11.60
GP-12-49 930 553159 5372583 284 48 -80 207.2 209.0 1.8 6.48
GP-12-50 900 553171 5372553 293 48 -72 no significant values
GP-12-51 900 553170 5372553 203 48 -45 150.6 170.0 19.4 1.27
  incl           150.6 153.0 2.4 3.07
  and           166.8 169.0 2.2 3.08
              173.6 174.4 0.8 1.78
GP-12-52 870 553192 5372531 212 48 -47 no significant values
                     
Intervals reported here are core lengths. True widths are not known at this time. All depths are reported as down hole.


Northern Gold Mining Inc.
Martin Shefsky
President & Chief Executive Officer
647.297.8793
mrshefsky@gmail.com
or
Northern Gold Mining Inc.
Eric Szustak
Manager, Business Development
905.330.7948
eszustak@northerngold.ca
www.northerngold.ca

Northern Gold Mining

EXPLORATION STAGE
CODE : NGM.V
ISIN : CA66516M1095
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Northern Gold is a gold exploration company based in Canada.

Northern Gold holds various exploration projects in Canada.

Its main exploration properties are KIRKLAND LAKE, BOURKES GROUP, KIRKLAND LAKE, KIRANA GROUP, GARRISON and GARRISON - JONPOL / MONETA in Canada.

Northern Gold is listed in Canada. Its market capitalisation is CA$ 3.1 millions as of today (US$ 2.3 millions, € 2.1 millions).

Its stock quote reached its highest recent level on April 08, 2011 at CA$ 0.64, and its lowest recent point on December 23, 2015 at CA$ 0.01.

Northern Gold has 314 920 000 shares outstanding.

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