Northern Freegold Resources

Published : April 02nd, 2012

PR #12 - 07 Northern Freegold Scheduled to Begin 25,000 Meter Drill Program

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April 2nd, 2012 Press Release 

TSX.V: NFR

OTCQX: NFRGF

FRANKFURT: 8NG

 

 

 

 

NORTHERN FREEGOLD SCHEDULED TO BEGIN 25,000 METER DRILL PROGRAM IN MAY ON THE FREEGOLD MOUNTAIN PROPERTY, YUKON

Vancouver, BC: April 2, 2012. Northern Freegold Resources Ltd. (NFR: TSX-V) ("Northern Freegold" or the "Company"). Northern Freegold is pleased to outline the planned exploration and drilling program for its 100% owned Freegold Mountain gold/copper project, beginning in May 2012. The road accessible property is located approximately 200 kilometres northwest of Whitehorse in the Yukon in the Tintina Gold Belt.

The planned exploration and drilling program will consist of up to, 20,000 meters of Diamond drilling and 5,000 meters of reverse circulation drilling, and will focus on the continued expansion of the 43-101 mineral resources on the Revenue, Nucleus and Tinta Deposits and exploration drilling on the Stoddart Zone. The results are expected to lead to growth in the existing National Instrument 43-101 compliant mineral resource estimates. The program will also include additional geochemical and geological surveys. Planned program details and objectives are laid out below.

Commencing May 2012 - Program Details and Objectives:

  • Three Diamond drills beginning in May focusing on extending known deposits and new discoveries
  • Reverse Circulation drill expected to drill up to 5,000 meters and test numerous high priority targets including the approximately 3km connection between Nucleus and Revenue Deposits, geophysical targets north and south of Nucleus-Revenue trend, geochemical targets north and south of Nucleus-Revenue trend and known surface showings. Some of these targets were identified following the Titan 24 Deep IP geophysical surveys shot in 2010 and 2011. These surveys identified an IP chargeability anomaly 8km in diameter from Nucleus in the West to the Stoddart Zone in the East
  • Revenue - Expansion and definition Diamond drilling on the Revenue Deposit which remains open in all directions and at depth. Northern Freegold is planning 10,000 meters of drilling with the goal of expanding the resource via:
    • Eastern Strike extension.. 600M step-outs holes from the 2011 program were still mineralized. The most easterly intersections within the Revenue resource included RVD11-028 with 223.3 meters averaging 0.36 g/t Au, 3.98 g/t Ag, 0.18 % Cu and 0.08 % Mo (1.58 g/t AuEq[1]) (previously reported in a news release dated November 15, 2011). We plan to test the extension further
    • Northeast extension. No previous drilling beyond the highest grade holes from 2011, including RVD11-019 with 304.8 meters averaging 0.47 g/t Au, 3.68 g/t Ag, 0.12 % Cu and 0.02 % Mo (0.95 g/t AuEq[2])(previously reported in a news release dated September 22, 2011)
    • Western Extension. In 2011 we only drilled one hole on the western half of the Target Deposit. This hole RVD11-033 was a 700M step-out from our 43-101 resource and was mineralized
  • Nucleus - Expansion and definition Diamond drilling on the Nucleus Deposit of up to 5000 meters with one Diamond drill with the goal of expanding the resource which remains open at depth and in all directions
  • Expansion and definition Diamond drilling on the high grade Tinta Deposit which is a vein style body open at depth and in all directions containing Inferred resources of 1,260,000 tonnes of 1.76 g/t Au, 47.69 g/t Ag, 0.28 % Cu, 0.88 % Pb, and 1.45% Zn using a 0.40 g/t Au cut-off (previously reported in a news release dated July 27, 2009)
  • Exploration on the Stoddart Zone, a porphyry style mineralized showing to the southeast of the Revenue Deposit, including drill hole 08ST-07 with 13.85 meters at 0.42 % Cu, 0.03 % Mo, 0.16 g/t Au and 5.4 g/t Ag (previously reported in a news release dated October 20, 2011. Data originally released March 26, 2009)
  • Geochemical surveying using soil and stream sampling in selected target areas
  • Prospecting of unmapped portions of the property and over known geochemical and geophysical anomalies
  • Baseline Environmental Work including water, fauna, and flora
  • Preliminary engineering and geotechnical studies (rock quality characterization)
  • Selection of core samples for further metallurgical study

John Burges President & CEO commented "The Board is excited about the prospects from this aggressive drilling program. The planned program is approximately double the total drilling we did in 2011 which resulted in the recently announced Revenue resource. Revenue significantly grew the Company's ounces and doubled our tonnage. However the whole western side of the Target Deposit at Revenue was excluded from that resource. We are confident that the planned drilling around Revenue will allow us to expand the resource here. Furthermore, we plan to target deeper known mineralization at Nucleus which currently has a resource only to a depth of approximately 280 meters from surface. Finally, we plan to drill some of the targets identified from our 2010 and 2011 Titan-24 geophysical surveys, several of which are coincidental to a significant 6km long gold and copper surface geochemical anomaly".

Freegold Mountain - Yukon

The Freegold Mountain land package covers an area in excess of 198 square km (75 square miles) and is accessible by government maintained roads and a network of 4 wheel drive roads/trails. The Nucleus Deposit and the Revenue Deposit cover approximately 30 sq km. The Nucleus Deposit is primarily a gold system with some copper enrichment. The Revenue Deposit, with gold, copper and molybdenum shows similar geological and mineralogical characteristics to other deposits in the region which have developed multi-million ounce gold resources with multi-billion pound copper resources.

Nucleus Deposit (previously reported in February 2011)

The 43-101 compliant Drill Indicated and Inferred Resource for the Nucleus deposit is a near-surface, bulk-tonnage, potentially open-pittable deposit that is open to expansion laterally and at depth.

Table 1: Mineral Resource Estimate for Nucleus Deposit

 

 

Gold

Silver

Copper

Gold Equivalent

AuEq*

Cutoff

(g/t)

Tonnes

Grade

(g/t)

Contained

Au ounces

Grade (g/t)

Contained Ag ounces

Grade

%

Contained Cu lbs

Grade

(g/t)

Contained

ounces

Indicated

0.40

48,499,000

0.70

1,096,000

0.90

1,398,000

0.06

67,753,000

0.89

1,393,000

Inferred

0.40

41,449,000

0.47

627,000

0.98

1,307,000

0.07

62,026,000

0.67

898,000

*Gold equivalent (AuEq) for the Nucleus Resource 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)

Revenue Deposit (previously reported in January, 2012)

The 43-101 compliant Inferred Resource for the Revenue deposit is a near-surface, bulk-tonnage, potentially open-pittable deposit that is open to expansion laterally and at depth.

 

Table 2: Mineral Resource Estimate for Revenue Deposit

 

AuEq (g/t)

Tonnage

(Mt)

Gold

Silver

Copper

Molybdenum

AuEq*

Cut-off

g/t

Ounces

g/t

Ounces

%

Pounds

%

Pounds

g/t

Ounces

0.5

101

0.34

1,119,000

3.14

10,194,000

0.13

286,871,000

0.04

89,606,000

1.08

3,659,000

 

*Gold equivalent (AuEq) for the Revenue Resource is calculated based upon prices of US$1,016/oz for gold, US$15.82/oz for silver, and US$2.95/lb for copper and US$15.82/lb for molybdenum with no discount for metallurgical recovery in contained metal figures (Note: total contained AuEq metal values may not add exactly because of rounding).

 

It is believed that the Revenue Deposit, the Nucleus Deposit to the west and the Stoddart Zone to the east are all part of a large scale gold-rich porphyry system, which extends in an east-west direction for more than 8 km. The system shows the same geological characteristics to other porphyry deposits in the region, including the Casino Porphyry Project located ~90 km to the northwest, which hosts multi-million ounce gold resources and reserves with multi-billion pound copper resources and reserves.

The mineral resource estimates have been prepared in compliance with the standards of NI 43-101 by A. Armitage, Ph.D., P.Geol., and J. Campbell, BSc, P.Geo., of GeoVector Management Inc. GeoVector is an Ottawa, Ontario based consulting firm specializing in resource estimation, project assessment and project management. J. Campbell acted as the independent Qualified Person for the resource calculation, as defined in NI 43-101.

The project is being managed by GeoVector Management Inc.
http://www.geovector.ca under the supervision of A. Sexton and A. Armitage. Dr. Armitage is the V.P. of Exploration for Northern Freegold. J. Campbell is the Qualified Person as defined by NI 43-101, for the technical information in this news release.

About Northern Freegold

Northern Freegold Resources Ltd. (OTCQX: NFRGF; TSX.V: NFR) trades in the United States on OTCQX under the symbol "NFRGF", and in Canada on the TSX Venture Exchange under the symbol "NFR". Northern Freegold is a rapidly advancing Canadian-based precious metals exploration and development company. Northern Freegold brings wide-ranging expertise and strong management to focus on the development of its district-scale Freegold Mountain gold and copper project in the Yukon and the Burro Creek gold and silver property in Arizona.

PR Contact for Northern Freegold Resources Ltd.:

Julie Hajduk, Manager of Investor Relations, +1 (604) 893-8757, julie@northernfreegold.com

 

On behalf of the Board of Directors

Signed "John Burges"

John Burges, President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 

Cautionary Note Regarding Forward-Looking Information: Statements in this press release include certain "forward-looking information". All statements, other than statements of historical fact, included herein, including, without limitation, the terms and expected closing date of the proposed private placement and the company's use of the proceeds of the proposed private placement, contain forward-looking information. Readers are cautioned that actual events may vary from the forward-looking information contained in this news release. Material risk factors that could cause actual results to differ materially from the forward-looking information in this news release include, but are not limited to, changes in market conditions or regulatory requirements applicable to the private placement, inability of the Company to complete the proposed private placement due to inability to obtain regulatory approvals required to complete the proposed private placement or otherwise, uncertainties involved in the interpretation of drilling results and geological tests, the results of exploration being different than those anticipated by management and the need for cooperation of government agencies and First Nation groups in the exploration and development of the Company's Freegold Mountain property. The forward-looking information in this news release is based on the assumptions that market conditions and regulatory requirements will not change in any material respect, that the Company will be able to obtain all approvals required for the completion, and to complete, the proposed private placement and that the Company's planned exploration of its Freegold Mountain property will proceed as anticipated. The Company does not assume any responsibility for updating forward-looking information, except as required by law.



[1]See Table 2 * for Gold Equivalent calculation

[2]See Table 2 * for Gold Equivalent calculation


 

Northern Freegold Resources     TSX.V: NFR

900-475 Howe St.

Vancouver, BC V6C 2B3

http://www.northernfreegold.com/

 


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Northern Freegold Resources | 900-475 Howe St | Vancouver | British Columbia | V6C 2B3 | Canada
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Northern Freegold Resources

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CODE : NFR.V
ISIN : CA6651671027
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Northern Freegold is a gold exploration company based in Canada.

Northern Freegold holds various exploration projects in Canada.

Its main exploration properties are SEVERANCE, TAD / TORO, FREEGOLD MOUNTAIN - GOLDY ZONE, FREEGOLD MOUNTAIN - STODDART ZONE, FREEGOLD MOUNTAIN - REVENUE ZONE, BURRO CREEK, FREEGOLD MOUNTAIN - NUCLEUS and FREEGOLD MOUNTAIN -TINTA HILL in Canada.

Northern Freegold is listed in Canada. Its market capitalisation is CA$ 13.4 millions as of today (US$ 10.2 millions, € 9.5 millions).

Its stock quote reached its highest recent level on November 05, 2010 at CA$ 4.20, and its lowest recent point on February 05, 2016 at CA$ 0.04.

Northern Freegold has 47 050 000 shares outstanding.

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Corporate Presentations of Northern Freegold Resources
3/30/2007Letter of Intent to Acquire Arizona Gold/Silver Property
Annual reports of Northern Freegold Resources
2008 Annual Report
2007 Annual Report
2006 Annual Reprot
Financings of Northern Freegold Resources
4/23/2013PR#13-06: Northern Freegold Announces Closing of Final Tranc...
4/3/2013PR#13-03: Northern Freegold Announces Private Placement
9/3/2012PR # 12-13: Northern Freegold Announces Closing of Expedited...
4/25/2012PR #12-09 Northern Freegold Announces Amended Terms for Brok...
12/2/2011Closes Private Placement
7/20/2011Closes First Tranche of Financing for $6 million
5/16/2011Announces $8M Private Placement
6/17/2009Completes $5,000,000 Bought Deal
5/28/2009Announces C$4,000,000 Bought Deal Equity Financing
12/22/2008Announces Flow-Through Financing
11/5/2008Announces Flow-Through Financing
Option Grants of Northern Freegold Resources
8/19/2013PR#13-10: Northern Freegold Adopts Advance Notice Policy, Re...
Nominations of Northern Freegold Resources
2/10/2009Appoints New Board Member to Further Develop Growth Plans
Project news of Northern Freegold Resources
2/27/2014PR#14-03 Northern Freegold Reviews 2013 Exploration Results ...
1/29/2014PR#14-02 Northern Freegold Announces Additional Exploration ...
1/20/2014PR#14-01 Northern Freegold Announces Exploration Results fro...
6/26/2013PR#13-07: Northern Freegold Announces 2013 Exploration Plan ...
5/9/2013Join Northern Freegold Resources at the Metals & Minerals In...
11/8/2012Jay Taylor Comments on Northern Freegold Resources Ltd.
6/4/2012PR #12-12 Northern Freegold Commences Drilling at Freegold M...
2/27/2012Commences Metallurgical Testing at Freegold Mountain, Yukon
1/18/2012Announces First Resource at Revenue Zone at Freegold Mountai...
1/11/2012Summarizes 2011 Exploration Program at the Freegold Mountain...
9/22/2011Intersects 304.8 Metres Averaging 0.47 g/t Au, 3.68 g/t Ag, ...
9/17/2011President of Northern Freegold Resources Steps Down
2/27/2011(Freegold Mountain - Revenue Zone)Identifies Initial Target Deposit at Revenue Zone, Freegold ...
2/22/2011(Freegold Mountain - Nucleus)Announces Updated NI 43-101 Resource Estimate for Nucleus, F...
5/11/2010(Freegold Mountain - Goldy Zone)Initiates Resource Expansion Program on Major Gold and Coppe...
4/29/2010Files Nucleus Deposit NI 43-101 Compliant Technical Report
2/10/2010(Freegold Mountain - Nucleus)Metallurgical Tests Show Excellent Gold Recoveries at Nucleu...
1/18/2010(Freegold Mountain - Goldy Zone)Increases Land Package at Freegold Mountain
12/3/2009(Freegold Mountain - Nucleus)extends gold mineralization to the southwest at Nucleus Zone
11/19/2009(Freegold Mountain - Nucleus) Intersects 9.68 g/t Gold over 4.47 m in Step-Out to Southwe...
10/22/2009(Freegold Mountain - Nucleus)extends gold mineralization at Nucleus Zone
8/10/2009(Freegold Mountain - Nucleus)President's Message from Northern Freegold Resources
7/27/2009(Freegold Mountain - Nucleus)Initial One Million Ounce Resource at Nucleus Zone
1/26/2009(Freegold Mountain - Nucleus)Intersects 4.00 metres of 68.95 g/t Gold
1/27/2009(Freegold Mountain - Nucleus)Freegold Intersects 4.00 Metres of 68.95 g/t Gold Including ...
1/14/2009(Freegold Mountain - Nucleus)Intersects 1.27 metres of 410.00 g/t Gold
12/1/2008CORRECTION News Release: Northern Freegold Drilling Intersec...
9/25/2008(Freegold Mountain - Nucleus)Drilling Intersects 1.75 m of 21.18 g/t Gold
7/29/2008(Freegold Mountain - Nucleus)Intersects 1.23 Metres of 92.74 g/t Gold within 46.96 Metres...
7/2/2008(Burro Creek)Drilling of Vein Extension Intersects 19.7 Feet of 4.08 g/t ...
6/9/2008(Freegold Mountain - Nucleus)Intersects 3.25 Metres of 100.69 g/t Gold within 37.80 Metre...
6/5/2008(Burro Creek)Intersects 168.3 Feet of 0.94 g/t Gold and 56.10 g/t Silver ...
6/4/2008(Freegold Mountain - Nucleus)Initiates Fourth Drill in 25,000 m Diamond Drill Program at ...
5/20/2008Intersects 3.4 Feet of 31.80 g/t Gold and 759.00 g/t Silver ...
4/24/2008(Freegold Mountain - Nucleus) Commences 25,000 m Diamond Drill Program at Freegold Mounta...
4/23/2008(Burro Creek)Intersects 2.6 Feet Of 38.50 G/T Gold Within 69.0 Feet Of 2....
3/26/2008(Burro Creek) Intersects 117.10 Feet of 1.11 g/t Gold and 30.25 g/t Silve...
2/25/2008(Freegold Mountain - Nucleus)Discovers New Mineralized Porphyry Body at Freegold Mountain...
2/8/2008(Burro Creek)Completes Initial Holes of 3,000 m Drill Program at Burro Cr...
1/23/2008Receives Approval for Acquisition of Severance Property in D...
1/22/2008(Tad / Toro)Receives Approval for Acquisition of Tad/Toro Property in Da...
1/21/2008(Burro Creek) Commences 3,000 m drill program at Burro Creek Gold/Silver ...
12/6/2007Step Out Drilling - Intersects 75 m of 4.26 g/t Gold in Nucl...
11/8/2007New High Grade Zone Returns 5.6 feet of 0.52 oz/t Gold, 9.53...
10/24/2007Drill Hole in Nucleus Zone Steps Out 50 m and Returns Longes...
7/24/2007Diamond Drilling in Tinta Zone Extends Vein System Down Dip ...
7/19/2007First 2007 Diamond Drill Hole in Nucleus Zone Steps Out 50 m...
4/7/2006(Severance)2006 Technical report
Corporate news of Northern Freegold Resources
7/7/2016Northern Freegold Begins It's 2016 Yukon Exploration Program...
4/5/2016NORTHERN FREEGOLD COMPLETES PRIVATE PLACEMENT
4/4/2016NORTHERN FREEGOLD ARRANGES PRIVATE PLACEMENT
3/26/2015Northern Freegold Announces Updated NI 43-101 Resource Estim...
2/26/2015Yukon Ranks 1st in Mineral Potential and 9th Overall in the ...
2/2/2015Northern Freegold Closes Financing
1/16/2015Northern Freegold Announces Private Placement
12/17/2014Northern Freegold Reports Technical Disclosure Review
11/18/2014Northern Freegold Resources Ltd. Irene Trench Results Return...
10/30/2014Northern Freegold Resources Ltd. Management Appointments
6/19/2014Northern Freegold Announces 2014 Exploration at Freegold Mou...
5/5/2014Northern Freegold Appoints John Zbeetnoff to its Advisory Bo...
4/1/2014Northern Freegold Appoints Dennis Moore to its Advisory Boar...
11/18/2013PR#13-13 Northern Freegold Announces Approval of All Resolut...
11/14/2013Presents at 2013 Yukon Geoscience Forum, Whitehorse, Yukon, ...
11/6/2013PR#13-12 Northern Freegold Announces New Gold Discovery, Fre...
10/18/2013Presents at YGMA USA Roadshow Oct 21-25, 2013
10/8/2013(Burro Creek)New Northern Freegold Burro Creek Presentation Posted on Web...
7/9/2013(Burro Creek)PR#13-08: Northern Freegold Provides Update on Exploration P...
4/11/2013PR#13-05: Northern Freegold Announces Increase in Private Pl...
4/5/2013PR#13-04: Northern Freegold Closes First Tranche of Financin...
2/20/2013Preliminary Economic Assessment of Northern Freegold's Nucle...
1/31/2013Michael Fowler Comments on Northern Freegold
1/14/2013in the Media
1/9/2013PR#13-01: Northern Freegold Announces Updated NI 43-101 Reso...
1/9/2013Announces Updated NI 43-101 Resource Estimate for Nucleus De...
10/29/2012-Key Upcoming Milestones for the Freegold Mountain Project
10/10/2012PR#12-16 Northern Freegold Extends the Nucleus Gold Deposit
10/10/2012Extends the Nucleus Gold Deposit
9/19/2012Preliminary Metallurgical Results from Nucleus Gold Deposit ...
9/12/2012Preliminary Metallurgical Results from Revenue Cu-Au-Mo Zone...
6/26/2012Ian Gordon Comments on Northern Freegold
6/20/2012President's Letter
5/18/2012PR #12-11 Northern Freegold Appoints Paul Reynolds Vice Pres...
5/11/2012PR #12-10 Northern Freegold Announces Closing of Brokered Pr...
4/5/2012PR #12 - 08 Northern Freegold Adopts Shareholders Rights Pla...
4/2/2012PR #12 - 07 Northern Freegold Scheduled to Begin 25,000 Mete...
3/22/2012Corporate Update Spring 2012
2/7/2012Announces Listing on the OTCQX
12/29/2011Announces Final Drill Results from the 2011 Drill Program at...
5/10/2011Announces Management and Board Changes Mobilization Underway...
7/8/2010Adds Second Drill Ahead of Schedule
5/19/2010President's Message, May 2010
4/14/2010NFR & the Yukon Gold Mining Alliance Forums
3/5/2010Increases Gold Grade and Ounces at Freegold Mountain Project
2/11/2010Invests in Business with Yukon First Nations Project 2010 Te...
1/14/2010Announces Management Transition
1/14/2010NFR provides update on successful 2009 Program at Nucleus Zo...
11/24/2009Whitehorse Open House Westmark Hotel Wednesday, November 25 ...
11/18/2009President's Message from Northern Freegold Resources
11/5/2009executes option agreement for Tad/Toro
8/27/2009Stakes Additional Ground in Dawson Range Mining Camp, Yukon
8/13/2009drills 25 m of 2.45 g/t gold at Nucleus Zone
6/19/2009Completes $3,000,000 Financing
6/19/2009Commences 12,000 m Drill Program
2/27/2009 Investor Update February 2009
2/12/2009Gold Assay Value Increases to 206.50 g/t Gold over 1.24 metr...
12/30/2008Closes Financing of $475,300
12/1/2008Extends Warrant Expiry Dates
11/13/2008Extends Warrant Expiry Dates
11/10/2008Closes Financing of $1.8 Million
9/23/2008What NFR did during your summer vacation
5/21/2008Commences Drilling in Goldy Zone to follow up on 9.3 m of 15...
2/21/2008Confirms Extension of Warrant Expiry Dates
12/19/2007 Closes Financing of $4.334 Million
12/4/2007 Closes Financing of $7.147 Million
11/23/2007Investor Relations Update
11/22/2007 Receives Approval for Acquisition of Nit Property in Dawson...
11/15/2007Drilling Discovers 15.45 g/t Gold over 9.3 metres in Goldy Z...
10/24/2007Receives Approval For Acquisition Of 100% Interest In Nucleu...
10/11/2007Receives Approval for Acquisition of Burro Creek Gold/Silver...
10/1/2007Diamond Drill Program at Freegold Mountain Passes 11,000 Met...
9/10/2007Acquires Additional Property in Dawson Range Gold Belt, Yuko...
9/10/2007Additional Diamond Drill Results in Tinta Zone Confirm Exten...
8/23/2007Acquires 100% Interest in Golden Revenue, Nitro and Sey Prop...
6/28/2007Three Drills in Operation in Three Zones at Freegold Mountai...
6/8/2007Completes First Hole of 15,000 m Diamond Drill Program at Fr...
5/22/2007Announces Financing
5/10/2007Acquires Burro Creek Gold/Silver Property, Arizona
5/7/2007Commences 15,000 m Diamond Drill Program at Freegold Mountai...
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TSX-V (NFR.V)
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