Tuesday, October 23, 2007
Northern Freegold Receives Approval For Acquisition Of 100% Interest In Nucleus/Revenue Properties At Freegold Mountain Project
Vancouver, BC: October 23, 2007. Further to the press release dated August 23, 2007, Northern Freegold Resources Ltd. (NFR: TSX-V) is pleased to announce it has received final acceptance from the TSX-Venture Exchange to increase its ownership at the Freegold Mountain Project through an acquisition of ATAC's (ATC:TSX-V) entire interest in the Golden Revenue (includes Nucleus Zone), Nitro and Sey Properties.
Northern Freegold's acquisition of a 100% interest in the Nucleus/Revenue properties now solidifies its land ownership position in the 166 sq km (64 sq mile) district scale Freegold Mountain Project. To date, more than 11,000 metres have been drilled in 56 holes at the Freegold Mountain Project this year, with 27 holes totaling 6,313 m (20,705 feet) being completed within the Nucleus Zone over a period of 3 months. Significant drill results from the first 6 holes as disclosed in press releases dated July 19, 2007 and October 1, 2007 include:
- 72.35 m (237.30 feet) of 2.5 g/t Au and 0.14% Cu, including 2.0 m (6.56 feet) of 45.0 g/t Au in GRD 07-041, which steps out 50 m to the east of 2006 drilling in the Nucleus Zone
- 89.90 m (204.87 feet) of 0.67 g/t Au including 7.90 m (25.91 feet) of 1.78 g/t au and 0.29% Cu in GRD07-45, located 80 m to the north of GRD07-41
- 20.28 m (66.52 feet) of 1.40 g/t Au and 14.96 m (49.08 feet) of 1.42 g/t Au and 0.24% cu in GRD07-47, located 180 m to the north of GRD07-41.
The holes were drilled by a skid mounted diamond drill with NTW core size (5.6cm/2.2 inches in diameter). Intervals reported above do not necessarily represent true widths of mineralization. Please refer to maps and sections at www.northernfreegold.com for additional results.
Bill Harris, President & CEO commented "This acquisition means that as we progress with our extremely aggressive development program at the Freegold Mountain Project, all of the existing and future gold-silver-copper mineralization discovered will accrue to NFR. The ability to control 100% of the property will enable NFR to explore and develop the project in a timely manner."
The Freegold 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 region is transected by the west-northwest trending Big Creek Fault, which provides the locus for an over 100 km long well-mineralized belt, with placer gold deposits, porphyry copper-gold, and gold veins and breccias bodies, extending from Mt. Freegold northwesterly to the Casino copper-gold porphyry deposit. The Freegold Project covers a 30 km strike extent of this belt.
The Freegold Mountain Project covers an area in excess of 64 square miles (166 square km) and several road accessible mineralized zones which include historical estimates not compliant with NI-43-101. Historical work on the Freegold Mountain property dating back to 1930 indicates that the property holds significant potential to host an intrusion related gold deposit or bulk-tonnage gold+/-copper porphyry style mineralization (ie Nucleus Zone) such as that seen 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. The Project also has potential to host other related deposit types such as intrusive hosted polymetallic vein systems (Tinta Hill), epithermal vein systems (Goldy) and skarn deposits (Margarete/Augusta), as well as other porphyry targets (Castle, Com, Nitro, Rage).
NFR can earn 100% interest in the Golden Revenue (including Nucleus Zone), Nitro and Sey Properties by issuing 1.9 million shares and $150,000 cash over 2 years. ATAC will also receive a 1% NSR on the above properties. An underlying 2% NSR on the Nucleus Zone has been purchased for 200,000 shares. 1.5% of an underlying 2% NSR on the Revenue Zone can be purchased for $600,000 cash. The existing option and joint venture agreement on the Golden Revenue (including Nucleus Zone), Nitro, and Sey Properties has been cancelled.
Quality Control and Assurance
Core samples from diamond drilling range from 0.5 m to 4.0 m in length. All core samples from diamond drilling are split and sent to EcoTech Laboratory in Whitehorse for sample preparation and then to EcoTech Laboratory in Kamloops for analysis. Blanks, commercial standards and duplicate core samples are included in each batch. Gold is analysed on 30 gram pulps by fire assay followed by aqua regia digestion and Atomic Absorption Spectrometry (AAS). Gold values greater than 1000 ppb are reanalysed by gravimetric fire assay. Other elements are analysed by 28 element ICP analysis after aqua regia digestion. The Ecotech Laboratory in Kamloops is an ISO 9001 certified and accredited facility. Additional check analyses and assays will be carried out by ALS Chemex in North Vancouver, which is also and accredited lab (ISO 9001 certified).
The field program is under the direct supervision of Mr. Ron Robertson, P. Geol., hereby identified as the "Qualified Person" under the NI 43-101 requirements.
The technical information disclosed in this release has been reviewed and approved by Susan P. Craig, P. Geo.
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 the Burro Creek Project in 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.