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Northern Freegold Increases Land Package to 198
Square Km
Based upon results from 2009 Field Program at
Freegold Mountain Project, Yukon
Vancouver, BC: January
18, 2010. Northern Freegold Resources
Ltd. (NFR: TSX-V) has added 177 new claims to its road
accessible district scale 166 square kilometre Freegold Mountain Project
in Yukon Territory, based upon new targets identified from the 2009 field
season. Reinterpretation of regional scale geophysical data provided several
target areas of interest for further exploration. The new claims will increase the
size of the project by 20%, bringing it up to approximately 198 square
kilometers.
An initial inferred 1.08 million ounce gold
resource (67.57 million tonnes @ 0.50 g/t gold with 0.30 g/t gold
cutoff) within the Nucleus Zone was announced in July of 2009. Northern Freegold is presently
updating the 3D geological model in the Nucleus Zone to incorporate the
44 drill holes from the 2009 drill program and an updated resource will
be released during the first quarter of 2010. To date, only 2% of the Freegold
Mountain project has been drilled.
During the 2009 field season Northern
Freegold conducted a 130 line km ground geophysics survey over Nucleus
and Revenue zones in conjunction with detailed geological mapping. The goals of the geophysics survey
were to test the continuity of structures between Nucleus and Revenue,
define geophysical signatures for known rock type in outcrop exposure,
fill in gaps in the geological map where there was sparse outcrop, map
structures that could influence mineralization and define new target
areas. The geophysical
results showed strong correlations with the outcrop mapping and were used
to guide geological interpretation in areas of sparse data.
The ability of the ground magnetic
geophysical survey to predict geology was then applied to the rest of the
Freegold Mountain Project by reinterpreting the regional airborne
magnetic geophysical surveys.
Reinterpretation of historical airborne geophysics produced a
preliminary structural model, produced a preliminary geological map and
defined new target areas. As
can be seen on the attached map, some of the newly defined targets
extended outside the original claim boundary. Recognizing the potential of these
new targets, NFR staked new claims to cover these areas.
"The
2009 program defined several large scale targets (5-10 km long) across
the Freegold Mountain Project, which management believes is indicative of
large scale mineralized systems at Freegold Mountain," commented
Bill Harris, Chairman & COO of Northern Freegold Resources. Northern
Freegold has one of the largest land holdings in the Dawson Range with a
total of 230 sq. kms over three properties.
Over
the next few months a strategic assessment of this data to prioritize
targets within these large scale systems will help determine the 2010
program at Freegold Mountain, which will include an estimated 10,000 m of
drilling to build ounces in the Nucleus Deposit and test the best targets
to discover new resources.
The technical information disclosed in this
release has been reviewed and approved by Wade Barnes, P. Geo.
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
Craig"
Susan 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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