Northern Freegold
Drilling Expands Mineralization in Revenue Zone;
Reports Results from Titan-24 Geophysical
Survey
at Freegold Mountain Project, Yukon
Highlights
· Successful drill
program in Revenue zone defines significant near surface gold, copper and
silver mineralization open laterally and to depth
o Two adjacent
mineralized zones outlined (450 m x 150 m x 200 m deep and 800 m x 150 m x 150
m deep) at Guder and Discovery targets
· Titan Survey
identifies 6 zones of interest over and around Revenue Zone and Nucleus Deposit
including
o 1.5 km x 1.5 km high
chargeability anomaly (100 to 500 m deep) below million ounce1
Nucleus Deposit resource
· Results from the
Titan Survey combined with the drill results from Revenue Zone confirm
management's belief in a large scale mineralized system encompassing the
Nucleus Deposit and extending east through the Revenue Zone
Vancouver, BC: November
22, 2010. Northern Freegold Resources Ltd. (NFR:
TSX-V) is pleased
to announce remaining results from the reverse circulation (RC) and diamond
drill program in the Revenue Zone, as well as initial results from a 60 line km
(30 km2) Titan-24 deep earth imaging induced polarization survey
over the Nucleus Deposit and Revenue Zone at the road-accessible Freegold Mountain Project, Yukon.
Highlights of the
Survey
As can be seen in the
attached plan map (figure 1), 5 additional large scale zones of interest
extending east from the Nucleus Deposit through the Revenue Zone were defined
by the survey and are summarized in the table below.
Zone of Interest
|
Dimensions
(width
x length)
|
Approx.
depth below surface
|
Drill Tested
|
1
|
1.5 km x 1.5 km
|
100 to 500 m
|
1 m oz resource
above
|
2
|
2 km x 1.1 km
|
100 to 300 m
|
Minimal historic
|
3
|
3 km x 0.6 km
|
300 to 600 m
|
None
|
4
|
3 km x 1.1 km
|
200 to 700 m
|
None
|
5
|
0.5 km x 1.6 km
|
100 to 300 m
|
None
|
6
|
3.0 km x 1.2 km
|
100 to 500 m
|
Minimal shallow
|
The million ounce1
Nucleus Deposit correlates with a combined high chargeability and high
conductivity zone (zone 1) extending over an area of 1.5 km wide by 1.5 km
long, at an approximate depth of 100 to 500 m below surface. The million ounce
resource defined to date tests only the upper reaches of this anomaly which is
open laterally and to depth (see attached figure 2).
Highlights of Revenue
Drill Program
The Revenue zone 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. A total of 37 shallow RC holes (average
depth 137 m) were drilled at the Guder and Discovery
Targets during 2010. These were followed by 5 (1531m) deeper diamond drill
holes. In the attached grade thickness plot from the 2010 drill program (Figure
3), a distinct mineralized area has been outlined, which is open laterally and
to depth. Management believes the Discovery, Guder
and Granger Targets are indicative of a large scale gold, copper and silver
system.
Selected drill hole
highlights are outlined in the table below; complete drill results can be found
at the end of the release. The RC drilling program outlined a wide area of near
surface mineralization. Limited follow-up diamond drilling has shown
mineralization to continue at depth. Also of note, is that the holes at the Guder and Discovery targets are on the edge of a
significant chargeability anomaly seen in the Titan-24 IP survey.
HOLE-ID
|
Length
|
From
|
To
|
Interval
|
Au
|
Ag
|
Cu
|
Au_eq1
|
Mo
|
W
|
Au_eq2
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(%)
|
(g/t)
|
(ppm)
|
(ppm)
|
(g/t)
|
RVRC10-031
|
117.4
|
6.10
|
117.35
|
111.25
|
0.36
|
3.27
|
0.15
|
0.83
|
66.2
|
128.8
|
1.05
|
Incl
|
|
85.34
|
105.16
|
19.82
|
0.76
|
4.45
|
0.22
|
1.42
|
76.0
|
208.3
|
1.72
|
RVD10-009
|
150.0
|
3.10
|
87.00
|
83.90
|
0.11
|
1.55
|
0.06
|
0.30
|
*
|
143.8
|
0.41
|
And
|
|
103.94
|
231.45
|
127.51
|
0.13
|
1.59
|
0.08
|
0.38
|
48.9
|
37.3
|
0.50
|
RVRC10-038
|
152.40
|
6.10
|
70.10
|
64.00
|
0.25
|
2.21
|
0.11
|
0.58
|
233.1
|
130.1
|
1.12
|
Incl.
|
|
18.29
|
59.44
|
41.15
|
0.32
|
2.76
|
0.14
|
0.75
|
300.1
|
174.0
|
1.45
|
And
|
|
73.15
|
153.92
|
80.77
|
0.15
|
0.61
|
0.04
|
0.26
|
69.4
|
0.0
|
0.39
|
RVD10-012
|
340.77
|
158.53
|
265.00
|
106.47
|
0.24
|
1.59
|
0.06
|
0.44
|
133.7
|
168.3
|
0.81
|
Incl.
|
|
213.00
|
237.17
|
24.17
|
0.60
|
2.67
|
0.05
|
0.80
|
269.9
|
190.9
|
1.45
|
Incl.
|
|
241.00
|
253.00
|
12.00
|
0.29
|
2.25
|
0.10
|
0.60
|
97.7
|
182.5
|
0.92
|
And
|
|
269.00
|
340.77
|
71.77
|
0.09
|
1.54
|
0.06
|
0.28
|
127.8
|
259.2
|
0.72
|
Incl
|
|
317.00
|
332.00
|
15.00
|
0.20
|
2.81
|
0.14
|
0.63
|
254.3
|
212.3
|
1.27
|
1Au equivalent metal prices:
US$846.00/oz gold, US$3.31/lb copper, US$14.40/oz silver (3 yr average; no
discount for metallurgical recovery in contained metal figures).2Au
equivalent as above and including molybdenum and tungsten metal prices:
US$23.53/lb molybdenum, US$9.13/lb tungsten (3 yr average; no discount for
metallurgical recovery in contained metal figures).
"The results from the
Titan Survey and the 2010 drill program in the Revenue confirm management's
belief in a large scale mineralized system encompassing the million ounce
resource at the Nucleus Deposit and related mineralization extending east
through the Revenue Zone. The size of the untested anomaly beneath the Nucleus
Deposit is significant and has great potential for us to add resources to the Freegold Project,��� commented Bill Harris, NFR's
Chairman & COO. "Integration of this geophysical survey with
geochemical surveys, geological mapping, as well as the results of all 2010 and
earlier drilling, will assist in the prioritization of high potential targets
for drilling in 2011 leading to new and updated resource calculations.���
Titan 24 Survey
The Titan-24 deep earth
imaging induced polarization survey was carried out by Quantec
Geoscience during August/September 2010. The 62 line
km survey covered an area of ~30 km2 which includes the area
covering the million ounce1 gold resource at the Nucleus Zone; the
24 km2 gold and copper soil geochemical anomaly
over the Nucleus and Revenue Zones as well as the 2010 drill program in the
Revenue Zone. In total, 14 parallel (north-south) oriented lines were surveyed.
Line spacing was 500 m and line length varied from line to line; dipole spacing
was 200 m. The exploration objective of the survey was to test the response of
the system over known mineralization, and to detect structurally hosted
mineralization characterized by disseminated to massive sulphide
mineralization.
Titan 24 surveys have been
a part of the successful identification of porphyry ore bodies and extensions
of known ore bodies at other locations in the Yukon and BC. The Quantec Titan-24 DC/IP is a high resolution electrical
method that uses the injection of current and the measurement of voltage
difference along with its rate of decay to determine the subsurface resistivity
and chargeability. The survey measured the resistivity (DC) and induced
polarization (IP) properties of the underlying rock, yet does not define or
indicate a specific mineral type, quantity or grade. The resistivity can be an
indicator of metallic mineralization, yet often is an indirect indicator of
alteration. The IP measures the chargeability of the subsurface. Chargeability
is a near-direct indicator of the presence of mineralization, in both massive
and disseminated forms. However, IP anomalies are not necessarily ore bodies,
and until drill tested, do not confirm a discovery. The surveys are another
tool used in the discovery of potential ore bodies.
Qualified Person
Allan Armitage,
PhD, P. Geol (AB), Exploration Manager for Northern Freegold
is a Qualified Person as defined by National Instrument 43-101 and is
responsible for quality control of exploration undertaken by the Company and
has reviewed and approved the technical information in this release.
Assays
Samples collected from RC
and diamond drill holes were shipped to ALS Laboratory's (ALS) sample
preparation facility in Whitehorse. Samples submitted to this lab are prepared
for shipping by logging into the ALS system, prepared by drying, crush to
appropriate particle size and representatively split to a smaller size for
shipping. The prepped samples are shipped to the main North American laboratory
in North Vancouver, BC for final pulverizing and analysis. Samples were
analyzed for gold by fire assay (FA) with an atomic absorption finish (AA) on
30 gram samples. All samples having more than 1,000 ppm
gold were re-assayed by FA and a gravimetric finish. Each sample is also sent
for multi-element analysis by the ICP-MS method, which includes Cu, Ag, Mo and
W.
Conference Call
A conference call to
discuss the significance and details of the results will be held on Wednesday,
November 24th at 1:30 pm PST time with our President
& CEO, Susan Craig. The conference call dial in number will be
issued in a separate press release to follow.
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
Craig"
Susan Craig
President & CEO
[1] (35.8 million tonnes @ 0.87 g/t gold with a 0.4 g/t cutoff including
higher grade zone of 184,000 contained ounces of gold within 2.2 million tonnes @ 2.55 g/t gold with a 0.4 g/t cutoff ; see news
release dated March 5, 2010).
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 release includes
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.
Significant Gold,
copper and Silver Assay Intercepts
Guder
1Au equivalent metal prices:
US$846.00/oz gold, US$3.31/lb copper, US$14.40/oz silver (3 yr average; no
discount for metallurgical recovery in contained metal figures).
2Au equivalent as above and including
molybdenum and tungsten metal prices: US$23.53/lb molybdenum, US$9.13/lb
tungsten (3 yr average; no discount for metallurgical recovery in contained
metal figures).
Discovery