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Share Name | Share Symbol | Market | Type |
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Northern Freegold Resources Ltd | TSXV:NFR | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Northern Freegold Resources Ltd. (TSX VENTURE:NFR) is pleased to announce that the drill is on site and drilling will commence immediately at the road accessible, district scale (198 km2) Freegold Mountain Project in the Yukon Territory. The reverse circulation (RC) drill rig will begin testing the large scale gold and copper soil anomaly (24 km2) in the Revenue Zone. This anomaly extends from the million ounce1 NI 43-101 inferred gold resource at the Nucleus Deposit for 6 km eastward across the Revenue Zone. 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. Geologic modeling of the Revenue Zone this winter has defined a number of priority targets for drill testing. The 2010 phase 1 drill program will include up to 5,500 m of RC drilling to systematically test several priority targets within the anomaly including the Granger, Discovery and Guder targets (see attached map). Limited historical drilling in these target areas has identified results warranting follow up which may lead to definition of new project resources. Drilling will begin in the Granger target, an area with significant historical gold and silver drill results (8.7 m of 1.69 g/t Au and 2.73 g/t Ag in RVD07-01) and some of the highest historical gold in soil results on the property. The Nucleus deposit remains open to further expansion and though it is primarily a gold system with some copper enrichment, it is now thought to be part of the much larger gold-copper porphyry system recognized at the Revenue Zone. RC and diamond drilling (approx.4,500m) will be conducted on the Nucleus Deposit with the primary objective of increasing the resource. Diamond drilling will begin at the Nucleus Deposit in early July. Susan Craig, NFR's President & CEO commented "Management is excited that drilling has commenced on the targets in the Revenue Zone and believes the project has the potential for significant resource expansion and the possible discovery of a much larger system. With a drill program underway, there will be a steady flow of news from the project through the coming field season." (1)(35.8 million tonnes @ 0.87 g/t gold with a 0.4 g/t cutoff; see news release dated March 5, 2010). Dr. Allan Armitage, PhD, P. Geol (AB), Exploration Manager for Northern Freegold is a Qualified Person as defined by National Instrument 43-101 and will be responsible for quality control of exploration undertaken by the Company and has reviewed and approved the technical information in this release. About the Freegold Mountain Project The road accessible Freegold Mountain Project is located 200 km northwest of Whitehorse, the capital of the Yukon and is situated within an active exploration and mining area in the Tintina Gold Belt of the Yukon which includes the producing Minto Mine of Capstone Mining Corp. to the north, Casino Deposit and Carmacks Copper Deposit of Western Copper Corporation to the west and east, and the White Gold Property of Underworld/Kinross to the northwest. NFR controls 198 square km (75 square miles) within the district scale Freegold Mountain Project. Within the project expanse are at least 20 identified mineralized zones, including the Nucleus, Revenue and Tinta. The Freegold Mountain Project is located on the Freegold Mountain Road, a government maintained gravel road. The Freegold Road connects to the Klondike Highway, an all weather paved highway, which connects to Whitehorse, the capital of the Yukon, and the major supply centre for the Yukon. Powerlines located along the Klondike Highway are at present 30 km from the Freegold Project boundary. The Carmacks Copper deposit will require a 12 km power line to connect to the power grid along the Klondike Highway. From this location, the power line would be within 7 km of the Freegold Mountain project boundary. Numerous multi-milllion ounce gold deposits occur in the Tintina Gold Belt including the producing Fort Knox mine operated by Kinross Gold Corporation and the Pogo mine operated by Sumitomo Metal Mining in Alaska. Mutli-million ounce development stage projects include the recently discovered Livengood Project of International Tower Hill Mines Ltd., also located in Alaska. In close proximity to the Freegold Mountain Project area, the Carmacks Copper Deposit of Western Copper Corporation is in its final permitting stage and the Casino Copper-Gold-Moly Deposit which is preparing for entering into the Yukon Environmental Assessment Process. 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 Susan P. Craig, President & CEO 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. To view the map associated with this release, please visit the following link: http://file.marketwire.com/release/NucleusRevenue.JPG
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