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NFR Northern Freegold Resources Ltd

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Share Name Share Symbol Market Type
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
  0.00 0.00% 0 -

Northern Freegold Phase 1 10,000 m Drill Program Underway at Freegold Mountain Project, Yukon

07/06/2010 2:30pm

Marketwired Canada


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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