Northern Freegold-Key Upcoming Milestones for the Freegold Mountain Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2012) - Northern Freegold Resources Ltd. (TSX VENTURE:NFR)(OTCQX:NFRGF)(FRANKFURT:8N6) ("Northern Freegold" or the "Company") is pleased to provide an update on its recent and upcoming activities at its 100% owned Freegold Mountain project, Yukon. The property is accessible by a government maintained road and is located approximately 70 kilometres from the Klondike Highway which runs between Whitehorse and Dawson.
Northern Freegold has completed its 2012 drill program and metallurgical testing program. The main goals of these programs were:
-- test the depth extent of the gold mineralization below the current
Nucleus Zone indicated and inferred resource model;
-- better determine the geological controls on the gold and copper
-- metallurgical test work to design a basic process flow sheet and
determine metal recoveries.
John Burges, President and CEO of Northern Freegold, stated, "Despite the challenging market conditions the Company has made substantial progress on its key objectives of the 2012 drilling exploration and development activities at the Nucleus gold deposit and we are very pleased with the results including the very positive metallurgical testwork. We anticipate completion of a number of important milestones for the Company over the next six months including an updated resource estimate at Nucleus and additional engineering which will support the first Preliminary Economic Assessment study on the Nucleus and Revenue deposits."
The Company is currently engaged in a reinterpretation of the Nucleus deposit geology and geological model based, in part, on the recent diamond drill results. Following this an updated National Instrument 43-101 compliant resource estimate will be completed for Nucleus. We expect to complete these studies later this quarter.
Preliminary metallurgical data was published in September on the Nucleus gold deposit and on the Revenue copper-gold-molybdenum-silver deposit. The results of these studies showed high recoveries of copper, gold and molybdenum in concentrate for the Revenue deposit and high recoveries of gold by cyanide leach for the Nucleus deposit. These results compare very favorably to other similar porphyry style gold-copper deposits in North America. Future metallurgical work will look at further optimizing these recoveries. A comparison can be found in the corporate presentation on the Company's website (www.northernfreegold.com).
Results from the metallurgical studies, the updated resource estimate at Nucleus, and the existing resource estimate at the Revenue copper-gold-molybdenum-silver deposit will form the foundation for the first Preliminary Economic Assessment ("PEA") for the Freegold Mountain project. Management anticipates this study will be completed during the first quarter of 2013.
Freegold Mountain Project
The Freegold Mountain project is located within the Dawson Range, approximately 70 kilometres northwest of the community of Carmacks, Yukon. Commercial electrical power is available at Carmacks, which is situated on the Klondike Highway, a paved all-weather highway running from Whitehorse to Dawson City. The property covers an area in excess of 198 square kilometres (75 square miles) and is accessible by a government maintained road. The Nucleus gold deposit and the Revenue Cu-Au-Mo-Ag deposit cover approximately 30 square kilometres.
Paul Reynolds, B.Sc., P. Geo., Vice President Exploration for Northern Freegold Resources Ltd., is the qualified person, as defined by NI 43-101, and has reviewed the technical information in this news release.
About Northern Freegold
Northern Freegold Resources Ltd. (TSX VENTURE:NFR)(OTCQX:NFRGF) trades in Canada on the TSX Venture Exchange under the symbol "NFR" and in the United States on the OTCQX under the symbol "NFRGF". Northern Freegold is a growth oriented Canadian-based precious metals exploration and development company. Northern Freegold is focused on creating value through the advancement of the district scale Freegold Mountain project, which hosts one of the largest undeveloped gold and copper resources in the Yukon.
On behalf of the Board of Directors,
John Burges, President and 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, 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 testing and the estimation of reserves and resources; the need for cooperation of government agencies and First Nations 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 change.
FOR FURTHER INFORMATION PLEASE CONTACT:
Northern Freegold Resources Ltd.
+1 (604) 893-8757 or Toll Free: 877.893.8757
+1 (604) 893-8758 (FAX)