Northern Freegold Files Nucleus Deposit NI 43‐101 Compliant Technical Report
April 29, 2010 NFR:TSX.V PR #10‐07
Northern Freegold Files Nucleus Deposit NI 43‐101 Compliant Technical Report
Vancouver, BC: April 29, 2010. Northern Freegold Resources Ltd. (NFR: TSX‐V) is pleased to announce that it has filed the NI 43‐101 compliant report supporting the Company’s recent resource increase at its Nucleus deposit. (See PR #10‐06, March 5, 2010) The Nucleus deposit is the most advanced stage exploration target on the road accessible district scale 198 square kilometer Freegold Mountain Project in the Yukon Territory. The Deposit is a near surface, bulk tonnage, potentially open‐pittable intrusion related gold deposit which may be part of a much larger porphyry Cu ± Au ± Mo system recognized in the Revenue Zone, directly to the east. The report may be accessed via the Company’s website at www.northernfreegold.com or on SEDAR at www.sedar.com.
Highlights from Technical Report:
The “Technical Report on the Nucleus Property, Freegold Mountain Project, Including an Updated Mineral Resource Estimate”, with an effe ctive date of April 19, 2010, prepared by GeoVector Management Inc. and Northern Freegold Resources Ltd.:
- identifies within the Nucleus deposit an inferred mineral resource of 35.8 Mt of ore at a grade
of 0.87 g/t gold for a total of 1.04 million ounces of gold, at a 0.4 g/t gold cutoff
- within this resource is a a higher grade zone of 2.2 Mt of ore at a grade of 2.55 g/t for
183,631 ounces of gold, at a 0.4 g/t gold cutoff
- which includes 1.5 Mt of ore at a grade of 3.47 g/t for 166,921 ounces of gold, at a 1.0
g/t gold cutoff
- or 0.8 Mt of ore at a grade of 5.11 g/t for 137,166 ounces of gold, at a 2.0 g/t gold
cutoff
- concludes the Nucleus deposit remains open in all directions and at depth and that it can
potentially be greatly increased with extensional drilling
- recognizes that preliminary gold recovery metallurgical testing completed by G & T
Metallurgical Services Ltd. on separate composite bulk samples indicate excellent overall gold recovery ranging from 92 to 98%
Susan Craig, NFR’s President & CEO commented, “We are pleased to issue this updated technical report on the Nucleus Deposit which indicates resource growth close to 40% in grade and ounces at a higher cutoff. The 2010 program will allow us to pursue resource growth at Nucleus, and to test potential to define new resources in other target areas.” Ms. Craig adds, “The report recognizes that the Nucleus deposit may be related to a larger Cu ± Au ± Mo system recognized in the Revenue Zone to the east.”
The Nucleus deposit is comparable in both geologic setting and deposit type to other deposits contained within the Tintina Gold Belt, which extends from Alaska in the West into the Yukon Territories in the East. 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. The White Gold deposit of Underworld Resources, of which Kinross Gold has acquired is approximately 100 km to the northwest of the Nucleus deposit. Also in close proximity to the Freegold Mountain Project area is the producing Minto Mine of Capstone, the Carmacks Copper Deposit of Western Copper Corporation in its final permitting stage and the Casino Copper‐Gold‐Moly Deposit which is has entered into the Yukon Environmental Assessment Process.
Based on geology, styles of mineralization and structure, the Nucleus deposit is classified as a low grade, bulk tonnage, intrusive related low sulphidation epithermal gold deposit. The Deposit may be part of a much larger porphyry Cu ± Au ± Mo system recognized in the Revenue Zone, which is underlain by several brecciated and mineralized granitic bodies. The Revenue Zone shows similar geological and mineralogical characteristics to the Casino porphyry Cu ± Au ± Mo ± Ag deposit, containing 8 million ozs Au, 4.4 billion lbs Cu and 440 million lbs Mo (www.westerncoppercorp.com). These reserves and resources have not been verified by the qualified person and the information is not necessarily indicative of the mineralization at Freegold Mountain.
Mineral resource estimates were carried out by Mr. Joseph Campbell, B.Sc., P. Geo., President of GeoVector Management Inc. and Dr. Allan Armitage, PhD, P.Geol (AB), a consulting geologist with GeoVector Management inc. and independent Qualified Person's as defined by National Instrument 43‐101. Dr. Armitage and Mr. Campbell have acted as the Qualified Persons, as defined in NI 43‐101, for the mineral resource estimate component of the technical report.
Wade Barnes, P. Geo., Senior Geologist with Northern Freegold is a Qualified Person as defined by National Instrument 43‐101, and has reviewed and approved the technical information in this release.
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 P. Craig"
Susan P. 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 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.