Vancouver, BC: June 26, 2013.
Northern Freegold Resources Ltd. (NFR: TSX-V, NFRGF: OTCQX)
is pleased to announce the exploration plan for the Freegold
Mountain Project ("Freegold"), in the Yukon, Canada. The project is
100% owned by Northern Freegold (the "Company"), and is road
accessible, located 70 km west of Carmacks, Yukon in the Dawson
Range.
Recent work on the Freegold project
has been focused on the Nucleus and Revenue deposits where Northern
Freegold has developed significant gold-copper-molybdenum-silver
resources and recently completed a NI 43-101 compliant Preliminary
Economic Assessment ("PEA") which demonstrated the potential
technical and economic viability of a new gold with copper and
molybdenum mine on the property (see news release dated February
20, 2013). The PEA incorporated the latest NI 43-101 mineral
resource estimates for both Nucleus and Revenue deposits.
Table 1: Mineral Resource Estimate
for Nucleus Deposit (see news release dated January 9, 2013)
----------------------------------------------------------------------
|Indicated |
|--------------------------------------------------------------------|
|Cut-off|Tonnes |Au |Ag |Cu |
|AuEq | | | | |
|(g/t) | | | | |
| | |-------------------------------------------------|
| | |Grade|Ozs |Grade|Ounces |Grade|lbs |
| | |(g/t)| |(g/t)| |(%) | |
|--------------------------------------------------------------------|
|0.20 |93,733,089|0.480|1,445,425|0.81 |2,427,268|0.05 |110,726,000|
|--------------------------------------------------------------------|
|0.25 |71,904,900|0.567|1,310,039|0.85 |1,967,789|0.06 |88,544,244 |
|--------------------------------------------------------------------|
|0.40 |36,137,402|0.849|986,549 |1.01 |1,175,181|0.06 |50,631,288 |
|--------------------------------------------------------------------|
|0.50 |25,889,606|1.023|851,603 |1.11 |924,040 |0.07 |37,782,715 |
|--------------------------------------------------------------------|
|0.75 |12,797,289|1.492|613,956 |1.49 |613,661 |0.07 |19,023,554 |
|--------------------------------------------------------------------|
|Inferred |
|--------------------------------------------------------------------|
|Cut-off|Tonnes (x |Au |Ag |Cu |
|AuEq |1,000) | | | |
|(g/t) | | | | |
| | |-------------------------------------------------|
| | |Grade|Ozs |Grade|Ounces |Grade|lbs |
| | |(g/t)| |(g/t)| |(%) | |
|--------------------------------------------------------------------|
|0.20 |86,660 |0.34 |956,000 |1.3 |3,545,000|0.04 |80,127,000 |
|--------------------------------------------------------------------|
|0.25 |60,398 |0.41 |801,000 |1.5 |2,876,000|0.04 |52,244,000 |
|--------------------------------------------------------------------|
|0.40 |29,182 |0.55 |518,000 |2.0 |1,866,000|0.04 |27,725,000 |
|--------------------------------------------------------------------|
|0.50 |13,432 |0.73 |315,000 |2.2 |952,000 |0.04 |11,610,000 |
|--------------------------------------------------------------------|
|0.75 |3,781 |1.27 |155,000 |2.3 |283,000 |0.03 |2,601,000 |
----------------------------------------------------------------------
Table 2: Mineral Resource Estimate for the Revenue
Deposit (see news release dated January 18, 2012)
-----------------------------------------------------------------------------------
|Cut-off|Tonnes |Gold |Silver |Copper |Molybdenum |
|AuEq |(x | | | | |
|(g/t) |1,000) | | | | |
| | |-----------------------------------------------------------------|
| | |g/t |Ounces |g/t |Ounces |% |Pounds |% |Pounds |
|---------------------------------------------------------------------------------|
|0.30 |157,619|0.27|1,345,000|2.49|12,605,000|0.11|370,517,000|0.03 |103,560,000|
|---------------------------------------------------------------------------------|
|0.40 |128,719|0.30|1,232,000|2.76|11,420,000|0.12|331,554,000|0.03 |98,409,000 |
|---------------------------------------------------------------------------------|
|0.50 |100,983|0.34|1,119,000|3.14|10,194,000|0.13|286,871,000|0.04 |89,606,000 |
|---------------------------------------------------------------------------------|
|0.60 |80,841 |0.38|994,000 |3.40|8,831,000 |0.13|239,407,000|0.05 |84,527,000 |
|---------------------------------------------------------------------------------|
|0.70 |61,541 |0.43|850,000 |3.64|7,211,000 |0.15|199,568,000|0.06 |76,941,000 |
-----------------------------------------------------------------------------------
-
i)Gold equivalent (AuEq) for the Nucleus Resource is calculated
based upon 3 year trailing average prices (at
the time of the resource estimate) of US$1,455/oz for gold,
US$27.55/oz for silver and US$3.65/lb for copper and assumes
metallurgical recoveries of 97% for gold, 51% for silver and 43%
for copper (Note: total contained AuEq metal values may not add
exactly because of rounding).
-
ii)Gold
equivalent (AuEq) for the Revenue Resource is calculated based upon
prices of US$1,016/oz for gold, US$15.82/oz for silver, US$2.95/lb
for copper and US$15.82/lb for molybdenum, and assumes 100% metal
recovery with no discount for metallurgical recovery in contained
metal figures (Note: total contained AuEq metal values may not add
exactly because of rounding.)
-
iii)Mineral
resources do not demonstrate economic viability, and there is no
certainty that these mineral resources will be converted into
mineable reserves once economic considerations are applied.
Both the Nucleus and Revenue
deposits remain open as to depth and width providing future
potential to significantly increase the size of the resources.
Exploration data on the property clearly indicates that substantial
potential exists for scaling up the project economics, and this
upside includes:
-Numerous mineralized showings occur
outside the current NI 43-101 resource areas with similar
characteristics to Nucleus or Revenue, which have seen minimal
exploration and have the potential to develop into additional
mineral deposits;
-Twelve priority geophysical
anomalies associated with significant soil copper and gold
geochemical anomalies have been identified for further exploration
and have the potential to develop into additional mineral deposits.
This includes the three kilometre long zone between the Nucleus and
Revenue deposits.
2013 Exploration
Plan
During the 2013
exploration program, the Company will initially focus on several areas to the east of the Nucleus and
Revenue deposits. Prior exploration here has shown the potential
for high grade epithermal veins through to low grade bulk tonnage
systems. These include three target areas, Seymour,
Goldstar/Discovery and Goldy, which have all had work done in the
past but where no recent systematic exploration has been completed.
The proposed 2013 exploration program will consist of prospecting,
geological mapping, soil sampling, hand and excavator trenching.
The objective of the program is to generate additional areas of
mineralization for follow up by diamond drilling. All three
of these exploration targets are accessible
from the Company's Bow Creek camp which is road accessible from
Carmacks.
Seymour
Previous exploration
in this area has involved mapping, grid soil and rock geochemistry,
magnetic and VLF electromagnetic geophysical surveys and limited
hand and mechanized trenching. Three porphyry targets
(Stoddart, Castle, and Cabin) occur proximal to an epithermal style
IP anomaly in the target area. Showings in the area
have received some mechanized trenching. Historic work in the
Seymour target area has been sporadic; as a result there are large
holes in the existing geochemical sampling coverage and a lack of
documented follow-up exploration on known geochemical anomalies.
This provides an opportunity to discover new zones of significant
gold mineralization.
In 1981, a series of
linear gold in soil anomalies, referred to as the Northwest Zone,
was outlined by a grid soil geochemical survey. Widely spaced grid
soil sampling (100m stations on lines 100m apart) by Chevron in
1985 to 1986 further delineated the anomaly, outlining at least six
linear west-northwest trending anomalies with maximum values of 844
ppb Au, 11 ppm Ag 2,550 ppm As and 165 ppm Cu covering an area of
1,500m x 2,000m. Reconnaissance sampling by Midnight Mines Ltd., in
1994 and 1996, confirmed significant gold in soil anomalies in the
Northwest Zone with values of 574 ppb Au, 21.3 ppm Ag and 3,790 ppm
As at the later defined Amanda showing and 127 ppb Au, 5.3 ppm Ag
and 482 ppm Cu at the later defined Lucinda showing. In 1986
Noranda completed a 353 sample soil survey (50m stations on lines
100m apart) on the Elephant claims to the south of the Northwest
Zone, covering the drainage basin of Guder Gulch. Boulders of
magnetite carrying free gold have been recovered from active placer
mining operations in this gulch suggesting the possible occurrence
of an Augusta-type gold bearing magnetite skarn in the headwaters.
Sampling in 1987 returned 2,200 ppb Au, 5.8 ppm Ag and 2,560 ppm As
from fractures within the schist, probably similar in style to the
massive pyrite stringers, up to 10 cm wide, reported from the
bedrock of the placer operation in Guder Gulch.
Old hand trenches
(referred to as the Melissa Showing) within the Northwest Zone gold
in soil anomaly were sampled in 1985 and 1986, returning 0.76 g/t
Au in 1985 and 1.03 g/t Au in 1986
from limonitic schist with quartz vein chips,
proximal to a felsic porphyry dyke. Noranda conducted 242 line
meters of mechanized trenching in six trenches in 1987 on the
Elephant claims in the Guder Gulch area. The program was hindered
by permafrost and failure to reach bedrock, but 2.14 g/t Au with
324 ppm As was obtained in Trench TGC-87-02. Prospecting and hand
trenching conducted by ATAC Resources Ltd., from 2001 to 2003
yielded significant results from three separate zones. In 2004
eleven follow up excavator trenches were completed by ATAC, six on
the Melissa, one on the Lucinda and four on the Jilly-Bob. Results
are tabulated in the tables below:
Table 3: Significant 2001-2003 Trench Results -
Seymour
--------------------------------------------------------------------
|Trench |Year|Showing |Gold |Silver |Width|Sample Description |
| | | |(g/t)|(g/t) |(m) | |
|------------------------------------------------------------------|
|pit |2003|Melissa |5.67 |52.8 | |limonitic, 30 cm |
| | | | | | |white quartz boulders|
| | | | | | |>1% Pb |
|------------------------------------------------------------------|
|rock out |2001|Lucinda |2.14 |700 | |limonitic quartz vein|
| | | | | | |with up to 8.17% Pb |
|------------------------------------------------------------------|
|Seymour 1|2002|Lucinda |0.73 |217 |0.45 |quartz vein with |
| | | | | | |2.02% Pb |
|------------------------------------------------------------------|
|Seymour 2|2002|Lucinda |0.31 |119 |0.35 |quartz vein with |
| | | | | | |1.63% Pb |
|------------------------------------------------------------------|
|Seymour 3|2002|Lucinda | |24.1 |0.40 |skarn with 0.3% Pb |
|------------------------------------------------------------------|
|road cut |2002|Jilly-Bob|2.38 |237.4 | |drusy, pitted quartz |
| | | | | | |float with Pb, Bi, Sb|
|------------------------------------------------------------------|
|trench |2003|Jilly-Bob|1.57 |19.1 |0.35 |quartz, clay gouge, |
| | | | | | |rare galena pods |
--------------------------------------------------------------------
Table 4: 2004 Trench Results - Seymour
-------------------------------------------------------------------
|Trench Name|Showing |Gold |Silver |Width |Sample Description |
| | |(g/t)|(g/t) |(m) | |
|-----------------------------------------------------------------|
|TRS04-01 |Melissa |0.613|8.24 |31.5 |manganiferrous |
| | | | | |metasedimentary rocks |
|-----------------------------------------------------------------|
|TRS04-02 |Melissa |1.395| |4.0 |feldspar porphyry dyke|
|-----------------------------------------------------------------|
|TRS04-06 |Jilly-Bob|3.25 |573 |1.8 |quartz vein |
|-----------------------------------------------------------------|
|TRS04-07 |Jilly-Bob|0.228|142 |0.7 |quartz vein |
|-----------------------------------------------------------------|
|TRS04-08 |Jilly-Bob| | | |off vein trend and |
| | | | | |insufficient depth |
|-----------------------------------------------------------------|
|TRS04-09 |Jilly-Bob|0.432|9.83 |7 |includes three quartz |
| | | | | |veins |
|-----------------------------------------------------------------|
|Including | |9.79 |106 |0.1 |quartz vein |
|-----------------------------------------------------------------|
|TRS04-10 |Lucinda | |16.6 |3 |0.2% Pb |
-------------------------------------------------------------------
Goldstar/Discovery
The Discovery Zone
includes a number of shear hosted vein systems and magnetite skarn
horizons which contain high grade gold mineralization. There has
been historical exploration work done in the area dating back to
the 1930's including geochemical sampling, trenching, prospecting,
and diamond and percussion drilling targeting skarn mineralization.
Although skarn horizons have historically returned high gold
grades, the primary target of the exploration efforts will focus on
evaluating the potential for a high-grade shear hosted gold deposit
in the 1935 Shaft and Augusta Zones. Previous sampling from one of
the dumps at the 1935 Shaft Zone returned assays of 26.3 g/t Au
from epithermal style vein material. Significant results are
tabulated below for Dynasty's 1974 program on the Augusta -
Margarete zones.
Table 5: Significant Trench Results - Goldstar,
1974
--------------------------------------------------------------------
|Trench Name |Gold (g/t)|Silver (g/t)|Width (m)|Sample |
| | | | |Description |
|------------------------------------------------------------------|
|Trench A |30.5 |326 |1.4 |magnetite, |
| | | | |limonite, |
| | | | |quartz |
|------------------------------------------------------------------|
|Trench B |6.17 |347 |1.5 |magnetite, |
| | | | |limonite, |
| | | | |quartz |
|------------------------------------------------------------------|
|Pit W of Trench B|26.1 |13.7 |grab |magnetite, |
| | | | |limonite, |
| | | | |quartz |
|------------------------------------------------------------------|
|Pit E of Trench B|33.3 |477 |grab |magnetite, |
| | | | |limonite, |
| | | | |quartz |
|------------------------------------------------------------------|
|Trench C |2.74 |120 |1.8 |magnetite, |
| | | | |metaseds |
|------------------------------------------------------------------|
|Trench D |4.46 |41.5 |1.5 |metaseds, |
| | | | |limonite |
|------------------------------------------------------------------|
|Trench E |6.86 |59.7 |0.6 |quartz vein |
|------------------------------------------------------------------|
|Trench F |3.77 |12.7 |1.8 |limonite, |
| | | | |jarosite, |
| | | | |magnetite |
|------------------------------------------------------------------|
|Trench G |11.31 |156 |1.5 |metaseds, |
| | | | |jarosite, |
| | | | |pyrite, cp |
|------------------------------------------------------------------|
|Trench H |7.54 |69.9 |0.6 |quartz vein |
|------------------------------------------------------------------|
|Trench K |6.86 |18.9 |4.0 |rusty metaseds|
|------------------------------------------------------------------|
|Trench T |6.17 |280 |2.1 |magnetite, |
| | | | |jarosite, |
| | | | |quartz |
|------------------------------------------------------------------|
|Trench U |41.83 |885 |1.1 |quartz vein |
--------------------------------------------------------------------
During 1987, Chevron completed 7.2
km of mechanized trenching on the Augusta - Margarete zones.
Significant results are tabulated below:
Table 6: Significant Trench Results - Goldstar,
1987
-----------------------------------------------------------------
|Trench Name|Length (m)|Interval (m)|Gold (g/t)|Silver|Width (m)|
| | | | |(g/t) | |
|---------------------------------------------------------------|
|G-0 |140 |10.0-13.5* |13.8 |213 |3.5 † |
|---------------------------------------------------------------|
|G-1 |158 |106-111 |365.9 |106 |5.0 † |
|---------------------------------------------------------------|
|G-10 |364 |105.5-108.5*|7.21 |154 |3.0 † |
|---------------------------------------------------------------|
| | |304-314* |1.31 |54.0 |10.0 † |
|---------------------------------------------------------------|
|G-5 |325 |80-85 |7.1 |3.0 |5.0 |
|---------------------------------------------------------------|
|G-23 |650 |315-320S |3.3 |4.1 |5.0 |
|---------------------------------------------------------------|
|H-1 |30 |0.0-5.0* |16.0 |28.0 |5.0 |
|---------------------------------------------------------------|
|H-10 |20 |0.0-10.0* |7.0 |28.8 |10.0 |
|---------------------------------------------------------------|
|incl. | |5.0-10.0 |12.2 |`17.5 |5.0 |
|---------------------------------------------------------------|
|HM-1 |15 |10.0-11.0 |13.8 |58.0 |1.0 |
|---------------------------------------------------------------|
|HM-2 |20 |6.0-8.5* |6.7 |251 |2.5 |
|---------------------------------------------------------------|
|HM-3 |42 |30-35 |1.4 |4.4 |5.0 |
|---------------------------------------------------------------|
|HM-4 |23 |6.0-7.0 |13.4 |NSS |1.0 |
|---------------------------------------------------------------|
|HM-7 |35 |20-30* |1.1 |108 |10.0 |
|---------------------------------------------------------------|
|HM-10 |60 |30-35 |1.9 |30.8 |5.0 |
|---------------------------------------------------------------|
|HM-15 |19 |0.0-3.0 |4.7 |158 |3.0 |
|---------------------------------------------------------------|
|HM-21 |22 |0.0-5.0 |1.2 |59.0 |5.0 |
-----------------------------------------------------------------
*denotes weighted average
+denotes 5kg samples
Goldy
The Goldy Zone
includes a number of metre to decimetre scale shear hosted quartz
veins and veinbreccia systems which have returned high-grade gold
assays. Exploration of the Goldy Zone began in the 1930s, and since
that time geochemical surveys, geophysics surveys, hand and
mechanized trenching, drilling, and limited underground development
has been conducted to follow up on the Goldy, Emmons Hill, Whale,
Forbes, and Dart showings. Historical trenching in the Goldy area
has returned significant gold-arsenic results including 1.6 g/t Au
across 44m and 12.6 g/t Au over 2m and outlined a general
north-south trending structure that may control mineralization.
Other significant results have been obtained from the Forbes (1.2
g/t Au over 10m) and southwest of the Whale Exposure (1.9 g/t
Au).
The primary focus of
exploration efforts will follow up on gold-in-soil anomalies north
of the Goldy showing through hand and mechanized trenching as well
as four to six line km of soil sampling and prospecting
encompassing the Dart showing to delineate the strike extension of
the mineralized zone.
Corporate Update - Cost Reductions
Following the equity financing which
the Company closed in April, the Company as of May 31st had cash of $1.67 million. The Company has no
outstanding flow through share obligations. The proposed 2013
exploration program is fully funded. The Company
benefits from the fact that it is debt free; its key
Freegold project is 100% owned with no further
payments due. Furthermore the Freegold property is in good standing
relative to any assessment obligations until 2019.
Notwithstanding this,
given the capital constraints in the mining industry, we continue
to reduce the Company's G&A costs and manage the overall burn
rate. In recent months we have reduced the Company's monthly
G&A costs by over 66% on a comparable period in 2012 through
several cost cutting measures such as an office relocation, a
reduction in salaried staff and in staff salaries/fees, curtailment
of Directors' fees and a slashing of investor relations costs. We
will monitor this closely in the months ahead and make adjustments
where necessary.
The Freegold Mountain
project is located within the Dawson Range and covers an area in
excess of 198 square kilometres
(75 square miles). It is
believed that the Nucleus Deposit and the Revenue Deposit along
with the Stoddart Zone are all part of a large scale gold-rich
porphyry system, which extends in an east-west direction for more
than eight kilometres. The project has
significant infrastructure advantages. It is located approximately
200 kilometres northwest of Yukon's capital and industrial center
in Whitehorse. It is road accessible from Whitehorse, along the
main Klondike Highway, a paved all-weather highway running from
Whitehorse to Dawson City thence along a 70 kilometre government
maintained road from Carmacks.
Paul Reynolds, B. Sc.
P. Geo., Vice President Exploration for Northern Freegold Resources
Ltd., is the Qualified Person, as defined by NI 43-101, for the
Freegold Mountain Project and has reviewed the technical
information in this release.
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About Northern
Freegold
Northern Freegold Resources Ltd.
(TSX.V: 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 and the Burro Creek gold and silver property in Arizona.
For maps and more information, please visit our
website www.northernfreegold.com
On behalf of the
Board of Directors
Signed "John
Burges"
John Burges,
President and CEO
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts 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, 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.
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