VANCOUVER, BRITISH COLUMBIA, Oct 20, 2011 (MARKETWIRE via COMTEX) — Northern Freegold Resources Ltd. /quotes/zigman/430099 CA:NFR +1.82% /quotes/zigman/430100 NFRGF -1.37% (frankfurt:8NG) is pleased to announce results from a 44 line km (approx. 13 km2 area) Titan-24 DC-IP survey completed over the Stoddart Cu-Ag-Au-Mo Porphyry Target on the road-accessible Freegold Mountain Project, located 70 km west of Carmacks, Yukon. The Titan survey was completed to follow-up on significant Cu-Ag-Au-Mo mineralization intersected during drilling of the Stoddart Zone in 2007 and 2008.
Highlights include:
— Titan Survey identifies 12 First Priority Targets (medium to high chargeability with medium to low resistivity) within 5 Main Target Zones; includes an additional 25 Second Priority Targets
— The Stoddart Zone porphyry mineralization may be part of a much larger porphyry system identified in the Nucleus and Revenue Zones, which extends in an east-west direction for more than 6 km, and may extend that porphyry system an additional 3 km along strike
— Anomalies were identified over a strike length of 2.5km, widths of 2.5km and vertical extents in excess of 500m
— One of the 12 First Priority Targets corresponds to the 2007-2008 diamond drilling completed in the Stoddart Zone. This drilling intersected significant Cu-Ag-Au-Mo mineralization (table of selected intervals below). However, drilling only tested to a vertical depth of 250m which did not fully test the Titan anomaly in this area.
— 10 of the 12 First Priority Targets have not been drilled and indicate the potential for extensive mineralization within the Stoddart Zone
— Based on the Titan-24 results and the previous drilling the Stoddart Mineralization is open laterally and at depth
About the Stoddart Zone
The Stoddart Zone is located 8 km east of the Nucleus Zone. Drilling in the Stoddart zone was completed in 2007 and 2008 to follow-up on anomalous copper and gold in soil and trench samples. Twelve diamond drill holes totaling 3,074m were completed. All holes intersected extensive silicic and potassic altered granodiorite containing disseminated sulphide mineralization. The table below lists the most significant diamond drill results from the Stoddart Zone (data previously released). These higher grade intervals lie within much wider (100-200m) zones of anomalous mineralization and alteration. Please see the Northern Freegold web site for complete drill results.
Selected Drill Intervals from Stoddart Zone(1)
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Drill Length Au Ag Cu Mo CuEq AuEq
Hole From To (m)(2) (g/t) (g/t) (%) (%) (%)(3) (ppm)(3)
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07ST-01 177.50 190.00 12.50 0.23 4.9 0.34 0.02 0.59 1.18
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07ST-01 222.20 232.25 10.05 0.15 4.4 0.41 0.01 0.57 1.14
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07ST-02 133.30 140.70 7.40 0.13 4.8 0.31 0.01 0.47 0.94
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07ST-02 144.50 151.50 7.00 0.16 6.4 0.40 0.02 0.65 1.29
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07ST-02 204.00 207.25 3.25 0.52 8.9 0.51 0.00 0.87 1.73
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08ST-04 173.75 176.80 3.05 0.14 5.2 0.34 0.02 0.56 1.11
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08ST-05 105.15 109.80 4.65 0.19 2.9 0.41 0.01 0.55 1.10
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08ST-05 183.30 197.80 14.50 0.12 2.6 0.29 0.00 0.39 0.78
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08ST-06 86.30 90.10 3.80 0.16 2.6 0.36 0.00 0.48 0.96
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08ST-06 102.00 107.00 5.00 0.10 2.7 0.31 0.00 0.40 0.79
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08ST-07 111.25 117.34 6.09 0.01 0.7 0.31 0.02 0.43 0.85
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08ST-07 171.00 184.85 13.85 0.16 5.4 0.42 0.03 0.70 1.39
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08ST-09 115.00 119.70 4.70 0.16 4.3 0.31 0.02 0.54 1.07
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08ST-09 165.90 170.70 4.80 0.15 4.6 0.36 0.01 0.51 1.01
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08ST-09 239.40 242.90 3.50 0.18 2.0 0.48 0.02 0.68 1.36
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(1) Drill data originally released in February 25th, 2008 and March 26th, 2009
(2) True widths unknown
(3) Au equivalent metal prices: US$1,016.00/oz gold, US$2.95/lb copper, US$15.82/oz silver and US$34.88/kg molybdenum (3 yr. average; no discount for metallurgical recovery in contained metal figures).
The Freegold Mountain Project, including work in the Stoddart Zone is being managed by GeoVector Management Inc. of Ottawa, Ontario http://www.geovector.ca under the supervision of A. Armitage, Ph.D., P.Geo. Dr. Armitage is the VP Exploration for Northern Freegold and is the Qualified Person, as defined by NI 43-101, for the Freegold Mountain Project. Dr. Armitage has reviewed the technical information in this release.
About the Survey
The Titan-24 DC – IP survey was completed over a 34 day period from June 23rd, 2011 to July 28th, 2011. A total of twelve lines from 2.4 km to 4.0 km long, spaced approx. 300 m apart totalling 44 line km were surveyed. L5600E is at the west end and L8900E is at the east end. All the lines are south – north in orientation. The first two lines, L5600E and L5900E are single spread; rest of the ten lines are double spread.
The exploration objective of the Titan-24 DCIP survey at the Stoddart Zone was to detect potential porphyry mineralization to a depth of 500 to 750m for drill targeting.
The Titan 24 Distributed Acquisition System (DAS) employs a combination of multiplicity of sensors, 24-bit digital sampling, and advanced signal processing. It provides three independent datasets capable of measuring subsurface resistivity’s (structure, alteration & lithology) and chargeability (mineralization) to depth.
The DC/IP component of the survey should provide an excellent means of delineating target mineralization within 750m of surface.
Survey Results
The main ore of interest for Northern Freegold Resources Ltd. here is Cu-Au Porphyry deposits. The geophysical signature of this kind of deposit could show up as medium – low resistivity anomaly associated with strong – medium chargeability anomaly potentially caused by the conductive gold/copper sulphide mineralization. Depending on the grade and nature of the copper ore, its low resistivity response may or may not be associated with a corresponding chargeability response.
Based on the IP chargeability inversion models and the association with DC resistivity, a total of thirty seven (37) anomalous zones (described as Targets) have been identified for follow up at Freegold Mountain Project from near surface to approximately 700 meters depth. A subset of all the interpreted DC and IP anomalous zones, twelve (12) have been classified as first priority targets from shallow subsurface to a depth around 350m, and twenty-five (25) zones are classified as second priority targets extending to depth beyond 600 m.
The interpretation is based on the relative position and depth of the anomalies on DC resistivity and IP chargeability sections. The targets are classified and assigned a target priority according to amplitude, size, depth and DC Resistivity and IP Chargeability association as follows:
Target Priorities:
First
— Anomalies at shallow depth within top 350 m, exhibiting medium to strong IP response (chargeability greater than 35 milliradians), co-located with medium to low DC resistivity response (rho less than 1905 ohm-m); interpreted to be consistent with geological structures and could lead to potential mineralization.
Second
— Anomalies at depth within 700m, exhibiting medium to weak IP response (chargeability less than 60 milliradians), co-located over or at contact with medium to low DC resistivity zones (rho less than 1905 ohm-m); interpreted to be consistent with geological structures and could represent disseminated mineralization and/or alteration zones.
In addition to the main target zones defined here, other low resistivity anomalous zones could be of potential interest but are not picked as targets in this report.
2011 Exploration Program
Northern Freegold also announces the completion of the 2011 exploration program. The main purpose of the exploration program was to upgrade the Au-Cu-Ag-Mo Revenue Zone from Target Deposit to Inferred Resource. Seventeen drill holes totaling approx. 12,375m have been completed in the Revenue Zone, with a total of 6796 core intervals sampled for assay. In addition a 44 line-km Titan-24 DC-IP survey (this news release) and soil sampling was completed over the Stoddart Cu-Ag-Au-Mo Porphyry Target. All soil and core samples have been received by the lab for assay testing. Initial results of the diamond drilling were released in September (See news release on September 22, 2011). The remainder of the core samples as well as the soil samples will be released as they are received, compiled and interpreted. It is anticipated that the results of the diamond drilling will be used to calculate the resource on the Revenue Zone. Overall project supervision was provided by A. Armitage, Ph.D., P.Geol., hereby identified as the “Qualified Person” under N.I. 43-101.
About Northern Freegold
Northern Freegold is a well-financed, rapidly advancing Canadian-based precious metals exploration and development company. NFR brings wide-ranging 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.
Management believes the Revenue target deposit, the Nucleus deposit and the Stoddart Zone are all part of a large scale gold-rich porphyry system, which extends in an east-west direction for more than 6 km. The system has the potential to host multi-million ounce gold resources with multi-billion pound copper resources similar to other porphyry deposits in the region.
On behalf of the Board of Directors
Tim Termuende, P. Geo.
Interim CEO and President.
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.
Neither 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.
Contacts:
Northern Freegold Resources Ltd.
Julie Hajduk
Investor Relations Manager
604.893.8757 or Toll Free: 877.893.8757
604.893.8758 (FAX)
SOURCE: Northern Freegold Resources Ltd.
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