Northern Freegold Resources Ltd.
TSX VENTURE : NFR

Northern Freegold Resources Ltd.

November 21, 2007 17:39 ET

Northern Freegold Receives Approval for Acquisition of Nit Property in Dawson Range Gold Belt, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2007) - Further to the press release dated September 10, 2007, Northern Freegold (TSX VENTURE:NFR) is pleased to announce it has received final acceptance from the TSX-Venture Exchange to complete the purchase of the Nit gold-silver property within the Dawson Range. Based upon encouraging results from NFR's Freegold Mountain Project and the intense interest in properties in the Dawson Range by other companies, NFR has acquired the Nit gold-silver prospect located adjacent to the Tad/Toro Property of NFR, and to the northwest of the Freegold Mountain project from ATAC Resources Ltd. (ATC:TSX-V) Pursuant to the terms of the agreement, Northern Freegold can earn a 100% interest in the property, subject to a one percent (1%) net smelter return royalty, by issuing a total of 100,000 common shares upon regulatory acceptance. NFR's acquisition of this additional property expands NFR's major land position in this active mineral belt.

The Nit and Tad/Toro Properties are located along the Big Creek Fault, the same structure controlling the mineralization at the Freegold Mountain Project. Based on historical work on the property including geological mapping, sampling, geophysics, trenching and diamond drilling the Tad/Toro has the potential to host gold-copper+/-molybdenum mineralization similar to that of the Casino Deposit to the northwest, and the Nucleus Zone, located within the Freegold Mountain Project of NFR to the southwest. The geological environment, host rocks, structures alteration and mineralization at Tad/Toro are similar to the Nucleus Zone which appears to be part of a high level porphyry gold-copper system grading to epithermal. Historical drilling carried out in 1969 targeted copper values in a porphyry body. Re-analysis of a portion of this core for gold in 1986 by Noranda Exploration Co. Ltd. returned encouraging gold values in three holes: T-2 gave 0.51 g/t gold over 37.0 m (including 1.0 g/t gold over 8.2 m); T-12 gave 1.23 g/t gold over 4.9 m; and drill hole T-14 gave 1.68 g/t gold over 7.0 m (as reported by Noranda, with no reference as to which lab prepared and assayed these results, or whether the lab was accredited). No qualified person as defined under NI 43-101 has verified the foregoing data. However, a NI 43-101 compliant technical report is presently being prepared by a qualified person, which will, among other work, include verification of this data.

Historical work at Tad/Toro has defined several drill targets, which could be better defined with a multi-parameter airborne survey and additional analyses on historical drill core. Access to the property is via an existing tote trail, known as the Casino trail which is used year round to access active hardrock and placer projects at Sonora Gulch and Hayes Creek (the location of the Tad/Toro Property). Nuggets of tetradamite and other bismuth-gold telluride minerals in placer concentrates have been recovered from placer operations on the Tad/Toro Property.

An exploration program under the supervision of independent consulting geologist, Jean Pautler, P. Geo., on the Nit and Tad/Toro properties was conducted in September 2007. The program consisted of prospecting, which included the collection of 1 soil sample; 9 grab samples collected from existing trenches, and 9 samples of split intervals averaging between 1.0 to 1.5 m collected from historic core on the property, as well as 1 representative sample from remnants of historic core. This sampling was completed in conjunction with partial relogging of some of the historic core. All samples were sent to EcoTech Laboratory in Kamloops for analysis and results are pending. Gold is analysed on 30 gram pulps by fire assay. Gold values greater than 1000 ppb are reanalysed by gravimetric fire assay. Other elements are analysed by 28 element ICP analysis after aqua regia digestion. The Ecotech Laboratory in Kamloops is an ISO 9001 certified and accredited facility.

Additional claims were staked to surround the areas around the Nit occurrence and the previously drilled molybdenum/copper zone on the southwest end of the property.

The technical information disclosed in this release has been reviewed and approved by Susan P. Craig, P. Geo.

Northern Freegold is a Canadian-based resource exploration and development company which relies on local expertise and strong management to focus on development of economic reserves on the district-scale Freegold Mountain Project in the Yukon and the Burro Creek Project in Arizona.

Northern Freegold Resources Ltd.

On behalf of the Board of Directors

William (Bill) G. Harris, President and Chief Executive Officer

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Northern Freegold Resources Ltd.
    Bernie Kennedy
    Investor Relations Manager
    1-877-489-4440
    Website: www.northernfreegold.com