Northern Freegold Resources Ltd.
TSX VENTURE : NFR

Northern Freegold Resources Ltd.

April 24, 2008 09:10 ET

Northern Freegold Commences 25,000 m Diamond Drill Program at Freegold Mountain Project, Yukon

Initial Holes Target High Grade Gold Trend in Nucleus Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2008) - Northern Freegold Resources Ltd. (TSX VENTURE:NFR) is pleased to announce it has commenced drilling in the Nucleus Zone on the district scale 166 square km Freegold Mountain project in the Yukon Territory. The initial 8 holes of the 25,000 m 2008 program will strategically drill test the area surrounding holes GRD07-41 and GRD07-58, which returned 72 m of 2.5 g/t Au and 75 m of 4.26 g/t Au respectively, and highlighted a higher grade gold trend with the Nucleus Zone, a low grade, bulk tonnage gold target.

Two of the four drills contracted from Kluane drilling of Whitehorse, Yukon will focus on the Nucleus Zone in order that the company may calculate a NI 43-101 compliant resource at the Nucleus Zone upon results from the 2008 season. The 3rd drill will be focused at the Tinta Zone, a polymetallic vein system 20 km from the Nucleus Zone. A NI 43-101 compliant resource will also be calculated at the Tinta Zone, upon receipt of results. The 4th drill will explore the central area of the Freegold Mountain Project and will be following up on the 53 m of 3.6 g/t gold discovered in the Goldy Zone in 2007, as well as the porphyry style mineralization discovered at the Stoddart Zone, and the high grade gold mineralization at the Ridge Zone, and other zones of interest.

Susan Craig, President, commented, "With $13 million in working capital, NFR is well financed to carry out the 25,000 m drill program at Freegold Mountain. The initial drilling will help delineate possible extensions of the higher grade trend within the Nucleus Zone. This aggressive 2008 program will help Northern Freegold execute its strategy of developing resources and building reserves. Key to completing the 25,000 m of drilling is beginning the drill program 2 months earlier than prior exploration programs."

Freegold Mountain Project

The Freegold Mountain Project is situated within the Dawson Range portion of the Tintina Gold Belt, characterized by plutonic rocks of the 100 million year old Cretaceous Dawson Range Batholith and early Jurassic Klotassin Suite metaplutonic rocks intruding metavolcanic and metasedimentary rocks of the Yukon-Tanana Terrane. The Dawson Range is a well-mineralized belt over 100 km long, extending from Mount Freegold northwesterly to the Casino copper-gold porphyry deposit. This belt is transected by the west-northwest trending Big Creek Fault, which provides the locus for many mineral occurrences including placer gold deposits, porphyry gold-copper mineralization, gold veins and breccias bodies. The Freegold Mountain Project covers a 35 km long section of this belt.

The Project area is in excess of 166 square km (64 square miles) and includes several road-accessible mineralized zones with historical resource estimates (not compliant with NI-43-101). Work on the Freegold Mountain Project dating back to 1930 indicates that the property has the potential to host intrusion related gold deposits or bulk-tonnage gold+/-copper porphyry style mineralization (eg. the Nucleus Zone) with similarities to the mineralization at Kinross Gold's Fort Knox deposit in Alaska which has produced more than 3 million ounces in the past 10 years and still has a resource of 2.7 million ounces of gold from proven and probable reserves of 159.7 million tonnes grading 0.53 g/t as at Dec. 31, 2006 (www.kinross.com) (these reserves have not been verified by the qualified person and the information is not necessarily indicative of the mineralization at Freegold Mountain Project). The Project also has potential to host other related deposit types such as intrusive-hosted polymetallic vein systems (Tinta Hill), epithermal vein systems (Goldy, Dart) and skarn deposits (Margarete/Augusta), as well as other porphyry targets (Stoddart).

Northern Freegold is a well financed 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

Susan P. Craig, President

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.
    Sarah Longhurst
    Investor Relations Manager
    1-800-893-8757 or (604) 893-8757
    (604) 893-8758 (FAX)
    Website: www.northernfreegold.com