Northern Freegold Resources Ltd.
TSX VENTURE : NFR
OTC Bulletin Board : NFRGF
FRANKFURT : 8NG

Northern Freegold Resources Ltd.

November 15, 2011 15:45 ET

Northern Freegold Intersects 125.6 Metres Averaging 2.29 g/t Gold Equivalent (0.44 g/t Au, 5.15 g/t Ag, 0.21% Cu and 0.13% Mo) at the Revenue Zone, Freegold Mountain Project, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2011) - Northern Freegold Resources Ltd. (TSX VENTURE:NFR)(OTCBB:NFRGF)(FRANKFURT:8NG) -

Highlights:

  • Drilling continues to expand the Target Deposit and demonstrate considerable size potential:
    • Mineralization steps out 100 metres to the east.
    • Depth extent of mineralization doubled, from 250 metres to over 500 metres.
  • Long intervals, such as: 223.3 metres averaging 1.58 g/t AuEq (0.36 g/t Au, 3.98 g/t Ag, 0.18% Cu and 0.08% Mo) in Hole RVD11-028.
    • Includes 125.6 metres averaging 2.29 g/t AuEq.
  • The deposit continues to be open laterally and at depth.

Northern Freegold Resources Ltd. is pleased to announce results for an additional eight drill holes completed on the Revenue Zone gold-rich porphyry system at the road-accessible Freegold Mountain Project, Yukon. All eight holes returned intervals of significant gold, silver, copper and molybdenum mineralization, with several intervals ranging from more than 30 metres to over 220 metres in length. The results reported in Table 1 include holes drilled within and around the Revenue Target Deposit and confirm that mineralization continues an additional 250 metres at depth for an aggregate total of 500 metres. In addition, step-out hole RVD11-028 extends the known mineralization by approximately 100 metres along strike to the east. The Revenue Zone continues to remain open laterally and at depth.

"I am delighted to present these important new results which, along with previous intercepts reported in our September release such as 305 metres averaging 0.95 g/t AuEq, compound the evidence for a major expansion of the Revenue Zone mineralization both along strike and at depth," commented Northern Freegold President and CEO John Burges. "We continue to work towards delineating a valuable large scale gold-rich porphyry system at Freegold Mountain that stretches over 8 kilometres, from the existing resources at the Nucleus Zone to the west, through the Revenue Target Deposit, and eastward to the Stoddart mineralized zone."

Maps of drill hole locations are posted to the Company website: www.northernfreegold.com. Three-dimensional models of the project are available at: http://www.corebox.net/properties/freegold.

About the Revenue Target Deposit

As outlined in the news release dated February 24, 2011, a minimum Target Deposit of 40 to 110 million tonnes of mineralized material has been identified at the Revenue Zone gold-rich porphyry system, potentially containing 0.7 to 1.1 million ounces gold (0.3 to 0.5 g/t Au); 5.0 to 10.0 million ounce silver (2.7 to 3.7 g/t Ag); 130 to 280 million pounds copper (0.11 to 0.14% Cu) (1.3 to 2.5 million ounces gold equivalent at 0.7 to 1.0 g/t gold).

The Target Deposit extends over 1500 metres in an east-west direction, and from surface to a depth of 250 metres. It remains open for expansion laterally and to depth. The Nucleus deposit lies directly adjacent to the Revenue Zone, to the west. The Stoddart Zone lies approximately six kilometres east of the Revenue Zone and includes high-priority geophysical targets defined over two and a half kilometres of strike (see news release dated October 20, 2011).

Freegold Mountain Project Development

Northern Freegold has completed 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. Twenty seven (27) drill holes totaling ~12,375 metres have been completed in the Revenue Zone, with a total of 6,800 core intervals sampled for assay. Initial results of the diamond drilling were released in September (see news release dated September 22, 2011). The core samples from the ten remaining holes 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 by the end of Q1 2012. The Company is currently preparing its project development goals for 2012 and expects to report those to its shareholders before the end of the year.

Mr. Burges commented: "Northern Freegold's public market capitalization value is approximately $12 per gold equivalent ounce – which is a substantial discount to our junior gold peer group average. We remain a hidden gem. We will look to close this gap by delivering on our objectives for the Revenue 2011 drill program; by increasing the size of the technical resource; by demonstrating significant potential for growth in 2012 and by meeting project development milestones."

Table 1. Significant Gold, Copper and Silver Assay Intercepts From the Revenue Zone

Hole # From To Length
(m)
1
Au
(g/t)
Ag
(g/t)
Cu
(%)
Mo
(%)
AUEQ
(g/t)2
RVD11-023 10.6 22.6 12.0 0.04 1.70 0.06 0.00 0.19
Hole Lost at 46 Metres
RVD11-024 268.5 282.3 13.9 0.07 0.68 0.08 0.00 0.29
RVD11-024 387.1 398.6 11.5 0.10 1.10 0.07 0.00 0.30
RVD11-024 424.0 433.2 9.2 0.26 1.20 0.06 0.00 0.41
RVD11-025 152.0 164.0 12.0 0.10 3.25 0.05 0.01 0.38
RVD11-025 170.0 206.2 36.2 0.19 2.38 0.06 0.00 0.37
RVD11-025 214.6 257.3 42.7 0.12 1.29 0.06 0.01 0.34
RVD11-025 277.4 309.0 31.6 0.12 0.98 0.05 0.00 0.26
RVD11-025 317.7 325.1 7.4 0.13 1.53 0.08 0.00 0.35
RVD11-026 76.0 81.6 5.5 0.11 2.33 0.09 0.01 0.43
RVD11-026 93.1 108.6 15.5 0.16 3.29 0.11 0.01 0.50
RVD11-026 123.9 235.5 111.6 0.16 2.63 0.11 0.01 0.54
Incl. 167.2 176.9 9.7 0.45 6.64 0.27 0.03 1.39
and 194.6 215.5 20.9 0.23 4.20 0.19 0.02 0.94
and 219.0 229.5 10.5 0.22 3.57 0.14 0.01 0.68
RVD11-026 273.5 307.7 34.2 0.08 0.61 0.07 0.00 0.26
RVD11-026 312.7 330.6 17.9 0.15 0.73 0.07 0.02 0.54
RVD11-026 337.3 365.3 28.0 0.17 1.14 0.10 0.01 0.47
RVD11-026 404.0 423.2 19.2 0.10 2.40 0.14 0.01 0.48
RVD11-027 27.9 39.5 11.6 0.37 0.75 0.03 0.00 0.45
RVD11-027 65.7 78.0 12.3 0.28 0.15 0.00 0.00 0.28
Hole Lost at 104 Metres
RVD11-028 48.2 65.6 17.4 0.18 1.53 0.08 0.00 0.41
RVD11-028 78.0 301.3 223.3 0.36 3.98 0.18 0.08 1.58
Incl. 112.2 135.0 22.8 0.60 5.55 0.30 0.02 1.50
and 146.7 272.3 125.6 0.44 5.15 0.21 0.13 2.29
RVD11-028 308.9 312.1 3.2 2.31 0.40 0.02 0.00 2.36
RVD11-028 454.0 465.4 11.5 0.09 0.98 0.05 0.01 0.27
RVD11-028 513.3 523.1 9.8 0.09 0.97 0.06 0.00 0.23
RVD11-029 95.9 116.0 20.2 0.41 0.13 0.00 0.00 0.42
RVD11-029 173.7 206.0 32.4 0.27 0.70 0.10 0.00 0.49
RVD11-029 222.0 232.5 10.5 0.17 0.56 0.10 0.00 0.39
RVD11-029 269.8 280.3 10.6 0.08 1.45 0.07 0.01 0.33
RVD11-030 182.0 188.0 6.0 0.42 0.70 0.04 0.00 0.52
RVD11-030 232.5 240.1 7.6 0.16 1.81 0.09 0.00 0.37
RVD11-030 345.2 355.2 10.0 0.45 0.32 0.02 0.00 0.54
1 True widths unknown.
2 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).

Quality Control

The project 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 Exploration Manager 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.

All core samples from diamond drilling completed by Northern Freegold in 2011 follow NI 43-101 approved QA/QC protocols including insertion of blanks, commercial standards and duplicate core samples. For the 2011 program, core samples are split and shipped to ALS Laboratory's (ALS) sample preparation facility in Whitehorse. The prepped samples are shipped to the main North American laboratory in North Vancouver, BC for final pulverizing and analysis.

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 8 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. For maps and more information, please visit our website www.northernfreegold.com.

On behalf of the Board of Directors

John Burges, President and CEO

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.

Contact Information

  • Northern Freegold Resources Ltd.
    Julie Hajduk
    Investor Relations Manager
    604.893.8757 or Toll Free: 1.877.893.8757
    604.893.8758 (FAX)
    www.northernfreegold.com