EDMONTON, ALBERTA--(Marketwire - Nov. 14, 2012) - Northern Tiger Resources Inc. ("Northern Tiger" or the "Company") (TSX VENTURE:NTR) is pleased to announce that trenching on the Sprogge Project has returned assays up to 8.5 g/t gold over 6.8 metres, including 40.5 g/t gold over 1.0 metre. The Sprogge Property is adjacent to the Company's 3Ace Project in the southeast Yukon, where 2012 drilling included intercepts of 1.5 g/t gold over 45.4 metres and 3.6 g/t gold over 8.6 metres (see news release dated October 31, 2012). In addition, the Company has renegotiated its option agreement with Alexco Resource Corp. (TSX: AXR, NYSE-Amex: AXU) and Newmont Canada Corporation, a subsidiary of Newmont Mining Corporation (NYSE: NEM) (the "Vendors").
"The trenching and channel sampling program verified three structures with significant gold mineralization," says Greg Hayes, President of Northern Tiger. "The Meadow and Ridge Zone West structures in particular are now priority drill-ready targets within the larger two kilometer long trend of mineralization and extensive hydrothermal alteration outlined at Sprogge."
The Sprogge Property's geology is similar to that at 3Ace, and includes a thick succession of interbedded calcareous sandstone, quartz pebble conglomerate, and phyllite. The sedimentary rocks are folded and form a large anticline in the central portion of the property. The fold system was subsequently overprinted by southwest and west-striking brittle faults which control the observed distribution of hydrothermal alteration, mineralization, and associated quartz vein systems. Trenching or channel sampling were conducted at three locations during the 2012 exploration program.
Trenching at the Meadow Zone exposed a 2 metre wide, steeply-dipping, southwest-striking brittle fault zone that crosscuts a thin-bedded siltstone unit. The core of the fault zone is comprised of chlorite-muscovite-scorodite altered clay fault gouge. Chip samples from across this zone yielded a composite of 8.5 g/t over 6.8 metres. A second trench, two metres to the south, was also mineralized, indicating the presence of a steeply-dipping, 13 metre wide zone of hydrothermal alteration and gold mineralization. Significant chip sample results include:
- 8.5 g/t gold over 6.8 metres, including 40.5 g/t gold over 1.0 metres.
- 0.8 g/t gold over 3.9 metres
Ridge Zone West
The Ridge Zone West is located 225 metres southwest of the Meadow Zone, and is comprised of arsenopyrite and clay alteration hosted by a cataclasite unit within a 15 metre wide southwest-striking brittle fault zone. Channel samples were collected from existing outcrops across the strike of the fault zone and demonstrate the presence of gold mineralization and an associated zone of intense hydrothermal alteration. Significant channel sample results include:
- 4.6 g/t gold over 1.0 metre
- 7.1 g/t gold over 1.8 metres
- 2.2 g/t gold over 2.6 metres
- 2.0 g/t gold over 2.6 metres
Ridge Zone East
The Ridge Zone East is located 850 metres southeast of the Meadow Zone and is characterized by quartz tension vein arrays formed within steeply-dipping, west-striking brittle-ductile shear zones that cross-cut a thick package of quartz pebble conglomerate. Stockwork quartz veins are developed outside the narrow high-strain shear zones, within the strongly fractured wall rock. Scorodite alteration and visible arsenopyrite is distributed along fractures and within quartz veins. Significant channel sample results include:
- 7.6 g/t gold over 2.5 metres
- 0.4 g/t gold over 2.9 metres
Option Agreement Amendment
The Sprogge Property Option Agreement has been amended to extend certain timelines for making cash payments and exploration expenditures. Under the amended terms, the Company will be required to make the following payments to the Vendors to complete the option:
- $200,000 on or before March 3, 2014
- $250,000 on or before March 3, 2015
The Company is also required to incur additional exploration expenditures as follows:
- $300,000 on or before December 31, 2013
- $300,000 on or before December 31, 2014
- $500,000 on or before December 31, 2015
Northern Tiger has the option to earn a 100% interest in the property. The Vendors retain a 2% net smelter return interest (NSR) on the property, and Northern Tiger can purchase 1% of the NSR for $1,000,000.
This News Release has been reviewed and approved by Dennis Ouellette, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101. All rock samples were analyzed by Inspectorate America Corporation of Richmond, British Columbia using 50 gram fire assay and 50-element, 4-acid ICP analysis.
Northern Tiger Resources Inc. (TSX VENTURE:NTR) is a Canadian-based resource exploration company focused on gold and copper exploration in the Yukon, where it has a strong portfolio of projects. Drilling has intersected 4.6 g/t gold over 35.0 metres (including 106.2 g/t gold over 1.0 metre) at the Company's flagship 3Ace Project in southeast Yukon. The Sonora Gulch copper-gold-silver porphyry project in central Yukon also has also returned significant drill results, including 0.45 g/t gold and 3.0 g/t silver over 234.0 metres.
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.