NOW READ OUR ARTICLES IN 40 DIFFERENT LANGUAGES.
HOME PAGE SUBSCRIPTIONS, Print Editions, Newsletter PRODUCTS READ THE PETROLEUM NEWS ARCHIVE! ADVERTISING INFORMATION EVENTS PETROLEUM NEWS BAKKEN MINING NEWS

Search our ARCHIVE
Vol. 17, No. 46 Week of November 11, 2012
Providing coverage of Alaska and Northwest Canada's mineral industry

Mining Explorers 2012: Northern Freegold Resources Ltd.

NFR: TSX

President and CEO: John Burges, B.Sc., P.Geo.

Chairman: John Anderson

Vice President, Exploration: Paul Reynolds B. Sc., P. Geo.

Constrained by the tight financial markets, Northern Freegold Resources Ltd. explored its road-accessible Freegold Mountain gold and copper project located in central Yukon Territory with limited programs in 2012, after delivering an initial NI 43-101 resource estimate in January of 3.7 million ounces gold-equivalent at a 0.5 grams-per-metric-ton cut-off grade for the property’s giant Revenue Zone. Freegold Mountain, located in the Whitehorse Mining District about 70 kilometers (43 miles) northwest of Carmacks, has a district-scale land package that exceeds 200 square kilometers (77 square miles) and more than 20 mineralized zones. The Revenue zone hosts a huge deposit that is rich in copper, gold, molybdenum and silver. It is adjacent to the Nucleus Zone, which also has an NI 43-101-compliant resource estimated 1.4 million ounces gold-equivalent in indicated resource and 898,000 ounces gold-equivalent in inferred resource at a 0.4 g/t cut-off grade. Northern Freegold believes both deposits, which remain open in all directions and at depth, along with the Stoddart Zone just to the east are part of a large-scale gold-rich porphyry system that extends in an east-west direction for more than 8 kilometers (5 miles). In May, the company raised more than C$700,000, and used the money to help finance a 2,453-meter, five-hole diamond drill program at Nucleus that began in late May aimed expanding the existing gold resource at depth and to better understand the structural controls to mineralization. In late August, the company raised another C$1 million in gross proceeds from an expedited private placement, designating the money to finance additional work at Freegold Mountain. Northern Freegold also owns other Yukon properties and the 2,000-acre Burro Creek gold-silver property in Arizona where it has estimated 122,000-ounce indicated and 82,000-ounce inferred gold-equivalent resources.

Cash and short-term deposits: C$ $1.23 million (at June 30, 2012)

Working capital: C$1.50 million (at June 30, 2012; raised C$1 million in financing in August 2012)

Market capitalization: C$18.92 million (Sept. 11, 2012)

Suite 307, 475 Howe Street

Vancouver, B.C. Canada V6C 2B3

Tel: 604-893-8757 • Fax: 604-893-8758



Did you find this article interesting?
Tweet it
TwitThis
Digg it
Digg
Print this story | Email it to an associate.

Click here to subscribe to Mining News North of 60 for as low as $69 per year


Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
Publisher@MiningNewsNorth.com --- http://www.miningnewsnorth.com ---
S U B S C R I B E

Copyright Petroleum Newspapers of Alaska, LLC (North of 60 Mining News)(Petroleum News Bakken)(Petroleum News)(PNA)©2013 All rights reserved. The content of this article and web site may not be copied, replaced, distributed, published, displayed or transferred in any form or by any means except with the prior written permission of Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA). Copyright infringement is a violation of federal law subject to criminal and civil penalties.