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Northern Freegold's Monster in the Making
By James West
MidasLetter.com
Tuesday, February 24, 2009
There are some companies whose exploration efforts have stepped up while many are scaling back. That's because there are gold deposits under development worldwide that are growing exponentially in value both with the rising gold price and exploration success. A superb example is Northern Freegold Resources (TSX.V:NFR)
The company's focus is on its Freegold Mountain deposit, a 35 kilometre stretch of gold-rich mountain range whose streams have been producing gold in abundance for alluvial miners for over 100 years. To this day, there are active placer operations profitably plying the creeks of Freegold mountain extracting gold.
The Freegold Mountain Project is a road accessible district scale property that covers 166 square km (64 square miles). Within the project expanse are at least 20 known mineralized zones, some with historical resource estimates (not compliant with NI 43-101). Northern Freegold has been actively drilling on five of those zones (2% of the total project area), two of which to calculate NI 43-101 resource calculations at the end of the 2008 program (Nucleus and Tinta), and 3 of which are still at an exploration stage.
Bill Harris and Sue Craig, two died-in-the-wool Yukoners who spend the bulk of their time on the property, have been working the site for the last few years with an eye towards connecting the 20 knownzones on the property into one massive mine that will attract the interest of major mining companies. Several of the larger gold mining companies have visited the property and interest appears to be high.
The project is characterized by broadly disseminated low grade mineralization interspersed with zones of high grade to bonanza grade veins. Earlier this month, the company announced a spectacular intercept of 206 grams per tonne gold over 1.24 metres within a larger section grading 14.51 grams per tonne gold over 47 metres.
Step out holes focusing in the vicinity of the higher grade trend of the Nucleus Zone indicate the presence of gold-rich (abundant visible gold in some samples) sulphide lenses in addition to hydrothermal vein style mineralization. The high grade lenses returned:
- 2.00 m of 45.25 grams per tonne gold within 72.35 m of 2.50 grams per tonne gold
- 1.90 m of 86.71 grams per tonne gold within 74.97 m of 4.26 grams per tonne gold;
- 3.25 m of 100.69 grams per tonne gold within 37.80 m of 10.41 grams per tonne gold;
- 1.27 m of 410.00 grams per tonne gold within 9.36 m of 70.19 grams per tonne gold;
- 0.96 m of 256.00 grams per tonne gold within 4.00 m of 68.95 grams per tonne gold.
Bill Harris, CEO & COO commented "Results from the Nucleus Zone continue to demonstrate that the area hosts incredibly rich gold values within several different styles of mineralization over hundreds of metres. The intersection of multiple high grade intersections in hole 114, drilled to the west and stepping out to the southeast, indicates the potential to expand the known width of the easterly striking high grade trend. Hole 118, drilled to the north, returned multiple intersections of high grade gold, and is interpreted to have intersected three limbs of east-west trending metasediments. The repeating nature of the folding encountered in the high grade gold/copper mineralization may continue over an extensive area."
That's Bill's way of saying there is lots of gold showing up in all the drill holes and he's excited.
The company is awaiting results from 12 more holes from the Nucleus Zone currently being assayed at the lab.
Bill Harris is a second generation prospector, born and raised in the Yukon, who brings a lifetime of commitment to the company and the Freegold Mountain area. Bill has been visiting and working in the area since the age of 5, where he first got to know the early prospectors in the area through his father, a well know Yukon prospector. Throughout the intervening years, Bill has worked in the Freegold area as an independent prospector as well as with many of the individuals and junior and major companies active in the area.
Susan Craig has gained extensive knowledge of mineral development issues in BC and the Yukon through involvement in projects ranging from exploration through to production and final closure. Susan's expertise includes liaising on technical, environmental, and socio-economic issues regarding industry developments (mining and petroleum) with First Nation, Federal and Territorial Governments, special interest groups and associations in BC and the Yukon.
Visit the company's website at http://www.northernfreegold.com.
DISCLOSURE: MidasLetter.com and its affiliates are actively accumulating Northern Freegold in the open market for investment purposes.
SOURCE: http://www.midasletter.com/news/09022406_Northern-Freegolds-monster-in-the-making.php
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