Strong assays for Northern Freegold in the Yukon

Results from eight more holes at Northern Freegold Resources (NFR-V) Freegold Mountain project in the Yukon are in and show that the company could well be on to a significant mineralized body.

The highlight intercept came in at 223.3 metres grading 0.36 grams gold, 3.98 grams silver, 0.18% copper and 0.08% molybdenum, or 1.58 gold equivalent oz. per tonne.

That assay came out of the Revenue zone, which is one of three key zones that Northern Freegold is focusing on at the project.

The company reported that all eight holes assayed 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.

Drilling confirmed mineralization runs 250 metres deeper than previously tested, bringing the total depth of the zone to 500 metres and one step-out hole extended known mineralization by 100 metres along strike to the east.

The zone remains open laterally and at depth.

The latest results fit nicely with hose released back in September which returned a highlight intercept of 305 metres averaging 0.95 gold equivalent oz. per tonne.

Northern Freegolds’ president and chief executive, John Burges, says that Revenue is part of a large scale gold-rich porphyry system that stretches over 8-km – from the existing resources in the west at the Nucleus zone through Revenue and eastward to the Stoddart mineralized zone.

The Nucleus deposit lies directly adjacent to Revenue and has indicated resources of 48.5 million tonnes grading 0.7 grams gold, 0.9 grams silver and 0.06% copper and inferred resources of 41.5 million tonnes grading 0.47 grams gold, 0.98 grams silver and 0.07% copper.

The Stoddart Zone lies roughly 6-km east of Revenue and includes high-priority geophysical targets defined over 2.5-km of strike.

The company has now finished its 2011 exploration program. The program included 27 drill holes for 12,375 metres drilled at Revenue, which will go into a maiden resource estimate for the zone due out by the end of the first quarter in 2012.

In Toronto on Nov. 14 the company’s shares were off 1.5¢ to 28.5¢ on roughly 250,000 shares traded.