EXPLORATION

Northern Freegold outlines 100mt gold-polymetallic deposit in Yukon

Northern Freegold brought home one of the bigger disseminated gold-polymetallic deposits in the Yukon with its latest resource estimate.

Posted: Thursday , 19 Jan 2012

HALIFAX, NS  - 

Northern Freegold (TSX-V: NFR) got a shareprice boost after it released a resource estimate for the Revenue deposit on its Freegold Mountain property in the Yukon.

Northern Freegold's shareprice, which has languished on the markets like so many other junior explorers lately, had gained 33 percent to C$0.28 cents on strong trading volumes as of presstime on Wednesday.

The flurry of interest undoubtedly stemmed from the first inferred resource estimation of the Revenue zone: 101 million tonnes @ 0.34 g/t gold, 3.14 g/t silver, 0.13 percent copper and 0.04 percent molybdenum, based on a 0.3 gold equivalent cut-off.

Northern Freegold was able to tout it as containing 3.7 million gold equivalent ounces thanks in large part to the strength of copper and molybdenum grades within the deposit. Otherwise contained gold was 1.1 million ounces.

In a statement John Burges, Northern Freegold's president and CEO, focused on putting the deposit, the junior's second with a resource on the Freegold Mountain property, in context of what Northern Freegold sees as "a much larger continuous district-scale gold-copper porphyry system...as evidenced by an 8 kilometre-long geophysical anomaly."

The Revenue deposit is next to the Nucleus deposit, which comprises 1.4 million ounces gold equivalent in indicated resources.