Northern Gold Intersects 4.52 g/t Au over 11.5m at Gold Pike Property
10 Luglio 2013 - 4:03PM
Marketwired Canada
NORTHERN GOLD MINING INC. (TSX VENTURE:NGM) ("Northern Gold" or the "Company")
is pleased to announce results of 15 additional diamond drill holes from surface
diamond drilling on the Gold Pike Property, comprised within the Golden Bear
Project, 100 km east of Timmins, Ontario. The 15 holes, totaling 3,786 metres,
followed up on previous results and were drilled into the 300 metre long
gold-mineralized structure which contains the former producing Royal Oak open
pit mine. Since June of 2011, Victory Gold Mines, Northern Gold's wholly-owned
subsidiary, has drilled 52 holes totaling 11,056 metres on the Gold Pike
Property.
Drill assay highlights of the 15 drill holes include:
-- 4.97 g/t Au over 3.3m (168.0 to 171.3m) GP-12-43
-- 3.22 g/t Au over 14.2m (290.0 to304.2m) GP-12-47
-- 4.52 g/t Au over 11.5m (246.7 to 258.2m) GP-12-48
The program had 3 objectives: to continue the testing of open pit potential from
surface to a depth of 200 metres, to test for the depth continuity of gold
mineralization below 200 metres, and to test the potential along strike to the
southeast.
Positive results were obtained to all 3 objectives, including 4.52 g/t Au over
11.5 metres at a depth of 250 m below surface. Full results for the 15 holes are
provided in Table 1. The Longitudinal Section (figure 2) indicates the pierce
point of the drill holes of the gold mineralized structure.
The focus of the initial exploration drilling was to outline gold mineralization
between surface and 200 metres deep in the area of the former producing open pit
mine (1992-1993). The next stage of drilling is designed to extend the
mineralization to the west and to continue to outline the mineralization down
plunge from 150 metres to 250 metres depth. Future drilling programs will
continue to trace the gold mineralization to depth to follow up on drill results
which indicate the potential for mineralization suitable for underground mining
at depth. The Black Fox mine, 5.5 km northwest, is currently operating both an
open pit and an underground mine on similar geology on the Destor Porcupine
Fault Zone.
The exploration program on the Gold Pike Mine Property has been successful in:
-- confirming the potential expansion of the former producing open pit both
along strike and to depth;
-- extending the strike length of the gold mineralization; and
-- extending and confirming the mineralization to depth.
Confirming Mineralization within the envelope of a Potential Open Pit
Holes GP-12-38 to 12-43 were drilled above the 200m below surface level to
confirm mineralization within a potential open pit shell. Results are shown on
Table 1 and the pierce point within the mineralized plane is shown on the
longitudinal section - Figure 2. Intersections include GP-12-43 with 2 zones,
4.97 g/t Au over 3.3m and 2.35 g/t Au over 4.7m. Drilling confirmed the open pit
potential of the mineralization.
Confirming Mineralization at Depth below 200m from surface
Holes GP-12-44 to 12-49 were drilled below a depth of 200m to confirm the
extension of the mineralization to depth. This mineralization would be extracted
by underground mining and therefore a higher grade is necessary. All of the
holes returned intersections greater than 3 g/t Au. Results include GP-12-48
which assayed 11.6 g/t Au over 1.5m within a larger interval of 4.52 g/t Au over
11.5 m at 250 metres below surface. The results increased the confidence of the
mineralization continuing to depth with a number of intersections in the 300
meter below surface vicinity.
Testing for Mineralization along strike
Holes GP-12-50 to 12-52 were drilled to the southeast above the plunge of the
defined mineralization as indicated on the longitudinal section, figure 2. Hole
51 was drilled almost 100 metres southeast of the zone and intersected 1.27 g/t
Au over 19.4 metres at a depth of 125 metres below surface - see figure 2,
longitudinal section. This indicates the potential for additional lenses of
mineralization along strike of the known zone.
Gold Pike Property
The Gold Pike Property consists of 28 contiguous claims with 3 kilometres of
strike length along the Destor Porcupine Fault Zone. Gold mineralization was
outlined on the property by Noranda during the 1980's. The Noranda drilling
outlined a mineralized zone over a strike length of 300m to a depth of 250m
below surface. The zone remains open both along strike and down dip. Royal Oak
Mines initiated production from an open pit mine in the early 1990's processing
approximately 100,000 tons with a recovered grade of 3.4 g/t Au. (Source:
Resident Geologist) when the gold price averaged $366 per oz. Victory Gold plans
to continue exploration and to expand the gold mineralized zones along strike
and to depth from the previous mining operation.
The Victory Gold drill program has confirmed and extended the mineralization
outlined by Noranda and indicated that the mineralization is open at depth and
down plunge to the southeast and is amenable to additional step out drilling. In
addition, indications of parallel mineralization have been indicated by both
Victory Gold and Noranda drilling and warrant additional follow up.
The Gold Pike Mine Property is 28 contiguous claims. Victory Gold is earning up
to a 70% interest on those 8 claims that contain the former producing open pit
from Matachewan Consolidated Mines, Limited ("MCM"). Sufficient expenditures
have been made to earn an initial 50% interest.
Key terms of the option agreement are:
- earn 50% over three years by making $450,000 in exploration expenditures,
$60,000 in cash payments, and 500,000 shares;
- earn 60% for an additional $1 million in exploration expenditures over 2
years; and
- earn 70% for an additional $2 million in exploration expenditures over 3 years.
MCM retains a 2% NSR (1% of which can be purchased for $1 million) and receives
an annual advance royalty of $25,000 after Victory Gold's 50% earn in.
A joint venture is established after the 70% Victory Gold earn in. Should
Victory Gold provide 100% of the mine financing, it recovers 200% of exploration
expenditures as a priority on 90% of joint venture profits.
In addition, Victory Gold owns a 40% interest in 16 claims that form the eastern
part of the Gold Pike Mine Property and has the option to spend $700,000 by
July, 2015 to increase ownership to 60% in partnership with St Andrew Goldfields
Ltd. and Plato Gold Corp.
Victory Gold also owns 100% interest in the 2 northern claims of the Gold Pike
Mine Property.
To view Figures 1 and 2 please click on the following link:
http://media3.marketwire.com/docs/NGM0710.pdf
QUALIFIED PERSONS
Kenneth Guy, P. Geo., the Qualified Person (as such term is defined in National
Instrument 43-101 Standards of Disclosure for Mineral Projects) for Victory
Gold, supervised all exploration work and is responsible for the geological
information presented herein. This press release has been reviewed and approved
by Gary Nassif, M.Sc., P.Geo., Manager Exploration Services of Northern Gold and
the Qualified Person for the Golden Bear Project.
All drilling was completed by Norex Drilling, a local drill contractor using NQ
size core. Core samples collected by Victory Gold were assayed for gold by ALS
Chemex. Analysis consisted of a fire assay of a 30-gram sample with an atomic
absorption finish. Samples assaying over 10.0 grams gold per tonne Au are
re-assayed with gravimetric finish. Samples noted to contain visible gold are
analyzed via total metallic assay method. A rigorous Quality Control and
Assurance Program (QA/QC) is in place, using control samples such as blanks and
duplicate checks. In addition, duplicate analyses of 10% of the samples are
corroborated by check assays performed at a Third Party Laboratory.
Resignation and Appointment of Officers
The Company announces that it has accepted the resignations of Tyler Culhane and
Lisa McCormack as Chief Operating Officer and Corporate Secretary, respectively.
The Company wishes to thank both Mr. Culhane and Ms. McCormack for their
contributions to Northern Gold and wish them both every success in their future
endeavors. Northern Gold also announces the appointment of Johnny Oliveira as
Corporate Secretary of the Company. Mr. Oliveira is currently Chief Financial
Officer for the Company and has over 10 years of accounting, auditing and tax
experience with mineral exploration companies. He holds an Honours Bachelor in
Business Administration from Wilfrid Laurier University and is a registered
member of the Institute of Chartered Accountants of Ontario.
About Northern Gold
Northern Gold is a TSXV-listed gold company based in Toronto, Ontario. The
Company's main focus is the exploration and development of its prospective
mineral properties of the Golden Bear Project in the Larder Lake Mining
Division, northeastern Ontario. Northern Gold has a portfolio of advanced
exploration projects, including the Jonpol and Garrcon Deposits and the Buffonta
Property. The recent property acquisitions including the Harker-Holloway
Property and amalgamation with Victory Gold Mines Inc. add to the Company's
regional consolidation strategy along the Destor-Porcupine Fault Zone.
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange ("TSXV") nor its
Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority has approved
or disapproved the information contained herein. This news release contains
forward-looking information which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other factors that
could cause actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release includes, but is
not limited to, Northern Gold's objectives, goals or future plans, statements
regarding exploration results and exploration plans. Factors that could cause
actual results to differ materially from such forward-looking information
include, but are not limited to, capital and operating costs varying
significantly from estimates, the preliminary nature of metallurgical test
results, delays in obtaining or failures to obtain required governmental,
environmental or other project approvals, uncertainties relating to the
availability and costs of financing needed in the future, changes in equity
markets, inflation, fluctuations in commodity prices, delays in the development
of projects and the other risks involved in the mineral exploration and
development industry, and those risks set out in Northern Gold's public
documents filed on SEDAR. Although Northern Gold believes that the assumptions
and factors used in preparing the forward-looking information in this news
release are reasonable, undue reliance should not be placed on such information,
which only applies as of the date of this news release, and no assurance can be
given that such events will occur in the disclosed time frames or at all.
Northern Gold disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
Table 1: 2012-13 Exploration Program Drill Results Table, 15 Holes
--------------------------------------------------------------------------
East North Drill From To Width Au-
Hole ID Sect (utm) (utm) length Az Dip (m) (m) (m) g/t
--------------------------------------------------------------------------
GP-12-38 1170 552988 5372750 189 48 -53 182.2 183.2 1.0 1.78
--------------------------------------------------------------------------
GP-12-39 1200 552984 5372789 129 48 -45 74.7 75.7 1.0 0.65
--------------------------------------------------------------------------
GP-12-40 1230 552983 5372788 135 24 -55 no significant values
--------------------------------------------------------------------------
GP-12-41 1140 552994 5372723 204 47 -45 123.6 125.7 2.1 1.26
--------------------------------------------------------------------------
133.2 134.6 1.4 2.26
--------------------------------------------------------------------------
181.2 184.2 3.0 3.89
--------------------------------------------------------------------------
199.0 200.0 1.0 1.81
--------------------------------------------------------------------------
GP-12-42 1110 553013 5372691 228 48 -45 150.4 154.8 4.4 1.12
--------------------------------------------------------------------------
164.7 170.3 5.6 1.17
--------------------------------------------------------------------------
177.7 179.1 1.4 1.54
--------------------------------------------------------------------------
187.7 193.1 5.4 0.64
--------------------------------------------------------------------------
221.3 224.5 3.2 1.63
--------------------------------------------------------------------------
GP-12-43 1050 553043 5372642 249 46 -59 168.0 171.3 3.3 4.97
--------------------------------------------------------------------------
192.9 198.3 5.4 1.71
--------------------------------------------------------------------------
203.5 205.3 1.8 0.62
--------------------------------------------------------------------------
207.0 211.7 4.7 2.35
--------------------------------------------------------------------------
GP-12-44 1050 553043 5372642 322 46 -68 287.6 290.1 2.5 4.12
--------------------------------------------------------------------------
307.9 312.0 4.1 1.28
--------------------------------------------------------------------------
GP-12-45 1080 553055 5372697 353 45 -78 159.2 160.5 1.3 0.69
--------------------------------------------------------------------------
185.0 187.0 2.0 0.97
--------------------------------------------------------------------------
229.9 237.0 7.1 0.75
--------------------------------------------------------------------------
239.0 240.0 1.0 3.82
--------------------------------------------------------------------------
268.1 269.0 0.9 3.95
--------------------------------------------------------------------------
GP-12-46 1020 553062 5372622 368 46 -76 34.0 34.6 0.6 4.05
--------------------------------------------------------------------------
256 261.7 5.7 0.50
--------------------------------------------------------------------------
267.9 274.0 6.1 2.87
--------------------------------------------------------------------------
incl 267.9 268.9 1.0 7.97
--------------------------------------------------------------------------
and 272.6 274.0 1.4 3.74
--------------------------------------------------------------------------
277 277.9 0.9 20.2
--------------------------------------------------------------------------
281.3 284.1 2.8 3.16
--------------------------------------------------------------------------
GP-12-47 990 553099 5372613 351 46 -81 70.4 72.4 2.0 2.6
--------------------------------------------------------------------------
268.4 274.3 5.9 1.57
--------------------------------------------------------------------------
285.4 307.8 22.4 2.47
--------------------------------------------------------------------------
incl 290.0 304.2 14.2 3.22
--------------------------------------------------------------------------
incl 291.5 298.0 6.5 3.97
--------------------------------------------------------------------------
GP-12-48 960 553126 5372596 266 47 -71 201.1 219.2 18.1 1.85
--------------------------------------------------------------------------
incl 208.8 215.3 6.5 3.13
--------------------------------------------------------------------------
230.4 258.2 27.8 2.25
--------------------------------------------------------------------------
incl 246.7 258.2 11.5 4.52
--------------------------------------------------------------------------
incl 254.7 256.2 1.5 11.60
--------------------------------------------------------------------------
GP-12-49 930 553159 5372583 284 48 -80 207.2 209.0 1.8 6.48
--------------------------------------------------------------------------
GP-12-50 900 553171 5372553 293 48 -72 no significant values
--------------------------------------------------------------------------
GP-12-51 900 553170 5372553 203 48 -45 150.6 170.0 19.4 1.27
--------------------------------------------------------------------------
incl 150.6 153.0 2.4 3.07
--------------------------------------------------------------------------
and 166.8 169.0 2.2 3.08
--------------------------------------------------------------------------
173.6 174.4 0.8 1.78
--------------------------------------------------------------------------
GP-12-52 870 553192 5372531 212 48 -47 no significant values
--------------------------------------------------------------------------
Intervals reported here are core lengths. True widths are not known at this
time. All depths are reported as down hole.
FOR FURTHER INFORMATION PLEASE CONTACT:
Northern Gold Mining Inc.
Martin Shefsky
President & Chief Executive Officer
647.297.8793
mrshefsky@gmail.com
Northern Gold Mining Inc.
Eric Szustak
Manager, Business Development
905.330.7948
eszustak@northerngold.ca
www.northerngold.ca
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