TORONTO, ONTARIO--(Marketwire - Jan 21, 2013) - Northern Gold Mining Inc. (TSX VENTURE:NGM) ("Northern Gold" or the "Company") is pleased to announce results from 9 additional diamond drill holes totaling 5,203 metres from its 2012 surface diamond drilling program on the Garrcon Property of the Golden Bear Project, 100 km east of Timmins, Ontario.
The results from the 9 drill holes released today along with 2 previously released holes has outlined what appears to be a high-grade zone of gold mineralization with a 600-metre strike length within the Garrcon Deposit. The new zone is located more than 200 metres east of the historical Garrcon underground workings and at a greater depth.
Greg Gibson, President and CEO of Northern Gold, comments: "Although we are at the initial stages of this new high-grade discovery, there is already strong indication that there may be continuity between these drill intercepts. To date, we have outlined a 600 metre high-grade trend of mineralization which remains open in all directions. Additional drilling will provide details on the orientation, strike length, and the up and down-dip extent of this gold zone."
Drill assay highlights of the new high-grade zone are provided in Table 1. A plan map of the highlighted drill intercepts is also enclosed herein as Figure 1.
|Table 1 - Garrcon East High Grade Zone Assay Highlights|
|Au g/t |
|*- previously released|
Table 2 - Garrcon East High Grade Zone Assay Results - Shown are drill hole results of significant assays from 9 drill holes drilled east of section 7+00 W (from 6+00 W to 1+50 W). The first 7 holes were infill and the remaining 2 were step-out holes. The high-grade assays are uncut, reflecting the narrow high-grade nature of the mineralization encountered.
|Hole ID||Zone||From |
|Au g/t |
The holes were collared as infill and step-out drill holes targeting the Garrcon low-grade deposit. The new Garrcon East High Grade Zone has been interpreted as a down plunge eastern extension of the Garrcon zone. Hosted within Temiskaming metasediments and contained within a low-grade gold halo, it is a system of quartz carbonate vein and fracture arrays that parallel the southern contact with the Destor Porcupine Fault Zone. This system is often accompanied by visible gold mineralization and notable alteration surrounding the low grade halo. A continuous body of lamprophyre containing quartz feldspar xenoliths is found in close proximity to the high-grade material and is thought to parallel the system.
To date, the zone has been intersected by 11 holes at depths ranging from 370 to 530 metres vertical. The high-grade system has been drill tested along a strike of 600 metres with four intercepts grading above 50g/t across 1 metre core lengths. Two holes, GAR-12-266 and GAR-12-268 were drilled on a 200 metre step-out on line 0+50 E. Hole GAR-12-267 was drilled an additional 200 metres east on section 2+50E. Hole GAR-12-266 intersected mineralization similar to that of the high-grade zone. Assays from these three holes are pending at this time. At its western extent this high-grade zone is believed to feed into the larger Garrcon low-grade zone.
Updated Garrcon Deposit drilling cross sections and a drill plan will be posted on the Company''s website later this week at: http://www.northerngold.ca/files/Garrcon-Cross-Sections.pdf.
Quality Assurance/Quality Control
Northern Gold has implemented comprehensive, industry standard quality-assurance, quality-control protocols for diamond drilling, core recovery, handling, sampling, shipping and assaying. Details of these best practice principals can be viewed on the Company''s website at: http://www.northerngold.ca/QA-QC.php.
The technical aspects of this press release have been reviewed and approved by Gary Nassif, M.Sc., P.Geo., Manager Exploration Services of Northern Gold Mining Inc., and the "Qualified Person" as defined by National Instrument 43-101 for this project.
About Northern Gold
Northern Gold is a TSX Venture Exchange-listed gold company based in Toronto, Ontario. The Company''s main focus is the exploration and development of its prospective mineral properties in the Timmins Gold Camp in northeastern Ontario. Led by an experienced management team, Northern Gold has a portfolio of advanced exploration projects, including the Jonpol and Garrcon Deposits and the newly acquired Buffonta Property. The recent acquisition of the Harker-Holloway Gold Property and proposed amalgamation with Victory Gold Mines Inc. add to the Company''s regional consolidation strategy along the Destor-Porcupine Fault Zone.
CAUTIONARY STATEMENT: 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.
To view "Figure 1 - Garrcon East High Grade Zone Plan Map", please visit the following link: http://media3.marketwire.com/docs/Garrcon-East.pdf.