Northern Freegold Resources, a precious metals exploration and development company based in Canada, has reported that it is carrying out the 2012 exploration campaign at the Freegold Mountain project, which is situated 70 km towards the western part of Carmacks in Yukon.
Environmental baseline studies, excavator trenching and diamond drill program will be included in the program. A diamond drill rig is now located on site at the Nucleus Zone.
The company will drill 3,500 m at the Nucleus deposit, during the present drilling phase. The budget of this program is $1.4 million, wherein around half of the amount was previously paid during early 2012. The drill program has aimed to concentrate on high-priority targets, specifically designed to extend the historical resource found in main regions in order to optimize an open pit mine plan.
Northern Freegold’s Chief Executive Officer and President, John Burges stated that the company is delighted to start the drill program at the Nucleus deposit. Taking the complex market conditions into account, the company has opted to minimize the scale of the 2012 program and drill at the Nucleus Deposit. This work phase aims to mainly target the key regions that will be significant to complete the project’s preliminary economic assessment (PEA). This PEA may show the economic capacity of the Freegold Mountain project, according to Burges.
The Stoddart zone, the Revenue deposit and the Nucleus deposit are part of a large-scale porphyry system that is rich in gold. This system expands over 8 km, in an east-west direction and demonstrates similar geological features to other porphyry deposits located in the region, which includes the Casino Porphyry project.