-- Posted Tuesday, 17 January 2012 | | Disqus
TORONTO, ONTARIO--(Marketwire -01/17/12)- NORTHERN GOLD MINING INC. (TSX-V: NGM.V, NTGMF.PK) ("Northern Gold" or "the Company") today announced assay results for seven additional diamond drill holes totalling 2,427 meters of drilling from its 2011 exploration program at the Garrcon Deposit which is located on the 100% owned Garrison Gold Property, 100 Km east of Timmins, ON.
Recent 2011 Drilling Highlights:
-- 277 metres of 0.5 g/t Au in GAR-11-110
-- 426 metres of 0.5 g/t Au in GAR-11-111
-- 10 metres of 2.17 g/t Au in GAR-11-111
-- 8 metres of 3.23 g/t Au in GAR-11-111
-- 10 metres of 2.18 g/t Au in GAR-11-112
-- old mineralization of 1.94 g/t over one meter has been confirmed at a vertical depth of 490 meters
-- Gold Mineralization at an average grade of 0.57 g/t has been traced from surface to 453 meters vertical depth.
Garrcon Deposit
As part of the 2011 exploration drill program on the Garrcon Deposit, assay results have been received from four drill holes located in the southern half of the resource footprint established in the NI 43-101 Technical Report by A.C.A. Howe International Limited ("Howe") and filed on SEDAR August 8, 2011. The drilling took place along section lines 10+00 W and 11+00 W the significant composite assay intervals in the Shaft Zone mineralization are outlined below in Table 1.
Complete details of these holes in both cross-section and plan can be viewed on the Company's website at: http://www.northerngold.ca/files/Garrcon-Cross-Sections.pdf.
Significant assay results from three other drill holes, located in the western portion of the property, are presented in Table 2 below. All three holes were drilled northwards and continued to confirm the presence of gold mineralization along and near the contact of the Timiskaming Metasediments and the north bounding ultramafic rocks. Hole GAR-11-107 is located within the Howe resource footpring. Holes GAR 11-120 and GAR-11-121 are both located west of the Howe resource footprint and indicate that additional stepout exploration needs to be conducted to follow mineralization along the trend of the North Zone on strike to the West.
"We are very excited to see that gold mineralization above a cut-off grade of 0.3 g/t exists to depths of at least 400 meters as indicated by these drill results. It confirms the data reported from deeper holes drilled by previous operators," said Martin Shefsky, President and CEO of Northern Gold Mining Inc. "This is a strong indication that the Garrcon Deposit continues to have high potential for expansion for Garrcon mineralization below the levels tested so far by most of the drill holes on the property, namely above the 250 meter elevation."
Grant of Options
The Company further announces that, pursuant to its Incentive Share Option Plan, it has granted a total of 1,900,000 stock options to certain officers and directors of the Company. The stock options are exercisable at $0.18 per share and will expire on January 16, 2017 subject to regulatory approval.
Quality Control / Quality Assurance
Northern Gold follows comprehensive, industry standard QA/QC protocols. Detailed information about these protocols can be viewed on the Company's website at: http://www.northerngold.ca/QA-QC.php.
About Northern Gold Mining: Northern Gold. is a TSX-V listed, publicly traded junior resource company based in Toronto, Ontario, dedicated to the discovery and development of high value mineral deposits in the proven mining camps of Kirkland Lake and Timmins in North Eastern Ontario. Northern Gold is focused on developing two advanced stage gold deposits on its 100% owned Garrison Gold Property. In addition to the advanced stage Jonpol and Garrcon Gold Deposits, both of which have independent NI 43-101 compliant mineral resource estimates prepared by Howe (Posted to SEDAR October 21, 2009, November 5, 2010 and August 8, 2011). A Preliminary Economic Assessment is included in the Technical Report posted to SEDAR August 8, 2011. The property hosts several other gold mineralized showings including the less advanced 903 gold mineralized area. . The Garrison Gold Property has historical mining infrastructure at both the Jonpol and Garrcon Deposits, and currently producing mines are located near the property.
The technical aspects of this press release have been reviewed by Michael Gross M.S., P. Geo., and Vice-President Exploration for Northern Gold, who is the "Qualified Person" as defined by NI 43-101 for this project.
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements." These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
-- Posted Tuesday, 17 January 2012 | Digg This Article
| Source: GoldSeek.com
