February 7, 2012
Northern Gold Continues to Increase the Strike Length of Mineralization at its Garrcon Deposit
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February 3, 2012
Northern Gold Raises over $3.8M Through the Exercise of Warrants Issued Pursuant to a $2,500,500 Previous Private Placement
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NG's Garrcon Deposit - June 23, 2011 - NG's Colour Scheme with 'Perspective'
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Northern Gold Mining is dedicated to gold exploration and discovery in the proven mining districts of Northern Ontario and to becoming an efficient, low-cost regional gold producer.
Northern Gold Mining Inc. is a junior gold resource company based in Toronto, Ontario and is listed on the TSX Venture Exchange under the trading symbol NGM. The Company’s goal is to maximize shareholder value through focused exploration, testing, and development of high quality mineral targets in the gold producing regions of Northern Ontario, Canada. This goal will be achieved in part through the application of the best mineral exploration practices and techniques available to our experienced exploration and management teams, including adherence to the highest possible standards of corporate responsibility, governance and conduct.
Northern Gold’s flagship property is the Garrison Gold Property. It contains two advanced stage exploration projects identified as the Jonpol Deposit and the Garrcon Deposit. The Property consists of thirty-five patented claims in Garrison Township, approximately forty kilometers north of our field office in Kirkland Lake, Ontario and one hundred kilometers east of Timmins, Ontario, Canada. It hosts an excellent mining infrastructure including good main and access roads, ample electrical power and water supply, a large pool of available skilled labour and numerous other related services, all located within a mining friendly community.
In September 2010, the company delivered a report to ValGold Resources Ltd., documenting successful completion of the first year advanced exploration expenditures and other obligations required under an option agreement on the Garrison Gold Property entered by Northern Gold with ValGold. According to the terms of the agreement, Northern Gold may earn up to an 80% undivided interest in the Garrison Gold Property (see Press Release - 091409.pdf).
In November 2010, Northern Gold announced completion of a National Instrument (NI) 43-101 compliant Technical Report for a "first time" NI 43-101 mineral resource estimate at the Garrcon Deposit (see Press Release - 092310.pdf).This deposit is a significant shallow, advanced staged bulk resource with excellent potential to be developed into an open pit mine. The resource estimate reported an indicated resource of 3.78 million tonnes of ore at a grade of 1.2 grams per tonne containing 144,000 ounces of gold and an inferred resource of 18.5 million tonnes of ore at a grade of nearly one gram per tonne containing 530,000 ounces of gold.
The Jonpol Deposit is also an advanced stage exploration project located on the Garrison Gold Property. This deposit is hosted in the Munro Shear where it splays into the North wall of the Destor-Porcupine Fault Zone. The deposit is similar to the many other shear hosted underground deposits that proliferate along the Destor-Porcupine Fault. An NI 43-101 resource estimate calculated for the Jonpol Deposit (see Press Release - 102109.pdf) reported a resource of 253,100 tonnes of ore grading at 7.77 grams per tonne or 63,200 ounces of gold. An inferred resource of 1,555,800 tonnes of ore grading at 4.93 grams per tonne or 246,540 ounces was also reported. In total to date, the Garrison Gold Property hosts a resource of 207,000 ounces of gold in the indicated category and 776,500 ounces of gold in the inferred category in its two advanced stage exploration projects.
A.C.A. Howe Intl. ("Howe"), a leading geologic and mining engineering consulting group, has been retained by Northern Gold to update the previously announced resource estimate for the Garrcon Deposit. This new resource estimate will include all the data from the 16,891 meters of diamond drilling used to calculate the "first time" resource, as well as data from an additional 10,114 meters of diamond drilling completed in early December, 2010. Howe will also complete an initial Preliminary Economic Assessment ("PEA") using both the new resource and metallurgical data determined by SGS Mineral Services Canada ("SGS") at its Lakefield, Ontario laboratory. In addition, baseline environmental studies continue and advanced stage exploration permitting is expected to be completed by the summer of 2011.
The first time resource for the Garrcon Deposit confirms the results Northern Gold has achieved with its 2009 and 2010 drill programs. Consequently, a second diamond drill was added and an expanded program of 30,000 meters of diamond drilling is now planned for 2011. All current assay results received by the company from the lab regarding the project are expeditiously reported by Northern Gold and are available on this website at http://northerngold.ca/index.php or through our news service Marketwire/Marketwire Canada.
