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The company’s strategic direction is to continue to seek out properties and claims in the area known to have high value gold targets and to execute the necessary work to rapidly move these projects towards advanced exploration and mine development stages.
Message: Northern Gold Announces Updated Bulk Sample Results - Recovers 1,292 Oz
Gold at 94.7% Recovery
TORONTO, ONTARIO--(Marketwired - Jan. 26, 2015) -
NORTHERN GOLD MINING INC. (TSX VENTURE:NGM) ("Northern Gold" or the "Company") is pleased to announce updated results from the bulk sampling program at its Garrcon deposit, part of the Company's Golden Bear Project. All results are as of December 31, 2014.
Processed 25,361.6 dry tonnes of mineralized material (31.7% of the total bulk sample program of 80,000 tonnes) in four batches by St Andrew Goldfields Ltd. ("SAS") at their Holt Mill. First batch was processed September 13, 2014, last batch ended November 24, 2014.
Recovered 1,292.09 troy ounces of gold from the mineralized material with a realized value of $1,766,824.73.
Achieved an average mill recovery was 94.7%.
A total of 150,026 tonnes has been mined in two pits. The West Pit has had 131,769.1 tonnes mined, with an ore:waste ratio at 1 g/t cutoff of 1:2.7. The East Pit had 18,256.7 tonnes mined, with an ore:waste ratio at 1 g/t cutoff of 1:1.4. Both pits are now well developed with higher grade areas expected in the next two levels of development (each level is 5 metres).
Batch #5 commenced processing through the mill on Friday, January 23rd. With most of the development work now completed, the Company expects to be able to provide up to 16,000 tonnes per month to the mill for processing. St. Andrew Goldfields Ltd., at their sole discretion, determines mill availability.
The goal of the bulk sample program is to gather "real world" production metrics and costing to support a pre-feasibility study for the Garrcon Open Pit Gold Mine. A number of observations have been made to date:
Recovery appears to be constant regardless of grade;
Even though the two pits are adjacent to one another, the mineralogy is distinctly different. The West Pit has sulphides, little visible gold (VG), and has a well-defined, steeply plunging, higher grade breccia iron formation. The East Pit has thicker flat lying mineralized quartz veins with sporadic visible gold and very low sulphides;
The West Pit yielded more material than originally conceptualized, but it is too early to determine if the East Pit will actually contain higher grade than the West Pit;
Grade control has been a challenge, as the Company is attempting to mill at an average grade of nearly twice the deposit average of 1.12 g/t gold 1.
Technical Information and Qualified Person
The technical aspects of this press release have been reviewed and approved by Mr. Michael Gross, M.Sc., P.Geo., the "Qualified Person" as defined by National Instrument 43-101 for the Golden Bear Project.
1) TECHNICAL REPORT ON THE GOLDEN BEAR PROJECT - GARRISON PROPERTY, Report No. 975, A.C.A. Howe International Limited Toronto, Ontario, Canada, Effective Date: December 30, 2013, Signing Date: March 03, 2014, filed by the Company on SEDAR. "Non-diluted Measured+Indicated Mineral Resources considered amenable within the USD$1250 preliminary pit shell to open pit mining (at the Garrcon deposit), totaled 29.2 million tonnes with an average gold grade of 1.12 g/tonne for 1,047,000 ounces"
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 at the Golden Bear Project in the Larder Lake Mining Division in northeastern Ontario. Northern Gold has a portfolio of advanced exploration projects, including the Jonpol and Garrcon Deposits and the Buffonta Property. Recent transactions, including the amalgamation with Victory Gold Mines Inc. and acquisition of the Lac Minerals Property, add to the Company's regional consolidation strategy along the Destor-Porcupine Fault Zone.
CAUTIONARY STATEMENT: Neither the 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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, and includes information with respect to, among other things, the uses of proceeds from the Facility, the Company's present and future financial condition, and the ability of the Company to secure additional sources of financing. 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. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining or failures to obtain TSXV or other required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in Northern Gold's management discussion and analysis for the three month period and year ended March 31, 2014 as filed under the Company's SEDAR profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, among other things, that financing will continue to be available to the Company on favourable terms or at all, the results of the Company's exploration and development activities will be favourable, and all necessary governmental and regulatory approvals, including TSXV approval, will be received as and when expected. 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 applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
President & Chief Executive Officer
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