Northern Freegold approaches PEA while Western Copper and Gold achieves feasibility
by Greg Klein
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No longer an early-stage gold play, the Yukon might have lost much of its excitement. But more advanced work continues to command interest, as shown by recent announcements from Northern Freegold Resources TSXV:NFR and Western Copper and Gold TSX:WRN.
Northern Freegold’s January 9 resource update enhances a potential gold-silver-copper open pit at its Freegold Mountain Project. Based on 322 holes totalling over 50,000 metres on the Nucleus deposit, the estimate uses a cutoff of 0.25 grams per tonne gold-equivalent. The indicated category shows:
- 71.9 million tonnes averaging 0.57 g/t gold, 0.85 g/t silver and 0.06% copper for 1.31 million gold ounces, 1.97 million silver ounces and 89 million copper pounds.
The inferred category shows:
- 60.4 million tonnes averaging 0.41 g/t gold, 1.48 g/t silver and 0.04% copper for 801,235 gold ounces, 2.9 million silver ounces and 52 million copper pounds.
The resource begins at surface and is open to expansion laterally and at depth, the company stated.
Northern Freegold added that two-thirds of the indicated resource falls within “a significant zone of higher-grade mineralization” in the centre of the Nucleus deposit. Using a cutoff of 0.5 g/t gold-equivalent, this zone shows:
- 25.9 million tonnes averaging 1.02 g/t gold, 1.11 g/t silver and 0.07% copper for 851,603 gold ounces, 924,040 silver ounces and 38 million copper pounds.
The nearby Revenue deposit has a January 2012 inferred resource. Using a 0.5 g/t gold-equivalent cutoff, the estimate shows:
- 101 million tonnes averaging 0.34 g/t gold, 3.14 g/t silver, 0.13% copper and 0.04% molybdenum for 1.12 million gold ounces, 10.19 million silver ounces, 286.87 million copper pounds and 89.61 million molybdenum pounds (or 3.66 million gold-equivalent ounces).
A Q1 2013 PEA is expected for both Nucleus and Revenue, which are open in all directions, Northern Freegold president/CEO John Burges stated. “We believe these deposits form part of a much larger continuous district-scale gold-copper system as evidenced by an eight-kilometre-long geophysical anomaly and largely coincidental gold-and-copper soil anomalies.”
The project has road access to Whitehorse, 200 kilometres southeast. Yukon’s electrical grid reaches the town of Carmacks, 70 kilometres away.
Northern Freegold stock opened January 9 at $0.12, half a cent below the previous close, then ended the day at $0.145.
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