Northern Freegold Resources Ltd. (NFR) was formed in 2006 on the consolidation of a 100% owned 200 square kilometer land package known as the Freegold Mountain Project, near Carmacks, Yukon. The project is road accessible and 30 km from the electricity grid.
Northern Freegold has two adjacent multimillion ounce gold deposits, Nucleus and Revenue, which lie on a 10 km geophysical anomaly with largely coincidental significant gold and copper soil anomalies. Resources have grown by 700% over four years. The Company recently updated its NI 43-101 resource estimate at Nucleus and completed its first Preliminary Economic Assessment for Nucleus and Revenue, demonstrating the potential economic viability of a new gold with copper and molybdenum mine on the property. The PEA projects a pre-tax NPV of $614.8 million with an IRR of 23.4% at a 5% discount rate using three year trailing average prices of US $1455 per oz gold, US$3.65 per oz copper, US$14 per lb molybdenum (using >3 year trailing average), and US$27.55 per oz silver. The average Life of Mine cash cost of gold (net of by-products) is $399 per oz.
The gold resource at Nucleus contains 1.31 million ounces (@0.567 g/t in the Indicated) and 801,235 ounces (0.41 g/t) in the Inferred category. The adjacent Revenue deposit contains 1.1 million Inferred ounces of gold (@0.34 g/t), 287 million lbs of copper (@0.13%), and 90 million lbs of molybdenum (@0.04%). Both deposits are open to depth and in all directions indicating potential for further resource growth. Multiple higher grade exploration targets have been identified on the property.
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