North Country Completes Technical Report for Resource Estimate
23.05.2012 | The Newswire
May 23, 2012, Edmonton, Alberta - North Country Gold Corp. (NCG: TSX-V) (NCG or the "Company") announced today the completion of the technical report for the previously announced Three Bluffs Gold Project resource update. The detailed 43-101 technical report was filed on SEDAR on May 18, 2012.Table 1. Three Bluffs Resource Estimate (effective Dec 31, 2011)
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|Open Pit- Three Bluffs Inside Whittle Shell |
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|Classification |Grade Cut-off|Tonnage |Au |Au |
| |g/t |tonnes |g/t |ounces |
|------------------------------------------------------------------|
|Indicated |1.35 g/t |3,600,000|4.81 |557,000 |
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|Inferred |1.35 g/t |1,000,000|5.24 |169,000 |
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|? |? |? |? |? |
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|Underground - Three Bluffs Outside Whittle Shell |
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|Classification |Grade Cutoff |Tonnage |Au |Au |
| |g/t |tonnes |g/t |ounces |
|------------------------------------------------------------------|
|Indicated |2.50 g/t |695,000 |5.43 |121,000 |
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|Inferred |2.50g/t |3,530,000|5.81 |660,000 |
|------------------------------------------------------------------|
|? |? |? |? |? |
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|Total Three Bluffs |? |Tonnage |Au |Au |
|Resource | |tonnes |g/t |ounces |
|? | | | | |
|------------------------------------------------------------------|
|? |? |? |? |? |
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|Total Indicated OP+UG |? |4,300,000|4.90 |678,000 |
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|Total Inferred ? OP+UG|? |4,530,000|5.69 |829,000 |
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A summary of the resources was announced on April 4, 2012. A correction to the original resource summary table, whereby the open pit inferred and underground indicated values were inadvertently switched, has been made in the final report and is provided above. This typographical error does not affect the originally stated total indicated or total inferred resources.
Notes: Resource Estimates have been prepared by Dave Rennie, P.Eng., an independent Qualified Person with resource consultants Roscoe Postle Associates Inc. in accordance with Canadian regulatory requirements set out in NI 43-101 and CIM resource definitions.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.
Three Bluffs Gold Deposit
The Three Bluffs gold project is a structurally controlled lode gold system hosted within oxide facies iron formation and greywackes. The deposit currently hosts a NI 43-101 compliant resource of 4.30 Mt at 4.90 g/t gold for 678,000 ounces gold (indicated) and 4.53Mt at 5.69 g/t gold for 829,600 ounces gold (inferred). Prior to 2012, gold mineralization was drill tested at shallow levels to evaluate near surface exploration potential along a strike length of 4.1 kilometres. The eastern 1.3 kilometres of the trend is currently the focus of exploration for deeper, high-grade resources. Recent drilling has reached depths of 500 metres below surface with mineralization remaining strong and open to depth. Geological modeling of the Three Bluffs gold system has identified several controls on high-grade mineralization including steep east plunging shoots and shallow east plunging fold hinges within iron formation. In 2010, NCG completed a Quantec Titan 24 geophysical survey over the Three Bluffs project which indicated that known gold zones at shallow to intermediate depths displays an excellent correlation with DC-resistivity lows. These resistivity lows extend to least 500 metres depth over much of the surveyed area, and recent deep drilling at Three Bluffs has confirmed the spatial association of the DC resistivity lows with gold mineralization persists to depth.
Peter Kleespies, M.Sc., P.Geol., is the Company's Qualified Person as defined by National Instrument 43-101. Mr. Kleespies is responsible for the accuracy of the technical information in this news release.
On behalf of the Board North Country Gold Corp.
/s/"John Williamson"
For more information
North Country Gold Corp.
Brian Budd, Corporate Secretary & Vice President of Corporate Development
Tel: 604-697-2861
Email: brianb@northcountrygold.com
www.northcountrygold.com
Neither the 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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward-looking statements. Although the company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com
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