North Country Gold Clarifies Technical Disclosure
23.03.2013 | The Newswire
March 22, 2013, Edmonton, Alberta - North Country Gold Corp. (NCG: TSX-V; NCGDF: OTCQX) ("North Country" or the "Company") today announces that the Company has completed a review of technical disclosure contained on its website and investor presentation materials disseminated on or about January 30 and 31, 2013 in conjunction with the AMEBC Mineral Exploration Roundup (the "Roundup") held in Vancouver, British Columbia. Pursuant to this review, the Company wishes to clarify and/or retract certain of its disclosure on its Three Bluffs Project in Nunavut.Resource disclosure as set out in the table below was included on the Company's website and investor presentation materials, along with unclassified depictions of total tonnes of mineralization and total contained ounces at various cut-off grades, which incorrectly combined inferred and indicated resources. These depictions were developed for planning and comparison purposes in consideration of the exploration potential for the mineralized envelope of the project and were not intended to disclose a material change in the resource estimate for the Three Bluffs Project.
In particular, on Slide 14 of the slide deck from these materials, reference was made to a global block model estimate of tonnes and grade using 0.50 grams gold per tonne as a block cut-off. Although this figure was derived from data underlying sensitivity tables contained in the Company's current independent technical report, these unclassified depictions were not in accordance with NI 43-101 and should not be misconstrued as a material change in the resource estimate. Therefore, the Company hereby retracts its previous disclosure in Slide 14 and advises the public not to rely on these estimates. The Company has amended its presentation slide deck as follows: removal of unclassified totals from Slide 13 entitled "Three Bluffs 43-101 Resource Estimate - April 2012" and removal of Slides 14 and 15 entitled "Global Block Model" and "Three Bluffs - High Grade Resource".
Further, the Company's website included a table disclosing the "Top Ten Drill Holes" from the Three Bluffs Project which ranked previously disclosed drill results in terms of a grade thickness calculation using intercept widths rather than true thickness. Although the primary disclosure of drill results did not include grade thickness and this calculation was utilized only as an informal ranking method for comparison purposes, the use of intercept widths is potentially misleading in that it may overstate the actual grade thickness relative to estimates of true thickness. Therefore, the Company has removed the table from its website.
For greater clarity, the Company's NI 43-101 disclosure of indicated and inferred resources for the potential pit and underground deposits of the Three Bluffs Project as set out in the table below is supported by an independent technical report prepared for the Company by Roscoe Postle Associates Inc. dated May 18, 2012 and filed on SEDAR, which is not affected by these retractions and remains unchanged.
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|MINERAL RESOURCES AS OF DECEMBER 2011 |? |? |
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|North Country Gold Corp. - Three |? |? |? |
|Bluffs Project | | | |
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|? |? |? |? |? |? |
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|Class |Type |Cut-Off |Tonnes |Gold Grade|Contained|
| | | | | |Gold |
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|? |? |(g/t) |(000 t) |(g/t Au) |(oz Au) |
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|Indicated |Open Pit |1.35 |?3,600 |?4.81 |?557,000 |
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|? |Underground |2.50 |?695 |?5.43 |?121,000 |
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|? |? |? |? |? |? |
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|? |TOTAL |? |?4,300 |?4.90 |?678,000 |
| |?INDICATED | | | | |
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|Inferred |? |? |? |? |? |
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|? |Open Pit |1.35 |?1,000 |?5.24 |?169,000 |
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|? |Underground |2.50 |?3,530 |?5.81 |?660,000 |
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|? |TOTAL INFERRED|? |?4,530 |?5.69 |?829,000 |
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Investors should continue to rely upon the Company's NI 43-101 resource disclosure as set out in the table above and referenced in its independent technical report dated May 18, 2012 filed on SEDAR. The Company is continuing to review all technical disclosure and will add footnote references where appropriate to encourage investors to view the relevant supporting information as required by sections 3.2 to 3.5 of NI 43-101.
About orth Country Gold Corp.
North Country controls the gold-rich Committee Bay Greenstone Belt located 180km northeast of the of Agnico Eagle's Meadowbank gold mine in Nunavut Canada. It is one of the largest under-explored greenstone belts in Canada with numerous drill-ready high-grade gold targets. The Company holds a 100% interest in 483,564 acres along the 300km long belt and has identified 5 distinct exploration centres with multi-ounce over multi-metre gold drill intercepts. North Country operations are currently focused on advancement of the Three Bluffs deposit, which is geologically comparable, with similar grades, type of mineralization and age, to the Meadowbank and Meliadine gold deposits.
About Three Bluffs Gold Deposit
North Country holds a 100% interest in the Three Bluffs Gold Deposit, which is a structurally controlled lode gold system hosted within oxide facies iron formation and greywackes. Gold mineralization has been drill tested at shallow levels along a strike length of 4.1 kilometres and remains open along strike and at depth. The deposit has been extensively drilled over the easternmost 1.3 kilometres of the trend, reaching depths of 300 metres below surface. During 2012, North Country completed 7,005 metres of diamond core drilling in twelve holes in the eastern part of the deposit, extending the mineralized envelope to depths of 500 metres below surface with mineralization remaining strong and open to depth. The Three Bluffs deposit currently hosts a NI 43-101 compliant resource of 4.30 Mt at 4.90 g/t gold for 678,000 oz gold (indicated) and 4.53Mt at 5.69 g/t gold for 829,600 oz gold (inferred). Drilling results from 2012 are expected to increase the underground, inferred resource of the deposit.
North Country Gold Corp. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property. The content of this news release and the Company's technical disclosure has been reviewed and approved by Peter Kleespies, M.Sc., P.Geol., who is the Qualified Person as defined by NI 43-101 Standards of Disclosure for Mineral Projects. A detailed description of North Country Gold Corp.'s QA/QC program is provided on the Company's website at www.northcountrygold.com.
On behalf of the Board North Country Gold.
/s/"John Williamson"
For more information on North Country Gold
www.northcountrygold.com
Brian Budd, Corporate Secretary & VP of Corporate Development
Email: brianb@northcountrygold.com
Tel: 604-697-2861
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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