Drilling Expected to Start January
2013
TSXV: GGE
VANCOUVER, Nov. 8, 2012 /CNW/ - Great Northern Gold
Exploration Corporation, ("Great Northern Gold" or the "Company")
announced today that it is updating its exploration program to
include approximately 2,000 metres of drilling on the Wekusko Gold
Property expected to commence in January
2013.
The exploration budget set out in the Company's
prospectus dated September 13, 2012
and filed on SEDAR remains unchanged but has been re-allocated
based on analysis of new mobile metal ion ("MMI") geochemistry data
coupled with previous geological and geophysical work completed on
the Wekusko Gold Property. The Company now has data from
1,645 MMI geochemical samples on three grids. Prior to the drill
program, the Company will conduct infill MMI geochemistry to
further refine drill targets.
The drilling program of approximately 2,000
metres is expected to comprise about 20 to 30 drill holes.
Approximately two drill holes are planned to test gold targets on
the Elizabeth - Dauphin MMI grid, located approximately 2
kilometres northeast of the past producing Rex-Laguna gold mine.
The remainder of the drill program will test numerous gold targets
on the one kilometre by three kilometre (1km x 3km) McCafferty
Grid. The McCafferty gold-bearing quartz vein is exposed on the
grid in a series of trenches and two shafts over a strike length of
350 metres. To date a 1,145 MMI soil sample survey has been
completed and was successful in locating the McCafferty vein,
identifying a number of new anomalies trending parallel or
sub-parallel to the McCafferty vein, and a number of additional
multi-line, multi-element anomalies. All drill targets are selected
based on multidisciplinary techniques including geological mapping,
MMI geochemistry, and access to data from previous work including
ground and airborne EM geophysics.
The Company's drill program is targeting the
potential for larger tonnage epigenetic mesothermal gold deposits
located in shear zones below the glacial till cover. The winter
program allows for lower drilling costs as equipment and supplies
can be transported across the frozen Wekusko Lake to the Wekusko
Gold Property, instead of being mobilized by helicopter to the
site.
"After further analysis of all the data, we are
confident that the best way to add value to the Wekusko Gold
Property is by drill testing the strong MMI geochemical anomalies
associated with the McCafferty vein and adjacent shear zone
structures," said Mr. Kim
Oishi, President and CEO of Great Northern Gold. "We
are very pleased that we can take advantage of winter conditions to
mobilize from the mining town of Snow
Lake, the home of the New Britannia Mine that produced some
1.5 million ounces of gold."
As set out in the Company's NI 43-101 Technical
Report dated May 12, 2012 and filed
on SEDAR, the Wekusko Gold Property hosts historic and recent
discoveries of moderate to high grade gold mineralization in near
surface quartz veins. Prospecting and geochemical work north
of the high grade Ferro and Rex
Laguna trending belts indicate potential for Snow Lake/Britannia type of larger tonnage, lower grade
deposits. To date the New Britannia deposit has produced
1,428,290 ounces of gold recovered from 12,124,449 tons milled for
a recovery grade of 0.117 oz/ton.
Daniel Ziehlke,
VP of Exploration for Great Northern Gold, is the Company's
Qualified Person under the definition of NI-43-101, and has
reviewed this press release for accuracy and compliance with NI
43-101. Information relating to adjacent properties has not been
verified by Great Northern Gold and is not necessarily indicative
of the mineralization on the Wekusko Gold Property. The Wekusko
Gold Property is an early-stage mineral property and does not
contain a resource defined by NI 43-101.
About Mobile Metal Ion (MMI™)
Geochemistry
MMI geochemistry technology is owned by SGS
(www.sgs.com/geochem), a leading inspection, verification, testing
and certification company. According to SGS, Mobile Metal Ion
(MMI™) geochemistry is a proven advanced geochemical exploration
technique known to find mineral deposits. It is especially well
suited for deeply buried mineral deposits. MMI measures metal ions
that travel upward from mineralization to unconsolidated surface
materials such soil, till, sand and so on. These mobile metal ions
are released from mineralized material and travel upward toward the
surface. Using careful soil sampling strategies, sophisticated
chemical ligands and ultra sensitive instrumentation, SGS is able
to measure these ions. After interpretation, MMI data can
indicate anomalous areas. Please see the SGS website
www.sgs.com/geochem for more details and case studies.
About Great Northern Gold Exploration
Corporation
Great Northern Gold is a gold exploration company operating in
Northern Canada and has an option
to earn a 100% undivided interest in the property known as the
Wekusko Property located 23 kilometres southeast of Snow Lake, Manitoba and comprising 55 mineral
claims totaling approximately 8,880 hectares. Great Northern Gold
has also entered into a Property Option Agreement to earn a 100%
undivided interest in the property known as the Ferro Mine Property
located 23 kilometres southeast of Snow
Lake, Manitoba and east of Wekusko Lake, Manitoba.
Capitalization:
Number of common shares outstanding: 22,220,867
Number of fully diluted shares outstanding: 24,507,533
STATEMENTS IN THIS PRESS RELEASE REGARDING THE
COMPANY'S BUSINESS WHICH ARE NOT HISTORICAL FACTS ARE
"FORWARD-LOOKING STATEMENTS" THAT INVOLVE RISKS AND UNCERTAINTIES,
SUCH AS ESTIMATES AND STATEMENTS THAT DESCRIBE THE COMPANY'S FUTURE
PLANS, OBJECTIVES OR GOALS, INCLUDING WORDS TO THE EFFECT THAT THE
COMPANY OR MANAGEMENT EXPECTS A STATED CONDITION OR RESULT TO
OCCUR. SINCE FORWARD-LOOKING STATEMENTS ADDRESS FUTURE EVENTS AND
CONDITIONS, BY THEIR VERY NATURE, THEY INVOLVE INHERENT RISKS AND
UNCERTAINTIES. ACTUAL RESULTS IN EACH CASE COULD DIFFER MATERIALLY
FROM THOSE CURRENTLY ANTICIPATED IN SUCH STATEMENTS. THE COMPANY
DOES NOT ASSUME ANY OBLIGATION TO UPDATE OR REVISE EVENTS OR
CIRCUMSTANCES UNLESS REQUIRED BY APPLICABLE SECURITIES LAWS.
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.
SOURCE Great Northern Gold Exploration Corporation