January 22, 2014, Edmonton, Alberta - North
Country Gold Corp. (NCG: TSX-V; NCGDF: OTCQX) ("North Country", "NCG" or the "Company") today announced that the company, has completed a preliminary high-level engineering
and logistics study on the Three Bluffs Gold Project, located
within Nunavut, Canada. The study was initiated by NCG to assess
potential project metrics and to assist in the development of
strategies for efficient, directed future exploration and
accelerated project development.
The study reviewed a
number of potential mining and processing scenarios for possible
future development of the Three Bluffs Gold Project including
extraction via underground mining only, or via combined open pit
and underground mining methods occurring either parallel or in
sequence. Consideration was also given to potential onsite
processing using a stand-alone gravity and/or carbon-in-leach plant
was also assessed for potential operations processing between 500
to 3000 tonnes of ore per day. Capital costs and operating costs
for each scenario were estimated using industry analogues and
global mining databases enabling the impact of cut off grades to be
assessed and potential project metrics to be calculated intended to
be considered for a planned PEA study.
Based on results of
the study and sensitivity analysis the Three Bluffs Gold Project is
more sensitive to increased grade than to increased mineralized
tonnes. North Country believes that the Three Bluffs Gold Project
is best suited to a possible medium sized operation which focusses
on coherent trends of high grade gold mineralization occurring
within the present resource.
"The results of the
high-level trade off and logistical studies has provided NCG with
invaluable information on how to focus ongoing work and fast track
the Three Bluffs Gold Project to the PEA stage and to future
development" stated John Williamson, President and CEO of North
Country Gold Corp.
The Three Bluffs gold
deposit is a structurally controlled lode gold deposit which occurs
along the 4.3 km section of the 15 km long Walker Lake trend.
Drilling along the 4.3 km section has shown this trend to be
continually mineralized. Surface sampling on undrilled portions
have returned high grade sample results over its entire length. The
potential to add additional resources along strike and below the
500m current depth of drilling is high.
Table 1. Three Bluffs
Resource Estimate, April 2013 (see press
release dated April 23, 2013)
---------------------------------------------------------------------
|Open Pit- Three Bluffs Inside Whittle Shell |
|-------------------------------------------------------------------|
|Classification |Grade |Tonnage |Au g/t |Au ounces|
| |Cut-off |tonnes | | |
| |g/t | | | |
|-------------------------------------------------------------------|
|Indicated |1.35 g/t |3,600,000|4.81 |557,000 |
|-------------------------------------------------------------------|
|Inferred |1.35 g/t |1,000,000|5.24 |169,000 |
|-------------------------------------------------------------------|
| |
|-------------------------------------------------------------------|
|Underground - Three Bluffs Outside Whittle Shell |
|-------------------------------------------------------------------|
|Classification |Grade |Tonnage |Au g/t |Au ounces|
| |Cut-off |tonnes | | |
| |g/t | | | |
|-------------------------------------------------------------------|
|Indicated |2.50 g/t | |5.46 |126,000 |
| | | 716,000 | | |
|-------------------------------------------------------------------|
|Inferred |2.50 g/t |4,520,000|5.48 |796,000 |
|-------------------------------------------------------------------|
| |
|-------------------------------------------------------------------|
|Total Three Bluffs Resource| |Tonnage |Au g/t |Au ounces|
| | |Tonnes | | |
|-------------------------------------------------------------------|
|Total Indicated OP+UG | |4,320,000|4.91 |683,000 |
|-------------------------------------------------------------------|
|Total Inferred OP+UG | |5,520,000|5.43 |965,000 |
---------------------------------------------------------------------
Table 2. Three Bluffs Additional Mineral
Potential, April 2013 (see press release
dated April 23, 2013)
--------------------------------------------------------
|Additional Mineral Potential |
|------------------------------------------------------|
|tonnage |Grade |Contained Au |
|------------------------------------------------------|
|(tonnes) |(g/t Au) |(ounces) |
|------------------------------------------------------|
|4,500,000 to 7,500,000|3.8 to 7.3|550,000 to 1,736,000|
--------------------------------------------------------
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Additional mineral potential exists
in the down-dip extensions of the Antler, North, South and West as
current drilling in these area has encountered high-grade
intersections indicating that high grade mineralization is open to
depth.
About North
Country Gold Corp.
North Country Gold
Corp. 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 339,240 acres along the 300km
long belt and has identified 5 distinct exploration centres with
numerous high-grade 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 Lupin,
Meadowbank and Meliadine gold deposits.
On behalf of the Board
North
Country Gold.
/s/"John
Williamson"
For more information on North Country
Gold, please visit the company's website: www.northcountrygold.com or
contact:
Brian Budd
Corporate Secretary
& VP of Corporate Development
Email:
brianb@northcountrygold.com
Tel:
604-697-2861
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.
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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