Freegold Intersects 166 metres of 0.81 g/t Au at Golden Summit, Alaska
VANCOUVER, June 13, 2011 /CNW/ --
www.freegoldventures.com
VANCOUVER, June 13, 2011 /CNW/ - Freegold Ventures Limited (TSX: FVL)
(Frankfurt: FR4N) ('Freegold' or the 'Company') is pleased to provide assays for the first six holes
of drilling on its Golden Summit Property, Alaska.
25 holes have now been completed totaling 5,600 metres of a planned
7,000 metre program which represents a 2,000 metre increase from the
original 5,000 metre program. Drilling in this phase is designed both
upgrade the resource category as well as expand the known resource to
over one million ounces. Early results indicate that the existing
resource will be expanded with this phase of drilling.
The current NI 43-101 compliant resource on the Dolphin Zone completed
earlier this year is:
Total indicated resource is 7,790,000 mt @ 0.695 gpt for a total of 174,000 contained gold ounces.
Total inferred resource is 27,010,000 mt @ 0.606 gpt for a total of 526,000 contained gold ounces.
(using a 0.3 g/t cutoff)
Holes GSDC 11-1 - 11-06 were drilled within the main intrusive of the
Dolphin Zone. (Hole Location Map: http://www.freegoldventures.com/i/maps/GS11DH_PR_June9.pdf). These first six holes were designed to both expand the resource to
the south and to depth. Hole GSDC-11-06 was drilled to a depth of 452
metres and was a step out 60 metres to the southwest of hole TLD98-01
which was previously the deepest hole on the property. Hole TLD 98-01
was vertical hole drilled to a depth of 315 metres. Hole TLD 98-01
intersected 161 metres from 11 metres to 172 metres which average 0.65
g/t Au as well as 47 metres which averaged 1.7 g/t from 245m to 292
m.
Hole GSDC -11-06 is mineralized throughout the entire hole and remains
open to depth. The highest grade intercept was 0.81g/t Au over 166.4
metres. The bottom 19.8 metres averaged 0.79 g/t Au with the last 4.6
metres averaging 1.3 g/t Au.
___________________________________________
|Hole Number|From |To |Interval (m)|Au g/t|
|___________|_____|_____|____________|______|
|GSDC-11-01 |108.5|158.2|49.7 |0.66 |
|___________|_____|_____|____________|______|
|GSDC-11-01 |230.4|256.8|26.4 |0.47 |
|___________|_____|_____|____________|______|
| | | | | |
|___________|_____|_____|____________|______|
|GSDC-11-02 |11.6 |184.4|172.8 |0.43 |
|___________|_____|_____|____________|______|
| | | | | |
|___________|_____|_____|____________|______|
|GSDC-11-03 |71.0 |125.9|54.9 |0.82 |
|___________|_____|_____|____________|______|
| | | | | |
|___________|_____|_____|____________|______|
|GSDC-11-04 |50.0 |110.5|60.5 |0.73 |
|___________|_____|_____|____________|______|
| | | | | |
|___________|_____|_____|____________|______|
|GSDC-11-05 |169.0|194.0|26.0 |0.50 |
|___________|_____|_____|____________|______|
| | | | | |
|___________|_____|_____|____________|______|
|GSDC-11-06 |0 |452.0|452.0 |0.68 |
|___________|_____|_____|____________|______|
|including |11.6 |178.0|166.4 |0.81 |
|___________|_____|_____|____________|______|
|including |226.8|452.0|225.2 |0.72 |
|___________|_____|_____|____________|______|
In addition to the Phase 1 drill program Freegold also assayed
previously unassayed portions of drill core from the 2004 program.
Assay results are pending.
Upon completion of the Phase 1 program the Company will undertake
property wide ground geophysical and geochemical surveys in order to
delineate additional targets for a planned fall drilling program. One
of the areas to be evaluated is the Goose Creek area where historical
drilling intersected 4.0 g/t gold over 48 metres, and 29 g/t silver
over 56 metres. No drilling has been completed in this particular area
since 1997. These intercepts are historical in nature and were drilled
under Freegold's supervision.
ALS Chemex was used to analyze core samples via fire assay analysis for
gold plus multi element ICP-AES and ICP-MS analysis using 4 acid
digestion. Quality control entailed insertion of blanks and standards
into the sample stream, at the rate of approximately one QA/QC sample
every tenth assay. On average all of the reported standard and blank
assay values were within an acceptable margin of error.
The Qualified Person who has reviewed the technical disclosure contained
in this release is David Adams, MSc., an independent geological
consultant.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of gold
projects in Alaska. In addition to the Golden Summit Gold Project, the
company holds a 100% lease interest in the Rob Gold Project near the
Pogo Gold Mine in the Goodpaster Mining District of Alaska and has an
exploration agreement with option to lease the Vinasale Gold project in
central Alaska where a 5,000 metre drill program is currently in
progress.
Some statements in this news release contain forward-looking
information, including without limitation statements as to planned
expenditures and exploration programs. These statements address future
events and conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the
statements. Such factors include without limitation the completion of
planned expenditures, the ability to complete exploration programs on
schedule and the success of exploration programs.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/June2011/13/c5230.html
Kristina Walcott-President and CEO
Telephone: 1.604.662.7307
kristina.walcott@gmail.com