Freegold Updates Drilling at Golden Summit, Alaska
VANCOUVER, July 26, 2011 /CNW/ --
VANCOUVER, July 26, 2011 /CNW/ - Freegold Ventures Limited (TSX: FVL,
Frankfurt: FR4N)('Freegold' or the 'Company') is pleased to provide assays from an additional 6
holes drilled in the 2011 program as well as the results from the
previously unassayed core from the 2004 program on its Golden Summit
Property, Alaska.
A total 27 holes were completed as part of the Phase 1 drill program at
Golden Summit for a total of 6,166 metres. Drilling in the 2011 program
was designed to both upgrade the resource category as well as expand
the known resource. The Dolphin Zone is located at the western edge of
the 8 km long property, and covers a 400 metre by 400 metre area.
Using a 0.3 g/t cutoff, 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.
Holes GSDC 11-33 through 11-38 were drilled in a north south fence east
of the current resource in an effort to expand the resource to the
east. These represent holes 7 - 12 of the 2011 drill program. (see map
for hole locations). Drilling confirmed the presence of above cut off
grade mineralization. Assays for holes 11-35, 37 and 38 are still
pending. Holes 11-33, 11-34, and 11-36 are reported below. Hole
GSDC11-33 stepped out both east and south.
________________________________________________
|Hole Number | From| To|Interval (m)|Au g/t|
|________________|_____|_____|____________|______|
|GSDC-11-33 (7) |162.8|173.4| 10.6| 0.48|
|________________|_____|_____|____________|______|
| |185.6|200.9| 15.3| 0.48|
|________________|_____|_____|____________|______|
|GSDC-11-34 (8) | 2.4| 19.2| 16.8| 0.38|
|________________|_____|_____|____________|______|
|GSDC-11-36 (10)| 16| 28.2| 12.2| 0.51|
|________________|_____|_____|____________|______|
| | 45| 67.8| 22.8| 0.59|
|________________|_____|_____|____________|______|
As part of the Phase 1 drill program Freegold also assayed previously
unassayed portions of drill core from the 2004 core drilling program.
Of the seven holes drilled in the area in 2004, six of the holes were
missing assays. These newly assayed intervals have expanded the
previously known mineralized intervals. Assays have now been received
for TLD-04-01, 04-03, TLD 04-04 and TLD 04-06. Assays from the
unassayed sections in holes TLD -04-05 and TLD 04-02 will be reported
as they are received.
______________________________________________
|Hole Number| From| To| Interval (m)|Au g/t|
|___________|______|_____|______________|______|
|TLD -04-01 | 34.9|164.6| 129.7| 0.87|
|___________|______|_____|______________|______|
|TLD-04-03 | 0| 18.3| 18.3| 0.57|
|___________|______|_____|______________|______|
| | 0|164.5| 164.5| 0.35|
|___________|______|_____|______________|______|
|TLD-04-04 | 0|182.9| 182.9| 0.69|
|___________|______|_____|______________|______|
|TLD-04-06 | 6.1| 35.1| 29.0| 0.33|
|___________|______|_____|______________|______|
Holes GSDC 11-39, 40, and 42 were all drilled an area where there had
been no previous drilling. These represent holes 8, 9 and 16 from the
2011 drill program. Hole 1139 was drilled 130 metres to the north east
of Hole TLD-04 -01 which was not assayed in its entirety in 2004. Hole
11-40 was drilled 70 metres east of Hole TLD-04-01 and was drilled to a
depth of 57 metres. Hole 11-42 was drilled 80 metres north east of TLD
04-01 and to a depth of 196.6 metres. More significant intercepts are
reported below.
________________________________________________
|Hole Number | From| To|Interval (m)|Au g/t|
|_______________|______|_____|____________|______|
|GSDC-11-39 (13)| 0| 32.9| 32.9| 0.56|
|_______________|______|_____|____________|______|
|GSDC-11-40 (14)| 22.6| 39.3| 16.7| 0.72|
|_______________|______|_____|____________|______|
|GSDC-11-42 (16)| 0| 32.6| 32.6| 0.5|
|_______________|______|_____|____________|______|
| | 77.6| 95.3| 17.7| 0.62|
|_______________|______|_____|____________|______|
| | 141|149.7| 8.7| 0.41|
|_______________|______|_____|____________|______|
| | 181.4|196.6| 15.2| 0.37|
|_______________|______|_____|____________|______|
Step-out drilling also was conducted along the southwestern margin of
the Dolphin resource area where encouraging results had been generated
in previous drilling. Hole TLD04-06 was drilled 150 metres south of the
presently calculated NI 43-101 Dolphin deposit resource and returned
28.9 metres grading 0.33 g/t. Previous reverse circulation drilling in
this area in 1996 interested 24.8 metres of 0.98 g/t in hole 96-26,
and 0.44 g/t over 32 metres in holes TLR96-25. Hole TLR 9626 also
contained 38 metres grading 1 g/t, including a 3 metre interval of high
grade mineralization that returned 50.7 g/t. An additional 11 holes
were drilled in this area in the 2011 program. Assays are pending.
Phase two drilling is expected to commence in early August to test other
areas on the property which have not been systematically explored. High
priority drilling areas include the Goose Creek area where historical
drilling intersected 4.0 g/t gold over 48 metres, and 29 g/t silver
over 56 metres in 1997. These intercepts are historical in nature
however were drilled under Freegold's supervision. Property wide ground
geophysical surveys are now underway in order to delineate additional
targets for the Phase 2 drilling program.
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 Curt Freeman, MSc., PGeo.
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
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Kristina Walcott-President and CEO
Telephone: 1.604.662.7307
kristina.walcott@gmail.com