GGC looked real good today!
BUT LOOK AT ITF'S drill hole near Fiarbanks Alaska up .12
Freegold Ventures Ltd (C-ITF) - News Release
Freegold trenches 85 ft of 1.01 oz Au at Golden Summit
2006-08-16 15:02 ET - News Release
Shares issued 38,781,771
ITF Close 2006-08-15 C$ 0.42
Mr. Steve Manz reports
FREEGOLD TRENCHING INTERSECTS 85 FEET @ 34.8 G/TONNE (1.01 OZ/TON) GOLD OVER 5 FOOT WIDTHS AMONG NEW HIGH GRADE VEINS
Freegold Ventures Ltd. is releasing final assays from its June, 2006, trenching program at its Golden Summit project outside Fairbanks, Alaska. Assays now confirm the high-grade nature of these newly discovered vein systems immediately east and south of the historic Cleary Hill underground mine.
A total of 2,200 feet of trenching was completed in two areas. Trenching to the east (BST0601 to BST0610) was designed to test for the eastern extension of the historic high-grade Cleary Hill underground mine, while trenching to the west (WC0601 to WC0606 and CL0601 to CL0603), carried out 1,000 feet to the south of the Cleary Hill mine, was designed to further delineate a number of high-grade veins and shear zones encountered in the October, 2005, program.
Trenching commenced at the old Beistline shaft (1,300 feet southeast of the Cleary Hill mine). A 12- to 25-foot-wide shear zone was uncovered and samples were taken along the 256-foot strike length of the most prominent quartz vein (BST0601, BST0603 and BST0605). The quartz veining averaged between four and 18 inches in width and longitudinal assays averaged 39.58 grams per tonne (1.15 ounces per ton) over 185 feet and included a higher-grade zone grading 83.4 grams per tonne (2.4 ounces per ton) over a 75-foot interval. Assays from the trenches which intersected the shear zone at right angles included five feet at 25.3 grams per tonne (0.74 ounce per ton) and five feet at 30.7 gram per tonne (0.90 ounce per ton).
SIGNIFICANT TRENCH AND GRAB SAMPLE ASSAYS -- TAKEN ALONG STRIKE
OF THE CLEARY HILL EAST EXTENSION
Sample Gold Gold
From To width Sample grade grade
Trench (ft) (ft) (ft) Sample type (g/t) (oz/t)
BST0601 0 5 5 Trench 6.65 0.19
BST0601 10 15 5 Trench 4.87 0.14
BST0601 15 20 5 Trench 16.90 0.49
BST0601 40 45 5 Trench 36.50 1.07
BST0601 45 50 5 Trench 42.20 1.23
BST0601 55 60 5 Trench 19.50 0.57
BST0601 20 Grab 57.00 1.66
BST0601 23 Grab 64.20 1.87
BST0601 28 Grab 7.36 0.22
BST0601 29 Grab 5.79 0.17
BST0601 30 Grab 39.60 1.16
BST0601 30 Grab 42.60 1.24
BST0601 45 Grab 12.90 0.38
BST0603 15 20 5 Trench 6.15 0.18
BST0603 20 25 5 Trench 14.10 0.41
BST0603 25 30 5 Trench 10.75 0.31
BST0603 30 35 5 Trench 60.20 1.76
BST0603 35 40 5 Trench 55.90 1.63
BST0603 40 45 5 Trench 129.00 3.76
BST0603 45 50 5 Trench 176.50 5.15
BST0603 50 55 5 Trench 42.40 1.24
BST0603 65 70 5 Trench 101.50 2.96
BST0603 70 75 5 Trench 255.00 7.44
BST0603 75 80 5 Trench 239.00 6.97
BST0603 80 85 5 Trench 149.50 4.36
BST0603 85 90 5 Trench 6.94 0.20
BST0603 19 Grab 50.70 1.48
BST0603 39 Grab 17.00 0.50
BST0605 10 15 5 Trench 55.30 1.61
BST0605 30 35 5 Trench 17.70 0.52
BST0605 30 Grab 49.40 1.44
Additional delineation of the structure was conducted by a series of cross trenches spaced roughly 150 to 200 feet apart (BST0606, BST0607, BST0609 and BST0610). The cross trenches traced the strike length of the shear an additional 1,000 feet to the northwest, with the final cross trench (BST0610) encountering the shear zone along strike and within 300 feet of the Banker's Stope, the highest grade and most productive ore shoot within the Cleary Hill mine.
SIGNIFICANT TRENCH AND GRAB SAMPLE ASSAYS -- CLEARY HILL
Sample Gold Gold
From To width Sample grade grade
Trench (ft) (ft) (ft) Sample type (g/t) (oz/t)
BST0606 10 15 5 Trench 1.64 0.05
BST0606 50 55 5 Trench 9.32 0.27
BST0606 54 Grab 33.90 0.99
BST0607 20 25 5 Trench 1.17 0.03
BST0607 30 35 5 Trench 1.83 0.05
BST0607 45 50 5 Trench 2.50 0.07
BST0607 7 Grab 12.30 0.36
BST0607 7 Grab 312.00 9.10
BST0607 32 Grab 5.30 0.16
BST0607 33.5 Grab 14.90 0.44
BST0609 75 80 5 Trench 6.02 0.18
BST0609 23 Grab 53.40 1.56
BST0609 24 Grab 50.50 1.47
BST0610 475 480 5 Trench 12.10 0.35
BST0610 168 Grab 6.32 0.19
BST0610 169 Grab 7.21 0.21
BST0610 170 Grab 4.59 0.13
BST0610 391 Grab 57.90 1.69
BST0610 480 Grab 13.05 0.38
South of the Cleary Hill mine, approximately 900 feet of trenching was completed to further delineate the high-grade veins discovered at surface last fall. Three small cross trenches tested the continuity of the Colorado vein, the northernmost vein in the swarm. Although trenching activities in this area were hampered by frozen ground conditions, grab sample assays included 16.25 grams per tonne (0.47 ounce per ton) and 13.75 grams per tonne (0.4 ounce per ton) in trench CL0601 and 30 grams per tonne (0.88 ounce per ton) in trench CL0603.
Trenching on strike of the Wackwitz vein (WC0603), with five-foot-long samples taken perpendicular to the strike every five feet, returned consistent high-grade assays averaging 16.4 grams per tonne (0.48 ounce per ton) over 235 feet, with the highest grade 50-foot section averaging 53.1 grams per tonne (1.5 ounces per ton) over 50 feet. The vein averages between five to 10 inches in width and is easily identifiable due to its uniquely banded grey and white quartz texture and continuous nature.
SIGNIFICANT TRENCH AND GRAB SAMPLE ASSAYS -- WACKWITZ VEIN TRENCH SAMPLES
Sample Gold Gold
From To width Sample grade grade
Trench (ft) (ft) (ft) Sample type (g/t) (oz/t)
WC0603 0 5 5 Trench 3.44 0.10
WC0603 5 10 5 Trench 26.40 0.77
WC0603 10 15 5 Trench 104.00 3.03
WC0603 15 20 5 Trench 5.46 0.16
WC0603 20 25 5 Trench 163.50 4.77
WC0603 25 30 5 Trench 4.75 0.14
WC0603 30 35 5 Trench 3.03 0.09
WC0603 40 45 5 Trench 143.50 4.19
WC0603 45 50 5 Trench 36.60 1.07
WC0603 50 55 5 Trench 42.80 1.25
WC0603 65 70 5 Trench 13.65 0.40
WC0603 70 75 5 Trench 27.40 0.80
WC0603 75 80 5 Trench 7.18 0.21
WC0603 80 85 5 Trench 8.40 0.25
WC0603 130 135 5 Trench 3.25 0.10
WC0603 175 180 5 Trench 9.16 0.27
WC0603 185 190 5 Trench 79.60 2.32
WC0603 195 200 5 Trench 8.13 0.24
WC0603 225 230 5 Trench 22.00 0.64
WC0603 230 235 5 Trench 41.50 1.21
WC0603 3 Grab 5.35 0.16
WC0603 50 Grab 105.50 3.08
WC0603 89 Grab 7.22 0.21
Fifty feet to the south and parallel to the Wackwitz vein, a new shear zone was discovered in trenches WC0601 and WC0602. Although lower grade than the other exposed veins and shear zones, this shear exhibited good consistency in the one to five grams per tonne range. Although the shear zone was often wider than the 15-foot widest part of the trench, composite samples were limited to 10 feet in length, taken every 10 feet perpendicular to the strike of the shear zone. Over its 150-foot length, trench WC0602 averaged 2.2 grams per tonne (0.064 ounce per ton) and trench WC0601, located along the same structure, assayed 2.3 grams per tonne (0.067 ounce per ton) over 70 feet.
Fifty feet north of the Wackwitz vein and perpendicular to the strike of the vein swarm, WC0605 assayed 11.5 grams per tonne (0.34 ounce per ton) over 10 feet with grab samples of 31.9 grams per tonne (0.93 ounce per ton) and 38.1 grams per tonne (1.11 ounces per ton), confirming that additional veins remain to be discovered and delineated within this area.
Based upon the success of this program, Freegold will be commencing further work in September and October. Work will include approximately 2,500 feet of supplemental trenching aimed at continued delineation of high-grade veins and shear zones that remain open along strike, along with bulk sampling of the areas outlined in trenches BST0603, WC0602 and WC0603. The bulk-sampling program will involve the collection, crushing, screening and sampling of approximately 10,000 tons of surface vein material for grade confirmation and for cash flow generation purposes.
A total of 410 trench samples were collected using five- and 10-foot sample intervals, along with 112 grab samples. All samples were prepared by Alaska Assay Laboratories in Fairbanks, Alaska, and pulps were submitted to ALS Chemex Labs in North Vancouver, B.C., for gold via fire assay analysis plus multi-element ICP-AES and ICP-MS analysis using four acid digestion.
The qualified person for this release is Michael P. Gross, MS, PGeo, vice-president, exploration, Freegold Ventures Ltd.
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