Drill News..GS Looking like Fort Knox!!!! -
Freegold Drilling Delineates Surface Bulk Tonnage Gold
Mineralization Over 620 Foot Widths at Golden Summit
------------------------------------------------------------------------- - 93 shallow holes (4,700') identify gold grades comparable
to nearby Fort Knox Mine over 620-foot width of drilling. -
One line of close spaced holes returns 0.7 g/t (0.02 oz/ton)
over 620 foot N-S width, with a 300 foot section
grading 1.02 g/t (0.03 oz/t) - the zone remains open
in all directions, with the first and last hole in
one line grading 1.9 and 1.1 g/t over 51-foot hole depths. -
Phase 2 - 20,000 ' drill program underway to further
delineate bulk tonnage material in the Cleary Hill area.
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TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4
freegoldventures.com
VANCOUVER, March 29 /PRNewswire-FirstCall/ -
Freegold Ventures Limited -
(the 'Company') is pleased to announce initial drill results
from its 4,700-foot Phase 1 shallow drilling program at
its Golden Summit Project outside Fairbanks, Alaska.
This program, which is the first systematic drilling for
bulk-tonnage gold mineralization conducted on the property,
has successfully identified broad zones of gold
mineralization over the entire 620-foot width of
the drilled area.
The width of this zone remains open to the north and south,
and gold grades intersected within the zone are comparable
to those currently being mined at the neighboring
Fort Knox Mine.
Based on the success of this first Phase,
Freegold has commenced Phase 2 of the program
which involves an additional 20,000 feet of drilling
aimed at further outlining bulk tonnage mineralization
in the Cleary Hill Mine area.
Given the large number of mineralized structures encountered in prior trenching and bulk sampling, Freegold determined the most favorable method for simultaneously identifying new structures and veins, evaluating gold grade variability, and extending the known 3,500' strike length of mineralization previously encountered in this area, was through the use of a large number of shallow, closed spaced drill holes. Gold mineralization in this area is known to extend to depths of at least 400 feet, as evidenced by prior underground mining and by wide spaced deeper drill holes in the area. As such, information gathered from the current shallow programs is expected to help determine optimal wider spaced deeper drilling patterns for future resource calculations.
Phase 1 consisted of 4,700 feet of drilling (93 holes) in 3 parallel lines, spaced 15 feet apart. Each line consisted of 31 vertical holes, located 20 feet apart, with holes in the centre line offset ten feet to the south of those in the Lines 1 and 3. Given the general 65-degree south dip to the structures in this area, a drill depth of 51 feet was selected to be able to intercept each structure twice with the 20-foot hole spacing. The first three lines were drilled in an area between the Cleary Hill South Vein Swarm and the Cleary Hill East Extension, which were the focus of much of last year's exploration programs. (Figure 1)
The table below shows the average assay results from each hole in Phase 1. The average grade for the top 51 feet of the 620-foot wide area is 0.6 g/tonne (0.017 oz/ton). As the lines move from east to west, average gold grades of the drill lines increased by 36% (from 0.51 g/t in Line 1 to 0.70 g/t in Line 3) as the holes got closer to the Cleary Hill South Vein Swarm area. The width of the mineralization remains open to the north and south, with holes averaging 1.2 g/t and 1.9 g/ (hole 62 and 63) and 1.1 g/t (hole 93) at the ends of these fences. High-grade assays do not significantly distort the overall average grades, as only 9 of the 1,560 three-foot long assay intervals graded higher than 10 g/tonne, and none of the assays graded higher than 32 g/tonne.
- Higher-grade bulk tonnage mineralization encompassing the full 51
vertical feet drilled along individual lines includes:
- Line 1: a 260-foot wide zone averaging 0.82 g/t (0.024 oz/t) from
hole 4 to hole 16;
- Line 2: a 340-foot wide zone averaging 0.74 g/t (0.022 oz/t) from
hole 62 to 46, including 200 feet averaging 0.95 g/t (0.028 oz/t)
from hole 57 to 48; and
- Line 3: a 300-foot wide zone averaging 1.02 g/t (0.030 oz/t) from
hole 63 to 77, including 120 feet averaging 1.74 g/t (0.051 oz/t)
from hole 10 to 14
- These grades compare favorably to the 2006 average mill feed grade of
0.83 g/tonne for the Fort Knox gold mine (the largest gold mine in
Alaska, having produced 333,383 ounces of gold in 2006, and located
less than 5 miles to the south of Golden Summit) and the 0.53 g/tonne
grade of its proven and probable reserves.
Cleary Hill Area: Fence 1 Drill Results
-------------------------------------------------------------------------
Line 1 Line 2 Line 3
-------------------------------------------------------------------------
Hole Grade Hole Grade Hole Grade
Number (g/t) Number (g/t) Number (g/t)
-------------------------------------------------------------------------
1 0.200 62 1.236 63 1.883
-------------------------------------------------------------------------
2 0.297 61 0.185 64 0.291
-------------------------------------------------------------------------
3 0.218 60 0.290 65 0.684
-------------------------------------------------------------------------
4 0.447 59 0.157 66 0.785
-------------------------------------------------------------------------
5 0.447 58 0.280 67 0.390
-------------------------------------------------------------------------
6 0.460 57 0.684 68 0.476
-------------------------------------------------------------------------
7 0.225 56 0.649 69 0.740
-------------------------------------------------------------------------
8 0.539 55 0.386 70 0.467
-------------------------------------------------------------------------
9 1.148 54 0.867 71 0.280
-------------------------------------------------------------------------
10 1.591 53 0.408 72 3.018
-------------------------------------------------------------------------
11 1.561 52 1.426 73 1.327
-------------------------------------------------------------------------
12 1.566 51 1.006 74 3.027
-------------------------------------------------------------------------
13 0.278 50 1.678 75 0.506
-------------------------------------------------------------------------
14 1.907 49 0.585 76 0.846
-------------------------------------------------------------------------
15 0.190 48 1.800 77 0.557
-------------------------------------------------------------------------
16 0.499 47 0.488 78 0.233
-------------------------------------------------------------------------
17 0.117 46 0.425 79 0.211
-------------------------------------------------------------------------
18 0.168 45 0.192 80 0.230
-------------------------------------------------------------------------
19 0.347 44 0.589 81 0.296
-------------------------------------------------------------------------
20 0.024 43 0.121 82 0.198
-------------------------------------------------------------------------
21 0.056 42 0.226 83 0.086
-------------------------------------------------------------------------
22 0.103 41 0.032 84 1.389
-------------------------------------------------------------------------
23 0.096 40 0.062 85(x) 0.086
-------------------------------------------------------------------------
24 0.091 39 0.323 86 0.209
-------------------------------------------------------------------------
25(x) 0.121 38 0.112 87 0.204
-------------------------------------------------------------------------
26(x) 0.284 37 0.097 88 0.081
-------------------------------------------------------------------------
27(x) 0.593 36 0.336 89 0.534
-------------------------------------------------------------------------
28 0.310 35 0.699 90 0.415
-------------------------------------------------------------------------
29 0.933 34 0.318 91 0.465
-------------------------------------------------------------------------
30 0.586 33 0.439 92 0.606
-------------------------------------------------------------------------
31 0.456 32 0.534 93 1.128
-------------------------------------------------------------------------
Line Avg.
(g/tonne) 0.512 0.536 0.698
-------------------------------------------------------------------------
Line Avg.
(oz/ton) 0.015 0.016 0.020
-------------------------------------------------------------------------
(x)Note: all holes are 51 feet in length, except hole 25 @ 24 feet,
hole 26 @ 45 feet, hole 27 @ 45 feet, and hole 85 @ 42 feet.
Individual drill holes also showed good thicknesses of higher grade mineralization, including:
----------------------------------------------------------
Hole Number Thickness (ft) Grade (g/t) Grade (oz/t)
----------------------------------------------------------
10 15 4.46 0.130
----------------------------------------------------------
11 36 1.20 0.058
----------------------------------------------------------
14 9 7.42 0.216
----------------------------------------------------------
32 12 1.30 0.038
----------------------------------------------------------
35 18 1.24 0.036
----------------------------------------------------------
48 12 7.42 0.117
----------------------------------------------------------
52 9 5.21 0.152
----------------------------------------------------------
93 6 7.51 0.219
----------------------------------------------------------
74 12 10.81 0.351
----------------------------------------------------------
73 12 3.05 0.089
----------------------------------------------------------
72 9 10.06 0.294
----------------------------------------------------------
Based on the success of this initial drilling, Freegold has moved immediately into its Phase 2 drill program. This program is using similar shallow, close spaced drilling with both multi-line and individual line fences that will step out in 300 to 600 foot increments at various locations along the known 3,500 feet of strike length of mineralization in the Cleary Hill Mine area, along with testing further eastern and western extensions.
Drilling is being conducted with an Ingersol-Rand conventional percussion drill. Cuttings are returned up the drill hole with the use of an OEM vacuum drill cuttings collector, and are dropped from a cyclone directly into a sample bag. Samples are collected every three feet, with the drill bit being pulled off the bottom and the hole cleaned at the completion of each sample interval. Freegold maintains a geologist and sampler at the drill rig for all drilling to take and log all samples to insure that quality assurance and control procedures are in accordance with 43-101 requirements. One duplicate assay is being conducted in every drill hole and either a blank or a standard is inserted in the sample stream every 10 samples. Alaska Assay Laboratories in Fairbanks, Alaska is being used to analyse the drill cuttings for gold via fire assay analysis plus multi element ICP-AES and ICP-MS analysis using 4 acid digestion.
The Qualified Person for this release is Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited.
About Freegold Ventures Limited
Freegold Ventures Limited is a North American exploration company with a new management team experienced in mine development and production that is actively exploring advanced-stage gold projects in Idaho (Almaden) and Alaska (Golden Summit, Vinasale). Freegold holds a 100% lease interest in the Almaden gold project in Idaho. This large tonnage epithermal gold deposit was the subject of a feasibility study in 1997 calling for the development of a 95,000 oz/year open pit, heap leach mine. Freegold is currently finalizing a 34,000-foot drilling program aimed at further expanding the size of the resource prior to updating the project economics in 2007. Freegold has also discovered new high-grade veins and bulk tonnage shears in surface trenching at its Golden Summit project outside Fairbanks. A 10,000-ton bulk sample collected in the fall of 2006 will be processed in the spring of 2007, and a 25,000-foot drill program to further delineate gold mineralization within the current 1,000-foot wide by 3,500-foot long vein swarm commenced in December. In addition Freegold has recently optioned the Vinasale Gold Deposit in Alaska, from Doyon, Limited. Geophysical, mapping and sampling programs, along with metallurgical test-work will be carried out on the property in 2007.
On behalf of the Board of Directors
'Steve Manz'
Steve Manz
President and C.E.O.
The TSX has neither approved nor disapproved the contents of this news
release. CUSIP: 45953B107
DISCLAIMER
This news release contains certain 'Forward-Looking Statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Stock Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.
CONTACT: Investor Relations: (604) 685-1870, 1-800-667-1870, ir@freegoldventures.com
SOURCE Freegold Ventures Limited
Source: PR Newswire (March 29, 2007 - 11:16 AM EDT)
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