Freegold Reports Additional Almaden Holes - Significant Moly Grades Intersected in North Zones
TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4 freegoldventures.com
VANCOUVER, July 9 /PRNewswire-FirstCall/ -
Freegold Ventures Limited -
(the 'Company') is pleased to provide assay results from an
additional 12 holes drilled as part of its 34,000-foot
resource expansion drill program currently in-progress at
the Company's 100% controlled Almaden gold project
in southwestern Idaho.
Two of the holes were located in the north part of the Main Zone to test gold mineralization in proximity to newly mapped feeder zones. The remaining ten holes were designed to in-fill the wider spaced holes and to test the eastern limits of mineralization in the smaller, lower grade North Zone. The current drilling has also started to intersect significant and more uniform quantities of molybdenum in the northern parts of the Main Zone and in the North Zone. Previous drill holes in these zones were not assayed for molybdenum historically. The Company is still evaluating the significance of these molybdenum occurrences in relation to the genesis and configuration of the gold mineralization.
Holes 692 (RC) and C-65 (core) were drilled vertically within the northwest extension of the Main Zone and provide true widths of the mineralization that is hosted within the generally flat-lying sediments. Hole 692 is located 120 feet further NNW of previously released hole C-63, which discovered a new fault at a depth of 570 feet, and which intersected resource-grade gold mineralization extending 540 feet in the hanging wall of this fault. Hole 692 appears to be located in the same structural hanging wall and the same brecciated and silicified rocks as those intersected in C-63.
Hole C-65, located in the north part of the Main Zone between two of the central feeder structures initially intersected a 45-foot thick section of clay alteration that appears to be a cap above the hydrothermal structures. Good intervals of resource-grade mineralization were intersected below this cap.
Gold mineralization in Holes 692 and C-65 extend over thicknesses in excess of 250 feet and to depths greater than 300 feet, further extending the size of the deposit which was historically drilled to only 200 feet in this area. Significant gold assays within these two holes include:
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From To Thickness Gold Grade Gold Grade
Hole Number (foot) (foot) (feet) (oz/ton) (g/tonne)
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692 65 325 260 0.026 0.88
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Including 85 235 150 0.036 1.24
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Including 145 185 40 0.049 1.69
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C65 45 315 270 0.018 0.63
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including 50 185 135 0.030 1.02
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Including 55 85 30 0.048 1.64
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Seven of the ten holes drilled in the North Zone were designed to in-fill and confirm the eastern limits of gold mineralization (RC holes 655, 670, 685, 690, 700, 701 and 703), while the remaining three were designed to in-fill areas within the zone that were historically drilled with wider spacing (RC holes 681, 702, and core hole C-77). The North Zone contains roughly 13% of the total tonnage reported in the most recent 43-101 resource calculation (March 13, 2006) with average grades 7% lower than that of the Main Zone. In general, all of the shallow in-fill holes conformed to the thicknesses and grades of nearby holes. Significant gold assays from these holes include:
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From To Thickness Gold Grade Gold Grade
Hole Number (foot) (foot) (feet) (oz/ton) (g/tonne)
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655 10 120 110 0.010 0.33
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670 10 190 180 0.020 0.69
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Including 10 125 115 0.030 1.01
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Including 10 50 40 0.036 1.23
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681 10 110 100 0.010 0.34
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685 5 155 150 0.015 0.52
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Including 5 55 50 0.021 0.70
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701 30 110 80 0.009 0.30
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702 5 210 205 0.016 0.53
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Including 20 90 70 0.024 0.80
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703 35 140 105 0.010 0.35
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The occurrence of molybdenum in both surface and underground samples has been noted since Freegold resumed active exploration work on the Almaden Project in early 2006. While drill holes in the southern and central portions of the Main Zone had encountered molybdenum in quantities in excess of 0.015% MoS(2), these occurrences generally lacked continuity from hole to hole, with higher grades generally occurring in the proximity of feeder structures. Recent drilling in the North Zone however has encountered molybdenum in quantities as high as 0.32% MoS(2) over 5-feet. Grades in the new holes typically average between 0.03% and 0.05% MoS(2) over thicknesses in the 150 to 225 foot range, with the grade of molybdenum declining with gold grades further down the hole.
The significance of this widespread molybdenum encountered both in the North Zone and in recent drilling at the northern end of the Main Zone is uncertain at this time. The molybdenum appears to have been deposited at the same time as the gold mineralization, and it is likely that the greater complexity of block faulting in the northern portions of the deposit has led to a wider dispersion of the molybdenum in this area. Significant molybdenum assays within these northern holes include:
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From To Thickness Mo Grade
Hole Number (foot) (foot) (feet) (% MoS(2))
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655 10 200 190 0.049%
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Including 15 30 15 0.100%
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670 5 200 195 0.046%
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Including 30 150 120 0.070%
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681 10 165 155 0.064%
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685 5 185 180 0.060%
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Including 30 55 25 0.176%
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690 5 150 145 0.030%
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701 30 185 155 0.031%
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702 5 205 200 0.038%
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703 25 195 170 0.039%
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C42 30 120 90 0.065%
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Including 45 70 25 0.137%
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C70 95 155 60 0.050%
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C77 0 205 205 0.031%
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The strike of the numerous feeder structures that Freegold is defining in the NW portion of the Main Zone continues to remain open to the NW. Drilling continues to focus on this 2,000 to 3,000 foot wide under-explored area. Initial drilling within the Stinking Water basin area, located 1,700 feet east of the North Zone has recently been completed and assays are pending. This area was subject to wide spaced drilling by previous operators and returned some of the highest-grade gold assays within the deposit area.
Diamond drill core and RC samples are generally analysed on five-foot intervals. All samples are shipped to ALS Chemex at its Winnemucca, NV laboratory for preparation. Pulps are shipped to ALS Chemex Laboratories in Vancouver, B.C. for analysis. Gold values are determined using fire assay techniques with AA finish and multi element analysis using ICP-AES with aqua regia 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 and Alaska. 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 undertaking new economic evaluations in 2007. Drilling at depth and to the north and south of the known mineralization is continuing to identify new extensions to the deposit. Freegold is also discovering new high-grade veins and bulk tonnage shear zones in its 25,000-foot drill program at its Golden Summit project outside Fairbanks, Alaska. A 10,000-ton bulk sample collected in the fall of 2006 was successful in uncovered numerous zones of high-grade surface gold mineralization. Pending permit completion, on-site processing of this bulk sample material plus additional high-grade surface mineralization is expected to commence in late summer 2007. Freegold has also recently optioned the Vinasale Gold Deposit in Alaska, from Doyon, Limited. Geophysical, mapping and sampling programs 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: Kristina Walcott -
VP Corporate Development,
(604) 685-1870,
1-800-667-1870,
jkw@freegoldventures.com
SOURCE Freegold Ventures Limited
Source: PR Newswire (July 9, 2007 - 9:01 AM EST)
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CONTACT:
Kristina Walcott, VP Corporate Development,
(604) 685-1870,
1-800-667-1870,
jkw@freegoldventures.com
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