Freegold Ventures Ltd.

Published : March 29th, 2007

Drilling Delineates Surface Bulk Tonnage Gold Mineralization Over 620 Foot Widths at Golden

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Keywords :   Fort Knox | Freegold | Gold | Gold Mine | Idaho | Knox |

Freegold Ventures Limited
News Release

March 29, 2007

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. 

March 29, 2007 (Vancouver, BC) - 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)

click on map to view in high resolution

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. 

* 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:

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.

For further information: Investor Relations: 1.800.667.1870 

2303 West 41st Avenue, Vancouver, BC

The Toronto Stock Exchange has neither approved nor disapproved the contents of this news release. CUSIP: 45953B107

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.  This email should not be construed as an offer to buy or sell securities of Freegold Ventures Limited.

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Freegold Ventures is a gold producing company based in Canada.

Freegold Ventures holds various exploration projects in Canada.

Its main asset in production is GOLDEN SUMMIT (NEWSBOY) in USA, its main asset in development is ALMADEN in USA and its main exploration properties are GOLDEN SUMMIT in USA and VINASALE, PGM A, DUKE COPPER and ROB - FREEGOLD in Canada.

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Financings of
6/29/2007Closes Private Placement with Rob McEwen and Sprott Asset Ma...
Nominations of
11/5/2007Appoints Manz and Knight as Directors, Medd as Chairman
Project news of
9/16/2008(Rob - Freegold)Continues to Extend High-Grade Mineralization at Rob with 4....
4/28/2008(Golden Summit)In-Fill Drilling Confirming Continuity of Gold Zones in West...
4/23/2008(Golden Summit)Intersects New High Grade Structures (2 m of 54 g/t Gold) an...
3/13/2008(Almaden)Step-Out Drilling Continues to Intersect New Gold/Moly Occur...
3/4/2008(Golden Summit) Commences Systematic Deeper Core Drilling at Golden Summit
2/27/2008(Golden Summit) Commences 40,000 foot Phase 2 Expansion Drill Program at G...
1/30/2008(Almaden)Extends Southern Almaden Gold/Moly Mineralization
11/21/2007(Golden Summit) Golden Summit Drilling Widens Gold Zone to the West
10/29/2007(Tolovana) Drilling Intersects 28.5 g/t Over 9 feet On Golden Summit T...
10/11/2007(Rob - Freegold) Drilling Hits High-Grade Gold at Rob -- 29 g/t Over 4 m
10/4/2007Drilling Intersects 25 g/t Over 9 feet in Further Golden Sum...
9/27/2007(Almaden)Drilling Continues Almaden Expansions -- Phase 2 Drilling Un...
8/30/2007(Rob - Freegold)Completes Initial Drill Program on High-Grade Rob Property T...
7/31/2007(Golden Summit)Drilling Hits 50.2 g/t, 34.8 g/t, and 21.9 g/t Au in Signifi...
6/11/2007Intersects More Gold Bearing Structures in 2,300 Foot Step-o...
6/5/2007(Golden Summit)Drilling (Fence 5) Continues to Extend Gold Mineralization a...
5/31/2007(Almaden)Drilling Continues to Intersect Deeper, Higher-Grade Gold Mi...
5/24/2007(Golden Summit)Drilling Continues to Intersect High Grade Veins at Golden S...
4/26/2007(Golden Summit)Drilling Intersects New Golden Summit Vein -- 23.4 g/t Au ov...
4/10/2007(Grew Creek)Assessing New Grew Creek Models Following Uranium Discovery
Corporate news of
2/23/2009Receives Additional Bridge Loan Extensions
1/14/2009Financing Update
7/25/2008Golden Summit Bulk Sampling article -
10/18/2007BTV-Business Television features Freegold Ventures
9/13/2007Completes Commissioning of Golden Summit Processing Plant
9/6/2007Commences Vinasale Exploration Programs
7/18/2007Completes Construction of 1,200 Ton/Day Portable Gravity Pro...
7/16/2007Receives Final Permits for Commencement of Gold Processing O...
7/11/2007Hits 34.0 g/t and 22.7 g/t at Surface in Golden Summit Fence...
7/9/2007Reports Additional Almaden Holes -- Significant Moly Grades ...
6/18/2007Rob McEwen and Sprott Asset Management to Invest $6.21 milli...
3/29/2007Drilling Delineates Surface Bulk Tonnage Gold Mineralization...
3/6/2007advances Almaden, Looks to Convert Ounces and Skeptics - art...
3/2/2007Options Vinasale Gold Deposit, Alaska
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