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| Freegold
Ventures Limited |
| TSX:
ITF OTCBB: FGOVF FRANKFURT:
FR4 www.freegoldventures.com |
| News
Release |
March
29, 2007 |
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Freegold
Drilling Delineates Surface Bulk Tonnage Gold Mineralization
Over 620 Foot Widths at Golden Summit
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93
shallow holes (4,700') identify gold grades comparable to nearby
Fort Knox Mine over 620-foot width of drilling.
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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.
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Phase
2 - 20,000 '
drill program underway to further delineate bulk tonnage
material in the Cleary Hill area.
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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.
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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)
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click
on map to view in high resolution
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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:
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Line
1: a 260-foot wide zone averaging 0.82 g/t (0.024 oz/t) from
hole 4 to hole 16;
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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
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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.
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*
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.
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Individual
drill holes also showed good thicknesses of higher grade mineralization,
including:
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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.
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.
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On
behalf of the Board of Directors
"Steve
Manz"
Steve
Manz |
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President
and C.E.O. |
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For
further information: Investor Relations: 1.800.667.1870 |
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2303
West 41st Avenue, Vancouver, BC |
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www.freegoldventures.com
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The
Toronto Stock Exchange 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. This email should not be construed as an offer to buy
or sell securities of Freegold Ventures Limited. |
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