Freegold Ventures Ltd.

Published : June 05th, 2007

Drilling (Fence 5) Continues to Extend Gold Mineralization at Golden Summit

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

Freegold Ventures Limited
News Release

June 5, 2007

Freegold Drilling (Fence 5) Continues to Extend Gold Mineralization at Golden Summit

  • Step out drilling continues to intersect extensions of numerous high-grade veins and shear zones.

  • Individual intercepts include: 35.4 g/t over 3 feet, 9.1 g/t over 9 feet, 21.8 g/t over 6 feet and 15.6 g/t over 3 feet.

  • Numerous bulk tonnage zones, with grades comparable to those of the nearby Fort Knox Mine have been identified over widths exceeding 575 feet, with one 175-foot section grading 1.56 g/tonne (88% higher than Fort Knox 2006 average mill feed grade)

June 5, 2007 (Vancouver, BC) -- Freegold Ventures Limited (the "Company") is pleased to provide Fence 5 assay results from the Phase 2, 20,000-foot drill program currently underway at the Company's Golden Summit project outside Fairbanks, Alaska. A total of 71 vertical holes were drilled in a line oriented in a generally north-south direction in Fence 5 which is located approximately 385 feet further to the west of Fence 4 (reported on May 24, 2007). Fence 5 covers an area approximately 1,725 feet wide within the 5,000- foot long strike length of known mineralization in the Cleary Hill Mine Area. Drilling continues to intersect and extend the strike length of both low-grade, large-tonnage gold mineralization, along with high-grade vein intercepts that are exhibiting excellent correlation between the drill fences. 

As with the previous fences, holes in Fence 5 employed shallow, close-spaced drilling to better define the large number of mineralized structures in the system. The holes, spaced 25 feet apart, were drilled to an average depth of approximately 50 feet. Because of difficult drilling conditions encountered in the mid-part of Fence 4, a gap of 450 feet was left within Fence 5 that will be completed later in the program. At the southern end of Fence 5, 27 holes covering 650 feet of surface width were drilled (starting from south to north with holes 230 to 233, then continuing with holes 254 to 234 and ending with holes 255 and 256). In the northern portion, 44 holes covering 1,075 feet of surface width were drilled (starting with hole 256 in the south and ending with hole 300 in the north). Subsequent drilling within the Fence 5 gap is expected to yield positive results, as assays from structures in the mid-part of Fence 4 that strike in the direction of this gap include a 175 foot zone of holes averaging 0.86 g/t (0.025 opt), including new veins assaying 36.7 g/t (1.07 oz/ton) and 4.4 g/t (0.13 oz/ton) over 3 feet. 

Significant higher-grade intervals from Fence 5 (reported from north to south) include:

This shallow drilling program continues to intersect broader zones with lower grade mineralization in between many of the shear zones and veins. Holes within the Cleary Hill Zone (holes 273 to 284 in the northern part of Fence 5) average 1.08 g/t (0.03 oz/ton) over a 275-foot width. Included within this zone is a higher-grade section of 1.56 g/tonne (0.05 oz/ton) over a 175-foot width. The Currey Shear Zone (holes 234 to 245 in the southern portion of Fence 5) displays similar characteristics, and has an average grade of 0.68 g/t (0.02 oz/ton) over a 300-foot width, which includes a higher-grade 75-foot section averaging 1.27 g/t (0.04 oz/ton). Both of these zones were encountered in Fences 1, 3 and 4, and are as wide as, or wider than the zones encountered in the previous fences. Both zones continue to carry additional lower-grade mineralization in their hanging walls. A new structure located 175 feet south of the Currey Shear Zone in Fence 4 (4.06 g/t (0.12 oz/ton) over 12 feet) was picked up again in a similar location in Fence 5 (4.03 g/t (0.12 oz/ton) over 12 feet). This new zone is likely an eastern extension of the Wyoming Vein, another of the many veins mined underground in the area surrounding the Cleary Hill Mine. All of these wider, bulk tonnage zones compare favourably to the 2006 average mill feed grade of 0.83 g/t for the Fort Knox gold mine (the largest gold mine in Alaska, located less than 5 miles to the south of Golden Summit) and the mine's remaining proven and probable reserve grade of 0.53 g/t. 

The Company recently completed the drilling of Fence 6 to test the Tolovana vein system a further 2,000 feet to the west of Fence 5. This vein system, exposed in a 15- foot high face excavated by previous mining, returned a 31 g/t (0.90 oz/ton) grab sample from the face. This area is believed to be the westward projection of some of the numerous structures in the Cleary Hill south vein swarm, with the character and appearance of the mineralization strongly suggesting a correlation with the Wackwitz vein that has been traced throughout the previous drilling. Final assays from this fence are pending.

Drilling is currently in progress in the Beistline shaft area, where last year's trenching and bulk sampling programs returned the highest-grade gold assays to date. During the bulk sampling of approximately 6,000 tons of material from this area in October 2006, high-grade mineralization was seen to extend up to 100 feet into the hanging wall of the main structure. The principal vein in this area averaged 4 to 18 inches in width and averaged 39.5 g/t (1.15 oz/ton) over a sampled length of 185 feet. Following the excavation of this vein, 3-foot long vertical channel samples taken from the south wall of the 30-foot wide pit returned 1.6 g/t (0.05 oz/ton), 616.7 g/t (18.0 oz/ton), 4.6 g/t (0.14 oz/ton), and 65.3 g/t (1.90 oz/ton) in consecutive samples located 10 feet apart. Five-foot long chip channel samples located 10 feet or more into the hanging wall and perpendicular to the strike of the Beistline structure found mineralization grading 25.3 g/t (0.74 oz/ton), 34.3 g/t (1.00 oz/ton), and 31.1 g/t (0.91 oz/ton), while a channel sample located 80 feet south of the structure and 50 feet from the walls of the pit returned 22.3 g/t (0.65 oz/ton) over a 15 foot length perpendicular to the strike of the structures. 

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. 

click on image for high res map

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 analyze 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 summer of 2007, and a 25,000-foot drill program to further delineate gold mineralization within the current 1,000-foot wide by 5,000-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 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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