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Freegold Ventures
Limited
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TSX: ITF OTCBB: FGOVF FRANKFURT:
FR4 www.freegoldventures.com
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News Release
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October 11, 2007
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Freegold Drilling Hits High-Grade Gold at Rob --
29 g/t Over 4 m
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Grey Lead prospect drill results include 13.5 foot
interval averaging 20.1 g/t and 13 feet averaging 29.0 g/t
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Gold mineralization remains open to depth and along strike
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2008 exploration program to include drilling on multiple targets
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October 11, 2007 (Vancouver, BC) --Freegold
Ventures Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to
announce results of a 17 hole diamond drill program conducted this summer
on it's Rob property in Interior Alaska. A total of 3,514 feet were
drilled in the Grey Lead and O'Reely vein
prospects following the receipt of significant gold assays from a limited
surface sampling program (see August 30, 2007 news release for results).
Although drilling within the O'Reely vein did
not intersect the multi-ounce values sampled at surface, holes within the
Grey Lead vein consistently intersected thick intervals of high-grade
gold mineralization that exhibit geological and geochemical
characteristics very similar to those seen at the 5.6 million ounce Pogo
gold mine.
High grade gold mineralization was previously identified in the Grey Lead
vein in the late 1990's with one hole intersecting 31.5 g/t over 13.5 feet (note:
this historical intercept is non-43-101 compliant and should not be
relied upon). Freegold's drilling was designed
to confirm the interval intersected in historical drilling and to
determine the strike and dip of the Grey Lead vein using multiple dip
angles from separate drill platforms.
A total of 8 holes (numbers 6, 7, and 12-17, totaling
1,529 feet)
were drilled at the Grey Lead vein from two separate drill pads located
approximately 170
feet apart. All of the holes intersected a sugary
textured quartz vein, containing fine-grained bismuthinite
and arsenopyrite, within a biotite
augen paragneiss host
rock. The true width of the vein is variable but averages in excess of 10 feet. Holes 6 and
7 were drilled to the east at dips of 61 and 76 degrees respectively, and
were designed to intersect the vein where it was previously identified in
the 1999 drilling. Hole 6 intersected the vein at a depth of 154 feet and
returned a 16.5 foot
interval averaging 6.7 g/t, including a 2.5 foot section
grading 23.1 g/t. Gold mineralization further down the hole at a depth of
221 feet,
returned a 13 foot
interval grading 0.7 g/t in Hole 7.
Holes 12 through 17 were drilled as step-out holes from a second pad
located a further 170
feet to the northeast. The location of the second
pad further to the east as well as to the north was to ensure that the
shallower dipping holes would intersect the vein closer to surface. Holes
12, 13, 14 and 15 were drilled to the east at angles of 45, 60, 71 and 90
degrees respectively to intersect the vein. Hole 17 was drilled in the
opposite direction at a dip of 75 degrees, and was designed to intersect
the vein further at depth after it crossed west of the drill pad. Hole 16
was drilled at a similar angle and dip as hole
12, and was designed to extend a hole further to the east to try and hit
a fault structure that had been mapped at surface.
Holes 12 and 16, which traveled through the
vein at roughly the same location, were also used to test the variability
of the vein via twinning. The intercepts in these two holes compared very
well, with hole 12 returning 14.5 feet with an average grade of 9.0
g/t while hole 16 returned 14 feet averaging 7.9 g/t. Holes 13 and
14 intersected substantially higher grade material, returning 13.5 feet averaging
20.1 g/t and 13 feet
averaging 29.0 g/t respectively. Higher grade intervals included 1.5 feet @ 32.3 g/t,
1 foot
@ 135.7 g/t and 2.5
feet @ 23.73 g/t in hole 13 and 3.6 feet @ 89.0 g/t
in hole 14. Holes 15 and 17, which tested the vein at depths of 93 and 179 feet,
intersected 13 feet
averaging 3.5 g/t and 6.5
feet averaging 23.2 g/t respectively.
Significant assays from the Grey Lead holes include the following:
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A total of 9 holes (numbers 1-5, and 9 -11, totaling
1,985 feet)
were also drilled at the O'Reely vein, located
approximately 6,000
feet east of the Grey Lead vein. These holes,
which dipped eastward at angles from 45 to 75 degrees, were designed to
test the west dipping vein from five separate drill pads located
approximately 100 to 150
feet apart. Although all 9 of the holes
intersected the quartz vein over intercept widths of 5 to 20 feet, only
anomalous gold values were returned. Of the 128 assay intervals, 31
widely scattered assays were returned grading higher than 0.2 g/t, with
the highest interval being 2.1 g/t over 3 feet in hole 5 at a
depth of 126 feet.
One longer interval of anomalous gold assayed 0.94 g/t over a 17 foot interval in hole 3 at a depth of 106 feet. Throughout
the drilling, the vein was seen to exhibit a consistent west dip with
little indication of structural offset along the drilled strike
length.
Gold mineralization at Grey Lead is associated with a distinctive
geochemical trace elements suite (gold, bismuth, arsenic) similar to the
gold currently being mined 20 miles to the west at the 350,000 to
450,000 oz/year Pogo mine. Gold at Pogo is found within stacked,
flat-lying quartz veins (averaging approximately 17 g/t) that are hosted
within the same gneissic dome that has been mapped at Rob. In the O'Reely vein gold mineralization is associated with
highly anomalous arsenic (to 6,386 ppm) and
antimony (to 1,132 ppm) values. Sporadic silver
anomalies (+15 ppm) do occur in the core but
are not strongly correlated with elevated gold values.
Exploration for 2008 will focus on strike extensions of the Grey Lead
vein and on other prospective targets both to the north and further to
the west of Grey Lead. Vein mineralization at Grey Lead is controlled by
a moderate to steeply west dipping, north-northeast striking structure
which extends across the property and which lies within the regional
scale Black
Mt. tectonic zone.
The high-grade, intrusive-hosted Michigan
prospect (see August 30, 2007 release for surface sample results) has
never been drill tested and is also centered on
this structure approximately 2 miles to the northeast of Grey Lead.
Future exploration will also focus on low level (<100 ppb) gold in
soil anomalies that are also present at several locations west of the
Grey Lead surface exposures, as well as at the Johnson Saddle prospect,
located on strike 4,000
feet northeast of the Grey Lead prospect.
Assay results cited herein were based on drill core collected by Avalon
Development Corporation, consultants to Freegold,
under the supervision of Curt Freeman, MS., PGeo,
Qualified Person as defined by NI 43-101. Alaska
Assay Laboratories in Fairbanks,
Alaska was used to analyze
the samples via fire assay analysis for gold plus multi element ICP-AES
and ICP-MS analysis using 4 acid digestion.
Given the high-grade results returned from many of the fire assays,
samples which returned grades in excess of 1 g/t were re-analysed using
the metallic sieve method. On average, the met screen results were 7.4%
higher than those generated by fire assay, and a simple scatter plot of
the data showed a relatively linear pattern centred on the 1:1
correlation line, suggesting that there is no predictable nugget effect
and that the results can be seen as reliable.
About Freegold Ventures Limited
Freegold Ventures Limited is a North American
exploration and development 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 41,000-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 continuing to discover new high-grade veins and bulk tonnage
shear zones in its 40,000-foot drill program at its Golden Summit project
outside Fairbanks, Alaska. Gold production from the
processing of bulk sampled material has commenced, and in addition to
on-going bulk sampling of additional areas found to contain high grade
surface mineralization, the Company continues to define additional areas
of larger, lower grade mineralization through on-going drilling and
stripping. In addition to the recent drilling at the Rob property, Freegold has also commenced its initial exploration
programs on the Vinasale property in Alaska.
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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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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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