Freegold Ventures Ltd.

Published : November 21st, 2007

Golden Summit Drilling Widens Gold Zone to the West

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Freegold Ventures Limited

TSX: ITF    OTCBB: FGOVF   FRANKFURT: FR4   www.freegoldventures.com

News Release

November 21, 2007

Freegold Golden Summit Drilling Widens Gold Zone to the West

 

November 21, 2007 (Vancouver, BC) -- Freegold Ventures Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to announce results from drill Fence 19 which is the final fence of RAB drill holes to be reported in the 40,093 foot Phase 1 Drill Program at the Company's Golden Summit project outside Fairbanks, Alaska. Drilling has been systematically testing the known 5,000 foot strike length of gold mineralization in the Cleary Hill Mine area.

Similarly to previously released holes, these 45 holes (holes 630 to 674) are continuing to encounter numerous mineralized structures and shears in the hanging wall of the Cleary Hill structural zone in shallow, close spaced drilling. Located between 1,000 to 1,500 feet west of Fence 5, Fence 19 follows an old road up the nose of the ridge on the west side of Bedrock Creek. The holes were spaced 10 to 40 feet apart and drilled to an average depth of 72 feet. While the holes in areas exhibiting limited surface mineralization were drilled with wider spacing, the drill holes were always spaced to ensure at least one intercept on a 60 to 65 degree dipping vein. Holes 630 to 651, located towards the bottom of the ridge, intersected structures and veins that were too widely spaced to be considered part of a vein swarm. As the drilling progressed up the ridge, it began to intersect the wider Cleary Hill vein swarm traced
extensively on the eastern side of Bedrock Creek, with one 435 foot length of holes (actual length 370 feet after removing a bend in the road) averaging 0.53 g/t (0.016 opt). 

Significant assay intervals from the Fence 19 drilling includes:

These results, in conjunction with the other RAB drill fences in the Tolovana area also on the western side of Bedrock Creek, confirm that mineralization in Fence 19, and the previously identified vein swarms south of the old Cleary Hill mine workings, is a westward extension of the same structures and mineralization that host the vein swarms seen in RAB drill fences 1, 3, 4 and 5 where drilling has shown the vein swarm to be up to 1,000 feet wide. In order to further confirm that the mineralization found in Fence 19 and previously reported from the Tolovana vein in Fences 6 to 8 and 15 to 18, is hosted within an extension of the wider mineralization seen to the east, Freegold is planning to resume RAB drilling in January 2008 on the northern extensions of Fences 6 and 17 and in a new 1,800 foot long fence drilled slightly west of Bedrock Creek. This proposed fence will reduce the current RAB fence spacing to less than 750 feet between fences.

In addition to ongoing RAB drilling to explore for width and strike extensions of the mineralization in this area, compilation of the data from RAB drilling completed to date, in conjunction with bulk sample data, will be used to plan a deeper core drilling program to start later in 2008 as the first phase of resource definition for the Golden Summit Project.

Freegold also announces that the seasonal on-site processing of bulk sampled material was suspended for the winter on October 28th. Final results from the bulk samples crushed and processed during the initial weeks of processing are still pending in order to complete an accounting of gold grades for the bulk samples processed. That information is expected to be available within a few weeks.

In addition, bulk sample extraction was also suspended on October 25th for the winter season. Approximately 9,000 tons of new bulk sample material has already been collected and stockpiled from the Beistline area. Another 3,100 tons of bulk sample material has also recently been stockpiled from five small pits opened up along a 1,000 foot width that includes the 600 foot area tested in RAB Fence 1. This stockpiled material will be processed when the plant resumes operations in the spring. 

Mapping and grade control sampling of the structures and veins in the excavation in the Fence 1 area discovered additional steeply dipping veins and mineralized structures that were missed by the 20 foot spaced drill holes. This additional mineralization is expected to enhance the bulk sample potential that was previously reported in the Fence 1 drilling (reported March 29, 2007). While these samples were collected for grade control purposes and were not of a systematic nature, numerous assays were returned with grades exceeding 17 g/t (0.50 oz/ton) with several of the higher grade samples of vein material identified between the drill holes returning assayed grades of 20.2 g/t (0.6 oz/ton), 44.7 g/t (1.3 oz/ton), 366.9 g/t (10.7 oz/ton), and 427.3 g/t (12.5 oz/ton). 

True widths of the veins reported in this release are variable, as the orientation of the various mineralized structures encountered throughout the drilling is variable. Drilling is currently 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 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 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. Exploration has also commenced on the Vinasale property in Alaska, where geophysical and surface sampling programs have recently been competed, and on the Rob property in Alaska, where recent drilling has interested high-grade gold (29.0 g/t over 13 feet and 20.1 g/t over 13.5 feet) in Pogo-style, near surface quartz veins.

 

On behalf of the Board of Directors

"Steve Manz"

Steve Manz

President and C.E.O.

 

For further information: Kristina Walcott -- VP Corporate Development
1.604.662.7307  jkw@freegoldventures.com

1750 - 700 West Georgia Street, Vancouver, BC, V7Y 1B6

http://www.freegoldventures.com

 

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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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 - Minesite.com
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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