Freegold Ventures Ltd.

Published : July 09th, 2007

Reports Additional Almaden Holes -- Significant Moly Grades Intersected in North Zones

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Keywords :   Diamond | Freegold | Gold | Idaho | Molybdenum | Water |

Freegold Ventures Limited
News Release

July 9, 2007

Freegold Reports Additional Almaden Holes -- Significant Moly Grades Intersected in North Zones

July 9, 2007 (Vancouver, BC) -- Freegold Ventures Limited (the "Company") is pleased to provide assay results from an additional 12 holes drilled as part of its 34,000-foot resource expansion drill program currently in-progress at the Company's 100% controlled Almaden gold project in southwestern Idaho. Two of the holes were located in the north part of the Main Zone to test gold mineralization in proximity to newly mapped feeder zones. The remaining ten holes were designed to in-fill the wider spaced holes and to test the eastern limits of mineralization in the smaller, lower grade North Zone. The current drilling has also started to intersect significant and more uniform quantities of molybdenum in the northern parts of the Main Zone and in the North Zone. Previous drill holes in these zones were not assayed for molybdenum historically. The Company is still evaluating the significance of these molybdenum occurrences in relation to the genesis and configuration of the gold mineralization. 

Holes 692 (RC) and C-65 (core) were drilled vertically within the northwest extension of the Main Zone and provide true widths of the mineralization that is hosted within the generally flat-lying sediments. Hole 692 is located 120 feet further NNW of previously released hole C-63, which discovered a new fault at a depth of 570 feet, and which intersected resource-grade gold mineralization extending 540 feet in the hanging wall of this fault. Hole 692 appears to be located in the same structural hanging wall and the same brecciated and silicified rocks as those intersected in C-63. 

Hole C-65, located in the north part of the Main Zone between two of the central feeder structures initially intersected a 45-foot thick section of clay alteration that appears to be a cap above the hydrothermal structures. Good intervals of resource-grade mineralization were intersected below this cap. Gold mineralization in Holes 692 and C-65 extend over thicknesses in excess of 250 feet and to depths greater than 300 feet, further extending the size of the deposit which was historically drilled to only 200 feet in this area. Significant gold assays within these two holes include:


Seven of the ten holes drilled in the North Zone were designed to in-fill and confirm the eastern limits of gold mineralization (RC holes 655, 670, 685, 690, 700, 701 and 703), while the remaining three were designed to in-fill areas within the zone that were historically drilled with wider spacing (RC holes 681, 702, and core hole C-77). The North Zone contains roughly 13% of the total tonnage reported in the most recent 43-101 resource calculation (March 13, 2006) with average grades 7% lower than that of the Main Zone. In general, all of the shallow in-fill holes conformed to the thicknesses and grades of nearby holes. Significant gold assays from these holes include:
The occurrence of molybdenum in both surface and underground samples has been noted since Freegold resumed active exploration work on the Almaden Project in early 2006. While drill holes in the southern and central portions of the Main Zone had encountered molybdenum in quantities in excess of 0.015% MoS2, these occurrences generally lacked continuity from hole to hole, with higher grades generally occurring in the proximity of feeder structures. Recent drilling in the North Zone however has encountered molybdenum in quantities as high as 0.32% MoS2 over 5-feet. Grades in the new holes typically average between 0.03% and 0.05% MoS2 over thicknesses in the 150 to 225 foot range, with the grade of molybdenum declining with gold grades further down the hole.

The significance of this widespread molybdenum en                          countered both in the North Zone and in recent drilling at the northern end of the Main Zone is uncertain at this time. The molybdenum appears to have been deposited at the same time as the gold mineralization, and it is likely that the greater complexity of block faulting in the northern portions of the deposit has led to a wider dispersion of the molybdenum in this area. Significant molybdenum assays within these northern holes include:

click on map image to view in larger format

The strike of the numerous feeder structures that Freegold is defining in the NW portion of the Main Zone continues to remain open to the NW. Drilling continues to focus on this 2,000 to 3,000 foot wide under-explored area. Initial drilling within the Stinking Water basin area, located 1,700 feet east of the North Zone has recently been completed and assays are pending. This area was subject to wide spaced drilling by previous operators and returned some of the highest-grade gold assays within the deposit area. 

Diamond drill core and RC samples are generally analysed on five-foot intervals. All samples are shipped to ALS Chemex at its Winnemucca, NV laboratory for preparation. Pulps are shipped to ALS Chemex Laboratories in Vancouver, B.C. for analysis. Gold values are determined using fire assay techniques with AA finish and multi element analysis using ICP-AES with aqua regia 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 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 34,000-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 discovering new high-grade veins and bulk tonnage shear zones in its 25,000-foot drill program at its Golden Summit project outside Fairbanks, Alaska. A 10,000-ton bulk sample collected in the fall of 2006 was successful in uncovered numerous zones of high-grade surface gold mineralization. Pending permit completion, on-site processing of this bulk sample material plus additional high-grade surface mineralization is expected to commence in late summer 2007. Freegold has also 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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