VANCOUVER, March 4 /CNW/ - Freegold Ventures Limited (TSX: ITF, OTCBB:
FGOVF, Frankfurt: FR4) is pleased to announce the commencement of a
15,000-foot core drilling program at its Golden Summit project outside
Fairbanks, Alaska. Drilling is aimed at testing the potential for deeper gold
mineralization in areas where bulk tonnage and high-grade vein mineralization
have been identified with shallow, close spaced drilling and surface bulk
sampling. Initial drilling in central part of the Cleary Hill south vein swarm
is encountering numerous zones of shearing, alteration and quartz veining
throughout the hole depths. These zones are similar in appearance to the
mineralized zones encountered in the Fence 1 shallow RAB drilling that
While the program of shallow, closed spaced RAB drilling conducted from
December 2006 to November 2007 (674 holes totaling 40,093') identified areas
of both high-grade veins and bulk tonnage mineralization over strike lengths
of a minimum of 5,000 feet, this is first systematic deeper testing of the
mineralization with the aim of developing gold resources.
Holes 1-5 were designed to test the continuity to depth of the 300 foot
wide zone of mineralization encountered on the southern end of RAB Fence 1
(http://www.freegoldventures.com/i/maps/map022708ITF.pdf), with each hole
stepping 100 feet further south. Four holes were drilled to the north at 60
degrees, as the majority of structures exposed by bulk sampling in this area
dip 60-65 degrees to the south. In order to check that structures of differing
angles were not missed, one hole was drilled to the south at an angle of 45
Alteration, mineralization, shearing and quartz veining similar to that
seen in the bulk sample cuts and in the shallow Fence 1 RAB drilling have been
seen extending to depth in all five holes. Hole 5, planned to extend beyond
this mineralized zone and into the Cleary Hill structural zone intersected
this parallel system at a depth of 635 feet. The hole is currently being
deepened in order to test the width of the zone. The mineralized rocks
intersected at this depth appear similar to those found on the Cleary Hill
mine dump at the number 3 portal, where lower grade mineralization from the
bottom of the Cleary Hill mine was separated from the +1 oz/ton vein material
that was sent to the mill.
Following the completion of the initial drilling in the Fence 1 area, the
drill will be moved to the Beistline area where it will begin testing the
continuity of the Beistline structure along strike and to depth. Five fences,
consisting of 3 holes (100 foot spacing between holes and 100 feet between
fences), will test the Beistline structure from the old Beistline shaft 500
feet west and 300 feet down dip. These holes will also test the continuity of
the parallel B1 and B2 structures, as well as the 'bleed' mineralization found
during bulk sampling to extend between these parallel structures along the
more brittle rocks in the schists that host the structures and mineralization.
Following drilling in the Beistline area and the receipt of assays from the
original holes, the drill is expected to return to the Fence 1 area to
continue with 100 foot step outs along strike to provide sufficient drill
density to generate an initial gold resource on the property.
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 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 has recently finalized a 54,700-foot drilling program
aimed at further expanding the size of the resource and is in the process of
generating a new 43-101 resource prior to undertaking new economic evaluations
in 2008. Drilling at depth and to the north and south of the known
mineralization is continuing to identify new extensions to the deposit, and
newly identified open ended areas of molybdenum mineralization continue to be
encountered along with the gold in the northern portions of the deposit.
Freegold's 40,100-foot drill program has resulted in the discovery of new
high-grade veins and bulk tonnage shear zones on its Golden Summit project
outside Fairbanks, Alaska. Over 7 million ounces of gold has historically been
recovered from Golden Summit which is situated less than 5 miles to the north
of the +7 million ounce Fort Knox Mine. In order to further evaluate the
mineralized zones delineated to date, on-site seasonal bulk sample processing
using a gravity-based concentration plant has commenced. Exploration is
ongoing as 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 completed on this
140,000 acre property which contains the Vinasale gold deposit., and on the
Rob property in Alaska, where recent drilling has intersected high-grade gold
(29.0 g/t over 13 feet and 20.1 g/t over 13.5 feet) in near surface quartz
veins similar in appearance and grade to those being mined at the nearby 5.6
million ounce Pogo mine.
On behalf of the Board of Directors
President and C.E.O.
The TSX 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.
For further information:
For further information: Kristina Walcott - VP Corporate Development,
(604) 662-7307, firstname.lastname@example.org