- Re-assaying of 2006 Grew Creek drill core interval returns 1.52 m
grading 0.1% U(3)0(8).
- Areas of anomalous rare earth elements in glacial till plus elevated
arsenic, antimony, cobalt, tungsten, copper, lead, zinc, molybdenum
and iron in drill core from Rat Creek and Tarn targets point to the
need for new geological models (including Intrusion Related and Iron-
Oxide Copper Gold deposit types).
TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4
VANCOUVER, April 10 /CNW/ - Freegold Ventures Limited (the "Company")
announces that it is developing new geological models for the deposition of
gold mineralization in the Rat Creek and Tarn zones at the Grew Creek property
following the identification of uranium in drill core from the 2006 program,
and a re-assessment of multi-element assay results in light of new deposit
types currently being explored for in the Yukon. Freegold is earning up to a
100% interest in the Grew Creek project, a 277-claim property located within
the Tintina Trench, and situated between the towns of Faro and Ross River in
Exploration to date has been principally focused on the Main Zone, a
250 x 50 m wide area delineated by 159 drill holes. Freegold's exploration
programs successfully confirmed grades and thicknesses of gold mineralization
in the Main zone in 12 core holes following the project acquisition in 2004.
Significant intercepts from this drilling included 10.9 m (true width) grading
6.8 g/t, including 1.5 m (true width) @ 17.8 g/t in hole GC-04-225, and 4.4 m
(true width) grading 22.1 g/t in hole GC-04-227. In 2005 and 2006 exploration
was focused outside the pyroclastic rocks of the Main Zone, and 13 holes were
drilled in the Rat Creek and Tarn Zones, located 1.0 and 1.5 km further to the
east. While gold values from these Rat Creek and Tarn holes were previously
reported in 2006, the recent identification of uranium in drill core has lead
the Company to reassess the project's potential. A single interval of core
from hole GC-06-248 (from 112.78 to 114.3 m) in the Tarn zone was re-assayed
and returned a grade of 0.1% U(3)0(8) over a 1.52 metre interval. Although the
significance of this uranium mineralization and its relationship to new
depositional models is uncertain, previous glacial till concentrate samples
from the eastern portion of the Tarn area identified large areas of anomalous
rare earth elements, including thorium (up to 58 ppm), lanthanum (up to
270 ppm) and uranium (up to 270 ppm).
Mineralization in the Rat Creek zone is associated with brecciation zones
hosted within a quartz feldspar porphyry. Anomalous gold, along with elevated
base metals/other indicator elements occur over a 400 X 100 m north trending
area. Drill hole GC-05-242 intersected two mineralized breccia zones of 7.6 m
grading 0.20 g/t and 8.5 m grading 0.28 g/t gold, while hole GRCK-90
intersected anomalous gold values over a 7.5 m interval that included 1.5 m
grading 3.02 g/t gold.
Mineralization in the Tarn zone consists of quartz and fluorite veining
in a quartz feldspar porphyry. Anomalous gold assays in this zone have been
identified within a 300 X 100 m north trending zone with elevated levels of
elements that include arsenic, antimony, cobalt, tungsten, copper, lead, zinc,
molybdenum, iron and uranium. Gold values from vein and breccia zones assayed
from 0.1 to a maximum of 1.85 g/t. Drill hole GC-06-248, which returned the
uranium assay, also yielded gold values up to 0.19 g/t in the upper section of
the drill core. Drilling to date at both zones has been relatively shallow and
results indicate that the mineralization encountered to date may have been
confined to the upper levels of a hydrothermal system.
Freegold is finalizing a new geological compilation on the project, which
includes a new re-interpretation of prior mag, VLF-EM and IP geophysical
surveys in order to gain a better understanding of structural controls. In
order for the Company's development-oriented management team to focus its
efforts on the advanced stage Almaden, Golden Summit and Vinasale projects,
Freegold will be examining joint venture alternatives as a possible means of
further advancing the Grew Creek project. Assaying for Freegold's Grew Creek
2004-2006 drill programs were carried out by ALS Chemex.
The Qualified Person for this release is Robert Stroshein, P.Eng.
Consulting Geologist - Freegold Ventures Limited.
Freegold also announces that all 2,767,714 warrants to purchase common
shares at a price of $0.45 which expired on April 3, 2007 have been exercised,
providing the company with an additional $1,245,471 in funding.
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 spring of 2007, and a
25,000-foot drill program to further delineate gold mineralization within the
current 1,000-foot wide by 3,500-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, along
with metallurgical test-work will be carried out on the property in 2007.
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) 685-1870, 1-800-667-1870, firstname.lastname@example.org