VANCOUVER, April 25, 2013 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold") is pleased to report results from the first five core holes of the 2013 Dolphin/Cleary drill program. A total of 10 holes were drilled for a total of 11,392 feet ( 3,472 metres) during the 2013 winter program. (See hole location map: http://www.freegoldventures.com/i/maps/GSPR04252013.pdf)
Additional drilling is currently being planned to expand upon the current NI 43-101 resource which using a 0.30 g/t cutoff, is 1,576,000 ounces in the indicated category (73,580,000 tonnes @ 0.67 g/t Au) and 4,437,000 in the inferred category (223,300,000 tonnes @ 0.62 g/t Au) - The resource estimate was completed by Giroux Consultants Ltd.
Freegold also is working towards completion of an updated NI 43-101 compliant resource based on the oxide component of the current resource inventory. The oxide cap at Golden Summit is contained largely to the upper 200 feet (60 metres) project wide.
|Hole Number||Hole Inclination|| Depth of Hole
|Width refers to drill hole intercepts, true widths can not be determined due to uncertain geometry of mineralization. Values greater than 30 g/t Au were cut to 30 g/t Au.|
Holes GDSL1301 through GSDL1306 were drilled in a fence approximately 80 metres east of the previous drilling. Results indicate the mineralization within the Dolphin intrusive remains open to the east and to depth, with the mineralization increasing in grade at depth.
The Dolphin/Cleary area is the only area of the Golden Summit project that has been intensively drilled for resource definition and it remains open to expansion to the southwest, east and to depth. At present it covers a 300 metre by 1.5 km area (approx. 110 acres) however the entire Golden Summit project area covers an 11,400 acre area and hosts numerous other significant exploration targets with potential to host additional resources.
Approximately 600 metres east of the Dolphin/Cleary Zone lies the Tamarack area. Past reverse circulation drilling in this zone intersected 62 metres grading 0..55 g/t Au in TKR 98-01, 130 metres grading 0.68 g/t Au in TKR 98-07 . The last drilling completed in the Tamarack area was in 1998.
Other prospective areas on the project include the Iowa, Too Much Gold, Goose Creek and Christina Area which are located 6m, 5 km, 4km and 2km to the east respectively.
In 2011/2012 Freegold completed 12 core holes on the Christina Prospect which lies 2 kms to the east of Cleary Hill. Several significant intercepts were obtained including 84.9 metres grading 0.64 g/t Au in Hole GSDC11-75, and 64.7 metres grading 1.75 g/t Au in GSDC 11-76.
Similar to the Tamarack Area - the Goose Creek, Too Much Gold and Iowa areas were last drilled 1998 under Freegold's operatorship. In the last two years Freegold has undertaken geophysical and geochemical surveys as well a compilation of past drill results in order to evaluate these other target areas which lie between 2 to 6 km from the Dolphin/Cleary Resource area. Widely spaced reverse circulation drilling to maximum depth of 161 metres was completed in the Goose Creek area in 1992, 1997 and 1998 with a significant number of holes drilled to a depth of less than 100 metres. Highlights include GSR92-01 which intersected 36 metres grading 0.8 g/t Au, and 8.1 g/t Ag, GCR97-01 which returned 49 metres grading 4.1 g/t Au, and 55 metres grading 30 g/t Ag , GCD 97-01 which intersected 19 metres of 1.0 g/t Au and 28.4 g/t Ag and GCR98-01 returned 18 metres of 3.8 g/t Au and 6.3 g/t Ag at the bottom the hole. GSR 92-04 returned 19.8 metres grading 1.72 g/t gold.
Historical reverse circulation drilling in the Too Much Gold area returned 27 metres grading 2.3 g/t Au in hole TMG9606, and 38 metres grading 0.95 g/t Au in hole TMG 9608.
Additional reverse circulation drilling two kilometres east of Goose Creek in the Iowa area intersected 24 metres grading 0.74 g/t Au in Hole IAR98-01, and 27 metres grading 0.72 g/t Au in hole IAR 98-03. All of these results continue to demonstrate the potential for additional resources to be delineated on the Golden Summit Project.
The Qualified Person who has reviewed the technical disclosure contained in this release is Curtis J. Freeman, M.Sc., PGeo who is the primary geological consultant for the project. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for geochemical analysis. Core samples were picked up on-site by ALS Chemex and transported to their facility in Fairbanks, Alaska. A sample quality control/quality assurance program was implemented.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of gold projects in Alaska. In addition to the Golden Summit Gold Project, the company holds a 100% in lease interest in the Rob Gold Project near Sumitomo Metal Mining's Pogo Gold Mine in the Goodpaster Mining District of Alaska and has an exploration agreement with option to lease the Vinasale Gold project in central Alaska which hosts an indicated NI 43-101 resource of 3,410,000 tonnes averaging 1.48 g/t Au for 162,000 ounces of gold: and an inferred resource of 53,250,000 tonnes averaging 1.05 g/t Au for 1,799,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne (g/t) as a possible open pit cutoff. The resource estimate was completed by Giroux Consultants Ltd.
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs
SOURCE: Freegold Ventures Limited
For further information:
Kristina Walcott-President and CEO