VANCOUVER, Sept. 12, 2013 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold") is pleased to report final assay results from its 2013 Dolphin/Cleary summer program for its road accessible Golden Summit Project. Golden Summit is located approximately 30 road km to the northeast of Fairbanks, Alaska. A total of 3 holes were drilled in the Dolphin Deposit area for a total of 5,468.5 feet (1,666.8 metres) during the 2013 summer program. Hole GSDL 1311 was the first hole drilled during the summer program and it intersected 180 metres grading 1.13 g/t gold and averaged 0.82 gt/ over the entire 585.5 metres. (August 14th, 2013) - (See attached map for hole locations)
- Holes GSDL1312 and 1313 were collared within the centre of the Dolphin Deposit and were aimed at testing the deposit to the north where limited drilling has been done and multi -ounce gold bearing veins crop out at surface.
- Drilling in holes GSDL 13-12, and 13-13 intersected several significant higher-grade intervals with several of the intervals containing coarse visible gold.
- Additional drilling to the north is warranted to expand upon these significant higher-grade intercepts.
| Depth of
|From (ft)||To (ft)||Interval (ft)||Interval (m)||Au (g/t)|
|Width refers to drill hole intercepts, true widths cannot be determined due to uncertain geometry of mineralization.|
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 in all directions and to depth. Recent drilling has demonstrated the presence of higher-grade zones both within the Dolphin Intrusive and in the adjacent country rock. Equally encouraging is both holes GSDL 13-12 and 13-13 clearly demonstrate that these high grade intervals extend to depths in excess of 1,500 feet below surface. Additional drilling will be necessary to further evaluate these significant results.
Freegold has a comprehensive metallurgical program currently underway and the results will be incorporated into a Preliminary Economic Assessment on the Dolphin/ Cleary Area. The resource area at present covers a 300 metre by 1.5 km area (approx. 110 acres) however the entire Golden Summit project area covers approximately 13,000 acres and hosts numerous other significant exploration targets with potential to host additional resources.
The Qualified Person who has reviewed the technical disclosure contained in this release is Curt Freeman, M.Sc., P Geo- 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. The Golden Summit project currently hosts an NI 43-101 compliant indicated resource of 79,800,000 tonnes averaging 0.66 g/t Au for 1,683,000 ounces, and an inferred resource of 248,060,000 tonnes averaging 0.61 g/t Au for 4,841,000 ounces using a 0.3 g/t as a possible open pit cut off. In addition the Company 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. Giroux Consultants Ltd completed the resource estimates. The company also holds 100% in lease interest in the Rob Gold Project near Sumitomo Metal Mining's Pogo Gold Mine in the Goodpaster Mining District of Alaska.
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