VANCOUVER, Feb. 7, 2012 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold") reports the results of its three holes drilled at the Rob Project located in the Goodpaster District, Alaska.
Drilling was aimed at evaluating the bulk tonnage potential of the Michigan area of the project. A total of three holes totaling 2,984 feet were drilled.
Holes 11-01 and 11-03 both intersected anomalous values. Hole # Rob11-02 was particularly encouraging intersecting 57 g/t over 5 feet and 7 gm/t over 11.5 ft with the bottom 30 feet averaging 2.6 gm/t.
This was the first drilling ever done in the Michigan area. The Michigan prospect is hosted in pervasively sericite altered granodiorite with sheeted and stockwork quartz-sulfide-gold veins covering a 2-3 square kilometer area. Other significant targets on the Rob Project include the Grey Lead area previous drilling intersected multiple higher-grade intercepts such as 13 feet averaging 29 gm/t, 14 feet of 8.0 gm/t and 13.5 feet of 20 gm/t. Several other vein structures have been identified in the vicinity of the Grey Lead and Michigan prospect area, some of which have coincident induced polarization anomalies associated with them. Additional exploration is warranted at Michagan, Grey Lead and these other high priority target.
Significant results from the drilling in the Michigan area are reported below:
|Hole Number|| Depth of
|From (ft)|| To
Width refers to drill hole intercepts, true widths have not been determined.
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. Core samples were picked up on-site by Inspectorate Labs 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 Rob Project, the company is currently drilling on its Golden Summit Project near Fairbanks and has an exploration agreement with option to lease the Vinasale Gold project in central Alaska on which it is currently completing an updated NI 43-101 compliant resource.
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.
For further information:
Kristina Walcott-President and CEO