VANCOUVER, April 26, 2012 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold") is pleased provide an update on its 2012 exploration plans. Drilling began in mid January at Golden Summit. A total of 35 holes were completed totaling 9,320 metres. Assays have now been reported for 6,262 metres, and 25 holes. Remaining holes will be reported as assay results become available. The focus of the Golden Summit drilling was to test the Christina vein system to determine if there is potential to define a bulk tonnage resource in the Christina areas as well as additional drilling in the Cleary Hill and Dolphin Zones which is aimed at linking the Dolphin and Cleary Zone with the next NI 43-101 resource update.
The most recent NI 43-101 compliant resource was completed on the Dolphin Zone in December of 2011 which using a 0.35 g/t cutoff is 14,840,000 tonnes @ 0.66 g/t Au - representing 316,000 ounces in the indicated category and 50,460,000 tonnes @ 0.61 g/t Au - representing 991,000 ounces in the inferred category.
In addition drilling is expected to be conducted this summer in the Goose Creek and Too Much Gold areas that are two additional potential bulk tonnage targets within the 7.5km long Golden Summit Project. Drilling will also resume on the Dolphin Zone in mid May.
Vinasale Project, Alaska
In addition drilling is anticipated to start mid May on the Vinasale Project. Drilling is aimed at expanding the March 2012 NI 43-101 compliant resource of 1.7 million ounces (49.3 million tonnes averaging 1.09 g/t Au) in the inferred category within the Central Zone. To date, mineralization in the Central Zone extends over a strike length of 400 metres and remains open to the south, east and at depth.
The 2012 program will consist of additional drilling in the Central Zone as well as potential resource definition in the North East Zone. The zone was further defined by the 2011 ground geophysical program and limited prior drilling. A 5,000 metre program is currently planned.
The Vinasale Gold Project is located in southwest Alaska and is held under an Exploration Agreement with an Option to Lease from Doyon Limited, an Alaskan Native Regional Corporation.
The Qualified Person who has reviewed the technical disclosure contained in this release is Alvin Jackson, PGeo who is the Vice President Exploration and Development for the Company.
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 the Pogo Gold Mine in the Goodpaster Mining District of Alaska and has an exploration agreement with option to lease the Vinasale Gold project in southwest 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
For further information:
Kristina Walcott-President and CEO