| | Freegold Intersects 0.69 g/t Gold over 127 metres Golden Summit Project, Alaska
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March 15 2012 News FVL
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March 15, 2012 (Vancouver, BC)
Freegold Ventures Limited (TSX: FVL,
Frankfurt: FR4N) ("Freegold") is pleased
to report the results of from its
ongoing drill program on the Golden
Summit Project located near Fairbanks,
Alaska. Drilling is presently underway
on the project with two rigs. Both rigs
are focused on the Cleary Hill/Dolphin
areas with a goal of tying the Cleary
Hill Zone into the existing Dolphin
Resource in the next resource update.
The current resource (December 2011) at
Dolphin 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. To
date 4,017 metres of drilling have been
completed in the Cleary Hill/ Dolphin
zones since mid January of which assays
have now been reported for 1,832 metres.
The total program planned for 2012 for
Golden Summit is 20,000 metres.
Significant
new results from the Cleary Hill area
are reported below: |
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Hole Number |
Hole Inclination |
Depth of Hole
(ft) |
From (ft) |
To (ft) |
Interval (ft) |
Interval (m) |
Au g/t |
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Cleary Area |
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CL 12-03 |
-55 |
764 |
351 |
514 |
163 |
50 |
0.46 |
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CL 12-04b |
-55 |
807 |
259.5 |
427 |
167.5 |
51 |
0.39 |
|
CL 12-05 |
-55 |
943 |
307.5 |
724 |
416.5 |
127 |
0.69 |
|
incl |
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|
307.5 |
423 |
115.5 |
35.2 |
0.79 |
|
incl |
|
|
647.5 |
717.5 |
70 |
21.3 |
1.46 |
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CL 12-06 |
-55 |
769 |
94.5 |
221 |
126.5 |
38.6 |
0.3 |
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CL 12-07 |
-55 |
944 |
75 |
126.5 |
51.5 |
15.7 |
0.53 |
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139 |
192 |
53 |
16.2 |
0.65 |
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Width refers
to drill hole intercepts, true widths
can not be determined due to uncertain
geometry of mineralization.
Each of these reported holes are towards
the western edge of the Cleary Hill vein
system. Current drilling is continuing
to move west toward the Dolphin
resource. Hole CL 12-05 is the southern
most hole on the western edge of the
Cleary system. Additional drilling is
designed to extend this mineralization
further to the south and west towards
the Dolphin resource area.
In addition to the drilling on the
Cleary Hill area, Freegold has completed
its initial drilling on the Christina
area, a +5,000 foot long shear zone
which hosts several past- producing high
grade gold mines. Drilling has indicated
that the Christina area may have
potential for bulk tonnage
mineralization similar to that being
explored in the Cleary Hill/Dolphin
areas. To date 1,686 metres have been
completed in the Christina area since
mid January of which assays have now
been reported for 1,175 metres.
Additional drilling may be conducted at
Christina following evaluation of these
drill holes.
Significant
new results from the Christina area are
reported below:
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|
Hole Number |
Hole
Inclination |
Depth of
Hole |
From (ft) |
To
(ft) |
Interval
(ft) |
Interval (m) |
Au
g/t |
|
Christina
Area |
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CH12-02 |
-50 |
748 |
135 |
204 |
69 |
21 |
0.56 |
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290 |
379 |
89 |
27.1 |
0.4 |
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679 |
748 |
69 |
21 |
0.35 |
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CH12-03 |
-50 |
810 |
118 |
205.5 |
87.5 |
26.7 |
0.3 |
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456 |
554.5 |
98.5 |
30 |
0.39 |
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CH12-04 |
-50 |
700 |
80 |
148.5 |
68.5 |
20.9 |
0.37 |
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514 |
629.5 |
115.5 |
35.2 |
0.35 |
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CH12-05 |
-50 |
863.5 |
240 |
310 |
70 |
21.3 |
0.42 |
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460 |
574.5 |
114.5 |
34.7 |
0.67 |
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702 |
753.5 |
51.5 |
15.7 |
1.07 |
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833.5 |
858.5 |
25 |
7.6 |
0.4 |
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Width refers
to drill hole intercepts, true widths
can not be determined due to uncertain
geometry of mineralization.
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 ALS-Chemex 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 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
central Alaska.
Kristina
Walcott-President and CEO
Telephone: 1.604.662.7307
jkw@freegoldventures,com
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
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