| | Freegold Outlines 1.7 Million Ounces of Gold at Vinasale, Alaska
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March 29 2012 News FVL
March 29th, 2012
(Vancouver, BC) -- Freegold Ventures Limited
(TSX: FVL, Frankfurt: FR4N)("Freegold") is
pleased to report the results of a NI43-101
compliant Mineral Resource estimate recently
completed on the Vinasale Gold Project located
in southwest Alaska on which Freegold entered
into an Exploration Agreement with an Option to
Lease the Vinasale Project from Doyon Limited,
an Alaskan Native Regional Corporation, in 2007.
The resource estimate was completed by Giroux
Consultants Ltd. of Vancouver, BC. Canada.
Inferred resources are 49.3 million tonnes
averaging 1.09 g/t Au for 1,735,000 ounces of
gold utilizing a cutoff value of 0.5 grams/tonne
(g/t) as a possible open pit cutoff.
The addition of 13 drill holes drilled in 2011
and the expansion of the geologic solid have
expanded the resource at a 0.5 g/t cut-off by
32.4 % on tonnage at essentially the same grade
for an increase of 30.4 % ounces of contained
gold from the March 2011 resource estimate.
A total of 85 drill holes containing 10,945 gold
assays have been completed on the project within
three areas: the Central, Northeast and South
Zones. The highest density of drilling has been
completed in the Central Zone where 41 drill
holes totaling 9,948 metres were used in
estimating the resource for the Central Zone.
Gold assays were capped at 22.0 -grams/tonne
gold. Composites, 5 metres in length, were used
to model the grade continuity using
semivariograms. Blocks measuring 10 by 10 by 5
metres were populated using Ordinary Kriging.
Vinasale Central Zone Inferred Resource
|
Au
Cut-off
(g/t) |
Tonnes>
Cut-off
(tonnes) |
Grade >
Cut-off |
|
Au
(g/t) |
Contained |
|
kgs Au |
ozs Au |
|
0.10 |
87,370,000 |
0.74 |
64,570 |
2,076,000 |
|
0.15 |
80,380,000 |
0.79 |
63,740 |
2,049,000 |
|
0.20 |
74,930,000 |
0.84 |
62,790 |
2,019,000 |
|
0.25 |
70,040,000 |
0.88 |
61,640 |
1,982,000 |
|
0.30 |
65,620,000 |
0.92 |
60,440 |
1,943,000 |
|
0.40 |
57,350,000 |
1.00 |
57,580 |
1,851,000 |
|
0.50 |
49,320,000 |
1.09 |
53,960 |
1,735,000 |
|
0.60 |
42,250,000 |
1.19 |
50,110 |
1,611,000 |
|
0.70 |
36,100,000 |
1.28 |
46,100 |
1,482,000 |
|
0.80 |
30,840,000 |
1.37 |
42,160 |
1,355,000 |
|
0.90 |
26,310,000 |
1.46 |
38,310 |
1,232,000 |
|
1.00 |
22,420,000 |
1.54 |
34,620 |
1,113,000 |
|
1.10 |
19,080,000 |
1.63 |
31,120 |
1,001,000 |
|
1.20 |
16,110,000 |
1.72 |
27,710 |
891,000 |
|
1.30 |
13,520,000 |
1.81 |
24,480 |
787,000 |
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 where it remains
open to the south, 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. The program
is scheduled to commence in mid May.
The
Qualified Person for this release is G.H.
Giroux, M.A.Sc., P.Eng., who has reviewed and
approved the contents of this press release.
ALS Chemex was used
to analyze 1464 core samples via fire assay
analysis for gold plus multi element ICP-AES and
ICP-MS analysis using 4 acid digestion for the
2011 Freegold drill program. Quality control
entailed insertion of 34 blanks and 100
standards into the sample stream, at the rate of
approximately one QA/QC sample every tenth
assay, yielding approximately 11 % of the total
core assays. On average all of the reported
standard and blank assay values were within an
acceptable margin of error.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the
exploration of gold projects in Alaska. In
addition to the exploration agreement with
option to lease the Vinasale Gold project in
central Alaska, the Company is actively
exploring its Golden Summit Project where a
20,000 metre drill program is currently
underway.
|
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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