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April
18th, 2012 (Vancouver, BC) --
Freegold Ventures Limited (TSX: FVL,
Frankfurt: FR4N) ("Freegold") is pleased
to report the results from its ongoing
drill program on the Golden Summit
Project located near Fairbanks, Alaska.
Drilling at Golden Summit has been
underway with two rigs since mid January
and has been primarily focused in the
Dolphin and Cleary Hill Area. An updated
NI43-101 compliant resource was
completed on the Dolphin Zone in
December of 2011 and the current
drilling is aimed at expanding the
current Dolphin resource (December 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.
A total of 3,856 metres were drilled in
the Cleary Hill zone since January of
which assays have been reported for
3,084 metres. This drilling is aimed at
merging mineralization at the Cleary
Hill Zone with the existing Dolphin
Resource.
Width refers
to drill hole intercepts, true widths
can not be determined due to uncertain
geometry of mineralization. All assays
reported are uncut.
Holes GSCL1208, 1029 and 1210 were
targeted at the Cleary Hill vein and,
similar to other holes in this part of
the prospect, encountered significant
widths of +0.5 g/t gold mineralization
in a mineralized envelope both above and
below the high grade Cleary Hill vein.
Significant intervals include 14.48
meters grading 1.11 g/t in hole
GSCl1208, 98.3 meters grading 0.68 g/t
in hole GSCl1210. These holes represent
the western-most drilling completed
during the 2011 -- 2012 drilling
campaigns and results indicate
mineralization remains open along strike
to the west.
Holes GSCL1211 and 1212 are located
approximately 250 meters south of hole
GSCL1210 and were targeted at a vein
swarm containing the historically mined
Wackwitz and Wyoming veins and the
Currey zone. These new holes intercepted
two separate mineralized envelopes with
GSCL1211 returning 62.79 meters grading
0.89 g/t and hole GSCL1212 returning
24.38 meters grading 0.74 g/t.
Additional drilling has been completed
in this area to better define the extent
and grade of these mineralized zones.
Holes GSDL1202 and 2014 were drilled on
the extreme northeastern edge of the
Dolphin prospect and encountered
significant widths of bulk tonnage gold
mineralization. Hole GSDL1202 represents
the farthest north hole yet drilled in
the Dolphin zone and returned 145.54
meters grading 0.50 g/t gold. Hole
GSDL1204 represents the farthest east
hole yet drilled in the Dolphin zone and
returned 115.06 meters grading 1.08 g/t
gold. Assays are pending on additional
holes drilled in the intervening 175
meter zone between GSDL1202 and 1204.
3,777 metres have been drilled in the
Dolphin Zone since January of which
assays for 4,842 metres have now been
reported.
In addition 1,686 metres have been
completed since January on the Christina
area all assays have now been reported
for the Christina Area drilling.
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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