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April
24th, 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
3,359 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.
Hole GSCL1213 was targeted at the Cleary
Hill vein system and, similar to other
holes in this part of the prospect,
encountered significant widths of +0.5
g/t gold mineralization and is located
80 metres north of GSCL1211 which
intersected 62.79 meters grading 0.89
g/t. Significant intervals within
GSCL1213 include 91 meters grading 0.7
g/t, including 9.3 metres grading 3.38
g/t. This hole is located on the western
edge of the Cleary Hill vein system and
results continue to indicate that the
mineralization remains open along strike
to the west. In addition drilling also
intersected 18 feet from 163 -- 181 feet
which graded 135 g/t silver .
Holes GSDL1203 was collared 100 metres
west of GSCL1213 and was drilled at an
azimuth of 45 degrees back toward the
Cleary Zone. The entire whole averaged
0.49 g/t over 350.9 metres and again
continues to reinforce the potential for
the Golden Summit to host a significant
bulk tonnage deposit. The bottom 30.2
metres averaged 1.15 g/t and the hole
bottomed in mineralization.
3,777 metres have been drilled in the
Dolphin Zone since January of which
assays for 1,215 metres have now been
reported.
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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