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May 9th,
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 was conducted with two
rigs from mid-January through mid-April
and has been primarily focused in the
Dolphin and Cleary Hill Areas. 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 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.
The following table summarizes the final
geochemical results from the Cleary Hill
area winter program and three additional
holes from the Dolphin winter program.
Width refers
to drill hole intercepts, true widths
can not be determined due to uncertain
geometry of mineralization. All assays
reported are uncut.
Holes GSCL1214 and 15 were collared to
intercept a series of west-northwest
striking high grade gold-bearing quartz
veins and shear zones that occur in the
hangingwall of the Cleary Hill vein
system. Hole GSCL1214 (az 315 @ -55
degrees) intercepted 7.6 meters grading
3.39 g/t in shears biotite schist cut by
multiple generations of sulfide (galena-sphalerite-stibnite)
veins and gold-bearing quartz-sulfide
veins. Unlike most other gold-bearing
veins in the area, the gold-bearing
interval from 310 to 335 feet contained
highly anomalous lead (to 1.24%) and
zinc (to 0.88%). Hole GSCL1215 (az 360 @
-55 degrees) collared from the same pad
but directed due north, does not appear
to have intercepted the same
mineralization as GSCL1214.
Holes GSDL12 -07 and 12-08 were collared
45 metres north of GSDL 12-05 which
intersected 17.5 metres grading 1.59 g/t
Au. Hole GSDL1207 (az 45 @ -55 degrees)
intercepted 39.6 meters grading 1.88 g/t
including 1.5 meters grading 27 g/t. and
was drilled on the west side of Bedrock
Creek at right angles to, and 125 meters
west of hole GSCL1214. Hole GSDL1208 (az
360 @ -55 degrees) intercepted
significant widths of lower grade
mineralization (13 to 19 meters grading
0.35 to 0.60 g/t). Based on the geometry
of mineralization between holes GSDL1207
and 1208 and holes GSCL1214 and 1215, it
is clear that a significant high angle
mineralized shear zone follows the
northwest trace of Bedrock Creek. This
shear zone remains untested along strike
to the northwest and southeast.
Hole GSDL1210 (as 45 @ -55 degrees) was
collared 45 metres south of hole GSDC
1141 which returned 187 metres grading
0.65 g/t Au. Hole GSDL1210 intercepted
several intervals of mineralization,
including a 20.9 meter interval grading
34.69 g/t gold. Mineralization consisted
of native gold, arsenopyrite and lesser
jamesonite and stibnite hosted in highly
sheared biotite quartz schist cut by
several generations of quartz and
quartz-sulfide veins. Visible gold was
observed in core at several locations
within this interval. The geometry of
the shear zone controlling
mineralization in hole GSDL1210 remains
uncertain since similar mineralization
has been encountered in drilling to the
west and north of this hole. The Dolphin
prospect remains untested immediately
south of this hole. Geochemical results
are pending from hole GSDL1212, a
vertical hole collared at the same site
as GSDL1210. The winter 2012 drilling
results continue to demonstrate the
expansion potential of the Dolphin
Deposit. Future drilling will focus on
expanding mineralization immediately to
the south and west of GSDL12-10.
3,777 metres have been drilled in the
Dolphin Zone since January of which
assays for 2,730 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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