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May 29th,
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.
3,777 metres were drilled in the Dolphin
Zone since January, all holes from the
Phase 1 program have now been reported.
Drilling at Dolphin now has recommenced
and assays will be reported as they
become available. This year's program
for Golden Summit is anticipated to
total 20,000 metres of which
approximately 10,000 metres have been
drilled since January.
Drilling in Phase 2 will also include
followup on the previously reported
intercept of 20.9 meters grading 34.69
g/t gold in hole GSDL12-10. Future
drilling will focus on expanding
mineralization immediately to the south
and west of GSDL12-10.
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 winter 2012
drilling results continue to demonstrate
the expansion potential of the Dolphin
Deposit.
The following table summarizes the final
3 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.
Hole GSDL1209 (az 0 @ -55 degrees) was
collared along the northern edge of the
Dolphin zone and intersected 96 metres
grading 0.79 g/t Au within a broad zone
of highly sheared and locally brecciated
quartz mica schist and hornfels. The
mineralized interval contained variable
pyrite and lesser arsenopyrite in
disseminated form as well as in
quartz-sulfide and sulfide-only veinlets.
Hole 1209 was collared from the same pad
as hole GDSL 1206, which intersected
297.6 metres (from 199.9 metres to 497.5
metres) grading 0.79 g/t. Results from
GSDL 1206 and 1209 confirm the Dolphin
Deposit has considerable potential for
expansion to the north and at depth.
Additional drilling is planned to offset
these holes during the summer 2012
drilling program.
Hole GSDL1211 (vertical) was collared on
the southeastern edge of the Dolphin
zone near hole TL9602, a shallow (315 ft
TD)_ drill hole completed in 1996. Hole
GSDL1211 intercepted several thin zones
of higher-grade mineralization in the
upper part of the hole, including 1.1
meters grading 33.7 g/t Au but then
entered a much broader zone of
intrusive-hosted mineralization
including the bottom 260.9 meters of the
hole which returned 0.51 g/t Au. This
mineralization was hosted in pervasively
sericite-altered granodiorite and
tonalite of the Dolphin stock and
sericite-alterted and brecciated schist
and hornfels. Mineralization was
associated with disseminated
arsenopyrite and pyrite with multiple
phases of sheeted quartz-sulfide
veinlets. The alternating intervals of
intrusive and schist suggest the
northern contact of the Dolphin stock is
highly irregular and may have influenced
the grade and geometry of
mineralization.
Hole GSDL1212 (vertical) was collared at
the same as hole GSDL 1210, a north-east
directed angle hole that returned 34.7
g/t Au over 20.9 metres. Multiple
intervals encountered in GSDL1212
include 283.5 meters grading 0.42 g/t Au
including 17.7 meters grading 1.08 g/t
Au and an additional 38.1 meters grading
0.87 g/t Au. Disseminated and quartz
vein-hosted arsenopyrite and pyrite were
hosted in brecciated and sheared
sericite altered schist and
inter-fingered granodiorite/tonalite in
the lower half of the hole. Based on the
geometry of the mineralization
encountered in GSDL1210 and GSDL1212,
shear zones which control mineralization
appear to dip 45 to 70 degrees to the
south. The strike of the controlling
structure remains uncertain and will be
the focus of step-out drilling planned
for the summer 2012 drilling program.
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.
Freegold reduces exercise price of
August 2012 Warrants
In addition Freegold announces that it
has reduced the exercise price from
$0.75 to $0.58 for 3,609,268 warrants
(the "Warrants") in an effort to ensure
that the warrants are exercised as a
result of overall deteriorating market
conditions. Each whole Warrant entitles
the holder to purchase one additional
common share on or before August 22,
2012. The Warrants were issued in
connection with a private placement
completed by the Company on August 22,
2011. 41,486 Warrants held by insider's
of the Company will not be re-priced and
will remain exercisable at the $0.75
level. The amended exercise price of the
warrants will be effective on June 12,
2012.
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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