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August
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 with one rig operating from
mid May until now. Drilling has been
primarily focused in the Dolphin and
Cleary Hill Areas.
To date a total of approximately 35,000
metres have been drilled in the
Dolphin/Cleary Hill areas of which
11,802 metres have been incorporated
into the current NI 43-101 compliant
resource at Dolphin. All drilling will
be incorporated into the updated NI
43-101 resource which is expected to be
completed by late September/early
October.
Hole GSDL1218 was drilled to a depth of
1,757 feet (535 metres) in the western
area of the Dolphin deposit. The
hole was mineralized from top to bottom
and averaged 0.59 g/t Au over the entire
531 metres (from 4.26 metres) and
included 1.10 g/t Au over 90.5 metres.
This hole represents significant
expansion potential to west and to depth
of the Dolphin deposit.
(See hole
location map:
http://www.freegoldventures.com/i/maps/GS12DH_PRmap_Aug08.pdf).
Width refers
to drill hole intercepts, true widths
can not be determined due to uncertain
geometry of mineralization. All assays
reported are uncut. The highest
individual assay was 5.8 g/t over 3
metres.
The current NI 43-101 resource at
Dolphin was updated in December 2011
which using a 0.35 g/t cutoff, is
14,840,000 tonnes @ 0.66 g/t Au -
represents 316,000 ounces in the
indicated category and 50,460,000 tonnes
@ 0.61 g/t Au - and represents 991,000
ounces in the inferred category.
Results from the drill program continue
to demonstrate the significant expansion
potential of the Dolphin/Cleary Hill
resource areas. 8,228 metres have been
drilled in the Dolphin Zone since
January of which assays for 6,399 metres
have now been reported and drilling is
ongoing.
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 Acme Analytical 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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