VANCOUVER, Oct. 28, 2014 /CNW/ - Freegold Ventures Limited
(TSX: FVL, Frankfurt: FR4N) ("Freegold") is continuing
metallurgical test work on its flagship Golden Summit Project
located near Fairbanks, Alaska.
Located a 30 minute drive from Fairbanks with road, industrial scale power
and an experienced workforce nearby, the Golden Summit project
represents an excellent low risk development opportunity for
Freegold.
The current program underway is being conducted by McClelland
Laboratories of Sparks, Nevada and
consists further bottle roll tests and column leach tests.
This work augments the previous significant work conducted by SGS
Laboratories in Vancouver. (See June
27th, 2014 – News release).
The technical data being generated from the metallurgical test
work program is aimed at providing adequate data for Freegold to
examine both the potential for a stand-alone valley heap leach
operation on all material (oxide and sulphide) as well as to
investigate a higher recovery milling operation which will be
incorporated in the Preliminary Economic Assessment (PEA) which is
currently underway with Tetra Tech
The Golden Summit project hosts an indicated resource of
79,800,000 t grading 0.66 g/t for a total of 1,683,000 oz gold and
an inferred resource of 248,060,000 t grading 0.61 g/t for a total
of 4,841,000 oz gold using a 0.3 g/t cut-off. The indicated oxide
resource using a 0.20 g/t cutoff is 25,026,200 t grading 0.55 g/t
for a total of 439,000 oz gold and the inferred resource is
16,620,510 t grading 0.47 g/t for a total of 253,000 oz gold. The
resource was prepared in compliance with NI 43-101. The resource
estimate was completed by Qualified Person Gary Giroux of Giroux
Consultants in June 2013. The
Technical Report documenting this estimate can be found on the
Company's website or on SEDAR under the Company's profile. The
oxide cap is contained largely within the upper 200 feet (60
metres) of the resource. To date resource drilling has been
confined to a 300 metre by 1.5 km area (approx. 110 acres) however
the entire Golden Summit project area covers 13,000 acres area and
hosts numerous other significant exploration targets with potential
to host additional resources, all of which have an oxide cap in the
upper 200 feet (60 metres).
The Qualified Person who has reviewed the technical disclosure
relating to the metallurgical test work contained in this release
is Alvin Jackson, P. Geo Vice
President Exploration and Development for the Company.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of
projects in Alaska. In addition to
the Golden Summit Gold Project, Freegold holds the Shorty Creek
Copper Gold Molybdenum Porphyry Project and has an exploration
agreement with option to lease the Vinasale Gold project in central
Alaska.
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
SOURCE Freegold Ventures Limited