Freegold Drilling Intersects 28.5 g/t Over 9 feet On Golden Summit Tolovana Vein
October 29 2007 - 8:31AM
PR Newswire (US)
www.freegoldventures.com VANCOUVER, Oct. 29 /PRNewswire-FirstCall/
-- Freegold Ventures Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt:
FR4) is pleased to announce results from 54 holes drilled at the
Company's Golden Summit project outside Fairbanks, Alaska. Located
on the western end of the known gold mineralization in the Cleary
Hill mine area, drilling has extended the strike length of the
high-grade Tolovana Vein to over 825 feet. The Tolovana vein and
its accompanying hanging and footwall gold mineralization remain
open in all directions, with the vein striking towards the central
part of the much wider Cleary Hill vein swarm on the eastern side
of Bedrock Creek. Further RAB drilling will be undertaken in early
January to extend the short drill fences in the Tolovana area
further to the north and south to determine whether the Tolovana
vein is also part of a larger swarm of veins and shear zones that
have to date been hidden under the permafrost overburden. The 54
holes in fences 15 to 18 are part of the 672-hole (40,093 foot)
exploratory drill program that has been systematically testing the
swarm of veins and shear zones along the known 5,000 foot strike of
gold mineralization in the Cleary Hill mine area. Similar to
previously released holes, these shallow, closed spaced holes are
continuing to encounter high-grade structures near surface within
much broader zones of lower grade, bulk tonnage mineralization. As
seen in the accompanying map (available on the Company's website),
fences 15 to 18 are testing the north-east striking Tolovana vein
with vertical holes averaging 72 feet in depth, spaced roughly 20
feet apart, that are oriented in a north-north west direction. The
Tolovana vein and its associated hanging and footwall
mineralization was originally intersected in Fence 6, which
returned intersections of 23.0 g/t (0.67 oz/ton), 17.8 g/t (0.52
oz/ton) and 18.1 g/t (0.53 oz/ton) all over 3-foot widths within
wider zones of lower-grade mineralization (see June 11, 2007
release). Fences 7 and 8 traced the vein a further 350 feet to the
east with intersections comparable to those seen in Fence 6 (see
Oct. 4, 2007 release). Fences 15 (24 holes) 16 (9 holes) 17 (9
holes) and 18 (12 holes) traced the Tolovana vein another 525 feet
to the east for a total confirmed strike length of 825 feet.
Significant intervals from these fences include:
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Hole From To Thickness Gold Grade Gold Grade Fence Number (foot)
(foot) (feet) (g/tonne) (oz/ton) Number
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568 6 27 21 1.73 0.050 15
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569 0 30 30 1.03 0.030 15
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570 0 33 33 0.92 0.027 15
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571 36 54 18 1.57 0.046 15
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573 12 54 42 1.24 0.036 15
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576 27 75 48 1.00 0.029 15
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614 30 36 6 5.41 0.158 15
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581 0 78 7 4.11 0.120 16
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including 60 69 9 28.53 0.832 16
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including 60 63 3 55.88 1.630 16
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582 6 60 54 0.79 0.023 16
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629 24 33 9 5.20 0.152 16
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589 3 78 75 1.24 0.036 17
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including 6 12 6 4.41 0.129 17
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Including 66 78 12 4.28 0.125 17
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590 36 78 42 2.00 0.058 17
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including 36 48 12 4.22 0.123 17
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591 15 75 60 1.01 0.032 17
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592 12 78 66 1.10 0.032 17
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including 66 75 9 5.16 0.150 17
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598 54 66 12 2.85 0.083 18
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600 3 72 69 2.18 0.064 18
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including 36 48 12 9.70 0.283 18
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including 39 42 3 26.98 0.787 18
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606 0 45 45 1.41 0.041 18
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including 3 9 6 7.27 0.212 18
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607 0 33 33 1.51 0.044 18
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At the present time, it is believed that the Tolovana vein and the
Wackwitz vein, which is hosted within the much wider swarm of veins
and shear zones on the eastern side of Bedrock Creek, are the same
vein. Both veins exhibit a distinctive mottled grey appearance not
known to occur in any other veins within the swarm, and the strike
projection of the Tolovana vein runs close to the Wackwitz portal,
located only 1,100 feet east of the Tolovana vein intersected in
fence 18. Cross sections of the Tolovana vein RAB drill holes
exhibit mineralized structures in both the hanging and foot walls
of the vein that are similar to those found in the Beistline area
RAB drilling/bulk sampling on the far western end of the known
mineralization, as well at that seen in RAB fences 1, 3, 4 and 5,
suggesting that the Tolovana vein is simply part of a larger vein
swarm. To test this concept, the Company will resume its RAB
drilling program in the New Year and will initially drill holes
north and south of the Tolovana vein, as well as drill longer
fences of holes in between fence 18 and fence 5 to continue to
extend the strike of the wider, Cleary Hill south vein swarm
further to the west. True widths of the veins reported in this
release are variable, as the orientation of the various mineralized
structures encountered throughout the drilling is variable.
Drilling is currently being conducted with an Ingersol-Rand
conventional percussion drill. Cuttings are returned up the drill
hole with the use of an OEM vacuum drill cuttings collector, and
are dropped from a cyclone directly into a sample bag. Samples are
collected every three feet, with the drill bit being pulled off the
bottom and the hole cleaned at the completion of each sample
interval. Freegold maintains a geologist and sampler at the drill
rig for all drilling to take and log all samples to insure that
quality assurance and control procedures are in accordance with
43-101 requirements. One duplicate assay is being conducted in
every drill hole and either a blank or a standard is inserted in
the sample stream every 10 samples. Alaska Assay Laboratories in
Fairbanks, Alaska is being used to analyze the drill cuttings for
gold via fire assay analysis plus multi element ICP-AES and ICP-MS
analysis using 4 acid digestion. Map attachment:
http://www.freegoldventures.com/i/maps/map_attachment_102907.jpg
About Freegold Ventures Limited Freegold Ventures Limited is a
North American exploration and development company with a new
management team experienced in mine development and production that
is actively exploring advanced-stage gold projects in Idaho and
Alaska. Freegold holds a 100% lease interest in the Almaden gold
project in Idaho. This large tonnage epithermal gold deposit was
the subject of a feasibility study in 1997 calling for the
development of a 95,000 oz/year open pit, heap leach mine. Freegold
is currently finalizing a 41,000-foot drilling program aimed at
further expanding the size of the resource prior to undertaking new
economic evaluations in 2007. Drilling at depth and to the north
and south of the known mineralization is continuing to identify new
extensions to the deposit. Freegold is also continuing to discover
new high-grade veins and bulk tonnage shear zones in its
40,000-foot drill program at its Golden Summit project outside
Fairbanks, Alaska. Gold production from the processing of bulk
sampled material has commenced, and in addition to on-going bulk
sampling of additional areas found to contain high grade surface
mineralization, the Company continues to define additional areas of
larger, lower grade mineralization through on-going drilling and
stripping. Exploration has also commenced on the Vinasale property
in Alaska, where geophysical and surface sampling programs have
recently been competed, and on the Rob property in Alaska, where
recent drilling has interested high-grade gold (29.0 g/t over 13
feet and 20.1 g/t over 13.5 feet) in Pogo-style, near surface
quartz veins. On behalf of the Board of Directors For further
information: "Steve Manz" Steve Manz President and C.E.O. The TSX
has neither approved nor disapproved the contents of this news
release. DISCLAIMER This news release contains certain
"Forward-Looking Statements" within the meaning of Section 21E of
the United States Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included
herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the Toronto Stock
Exchange, British Columbia Securities Commission and the United
States Securities & Exchange Commission. CONTACT: Kristina
Walcott, VP Corporate Development, (604) 662-7307, DATASOURCE:
Freegold Ventures Limited CONTACT: Kristina Walcott, VP Corporate
Development, (604) 662-7307,
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