Freegold Golden Summit Drilling Widens Gold Zone to the West
November 21 2007 - 7:30AM
PR Newswire (US)
VANCOUVER, Nov. 21 /PRNewswire-FirstCall/ -- Freegold Ventures
Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to
announce results from drill Fence 19 which is the final fence of
RAB drill holes to be reported in the 40,093 foot Phase 1 Drill
Program at the Company's Golden Summit project outside Fairbanks,
Alaska. Drilling has been systematically testing the known 5,000
foot strike length of gold mineralization in the Cleary Hill Mine
area. Similarly to previously released holes, these 45 holes (holes
630 to 674) are continuing to encounter numerous mineralized
structures and shears in the hanging wall of the Cleary Hill
structural zone in shallow, close spaced drilling. Located between
1,000 to 1,500 feet west of Fence 5, Fence 19 follows an old road
up the nose of the ridge on the west side of Bedrock Creek. The
holes were spaced 10 to 40 feet apart and drilled to an average
depth of 72 feet. While the holes in areas exhibiting limited
surface mineralization were drilled with wider spacing, the drill
holes were always spaced to ensure at least one intercept on a 60
to 65 degree dipping vein. Holes 630 to 651, located towards the
bottom of the ridge, intersected structures and veins that were too
widely spaced to be considered part of a vein swarm. As the
drilling progressed up the ridge, it began to intersect the wider
Cleary Hill vein swarm traced extensively on the eastern side of
Bedrock Creek, with one 435 foot length of holes (actual length 370
feet after removing a bend in the road) averaging 0.53 g/t (0.016
opt). Significant assay intervals from the Fence 19 drilling
includes:
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Hole From To Thickness Gold Grade Gold Grade Number (foot) (foot)
(feet) (g/tonne) (oz/ton)
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652 42 78 36 2.36 0.069
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Including 54 60 6 11.90 0.347
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Including 57 60 3 19.73 0.575
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654 27 57 30 1.92 0.056
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659 42 78 36 2.57 0.075
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Including 42 45 3 20.20 0.589
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660 66 72 9 5.37 0.157
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Including 66 69 3 12.93 0.377
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666 12 24 12 2.01 0.059
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668 0 24 24 1.37 0.040
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669 9 21 12 6.46 0.188
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Including 9 12 3 17.88 0.521
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671 33 75 42 1.27 0.037
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672 39 60 21 2.11 0.062
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These results, in conjunction with the other RAB drill fences in
the Tolovana area also on the western side of Bedrock Creek,
confirm that mineralization in Fence 19, and the previously
identified vein swarms south of the old Cleary Hill mine workings,
is a westward extension of the same structures and mineralization
that host the vein swarms seen in RAB drill fences 1, 3, 4 and 5
where drilling has shown the vein swarm to be up to 1,000 feet
wide. In order to further confirm that the mineralization found in
Fence 19 and previously reported from the Tolovana vein in Fences 6
to 8 and 15 to 18, is hosted within an extension of the wider
mineralization seen to the east, Freegold is planning to resume RAB
drilling in January 2008 on the northern extensions of Fences 6 and
17 and in a new 1,800 foot long fence drilled slightly west of
Bedrock Creek. This proposed fence will reduce the current RAB
fence spacing to less than 750 feet between fences. In addition to
ongoing RAB drilling to explore for width and strike extensions of
the mineralization in this area, compilation of the data from RAB
drilling completed to date, in conjunction with bulk sample data,
will be used to plan a deeper core drilling program to start later
in 2008 as the first phase of resource definition for the Golden
Summit Project. Freegold also announces that the seasonal on-site
processing of bulk sampled material was suspended for the winter on
October 28th. Final results from the bulk samples crushed and
processed during the initial weeks of processing are still pending
in order to complete an accounting of gold grades for the bulk
samples processed. That information is expected to be available
within a few weeks. In addition, bulk sample extraction was also
suspended on October 25th for the winter season. Approximately
9,000 tons of new bulk sample material has already been collected
and stockpiled from the Beistline area. Another 3,100 tons of bulk
sample material has also recently been stockpiled from five small
pits opened up along a 1,000 foot width that includes the 600 foot
area tested in RAB Fence 1. This stockpiled material will be
processed when the plant resumes operations in the spring. Mapping
and grade control sampling of the structures and veins in the
excavation in the Fence 1 area discovered additional steeply
dipping veins and mineralized structures that were missed by the 20
foot spaced drill holes. This additional mineralization is expected
to enhance the bulk sample potential that was previously reported
in the Fence 1 drilling (reported March 29, 2007). While these
samples were collected for grade control purposes and were not of a
systematic nature, numerous assays were returned with grades
exceeding 17 g/t (0.50 oz/ton) with several of the higher grade
samples of vein material identified between the drill holes
returning assayed grades of 20.2 g/t (0.6 oz/ton), 44.7 g/t (1.3
oz/ton), 366.9 g/t (10.7 oz/ton), and 427.3 g/t (12.5 oz/ton). 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. The Qualified Person for this release is Michael P.
Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited.
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 "Steve Manz"
Steve Manz President and C.E.O. The TSX has neither approved nor
disapproved the contents of this news release. CUSIP: 45953B107
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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