Freegold Step-Out Drilling Continues to Intersect New Gold/Moly Occurrences at Surface and Depth
March 13 2008 - 7:00AM
PR Newswire (US)
VANCOUVER, March 13 /PRNewswire-FirstCall/ -- Freegold Ventures
Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) is pleased to
report additional assays from the Company's Phase 2 step-out drill
program on its Almaden project in south western Idaho. Completed
late last year, the Phase 2 program was designed to test for
additional zones of gold and molybdenum mineralization along strike
from the Main and North Zones. These latest holes confirm that gold
mineralization assaying above the previously used resource cut-off
grade of 0.01 oz/ton (0.34 g/t) continues to be intersected at the
extreme southern end of the Main Zone to depths of approximately
400 feet, and in two new step-out areas located 1,200 and 3,000
feet to the northwest of the North Zone. Molybdenum mineralization
is also present in these various step-outs, with one hole testing
for deeper mineralization under the North Zone intersecting the
highest grade molybdenum intercepts to date on the property (55
feet grading 0.22% Mo, including 5 feet grading 1.39% Mo). Two
additional step-out holes (699 and 704) were drilled at the
southern end of the Main Zone. These holes were step-outs further
to the south of holes 718 and 720 that were reported on January 30,
2008 which interesected gold mineralization in the hanging wall of
the main feeder structure and which returned gold grades of 145
feet grading 0.024 oz/ton (0.83 g/t), 225 feet grading 0.032 oz/ton
(1.09 g/t) and 355 feet grading 0.021 oz/ton (0.70 g/t). The
step-out holes were both located on the extreme southern end of
Nutmeg Mountain, with hole 699 drilled with an azimuth of 80
degrees and a dip of -80 degrees, and hole 704 drilled with an
azimuth of 170 degrees and a dip of -70 degrees. Although these
holes did not encounter the higher grades typically encountered in
proximity to the main feeder zone, they did intersect thick
intervals of lower grade mineralization that assay above the
resource cut-off and that would expect to be picked up in future
pit designs. Significant intercepts from these southern step-out
holes include:
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Gold Gold Hole From To Thickness Grade Grade Number (foot) (foot)
(feet) (oz/ton) (g/tonne)
-------------------------------------------------------------------------
699 55 420 365 0.015 0.51
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including 80 155 75 0.021 0.73
-------------------------------------------------------------------------
704 10 205 195 0.013 0.43
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As was the case with holes 718-720, holes 699 and 704 also
encountered molybdenum mineralization. Significant molybdenum
assays from these two holes included 25 feet grading 0.036% Mo in
hole 699 (from 100 to 125 feet) and 60 feet grading 0.019% Mo in
hole 704 (from 70 to 130 feet). Both the gold and molybdenum
mineralization remain open to the south. Additional drilling was
also completed in the area surrounding the Stinking Water basin,
located approximately 1,700 feet west of the North Zone. Widely
scattered holes in this area have previously intersected near
surface mineralization with excellent resource potential. Core hole
SW-44, reported on December 18, 2007, encountered a 167 foot
interval within the basin starting 30 feet below surface grading
0.026 oz/ton (0.88 g/t), including a 75 foot section grading 0.039
oz/ton (1.34 g/t). Mineralization in this hole remains open at
depth with the last interval grading 0.025 oz/ton (0.88 g/t). Six
additional RC holes (739 to 744) were drilled into a bench that
overlooks the basin and that is situated 1,200 feet west of the
North Zone. In general, the thickness and grade of the gold
mineralization increased as the holes progressively moved closer to
the basin and hole SW-44. Significant intercepts from these six
holes include:
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Gold Gold Hole From To Thickness Grade Grade Number (foot) (foot)
(feet) (oz/ton) (g/tonne)
-------------------------------------------------------------------------
739 10 60 50 0.009 0.33
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740 60 165 105 0.009 0.31
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741 10 180 170 0.012 0.41
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including 10 70 60 0.020 0.70
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742 25 110 85 0.012 0.41
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743 10 180 170 0.024 0.82
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744 10 115 105 0.022 0.75
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Hole 743 (azimuth 270 and dip -50 degrees) ended in gold
mineralization at 180 feet, with the final assay interval grading
0.023 oz/ton (0.77 g/t). As was seen in SW-44, which intersected
near surface molybdenum mineralization grading 0.014% Mo over 119
feet (including 0.028% Mo over 50 feet), holes 740 (vertical) and
741 (azimuth 270 and dip -50), which were closer to the molybdenum
rich North Zone, encountered similar intervals of 105 feet grading
0.011% Mo (from 65 to 170 feet) and 90 feet of 0.014% Mo (from 10
to 90 feet) respectively. No gold mineralization from this area has
ever been included in prior resource evaluations due to the wide
spaced drilling in the area. Two additional step-out areas were
tested as part of the Phase 2 drilling: one 500 feet north of the
Main zone, and the other 1,400 to 3,400 feet northwest of the North
Zone. The three holes (693 (azimuth 50 and dip -75 degrees), 695
(azimuth 240 and dip -70 degrees) and 697 (azimuth 230 and dip -80
degrees)) drilled north of the Main Zone were situated at the base
of the hill whose top currently serves as the north western limit
of the Main Zone. While these holes intersected numerous feeder
structures, gold mineralization was limited to small intervals
bounding these structures, with the highest grade assay of 0.072
oz/ton (2.45 g/t) being intersected adjacent to the main feeder
zone in hole 693. In the area to the northwest of the Main Zone,
six RC holes (732 to 737) were drilled on hole spacings of up to
1,000 feet. Although gold mineralization was intersected right at
surface, this mineralization was found to be relatively shallow in
the areas tested. Significant intervals in this area include 5 feet
grading 0.01 oz/ton (0.35 g/t) in hole 732 (vertical), 15 feet
grading 0.023 oz/ton (0.79 g/t) in hole 733 (azimuth 45 and dip -80
degrees), 10 feet grading 0.014 oz/ton (0.50 g/t) in hole 734
(vertical) and 60 feet grading 0.009 oz/ton (0.31 g/t) in hole 737
(vertical). Only hole 737, approximately 1,400 feet from the North
Zone, encountered significant molybdenum grading 0.01% Mo over 150
feet (from 10 to 160 feet). The final hole in Phase 2 tested
underneath the North Zone where molybdenum has been consistently
intersected in shallow drilling. To test the possible depth extent
of this mineralization, hole 747 was located at the base of the
hill that encompasses the North Zone, and was drilled to the east
at an angle of -60 degrees. This hole intersected the highest grade
molybdenum mineralization to date. Significant assays from this
intersection include:
------------------------------------------------------------- Hole
From To Thickness Mo Grade Number (foot) (foot) (feet) (% Mo)
------------------------------------------------------------- 747
455 510 55 0.221%
-------------------------------------------------------------
including 480 505 25 0.475%
-------------------------------------------------------------
including 490 495 5 1.39%
------------------------------------------------------------- This
mineralization was encountered at a depth of approximately 800 feet
vertically below the surface of the flat-topped North Zone hill,
and represents new molybdenum mineralization 600 feet below the 200
foot depth tested in the earlier North Zone drilling. The
implications of this discovery as it relates to the main feeder
structure and Mo mineralization further south in the Main Zone are
currently being investigated. True widths reported in this release
are variable, as the orientation of the various mineralized
structures encountered throughout the drilling is variable. RC
samples reported in this release are generally analysed on
five-foot intervals. All samples are shipped to ALS Chemex at its
Winnemucca, NV laboratory for preparation. Pulps are shipped to ALS
Chemex Laboratories in Vancouver, B.C. for analysis. Gold values
are determined using fire assay techniques with AA finish and multi
element analysis using ICP-AES with aqua regia digestion. The
Qualified Person Michael P. Gross, M.S., P. Geo., VP Exploration,
Freegold Ventures Limited has reviewed and approved the contents of
this release. About Freegold Ventures Limited Freegold Ventures
Limited is a North American exploration and development company
with a 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 has recently finalized a 54,700-foot drilling program
aimed at further expanding the size of the resource and is in the
process of generating a new 43-101 resource prior to undertaking
new economic evaluations in 2008. Drilling at depth and to the
north and south of the known mineralization is continuing to
identify new extensions to the deposit, and newly identified open
ended areas of molybdenum mineralization continue to be encountered
along with the gold in the northern portions of the deposit.
Freegold's 40,100-foot drill program has resulted in the discovery
of new high-grade veins and bulk tonnage shear zones on its Golden
Summit project outside Fairbanks, Alaska. Over 7 million ounces of
gold has historically been recovered from Golden Summit which is
situated less than 5 miles to the north of the +7 million ounce
Fort Knox Mine. In order to further evaluate the mineralized zones
delineated to date, on-site seasonal bulk sample processing using a
gravity-based concentration plant has commenced. Exploration is
ongoing as 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 completed on this 140,000 acre property which
contains the Vinasale gold deposit, and on the Rob property in
Alaska, where recent drilling has intersected high-grade gold (29.0
g/t over 13 feet and 20.1 g/t over 13.5 feet) in near surface
quartz veins similar in appearance and grade to those being mined
at the nearby 5.6 million ounce Pogo mine. 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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