Freegold Intersects 207.4 metres of 1.00 g/t Au at Golden Summit, Alaska
VANCOUVER, Oct. 11, 2011 /CNW/ - Freegold Ventures Limited
('Freegold' or the 'Company') is pleased to provide assays for thirteen holes of drilling from the Phase One drill program on the Dolphin Zone on Golden Summit, Alaska.A total of 27 holes were completed totaling 6,500 metres during the Phase One program. Drilling in this phase was designed both to upgrade the resource category as well as expand the known resource. An updated NI-43-101 resource estimate is expected to be completed on the Dolphin Zone by the end of 2011. A Phase 2 10,000 metre drilling program was initiated in mid August and is expected to continue until March of 2012. Drilling has commenced at the Cleary Hill mine prospect where Freegold hopes to develop the first NI 43-101 resource in that area.
The current NI 43-101 compliant resource on the Dolphin Zone completed earlier this year is:
Total indicated resource is 7,790,000 mt @ 0.695 gpt for a total of 174,000 contained gold ounces.
Total inferred resource is 27,010,000 mt @ 0.606 gpt for a total of 526,000 contained gold ounces.
(using a 0.3 g/t cutoff)
The holes drilled in the Phase One program were within and adjacent to the main intrusive of the Dolphin Zone. (http://www.freegoldventures.com/i/maps/GS11DH_PR_Oct11b.pdf) and were designed to expand the resource to the east, south and to depth.
Highlights of the Phase One program to date include - GSDC 11-32 which returned 452 m @ 0.68 g/t Au, and GSDC 11-47 which returned 149.2 m @ 1.02 g/t Au (from 367 - 516.2m). See press releases dated June 13(th), 2011, and August 2(nd), 2011 respectively.
Significant intercepts from the currently reported holes include: GSDC 11-38 which returned 207.4 m @ 1.00 g/t Au, including 74.1 m @ 2.3 g/t Au, GSDC 11-41 which returned 187 m @ 0.65 g/t Au and GSDC 11-51 which returned 56.1 m @ 0.68 g/t Au. Also of note are some significant silver intercepts. Highlights include GSDC 11-37, which returned 97.5 m @ 8.00 g/t Ag, Hole GSDC 11-37 also returned 118.6 m grading 0.57 g/t Au. Hole GSDC 11-48 returned 24.8 m @ 34.7 g/t Ag.
____________________________________________________________________
|Hole Number|Depth of|From (ft)| To |Interval (ft)|Interval (m)| Au |
| | Hole | |(ft) | | |g/t |
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-37 | 644| 0| 389| 389| 118.6|0.57|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-38 | 689| 8.5| 689| 680.5| 207.4|1.00|
|___________|________|_________|_____|_____________|____________|____|
|incl | | 214| 457| 243| 74.1| 2.3|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-41 | 645.5| 32|645.5| 613.5| 187.0|0.65|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-44 | 646| 20| 104| 84| 25.6|0.63|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-46 | 651| 31| 131| 100| 30.5|0.23|
|___________|________|_________|_____|_____________|____________|____|
| | | 383.5| 576| 192.5| 58.7|0.32|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-48 | 1558| 89.5| 288| 198.5| 60.5|0.39|
|___________|________|_________|_____|_____________|____________|____|
| | | 1161.5| 1558| 396.5| 120.9|0.51|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-49 | 1323| 112| 1323| 1211| 369.1|0.29|
|___________|________|_________|_____|_____________|____________|____|
| | | 179| 239| 60| 18.3| 0.4|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-50 | 846| 99| 792| 693| 211.2|0.51|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-51 | 944| 109| 293| 184| 56.1|0.68|
|___________|________|_________|_____|_____________|____________|____|
| | | 794| 944| 150| 45.7|0.45|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-52 | 333| 5| 44| 39| 11.9|0.47|
|___________|________|_________|_____|_____________|____________|____|
| | | 158| 183| 25| 7.6|1.69|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-53 | 326| 11| 58.5| 47.5| 14.5|0.86|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-54 | 438| 10| 108| 98| 29.9|0.45|
|___________|________|_________|_____|_____________|____________|____|
| | | 281|366.5| 85.5| 26.1|0.75|
|___________|________|_________|_____|_____________|____________|____|
| | | 396.5| 438| 41.5| 12.6|0.33|
|___________|________|_________|_____|_____________|____________|____|
|Hole Number|Depth of|From (ft)| To |Interval (ft)|Interval (m)| Ag |
| | Hole | |(ft) | | |g/t |
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-37 | 644| 74| 394| 320| 97.5| 8|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-38 | 689| 321| 389| 68| 20.7| 17|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-48 | 1558| 86.5| 168| 81.5| 24.8|34.7|
|___________|________|_________|_____|_____________|____________|____|
| | | 1508| 1543| 35| 10.7|17.5|
|___________|________|_________|_____|_____________|____________|____|
| | | | | | | |
|___________|________|_________|_____|_____________|____________|____|
|GSDC 11-50 | 846| 99| 199| 100| 30.5|9.45|
|___________|________|_________|_____|_____________|____________|____|
ALS Chemex was used to analyze core samples via fire assay analysis for gold plus multi element ICP-AES and ICP-MS analysis using 4 acid digestion. Quality control entailed insertion of blanks and standards into the sample stream, at the rate of approximately one QA/QC sample every tenth assay. On average all of the reported standard and blank assay values were within an acceptable margin of error.
The Qualified Person who has reviewed the technical disclosure contained in this release is Curt Freeman, MSc., PGeo, a qualified person under NI-43-101.
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% 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 where a 3,502 metre drill program was completed earlier this year.
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
Freegold Ventures Limited
CONTACT: Kristina Walcott-President and CEO
Telephone: 1.604.662.7307
kristina.walcott@gmail.com
