Freegold Completes Initial Drill Program on High-Grade Rob Property Targets
30 August 2007 - 3:41PM
PR Newswire (US)
TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4 VANCOUVER, Aug. 30
/PRNewswire-FirstCall/ -- Freegold Ventures Limited (the "Company")
is pleased to announce results from recent surface sampling
programs, and the completion of an initial 17 hole (3,514 foot)
drill program at its Rob project In east-central Alaska. Surface
samples collected from five separate vein systems within the 4,240
acre property in late 2006 and more recently in June 2007 continue
to return high grade gold assays from a number of vein systems on
the property. Drilling has now been conducted by Freegold on two of
these vein systems, Gray Lead and O'Reely, both of which have
intersected quartz veins averaging true widths of 10 and 4 feet
respectively within surrounding gneissic host rocks. Final assays
from these core holes are expected to be reported within the next
few weeks. Freegold acquired the Rob property in 2002 and has a
100% lease interest in the property. Rob is located 110 miles
southeast of Fairbanks, and lies within the Goodpaster Mining
District on the eastern end of the same gneissic dome that hosts
gold mineralization at Teck Cominco/Sumitomo's recently
commissioned Pogo gold mine. Pogo, located approximately 20 miles
west from Rob, is currently the largest underground gold mine in
Alaska with planned production over its 10 year-life estimated at
350,000 to 450,000 oz/year. Pogo's 5.6 million ounce gold resource
is hosted within stacked, flat-lying quartz veins that average
approximately 0.5 ounces of gold per ton. Gold at Pogo is
associated with a distinctive geochemical trace element suite
(gold, bismuth, arsenic) similar to the mineralization discovered
at Rob. Since the opening of the Pogo mine in 2006, this district
has received considerable investor attention, most notably with the
consolidation of a 513,000 acre land package through staking and
joint venturing by Goldcorp founder Rob McEwen. This large land
package (subsequently merged into Rubicon Minerals) surrounds the
Pogo mine and the Rob property, and was acquired due to the shared
belief that the gold mineralization at Pogo is not a unique
occurrence in the district. The first systematic exploration on Rob
was undertaken from 1995 to 1998 by Sumitomo Metal Mining and WGM,
during which time they conducted over $1.3 million in
airborne/ground geophysics, soil/rock geochemical sampling,
geologic mapping, trenching and limited diamond drilling. This
program successfully identified numerous target areas, many of
which have not been tested to date. The program also confirmed that
the high-grade quartz veins at Rob are related to similar
low-sulphur, high temperature intrusive events similar to Pogo, and
that the host rocks have been cut by similar high angle NE and NW
fault systems. Freegold's initial work in 2002/2003 centered on
rock sampling and top-of-bedrock auger soil sampling programs
designed to confirm results previously reported in the 1990's. This
program confirmed high-grade gold occurrences at a number of target
locations throughout the property. Significant assays from this
2002 sampling program include: 2002 Significant Freegold Grab
Sample Results
-------------------------------------------------------------------------
Gold Gold Gold Gold Prospect Grade (g/t) Grade (oz/t) Prospect
Grade (g/t) Grade (oz/t)
-------------------------------------------------------------------------
Gray Lead 72.17 2.10 Michigan 24.27 0.71
-------------------------------------------------------------------------
Gray Lead 17.11 0.50 Michigan 698.89 20.38
-------------------------------------------------------------------------
Gray Lead 28.77 0.84 Michigan 29.83 0.87
-------------------------------------------------------------------------
Gray Lead 9.37 0.27 Michigan 175.06 5.11
-------------------------------------------------------------------------
Gray Lead 7.42 0.22 Michigan 120.55 3.52
-------------------------------------------------------------------------
Gray Lead 30.45 0.89 Upper Trench 8.79 0.26
-------------------------------------------------------------------------
O'Reely 8.04 0.23 Lower Trench 15.43 0.45
-------------------------------------------------------------------------
O'Reely 8.38 0.24 Lower Trench 14.37 0.42
-------------------------------------------------------------------------
Hilltop 8.72 0.25 Lower Trench 22.29 0.65
-------------------------------------------------------------------------
Following a 3 year period of limited work, Freegold undertook
additional surface grab sampling in late 2006 and again in June
2007 in advance of the commencement of drilling. Assay results from
all of the samples collected during these two sampling periods are
as follows: 2006 and 2007 Freegold Grab Sample Results
-------------------------------------------------------------------------
Gold Gold Gold Gold Prospect Grade (g/t) Grade (oz/t) Prospect
Grade (g/t) Grade (oz/t)
-------------------------------------------------------------------------
Blue Lead 23.50 0.69 O'Reely 0.94 0.03
-------------------------------------------------------------------------
Blue Lead 46.70 1.36 O'Reely 6.61 0.19
-------------------------------------------------------------------------
Blue Lead 1.13 0.03 O'Reely 0.17 0.004
-------------------------------------------------------------------------
Blue Lead 19.60 0.57 O'Reely 0.44 0.01
-------------------------------------------------------------------------
Blue Lead 0.16 0.004 O'Reely 0.28 0.01
-------------------------------------------------------------------------
Michigan 2.92 0.09 O'Reely 1.16 0.03
-------------------------------------------------------------------------
Michigan 11.50 0.34 O'Reely 0.21 0.01
-------------------------------------------------------------------------
Michigan -0.05 - O'Reely 0.74 0.02
-------------------------------------------------------------------------
Michigan 6.35 0.19 O'Reely 0.03 0.001
-------------------------------------------------------------------------
Michigan 2.39 0.07 Grizzley Mine 31.78 0.93
-------------------------------------------------------------------------
O' Reely 0.53 0.02 Gray Lead 49.88 1.45
-------------------------------------------------------------------------
Following the completion of the above sampling, Freegold completed
an initial diamond drilling program at the Gray Lead and O'Reely
veins in the southern portion of the property. A total of 8 holes
(1,529 feet) were drilled at Gray Lead from two separate drill pads
and 10 holes (1,985 feet) were drilled at O'Reely from four
separate drill pads. In both cases, holes drilled from the same pad
were drilled at angles ranging from 45 to 90 degrees in dip.
Drilling at both targets encountered sugary textured quartz veins
containing fine-grained bismuthinite and arsenopyrite. Veins were
hosted in altered biotite granodiorite at O'Reely and biotite augen
paragneiss at Grey Lead. Analytical results on this drilling are
pending and will be reported at a later date. Assay results cited
herein were based on grab samples which were collected by Avalon
Development Corporation, consultants to Freegold, under the
supervision of Curt Freeman, MS., PGeo, Qualified Person as defined
by NI 43-101. Alaska Assay Laboratories in Fairbanks, Alaska was
used to analyze the samples collected in 2006/2007 via fire assay
analysis for gold plus multi element ICP-AES and ICP-MS analysis
using 4 acid digestion. The samples in 2002 were submitted to ALS
Chemex in Fairbanks, Alaska (prep) and Vancouver, B.C. (analytical)
for fire assay analysis for gold plus multi element ICP-AES
analysis using 4 acid digestion. 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 continuing to discover new high-grade veins
and bulk tonnage shear zones in its 25,000-foot drill program at
its Golden Summit project outside Fairbanks, Alaska. Gold
production from the processing of an initial 10,000-ton bulk sample
collected in the fall of 2006, along with additional bulk
sampling/processing of additional areas containing surface high
grade gold mineralization will commence shortly. Drilling to
outline larger, lower grade bulk tonnage targets on the property
will continue throughout the year. Freegold has also optioned the
Vinasale Gold Deposit in Alaska, from Doyon, Limited, where
geophysical, mapping and sampling programs are currently being
initiated. 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) 685-1870, 1-800-667-1870,
DATASOURCE: Freegold Ventures Limited CONTACT: Kristina Walcott -
VP Corporate Development, (604) 685-1870, 1-800-667-1870,
Copyright