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Freegold
Golden Summit Drilling Widens Gold Zone to the West Vancouver,
BC -- 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). 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 mineralizationfound 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. 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 ongoing 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. For further information: 1.604.662.7307 or visit their website at www.freegoldventures.com |
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