Freegold Announces 43-101 Resource Estimate for Golden Summit Project, Alaska
VANCOUVER, March 31 /CNW/ --
VANCOUVER, March 31 /CNW/ - Freegold Ventures Limited (TSX: FVL)
(Frankfurt: FR4N) ('Freegold') is pleased to report the results of a NI43-101 compliant Mineral
Resource estimate recently completed on the Golden Summit Project
located in near Fairbanks, Alaska. The resource estimate was completed
by Giroux Consultants Ltd. of Vancouver, BC. Canada. Using 0.3 g/t Au
as a possible cut-off for open pit extraction an indicated and inferred
resource was calculated.
-- 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.
49 drill holes were drilled in the mineralized Dolphin Stock totaling
5,966 m. The Dolphin stock is a multi-phase intrusive. The stock has
been traced on surface by soil sampling and RC drill data and
represents an area of 1,200 by 2,000 ft. (366 x 610 m). Gold assays
were capped at 42 g/t Au. A block model containing blocks 10 x 10 x 5
m in dimension was superimposed over the Dolphin mineralized solid with
the percentage of each block below surface topography and within the
solid recorded. A combination of Ordinary Kriging and Indicator
Kriging was used to interpolate gold values into blocks.
_______________________________________________
| DOLPHIN ZONE INDICATED RESOURCE |
| |
|_______________________________________________|
|Au Cut-off|Tonnes> Cut-off| Grade > Cut-off |
| (g/t) | (tonnes) |____________________|
| | | Au| Contained |
| | |(g/t)|______________|
| | | |kgs Au|ozs Au |
|__________|_______________|_____|______|_______|
| 0.20| 9,940,000|0.599| 5,950|191,000|
|__________|_______________|_____|______|_______|
| 0.30| 7,790,000|0.695| 5,410|174,000|
|__________|_______________|_____|______|_______|
| 0.40| 5,650,000|0.826| 4,670|150,000|
|__________|_______________|_____|______|_______|
| 0.50| 4,340,000|0.941| 4,080|131,000|
|__________|_______________|_____|______|_______|
| 0.60| 3,420,000|1.047| 3,580|115,000|
|__________|_______________|_____|______|_______|
| 0.70| 2,710,000|1.152| 3,120|100,000|
|__________|_______________|_____|______|_______|
| 0.80| 2,140,000|1.258| 2,690| 87,000|
|__________|_______________|_____|______|_______|
| 0.90| 1,600,000|1.396| 2,230| 72,000|
|__________|_______________|_____|______|_______|
| 1.00| 1,190,000|1.549| 1,840| 59,000|
|__________|_______________|_____|______|_______|
| 1.20| 660,000|1.922| 1,270| 41,000|
|__________|_______________|_____|______|_______|
| 1.40| 410,000|2.312| 950| 30,000|
|__________|_______________|_____|______|_______|
| 1.60| 270,000|2.754| 740| 24,000|
|__________|_______________|_____|______|_______|
| 1.80| 220,000|2.991| 660| 21,000|
|__________|_______________|_____|______|_______|
| 2.00| 170,000|3.271| 560| 18,000|
|__________|_______________|_____|______|_______|
_______________________________________________
| DOLPHIN ZONE INFERRED RESOURCE |
|_______________________________________________|
|Au Cut-off|Tonnes> Cut-off| Grade > Cut-off |
| (g/t) | (tonnes) |____________________|
| | | Au | Contained |
| | |(g/t)|______________|
| | | |kgs Au|ozs Au |
|__________|_______________|_____|______|_______|
| 0.20| 38,800,000|0.498|19,320|621,000|
|__________|_______________|_____|______|_______|
| 0.30| 27,010,000|0.606|16,370|526,000|
|__________|_______________|_____|______|_______|
| 0.40| 18,340,000|0.729|13,370|430,000|
|__________|_______________|_____|______|_______|
| 0.50| 12,840,000|0.850|10,910|351,000|
|__________|_______________|_____|______|_______|
| 0.60| 8,990,000|0.980| 8,810|283,000|
|__________|_______________|_____|______|_______|
| 0.70| 6,300,000|1.124| 7,080|228,000|
|__________|_______________|_____|______|_______|
| 0.80| 4,560,000|1.267| 5,780|186,000|
|__________|_______________|_____|______|_______|
| 0.90| 3,260,000|1.434| 4,670|150,000|
|__________|_______________|_____|______|_______|
| 1.00| 2,460,000|1.594| 3,920|126,000|
|__________|_______________|_____|______|_______|
| 1.20| 1,570,000|1.878| 2,950| 95,000|
|__________|_______________|_____|______|_______|
| 1.40| 1,020,000|2.198| 2,240| 72,000|
|__________|_______________|_____|______|_______|
| 1.60| 710,000|2.504| 1,780| 57,000|
|__________|_______________|_____|______|_______|
| 1.80| 530,000|2.773| 1,470| 47,000|
|__________|_______________|_____|______|_______|
| 2.00| 410,000|3.030| 1,240| 40,000|
|__________|_______________|_____|______|_______|
The Qualified Person for this release is G.H. Giroux, M.A.Sc., P.Eng.,
who has reviewed and approved the contents of this press release. The
Inferred mineral resource estimate has been prepared in compliance with
the standards of NI 43-101. Mr. Giroux acted as the Qualified Person,
as defined in NI 43-101 and is independent of the Company. The NI
43-101 report will be finalized and filed on SEDAR within 45 days of
the date of this news release.
A 5,000 diamond core drill program is currently underway on the Dolphin
Zone with the objective of both expanding and upgrading the current NI
43-101 compliant resource. A second drill rig is being mobilized to the
property. Additional exploration this summer will include a property
wide ground geophysical survey in order to delineate targets for
subsequent fall drilling program.
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% in 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.
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2011/31/c8347.html
Kristina Walcott-President and CEO
Telephone: 1.604.662.7307
jkw@freegoldventures.com