Freegold to Drill Rob Project, Alaska in Summer 2011
VANCOUVER, June 14, 2011 /CNW/ --
VANCOUVER, June 14, 2011 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N)('Freegold') is pleased to announce its summer exploration program for the 19,000
acre Rob Project. The program will involve mapping, sampling, and a
diamond drill program to expand upon previously intersected high grade
zones and to test other strong geochemical anomalies over bulk-tonnage
targets which have not been tested to date.
Initial targets include the Michigan Zone where grab samples returned
values up to 971 g/t (28.33 opt) gold. Previous prospecting in the
Michigan area identified a large stock-work vein system over a 3,500 x
2,500 foot area. Other target areas include the Blue Lead area where
sampling of the vein zone returned values of up to 871 g/t (25.24 opt)
gold. Drilling at the Grey Lead Zone in 2007/2008 returned several high
grade intercepts including 17.5 feet grading 15.8 g/t (0.46 opt) and
18.7 feet grading 19.2 g/t (0.56 opt) and 11 feet grading 43.2 g/t
(1.26 opt).
One of the new targets to be tested is the Hilltop Prospect which is
located 600 feet southeast of the Grey Lead and where grab sampling
returned values of 18.7 g/t gold with elevated levels of bismuth and
tellurium similar to that seen in the Grey Lead Vein. Historical
sampling in this area returned values of up to 101 g/t (2.96 opt) gold.
Vinasale Project, Alaska
A 5,000 metre drill program is currently underway. The program is aimed
at both upgrading and expanding the current 1.33 MOz (inferred) NI
43-101 compliant resource (37,260,000 tonnes grading 1.11 g/t ). (see
news release dated March 31(st), 2011). In addition to the drill program an induced polarization
survey is being completed and is anticipated to help define other areas
that may be prospective to host additional mineralization outside of
the Central Zone. The Central Zone covers a 300 metre by 400 metre
area and hosts all of the current NI 43-101 compliant resource. The
zone remains open in three directions and to depth.
Golden Summit Project, Alaska
A 7,000 metre drill program is underway and is expected to be completed
by the end of June. Drilling in this phase is designed both upgrade
the resource category as well as expand the known resource to over one
million ounces. Early results indicate that the existing resource will
be expanded with this phase of drilling. The current 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 @ 0.61 gpt for a
total of 526,000 contained gold ounces. (see news release dated March
31(st), 2011). The Golden Summit project is located 5 miles to the north of
Kinross Gold's Fort Knox Mine which is currently producing 350,000
ounces per year at an average milling grade of 0.7 g/t
The Qualified Person for this release is Curt Freeman, MSc. who has
reviewed and approved the contents of this press release.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of gold
projects in 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
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Kristina Walcott-President and CEO
Telephone: 1.604.662.7307
jkw@freegoldventures.com