VANCOUVER, Feb. 19, 2013 /CNW/ - Freegold Ventures Limited (TSX: FVL,
Frankfurt: FR4N) ("Freegold") is pleased to report the commencement of drilling at Golden Summit.
The Golden Summit project lies 32 km northeast of Fairbanks and is
accessible by a maintained paved highway which facilitates exploration
on a year round basis. Drilling will initially be targeted at expanding
the current NI 43-101 resource and infill drilling to upgrade the
current inferred resources into the indicated category. The
Dolphin/Cleary Hill deposit remains open to west, east and to depth and
covers an area of 300 metres by 1.5 km; however, the entire Golden
Summit project area covers an 11,400 acre area and hosts numerous other
significant exploration targets also with the potential for additional
bulk tonnage mineralization.
The NI 43-101 compliant resource estimate was completed by Giroux
Consultants Ltd. of Vancouver, BC, Canada. The current indicated and
inferred resource using a 0.3 gram/tonne (g/t) cut-off is:
DOLPHIN/CLEARY ZONE INDICATED RESOURCE
|
Au Cut -Off (g/t)
|
Tonnes
|
Au g/t
|
Contained Oz Au
|
|
0.30
|
73,580,000
|
0.67
|
1,576,000
|
DOLPHIN/CLEARY ZONE INFERRED RESOURCE
|
Au Cut -Off (g/t)
|
Tonnes
|
Au g/t
|
Contained Oz Au
|
|
0.30
|
223,300,000
|
0.62
|
4,437,000
|
The program for 2013 will include 20 - 25,000 metres of diamond core
drilling, metallurgical testing and the initiation of a Preliminary
Economic Assessment (PEA). Details on additional drill targets areas
will be forthcoming over the next few weeks.
The Qualified Person for this release is Curt Freeman, MSc., who has
reviewed and approved the contents of this press release. The mineral
resource estimate has been prepared in compliance with the standards of
NI43-101.
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% 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 which also hosts a NI 43-101 compliant resource of
inferred resources of 49.3 million tonnes averaging 1.09 g/t Au for
1,735,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne
(g/t) as a possible open pit cutoff.
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
SOURCE: Freegold Ventures Limited
