VANCOUVER, March 13, 2013 /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 Vinasale Gold Project located in
southwest Alaska on which Freegold entered into an Exploration
Agreement with an Option to Lease the Vinasale Project from Doyon
Limited, an Alaskan Native Regional Corporation, in 2007. The resource
estimate was completed by Giroux Consultants Ltd. of Vancouver, BC.
Canada. Indicated resources are 3.41 million tonnes averaging 1.48 g/t
Au for 162,000 ounces, and Inferred resources are 53.25 million tonnes
averaging 1.05 g/t Au for 1,799,000 ounces of gold utilizing a cutoff
value of 0.5 grams/tonne (g/t) as a possible open pit cutoff within the
total blocks.
The 2012 drill program resulted in an estimation of indicated material
for the first time and also expanded the inferred category from the
March 2012 resource estimate. Of significance is the increase in grade
in the indicated category and it is anticipated that additional
drilling within the core of the Central Zone may have the potential to
both increase the grade and tonnage within the indicated category.
A total of 98 drill holes containing 11,284 gold assays have been
completed on the project within three areas: the Central, Northeast and
South Zones. The highest density of drilling has been completed in the
Central Zone where 53 drill holes totaling 12,352 metres were used in
estimating the resource for the Central Zone. Gold assays were capped
at 20 -grams/tonne gold. Composites, 5 metres in length, were used to
model the grade continuity using semivariograms. Blocks measuring 10 by
10 by 5 metres were populated using Ordinary Kriging.
Vinasale Central Zone Indicated Resource (Total Blocks)
Au Cut-off
(g/t)
|
Tonnes> Cut-off
(tonnes)
|
Grade > Cut-off
|
Au
(g/t)
|
Contained
|
|
kgs Au
|
ozs Au
|
|
0.10
|
4,910,000
|
1.11
|
5,460
|
176,000
|
|
0.15
|
4,670,000
|
1.16
|
5,440
|
175,000
|
|
0.20
|
4,480,000
|
1.21
|
5,400
|
174,000
|
|
0.25
|
4,300,000
|
1.25
|
5,370
|
173,000
|
|
0.30
|
4,120,000
|
1.29
|
5,310
|
171,000
|
|
0.40
|
3,750,000
|
1.38
|
5,180
|
167,000
|
|
0.50
|
3,410,000
|
1.48
|
5,030
|
162,000
|
|
0.60
|
3,130,000
|
1.56
|
4,870
|
157,000
|
|
0.70
|
3,130,000
|
1.56
|
4,870
|
157,000
|
|
0.80
|
2,680,000
|
1.70
|
4,560
|
147,000
|
|
0.90
|
2,490,000
|
1.77
|
4,400
|
142,000
|
|
1.00
|
2,290,000
|
1.84
|
4,210
|
135,000
|
Vinasale Central Zone Inferred Resource (Total blocks)
Au Cut-off
(g/t)
|
Tonnes> Cut-off
(tonnes)
|
Grade > Cut-off
|
Au
(g/t)
|
Contained
|
|
kgs Au
|
ozs Au
|
|
0.10
|
110,920,000
|
0.65
|
71,540
|
2,300,000
|
|
0.15
|
100,540,000
|
0.70
|
70,280
|
2,259,000
|
|
0.20
|
91,180,000
|
0.75
|
68,660
|
2,207,000
|
|
0.25
|
83,000,000
|
0.81
|
66,820
|
2,148,000
|
|
0.30
|
75,970,000
|
0.85
|
64,880
|
2,086,000
|
|
0.40
|
63,550,000
|
0.95
|
60,560
|
1,947,000
|
|
0.50
|
53,250,000
|
1.05
|
55,970
|
1,799,000
|
|
0.60
|
44,750,000
|
1.15
|
51,280
|
1,649,000
|
|
0.70
|
44,750,000
|
1.15
|
51,280
|
1,649,000
|
|
0.80
|
31,440,000
|
1.34
|
42,070
|
1,352,000
|
|
0.90
|
26,160,000
|
1.44
|
37,590
|
1,209,000
|
|
1.00
|
22,000,000
|
1.53
|
33,640
|
1,081,000
|
To date, mineralization in the Central Zone extends over a strike length
of 400 metres and remains open to the south and to depth.
2013 program is expected to consist of additional drilling in the
Central Zone where it remains open to the south, as well as potential
resource definition in the North East Zone. The North East zone was
further defined by the 2011 ground geophysical program and limited
prior drilling.
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.
Warrant Extension
In addition, Freegold is pleased to announce that it has extended
2,677,999 warrants from March 16, 2013 to September 16, 2013 in an
effort to ensure that the warrants are exercised as a result of the
overall market conditions. The warrants were issued in connection with
a private placement completed by the Company on March 16, 2011. Of the
2,677,999 warrants, 298,000 warrants which are held by directors and
officers of Freegold (the "Insider Warrants") are subject to the
approval of shareholders of Freegold excluding the votes attached to
common shares beneficially owned by holders of the Insider Warrants and
their associates ("Disinterested Shareholder Approval"), at the
Company's Annual General Meeting in June. The exercise price of the
warrants of $0.65 per share will remain the same. The extension of the
warrants, other than the Insider Warrants, will be effective March 26th, 2013. The extension of the Insider Warrants will be effective
following receipt of Disinterested Shareholder Approval.
Golden Summit Update
Drilling at Golden Summit commenced late February and is aimed at both
increasing and upgrading the current NI 43-101 resource in the
Dolphin/Cleary Hill areas. Assays will be reported as they become
available.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of gold
projects in Alaska. In addition to the exploration agreement with
option to lease the Vinasale Gold project in central Alaska, the
Company is actively exploring its Golden Summit Project where a drill
program is currently underway.
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
