VANCOUVER, June 25, 2013 /CNW/ - Freegold Ventures Limited (TSX: FVL,
Frankfurt: FR4N) ("Freegold") is pleased to report the results of an updated NI 43-101 compliant
Mineral Resource estimate recently completed on the Golden Summit
Project located near Fairbanks, Alaska. The resource estimate was
completed by Giroux Consultants Ltd. of Vancouver, BC, Canada.
This update has included 8 additional holes completed since the December
2012 Resource was completed (Abrams and Giroux, 2012). Limited
drillling in 2013 has again expanded the resource with an increase of
9% in both categories. In addition for this update an oxide resource
was calculated. The oxide cap is contained largely within the upper 200
feet (60 metres) of the resource. To date resource drilling has been
confined to a 300 metre by 1.5 km area (approx. 110 acres) however the
entire Golden Summit project area covers an 11,400 acre area and hosts
numerous other significant exploration targets with potential to host
additional resources, all of which have an oxide cap in the upper 200
feet (60 metres).
The indicated and inferred resource using a 0.2 gram/tonne (g/t) cut-off
for the oxide component is:
DOLPHIN/CLEARY ZONE INDICATED RESOURCE (Oxide Zone)
Au Cut-off
(g/t)
|
Tonnes
|
|
Au
(g/t)
|
Contained
|
|
kgs Au
|
ozs Au
|
|
0.20
|
25,026,200
|
0.55
|
13,660
|
439,000
|
DOLPHIN/CLEARY ZONE INFERRED RESOURCE (Oxide Zone)
Au Cut-off
(g/t)
|
Tonnes
|
Grade
|
Au
(g/t)
|
Contained
|
|
kgs Au
|
ozs Au
|
|
0.20
|
16,620,510
|
0.47
|
7,860
|
253,000
|
The indicated and inferred resource using a 0.3 and 0.35 gram/tonne
(g/t) cut-off for the total resource is:
DOLPHIN/CLEARY ZONE INDICATED RESOURCE (Total)
Au Cut-off
(g/t)
|
Tonnes
|
|
Au
(g/t)
|
Contained
|
|
kgs Au
|
ozs Au
|
|
0.30
|
79,800,000
|
0.66
|
52,350
|
1,683,000
|
|
0.35
|
68,170,000
|
0.71
|
48,610
|
1,563,000
|
DOLPHIN/CLEARY ZONE INFERRED RESOURCE (Total)
Au Cut-off
(g/t)
|
Tonnes
|
Grade
|
Au
(g/t)
|
Contained
|
|
kgs Au
|
ozs Au
|
|
0.30
|
248,060,000
|
0.61
|
150,570
|
4,841,000
|
|
0.35
|
213,530,000
|
0.65
|
139,440
|
4,483,000
|
The resource was calculated using a block model with blocks measuring 10
by 10 by 5 metres in size that were populated using a combination of
ordinary kriging and indicator kriging; blocks within the Dolphin
mineralized solid were summed to arrive at the total tonnage and
average grade. In the following tables a 0.30 g/t and 0.35 g/t are
highlighted as possible open pit cut offs. No economic parametres were
utilized in determining the cutoffs.
Additional drilling will focus both on expanding the current oxide zone,
increasing the global resource as well as upgrading the resource into
the indicated category. The deposit remains open in all directions and
to depth in the Dolphin/Cleary Hill Area. Approximately 600 metres east
of the Dolphin/Cleary Zone lies the Tamarack area. Past reverse
circulation drilling in this zone intersected 62 metres grading 0.55
g/t Au in TKR 98-01, and 130 metres grading 0.68 g/t Au in TKR 98-07.
The last drilling completed in the Tamarack area was in 1998.
Other
prospective areas on the project include the Iowa, Too Much Gold, Goose
Creek and Christina Area which are located 6m, 5 km, 4km and 2km to the
east respectively. All of these prospective areas have an oxide cap in
the upper 200 feet (60 metres).
Preliminary bottle roll tests on the oxide material has indicated
recoveries in excess of 85% in 24hrs. An extensive metallurgical
programme is currently underway.
DOLPHIN/CLEARY ZONE INDICATED RESOURCE
Au Cut-off
(g/t)
|
Tonnes> Cut-off
(tonnes)
|
Grade > Cut-off
|
Au
(g/t)
|
Contained
|
|
kgs Au
|
ozs Au
|
|
0.20
|
108,370,000
|
0.55
|
59,390
|
1,909,000
|
|
0.25
|
93,030,000
|
0.60
|
56,000
|
1,801,000
|
|
0.30
|
79,800,000
|
0.66
|
52,350
|
1,683,000
|
|
0.35
|
68,170,000
|
0.71
|
48,610
|
1,563,000
|
|
0.40
|
58,440,000
|
0.77
|
45,000
|
1,447,000
|
|
0.50
|
42,860,000
|
0.89
|
38,020
|
1,222,000
|
|
0.60
|
31,420,000
|
1.01
|
31,730
|
1,020,000
|
|
0.70
|
23,410,000
|
1.14
|
26,570
|
854,000
|
|
0.80
|
17,580,000
|
1.26
|
22,220
|
714,000
|
|
0.90
|
13,300,000
|
1.40
|
18,580
|
597,000
|
|
1.00
|
10,190,000
|
1.54
|
15,640
|
503,000
|
|
1.10
|
7,990,000
|
1.67
|
13,340
|
429,000
|
|
1.20
|
6,240,000
|
1.82
|
11,330
|
364,000
|
|
1.30
|
4,990,000
|
1.96
|
9,780
|
314,000
|
DOLPHIN/CLEARY ZONE INFERRED RESOURCE
Au Cut-off
(g/t)
|
Tonnes> Cut-off
(tonnes)
|
Grade > Cut-off
|
Au
(g/t)
|
Contained
|
|
kgs Au
|
ozs Au
|
|
0.20
|
313,210,000
|
0.53
|
166,940
|
5,367,000
|
|
0.25
|
281,570,000
|
0.57
|
159,930
|
5,142,000
|
|
0.30
|
248,060,000
|
0.61
|
150,570
|
4,841,000
|
|
0.35
|
213,530,000
|
0.65
|
139,440
|
4,483,000
|
|
0.40
|
179,520,000
|
0.71
|
126,740
|
4,075,000
|
|
0.50
|
124,750,000
|
0.82
|
102,300
|
3,289,000
|
|
0.60
|
87,420,000
|
0.94
|
81,910
|
2,634,000
|
DOLPHIN/CLEARY ZONE INFERRED RESOURCE (cont'd)
|
0.70
|
61,810,000
|
1.06
|
65,330
|
2,101,000
|
|
0.80
|
43,730,000
|
1.19
|
51,820
|
1,666,000
|
|
0.90
|
30,120,000
|
1.34
|
40,300
|
1,296,000
|
|
1.00
|
21,200,000
|
1.50
|
31,880
|
1,025,000
|
|
1.10
|
15,830,000
|
1.66
|
26,260
|
844,000
|
|
1.20
|
12,340,000
|
1.80
|
22,260
|
716,000
|
|
1.30
|
9,810,000
|
1.95
|
19,110
|
614,000
|
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
mineral resource estimate has been prepared in compliance with the
standards of NI43-101. Mr. Giroux acted as the Qualified Person, as
defined in NI43-101 and is independent of the Company. The NI43-101
report will be finalized and filed on SEDAR within 45 days of the date
of this news release.
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.
SOURCE: Freegold Ventures Limited
