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- New holes continue to delineate depth extensions in the central part
of the Main Zone. Hole C-66 intercepts 440 feet grading 0.02 oz/ton
gold (including 55 feet grading 0.051 oz/ton) in the open southern
portion of the deposit.
- Drilling to further define the eastern and western limits of the
deposit successfully extends mineralization assaying above resource
cut-off grade.
- Current drilling is focused on the area around hole C-63, which
recently discovered a new feeder structure and which intercepted the
thickest and deepest mineralization to date on the property. Tests of
this hydrothermal breccia zone to depths of up to 800 feet to
commence shortly.
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TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4
www.freegoldventures.com
VANCOUVER, April 20 /CNW/ - Freegold Ventures Limited (the "Company") is pleased to provide assay results from an additional 20 holes drilled as part of its 34,000-foot resource expansion drill program currently in-progress at the Company's 100% controlled Almaden gold project in southwestern Idaho. The majority of these holes were drilled to further delineate the eastern and western boundaries of the deposit as well as to provide in-fill between wider spaced holes in lower grade areas. In general these holes extended the limits of the gold mineralization grading above the 0.01 oz/ton level previously used as the external resource cut-off grade. Two holes within the central part of the deposit continue to confirm depth extensions of resource-grade mineralization and indicate potential for additional deeper mineralization to the south where the deposit remains open.
Core hole C-66 (azimuth 90(degrees), dip -75(degrees)), collared in the southern portion of the deposit, continued to identify deeper mineralization within the hanging wall of the main north-south fault in the Main Zone. Significant intercepts from this hole include:
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Gold
Hole From To Thickness Grade
Number (foot) (foot) (feet) (oz/ton)
------------------------------------------------
C-66 75 515 440 0.020
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including 125 285 160 0.033
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Including 150 205 55 0.051
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Including 360 395 35 0.023
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Hole 673, a vertical RC hole drilled 400 feet north and 150 feet east of hole C-66 intersected mineralization in the footwall of one of the main fault splays off the N-S fault. This hole extended mineralization 50 feet deeper than the shallower surrounding holes. Significant intercepts from this hole include:
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Gold
Hole From To Thickness Grade
Number (foot) (foot) (feet) (oz/ton)
------------------------------------------------
673 5 235 230 0.020
------------------------------------------------
including 5 155 150 0.026
------------------------------------------------
including 55 120 65 0.041
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A further 18 holes were drilled to better define and/or extend the known eastern and western boundaries of the deposit and to in-fill wider spaced drilling in areas of lower-grade mineralization within the deposit. These holes have successfully extended the boundaries of the deposit and identified areas containing above cut-off grade mineralization in areas that were previously modeled as waste. In the event that the depth of the originally designed pit bottom is lowered as a result of the new deeper mineralization being identified in the central portion of the Main Zone, this additional resource material at the edges of the deposit will aid in reducing the waste to ore stripping ratio (calculated as 0.6 to 1 in the 1997 feasibility study). Additional drilling is still warranted on both the eastern and western edges of the deposit where mineralization above the 0.01 oz/ton external cut-off grade continues to be identified.
The following table provides significant intercepts from these holes. Except for hole 669 (azimuth 90(degrees), dip -70(degrees)) all other holes in the following table are vertical.
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Gold
Hole From To Thickness Grade
Number (foot) (foot) (feet) (oz/ton) Comments
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C-56 0 15 10 0.011 In-fill test of low-
grade waste area
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C-58 5 145 140 0.017 In-fill comparable to
previous drilling in NE
Zone
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including 5 65 60 0.028
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C-59 45 265 220 0.013 Twin of hole 711-
identified an additional
40 feet of resource
grade material below
depth of hole 711
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including 135 180 45 0.021
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C-60 5 100 95 0.010 Extends the eastern
limit of the deposit,
and reduces material
identified as waste in
previous pit designs
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C-61 10 160 150 0.011 In-fill of lower grade
area between two main
fault zones
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including 10 50 40 0.022
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C-62 175 300 125 0.016 In-fill comparable to
previous drilling in the
area
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Including 175 215 40 0.028
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C-64 0 30 30 0.014 Testing the western
boundary of the deposit
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669 5 25 20 0.043 Testing the western
boundary of the deposit
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225 260 35 0.015
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671 15 60 45 0.011 Testing the eastern
boundary of the deposit
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675 40 180 140 0.008 Testing the western
boundary of the deposit
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677 25 145 120 0.016 In-fill of lower grade
area - hole exhibits
comparable thickness but
higher grades than
surrounding holes
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200 240 40 0.010
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680 25 180 155 0.011 Testing the eastern
boundary of the deposit
- mineralization above
cut-off should help pull
pit floor down on
eastern side
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683 145 215 70 0.010 Testing the western
boundary of the deposit
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684 35 260 225 0.012 In-fill in west central
part of Main Zone -
grade consistent with
surround holes - extends
depth of mineralization
25 feet
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Including 110 145 35 0.018
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686 5 160 155 0.012 Testing the eastern
boundary of the deposit
- grades above cut-off
will help lower pit
floor
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including 25 70 45 0.026
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687 65 255 190 0.009 In-fill in lower grade
NE zone - grade similar
to surrounding holes but
hole extends depth by 50
feet
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688 65 115 45 0.011 In-fill in NE Zone -
same depth as
surrounding holes with
slightly lower grade
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689 70 100 30 0.010 Testing the eastern
boundary of the deposit
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120 160 40 0.012
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Current drilling is aimed at further extending deeper mineralization discovered in hole C-63 (see March 14, 2007 release). This hole intersected a new fault at a depth of 570 feet, and resource-grade mineralization extended 540 feet in the hanging wall of this fault, with an additional 10 feet grading 0.025 oz/ton located at a depth of 620 feet on the footwall side of the fault. This is the deepest gold mineralization identified to date, and since this area has extensive thicknesses of hydrothermal breccia and gold mineralization on either side of the fault, current drilling is being conducted to further define the strike and dip of this structure. Future holes are expected to test the depth and areal extent of the hydrothermal breccia zone to a depth of 800 feet.
Diamond drill core and RC samples are generally analysed on five-foot intervals. All samples are shipped to ALS Chemex at its Winnemucca, NV laboratory for preparation. Pulps are shipped to ALS Chemex Laboratories in Vancouver, B.C. for analysis. Gold values are determined using fire assay techniques with AA finish and multi element analysis using ICP-AES with aqua regia digestion.
The Qualified Person for this release is Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited.
About Freegold Ventures Limited
Freegold Ventures Limited is a North American exploration company with a new management team experienced in mine development and production that is actively exploring advanced-stage gold projects in Idaho (Almaden) and Alaska (Golden Summit, Vinasale). Freegold holds a 100% lease interest in the Almaden gold project in Idaho. This large tonnage epithermal gold deposit was the subject of a feasibility study in 1997 calling for the development of a 95,000 oz/year open pit, heap leach mine. Freegold is currently finalizing a 34,000-foot drilling program aimed at further expanding the size of the resource prior to updating the project economics in 2007. Freegold has also discovered new high-grade veins and bulk tonnage shears in surface trenching at its Golden Summit project outside Fairbanks. A 10,000-ton bulk sample collected in the fall of 2006 will be processed in the spring of 2007, and a 25,000-foot drill program to further delineate gold mineralization within the current 1,000-foot wide by 3,500-foot long vein swarm commenced in December. In addition Freegold has recently optioned the Vinasale Gold Deposit in Alaska, from Doyon, Limited. Geophysical, mapping and sampling programs, along with metallurgical test-work will be carried out on the property in 2007.
On behalf of the Board of Directors
"Signed"
Steve Manz
President and C.E.O.
The TSX has neither approved nor disapproved the contents of this news
release. CUSIP: 45953B107
DISCLAIMER
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Stock Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.
