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- Drilling within the Main Zone continues to encounter resource-grade
gold mineralization 200 feet below the depth of prior drilling, and
continues to extend the limits of the deposit to the south and
northwest.
- In-fill and depth extension drilling has intersected the thickest
intervals of higher-grade mineralization to date - e.g. 45 feet @
0.09 oz/ton (3.02 g/t), 115 feet @ 0.05 oz/ton (1.73 g/t), and
105 feet @ 0.049 oz/ton (1.69 g/t).
- Drilling in the northwest part of the Main Zone continues to expand a
hydrothermal breccia associated with a newly discovered feeder
structure - resource grade mineralization has now been intersected to
a depth of 690 feet in this area.
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TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4
www.freegoldventures.com
VANCOUVER, May 31 /CNW/ - Freegold Ventures Limited (the "Company") is pleased to provide assay results from an additional 14 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. All 14 holes are located within the Main Zone, and were designed to expand the depth and lateral limits of gold mineralization prior to the commencement of a new resource calculation to be undertaken by Mine Development Associates of Reno, Nevada later this summer.
Drilling continues to expand both the depth extensions within the central part of the deposit, and the resource grade mineralization in the southern and northwest portions of the Main Zone, as well as further define the limits of gold mineralization on the eastern and western boundaries.
The following table presents the significant drill intercepts from the 10 new holes drilled within the central part of the Main Zone. The hole locations can be found on the map on our web site. Holes designated with a 'C' are core holes. The remaining holes are reverse circulation drill holes. Due to the flat lying nature of the host-rocks and the mineralization, all holes reported in this release were drilled vertically, except for holes C-57 and C-69 which were drilled at a 220 degree azimuth with dips of -55 and -70 degrees respectively and hole C-70 which was drilled to the east with a dip of -50 degrees.
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Gold Gold
Hole From To Thickness Grade Grade
Number (foot) (foot) (feet) (oz/ton) (g/tonne) Comments
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C-67 145 450 305 0.016 0.56 Continues to confirm
depth extensions and
higher-grade
intervals along the
main feeder fault
at the southern
end of the Main Zone
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including 145 180 35 0.030 1.02
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including 380 420 40 0.030 1.02
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C-68 30 470 440 0.022 0.74 Depth extension of
resource-grade
mineralization
200 feet deeper than
the prior shallow
drilling in this
central part of the
Main Zone
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including 30 205 175 0.039 1.33
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including 50 95 45 0.088 3.02
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666 10 170 160 0.024 0.83 Testing the western
edge of deeper
mineralization with
the central part
of the Main Zone
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including 15 120 105 0.032 1.10
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285 350 65 0.016 0.54
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680 690 10 0.020 0.70 Deepest intersection
of resource-grade
mineralization
within the Main
Zone to date
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C-86 5 315 310 0.026 0.90 Depth extension and
in-fill within the
central part of the
Main Zone
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including 5 195 190 0.034 1.15
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including 5 25 20 0.056 1.90
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672 30 230 200 0.033 1.14 Higher-grade
intervals located
within the Main Zone
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including 30 145 115 0.050 1.73
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658 135 220 85 0.017 0.57
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674 15 195 180 0.036 1.22
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including 45 150 105 0.049 1.69
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C-69 110 425 315 0.023 0.78 Extending thicker,
higher-grade
intervals of
resource grade
mineralization
further to the NW.
Mineralization
encountered
underneath near
surface clay
alteration zone
above major feeder
splay
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including 140 305 165 0.030 1.02
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C-57 245 305 60 0.024 0.83 High-grade
mineralization in
new breccia zone
underneath clay
alteration cap
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including 285 305 20 0.045 1.55 Highest grades
within the last
20 feet of hole
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C-70 125 235 110 0.017 0.60 Further NW extension
of mineralization
within the Main Zone
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including 135 150 15 0.045 1.53
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Four additional holes were drilled to further test the limits of
mineralization at the sides of the deposit within the Main Zone. Hole 694
successfully expanded the eastern edge of the deposit, intersecting 310 feet
of 0.013 oz/ton (0.46 g/t) from 20 to 330 feet, including a 45-foot section
grading 0.031 oz/ton (1.06 g/t) from 20 to 65 feet. Testing on the western
edge of the deposit included:
- Hole 657: 110 feet of 0.01 oz/ton (0.35 g/t) from 90 to 205 feet,
including 10 feet of 0.035 oz/ton (1.21 g/t) from 195 to 205 feet;
- Hole 676: 40 feet of 0.009 oz/ton (0.31 g/t) from 120 to 160 feet;
and
- Hole 691: 120 feet of 0.008 oz/ton (0.28 g/t) from 115 to 235 feet.
Infill and expansion drilling within the North Zone has recently been completed, and assays are pending. The final holes within this Phase 1 expansion drill program will be completed over the coming weeks, and are designed to further extend the limits of the known mineralization within the northwest corner of the Main Zone, and to follow these principal feeder structures further to the northwest with wider spaced step-out holes.
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 Summer of 2007, and a 25,000-foot drill program to further delineate gold mineralization within the current 1,000-foot wide by 5,000-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 will be carried out on the property in 2007.
On behalf of the Board of Directors
"Steve Manz"
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.
