Ms. Kristina Walcott reports
FREEGOLD UPDATES DRILLING AT GOLDEN SUMMIT, ALASKA
Freegold Ventures Ltd. has provided assays from an additional six
holes drilled in the 2011 program as well as the results from the
previously unassayed core from the 2004 program on its Golden Summit
property, Alaska.
A total 27 holes were completed as part of the phase 1 drill program at
Golden Summit for a total of 6,166 metres. Drilling in the 2011 program
was designed to both upgrade the resource category as well as expand
the known resource. The Dolphin zone is located at the western edge of
the eight-kilometre-long property, and covers a 400-metre by 400-metre area.
Using a cut-off of 0.3 gram per tonne, the current NI 43-101-compliant resource on the
Dolphin zone completed earlier this year is:
- Total indicated resource is 7.79 million tonnes at 0.695 gpt for a total of 174,000 contained gold
ounces.
- Total inferred resource is 27.01 million tonnes at 0.606 gpt for a total of 526,000 contained gold
ounces.
Holes GSDC-11-33 through 11-38 were drilled in a north-south fence east
of the current resource in an effort to expand the resource to the
east. These represent holes 7 to 12 of the 2011 drill program. Drilling confirmed the presence of above cut-off
grade mineralization. Assays for holes 11-35, 37 and 38 are still
pending. Hole
GSDC-11-33 stepped out both east and south.
Hole No. From To Interval (m) Au g/t
GSDC-11-33 162.8 173.4 10.6 0.48
185.6 200.9 15.3 0.48
GSDC-11-34 2.4 19.2 16.8 0.38
GSDC-11-36 16 28.2 12.2 0.51
45 67.8 22.8 0.59
As part of the phase 1 drill program Freegold also assayed previously
unassayed portions of drill core from the 2004 core drilling program.
Of the seven holes drilled in the area in 2004, six of the holes were
missing assays. These newly assayed intervals have expanded the
previously known mineralized intervals. Assays have now been received
for TLD-04-01, 04-03, TLD-04-04 and TLD-04-06. Assays from the
unassayed sections in holes TLD-04-05 and TLD-04-02 will be reported
as they are received.
Hole No. From To Interval (m) Au g/t
TLD-04-01 34.91 64.6 129.7 0.87
TLD-04-03 0 18.3 18.3 0.57
0 164.5 164.5 0.35
TLD-04-04 0 182.9 182.9 0.69
TLD-04-06 6.1 35.1 29.0 0.33
Holes GSDC 11-39, 40 and 42 were all drilled an area where there had
been no previous drilling. These represent holes 8, 9 and 16 from the
2011 drill program. Hole 1139 was drilled 130 metres to the northeast
of hole TLD-04-01 which was not assayed in its entirety in 2004. Hole
11-40 was drilled 70 metres east of hole TLD-04-01 and was drilled to a
depth of 57 metres. Hole 11-42 was drilled 80 metres northeast of TLD-04-01 and to a depth of 196.6 metres.
Hole No. From To Interval (m) Au g/t
GSDC-11-39 0 32.9 32.9 0.56
GSDC-11-40 22.6 39.3 16.7 0.72
GSDC-11-42 0 32.6 32.6 0.5
77.6 95.3 17.7 0.62
141 149.7 8.7 0.41
181.4 196.6 15.2 0.37
Step-out drilling also was conducted along the southwestern margin of
the Dolphin resource area where encouraging results had been generated
in previous drilling. Hole TLD-04-06 was drilled 150 metres south of the
presently calculated NI 43-101 Dolphin deposit resource and returned
28.9 metres grading 0.33 g/t. Previous reverse circulation drilling in
this area in 1996 interested 24.8 metres of 0.98 g/t in hole 96-26,
and 0.44 g/t over 32 metres in holes TLR-96-25. Hole TLR-96-26 also
contained 38 metres grading one g/t, including a three m interval of high-grade mineralization that returned 50.7 g/t. An additional 11 holes
were drilled in this area in the 2011 program. Assays are pending.
Phase 2 drilling is expected to commence in early August to test other
areas on the property which have not been systematically explored. High
priority drilling areas include the Goose Creek area where historical
drilling intersected 4.0 g/t gold over 48 metres and 29 g/t silver
over 56 metres in 1997. These intercepts are historical in nature
however were drilled under Freegold's supervision. Property-wide ground
geophysical surveys are now under way in order to delineate additional
targets for the phase 2 drilling program.
ALS Chemex was used to analyze core samples via fire assay analysis for
gold plus multielement ICP-AES and ICP-MS analysis using four-acid
digestion. Quality control entailed insertion of blanks and standards
into the sample stream, at the rate of approximately one QA/QC (quality assurance/quality control) sample
every 10th assay. On average all of the reported standard and blank
assay values were within an acceptable margin of error.
The qualified person who has reviewed the technical disclosure contained
in this release is Curt Freeman, MSc, PGeo, an independent geological
consultant.
We seek Safe Harbor.
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