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Freegold Ventures Ltd (2)
Symbol FVL
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Close 2011-07-25 C$ 0.67
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Freegold drills 22.8 m of 0.59 gpt Au at Golden Summit

2011-07-26 17:40 ET - News Release

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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