Freegold Drilling Continues Almaden Expansions - Phase 2 Drilling Underway
9/27/2007§
VANCOUVER, Sep. 27, 2007 (Canada NewsWire via COMTEX News Network) --
TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4
Freegold Ventures Limited (the "Company") is pleased to announce further drill results from its Almaden resource expansion program. Based on the success of the program to date, the original Phase 1 drill program was expanded from its original 34,000 foot core/RC program to a total of 40,813 feet. Phase 1 drilling, which consisted of 40 core holes (17,773 feet) and 63 RC holes (23,040 feet) is now complete. Upon receipt of the final assays from the Phase 1 drilling within the coming weeks, the drill data base, the new geological model, and all supporting documentation will be provided to Mine Development Associates (MDA) of Reno which will be undertaking an updated 43-101 compliant resource calculation. MDA has been working with the Company over the past 9 months and is expected to have the updated resource completed within the fourth quarter of this year.
Phase 2 drilling is now underway, with one RC drill rig focusing on the expansion of gold mineralization outside the currently known resource areas further along strike to the north and south and in the area between the Main and North zones. This drilling will also attempt to expand the significant molybdenum mineralization that is being identified in the northern portion of the Main zone, in the northeast limb of the Main Zone and throughout the North zone.
The Phase 1 holes reported here were drilled in a variety of locations to gather additional structural data, to infill and reduce hole spacing, and to test for further extensions of mineralization both below the depth tested by prior operators and laterally. In addition to finding deeper mineralization in the central part of the Main Zone (440 feet of 0.022 oz/ton (0.75 g/tonne) in hole 653), deeper gold mineralization was also identified in hole 682 in the B2 structural zone in the north-east corner of the Main Zone (0.023 oz/ton (0.78 g/tonne) over 220 feet to a depth of 445 feet). Unexpected molybdenum mineralization was identified in holes 694 (0.017% MoS(2) over 35 feet at surface) in the northeast part of the Main Zone and in hole 714 (0.06% MoS(2) from 45 to 105 feet, including 0.085% MoS(2) from 55 to 90 feet) at the extreme south end of the Main Zone. These discoveries will be followed up in Phase 2 drilling. With more of the drill holes extending to greater depths in the later part of Phase 1 drilling, it appears that gold and molybdenum is becoming concentrated in more discrete structures, which may be followed further down in subsequent programs to test for bonanza grade deposits.
The following table presents the significant drill intercepts from 12 new holes drilled within the Main and North zones. These 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. These holes were not drilled sequentially as information from prior holes and drilling conditions resulted to changes in the order in which the original holes were drilled.
<<
--------------------------------------------------
Gold Gold
Hole From To Thickness Grade Grade
Number (foot) (foot) (feet) (oz/ton) (g/tonne) Comments
--------------------------------------------------
653 10 450 440 0.022 0.75 Vertical hole
testing for western
edge of deeper
mineralization.
Shows zone is wider,
needing further step
out holes to define
extent of width.
--------------------------------------------------
including 10 265 255 0.030 1.04
--------------------------------------------------
including 10 115 105 0.044 1.50
--------------------------------------------------
678 30 230 200 0.037 1.27 Vertical in-fill
hole along the
western side of the
Main Zone.
--------------------------------------------------
including 50 190 140 0.044 1.52
--------------------------------------------------
679 5 195 190 0.026 0.90 Vertical in-fill
hole along western
side of the Main
zone.
--------------------------------------------------
including 60 165 105 0.040 1.36
--------------------------------------------------
C-71 200 325 125 0.024 0.81 North-east directed
hole, dipping -85
degrees, testing
under a 200' clay
cap in the B2 area
that had never been
drilled under
before. Hole ends in
resource grade
mineralization
(0.017 oz/t).
--------------------------------------------------
including 255 305 50 0.035 1.22
--------------------------------------------------
682 225 445 220 0.023 0.78 North-east directed
hole, dipping -70
degrees testing B2
structure. testing
under a 225' clay
cap in the B2 area
that had never been
drilled under
before.
--------------------------------------------------
including 225 310 85 0.036 1.22
--------------------------------------------------
696 80 290 210 0.023 0.77 North-east directed
hole, dipping -80
degrees testing the
B2 and Main feeder
structures. Good
mineralization under
the clay cap.
--------------------------------------------------
including 95 195 100 0.036 1.24
--------------------------------------------------
C73 30 140 110 0.020 0.69 Short east directed
hole, dipping -60
degrees drilled
through the Main
feeder structure.
Hole stopped short
because of bad
ground and re-
drilled with C74.
--------------------------------------------------
including 30 60 30 0.037 1.28
--------------------------------------------------
C74 0 45 45 0.017 0.57 East directed hole,
dipping -60,
collared east of
C73, looking to find
main NS fault.
--------------------------------------------------
C55 20 125 105 0.020 0.70 East directed hole,
dipping -60, looking
for mineralization
and structure in the
Main zone.
--------------------------------------------------
including 20 70 50 0.032 1.10
--------------------------------------------------
694 20 145 125 0.018 0.62 Vertical in-fill
hole testing
potential of the NE
zone.
--------------------------------------------------
including 20 65 45 0.031 1.06
--------------------------------------------------
714 45 145 100 0.019 0.66 Testing and
infilling western
limits of deposit on
south end of Main
Zone. Both Au and Mo
grades indicates
need for additional
drilling around this
hole.
--------------------------------------------------
652 55 230 175 0.015 0.53 Vertical hole
testing the western
limit of
mineralization.
--------------------------------------------------
>>
Phase 2 drilling commenced September 3rd and 9 holes have been completed to date. Two holes were drilled into the B2 structural zone to finalize our structural understanding of this area. Two holes were drilled toward the south end of the main zone to help with the location and projection of the Main feeder structure as it strikes to the south-southeast toward the Cove Creek area.
Freegold has now drilled five holes in the syncline area between the NE and North zones where holes drilled by previous operators were limited to 100 feet in depth. Freegold's current holes average 464 feet in depth and have encountered various degrees of both silicification and/or quartz veining below 100 feet level. The current drilling is aimed at determining if sufficient mineralization exists within the syncline area to be incorporated in a future pit design that would enable the NE and North zones to be joined. Assays are pending.
Additional drilling in Phase 2 is planned to further investigate the grade and extent of molybdenum mineralization in the North zone, follow up on the unexpected molybdenum mineralization in hole 714, step out along strike on the Main feeder structure and follow-up with step out drilling in areas where surface sampling has located gold grades higher than the deposit average.
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.
Acceleration of Expiry Date of Warrants
Freegold also announces that it has satisfied the conditions necessary to accelerate the expiry date of the $0.75 warrants issued pursuant to its February 28, 2007 private placement. Having traded above C$1.10 for a twenty consecutive day period six months following the closing date of the financing, Freegold is now providing notice to the holders of these warrants that the warrants must be exercised within 30 calendar days of today's date. Of the 5.1 million warrants issued on February 28, 2007, 1,185,000 have been exercised to date for proceeds of C $888,750. Should the remaining 3,915,000 warrants be exercised by October 26, 2007 the Company will receive an additional $2,936,250. These proceeds will be used to fund additional drill programs in 2008 on the Almaden, Golden Summit, Vinasale and Rob properties.
The Qualified Person for this release is Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited.
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