Freegold Intersects 180 metres grading 1.13 g/t in Resource Expansion Drilling Golden Summit Project, Alaska

VANCOUVER, Aug. 14, 2013 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold") is pleased to report results from the first of the 2013 Dolphin/Cleary summer program. A total of 3 holes have been drilled for a total of 5,468.5 feet (1666.8 metres) since drilling resumed mid July.

• Hole GSDL1311 is drilled within the Dolphin intrusive and was aimed at upgrading the current resource category.  The entire hole was mineralized and averaged 0.82 g/t over the entire 1885 feet (574.52 metres).
  
  
• These are some of the highest grade intercepts over a significant intervals drilled to date on the project.
  
  
• Hole GSDL1311 demonstrates the potential for higher grade near surface mineralization.

Hole Number	Hole Inclination	Depth of Hole (ft)	From (ft)	To	Interval (ft)	Interval (m)	Au
				(ft)			g/t
Dolphin Area
GSDL1311	-75	1922	37	1922	1885	574.52	0.82
		incl	37	78	41	12.50	2.61
		incl	243	347	104	31.70	1.48
		incl	377.5	558	180.5	55.01	0.75
		incl	667	798	131	39.93	0.62
		incl	1039.5	1628	588.5	179.67	1.13
		incl	1728	1922	194	59.13	0.87

Width refers to drill hole intercepts, true widths cannot be determined due to uncertain geometry of mineralization.

The Dolphin/Cleary area is the only area of the Golden Summit project that has been intensively drilled for resource definition and it remains open to expansion in all directions and to depth. Recent drilling is demonstrating that there is also the potential for higher grade near surface as well.  The resource area at present covers a 300 metre by 1.5 km area (approx. 110 acres) however the entire Golden Summit project area covers approximately 13,000 acres and hosts numerous other significant exploration targets with potential to host additional resources.

The Qualified Person who has reviewed the technical disclosure contained in this release is Curt Freeman, M.Sc., P Geo- geological consultant for the project.   Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for geochemical analysis. Core samples were picked up on-site by ALS Chemex and transported to their facility in Fairbanks, Alaska. A sample quality control/quality assurance program was implemented.

About Freegold Ventures Limited

Freegold is a TSX listed company focused on the exploration of gold projects in Alaska. The Golden Summit project currently hosts an NI 43-101 compliant indicated resource  of 79, 800,000 tonnes averaging 0.66 g/t Au for 1,683,000 ounces, and an inferred resource of 248,060,000 tonnes averaging 0.61 g/t Au for 4,841,000 ounces using a 0.3 g/t as a possible open pit cut off.   In addition the Company has an exploration agreement with option to lease the Vinasale Gold project in central Alaska which hosts an indicated NI 43-101 resource of 3,410,000 tonnes averaging 1.48 g/t Au for 162,000 ounces of gold: and an inferred resource of 53,250,000 tonnes averaging 1.05 g/t Au for 1,799,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne (g/t) as a possible open pit cutoff. Giroux Consultants Ltd completed the resource estimate. The company also holds 100% in lease interest in the Rob Gold Project near Sumitomo Metal Mining's Pogo Gold Mine in the Goodpaster Mining District of Alaska.

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs 

 

SOURCE: Freegold Ventures Limited

Kristina Walcott-President and CEO
Telephone: [phone]
[email protected]