August 2nd, 2011 (Vancouver, BC) - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N)(“Freegold” or the “Company”) is pleased to provide assays from for hole GSDC 11-47 (21) drilled in the Dolphin deposit during the 2011 winter program.
Drilling in the 2011 program was designed to both upgrade the resource category as well as expand the known resource. The Dolphin Zone deposit is located at the western edge of the 8 km long property, and covers a 400 metre by 400 metre area.
Using a 0.3 g/t cutoff, the current NI 43-101 compliant resource on the Dolphin Zone deposit completed earlier this year is:
Total indicated resource is 7,790,000 mt @ 0.695 gpt for a total of 174,000 contained gold ounces.
Total inferred resource is 27,010,000 mt @ 0.606 gpt for a total of 526,000 contained gold ounces.
Holes GSDC 11-47 was drilled to a depth of 516 metres (1693 feet) in an effort to extend the current resource to depth. Hole GSDC 11-47 (21) was drilled 120 metres to the south of Hole TLD 98-01 which intersected 161 metres from 11 metres to 172 metres which averaged 0.65 g/t Au as well as 47 metres which averaged 1.7 g/t from 245m to 292 m. Hole TLD 98-01 was the deepest hole drilled on the property until the 2011 drill program. The first deep hole of the 2011 program was GSDC 11-06 (32) which was mineralized throughout the entire hole (0.68 g/t over 462 metres). It remains open at depth. Higher grade intercepts included 0.81 g/t Au over 166.4 metres with the bottom 19.8 metres averaging 0.79 g/t and last 4.6 m averaging 1.3 g/t. For hole locations see attached map.
Mineralization in hole GSDC-11-47 is hosted in pervasively sericite-altered granodiorite and consists of multiple zones exhibiting polyphase quartz-sulfide sheeted veins and sulfide-only veinlets. Pervasive silicification and albitization also were noted at several locations in the hole. Sulfides average approximately 1%, primarily as disseminated pyrite and arsenopyrite with or without accompanying arsenopyrite-jamesonite-pyrite veinlets. The intensity of silicate alteration, sulfide veining and quartz veining increases to depth. This hole represents the deepest drill hole at Dolphin and explores an area not previously tested by deep drilling. Additional holes were drilled in the area after completion of GSDC-11-47 and will be reported as assay results become available.
Phase two drilling has commenced and is aimed at testing other areas on the property that have not been systematically explored. Property wide ground geophysical surveys are also underway 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 multi element ICP-AES and ICP-MS analysis using 4 acid digestion. Quality control entailed insertion of blanks and standards into the sample stream, at the rate of approximately one QA/QC sample every tenth 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.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of gold projects in Alaska. In addition to the Golden Summit Gold Project, the company holds a 100% lease interest in the Rob Gold Project near the Pogo Gold Mine in the Goodpaster Mining District of Alaska and has an exploration agreement with option to lease the Vinasale Gold project in central Alaska where a 4,000 metre drill program was recently completed.
For further information:
Kristina Walcott-President and CEO
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