June 13th, 2011 (Vancouver, BC) - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N)(“Freegold” or the “Company”) is pleased to provide assays for the first six holes of drilling on its Golden Summit Property, Alaska.
25 holes have now been completed totaling 5,600 metres of a planned 7,000 metre program which represents a 2,000 metre increase from the original 5,000 metre program. Drilling in this phase is designed both upgrade the resource category as well as expand the known resource to over one million ounces. Early results indicate that the existing resource will be expanded with this phase of drilling.
The current NI 43-101 compliant resource on the Dolphin Zone 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.
using a 0.3 g/t cutoff)
Holes GSDC 11-1 - 11-06 were drilled within the main intrusive of the Dolphin Zone. (Hole Location Map:
http://www.freegoldventures.com/i/maps/GS11DH_PR_June13.pdf). These first six holes were designed to both expand the resource to the south and to depth. Hole GSDC-11-06 was drilled to a depth of 452 metres and was a step out 60 metres to the southwest of hole TLD98-01 which was previously the deepest hole on the property. Hole TLD 98-01 was vertical hole drilled to a depth of 315 metres. Hole TLD 98-01 intersected 161 metres from 11 metres to 172 metres which average 0.65 g/t Au as well as 47 metres which averaged 1.7 g/t from 245m to 292 m.
Hole GSDC -11-06 is mineralized throughout the entire hole and remains open to depth. The highest grade intercept was 0.81g/t Au over 166.4 metres. The bottom 19.8 metres averaged 0.79 g/t Au with the last 4.6 metres averaging 1.3 g/t Au.
In addition to the Phase 1 drill program Freegold also assayed previously unassayed portions of drill core from the 2004 program. Assay results are pending.
Upon completion of the Phase 1 program the Company will undertake property wide ground geophysical and geochemical surveys in order to delineate additional targets for a planned fall drilling program. One of the areas to be evaluated is the Goose Creek area where historical drilling intersected 4.0 g/t gold over 48 metres, and 29 g/t silver over 56 metres. No drilling has been completed in this particular area since 1997. These intercepts are historical in nature and were drilled under Freegold’s supervision.
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 David Adams, MSc., an independent geological consultant.
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 5,000 metre drill program is currently in progress.
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