June 14th, 2011 (Vancouver, BC) - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N)(“Freegold”) is pleased to announce its summer exploration program for the 19,000 acre Rob Project. The program will involve mapping, sampling, and a diamond drill program to expand upon previously intersected high grade zones and to test other strong geochemical anomalies over bulk-tonnage targets which have not been tested to date.
Initial targets include the Michigan Zone where grab samples returned values up to 971 g/t (28.33 opt) gold. Previous prospecting in the Michigan area identified a large stock-work vein system over a 3,500 x 2,500 foot area. Other target areas include the Blue Lead area where sampling of the vein zone returned values of up to 871 g/t (25.24 opt) gold. Drilling at the Grey Lead Zone in 2007/2008 returned several high grade intercepts including 17.5 feet grading 15.8 g/t (0.46 opt) and 18.7 feet grading 19.2 g/t (0.56 opt) and 11 feet grading 43.2 g/t (1.26 opt).
One of the new targets to be tested is the Hilltop Prospect which is located 600 feet southeast of the Grey Lead and where grab sampling returned values of18.7 g/t gold with elevated levels of bismuth and tellurium similar to that seen in the Grey Lead Vein. Historical sampling in this area returned values of up to 101 g/t (2.96 opt) gold.
Vinasale Project, Alaska
A 5,000 metre drill program is currently underway. The program is aimed at both upgrading and expanding the current 1.33 MOz (inferred) NI 43-101 compliant resource (37,260,000 tonnes grading 1.11 g/t ). (see news release dated March 31st, 2011). In addition to the drill program an induced polarization survey is being completed and is anticipated to help define other areas that may be prospective to host additional mineralization outside of the Central Zone. The Central Zone covers a 300 metre by 400 metre area and hosts all of the current NI 43-101 compliant resource. The zone remains open in three directions and to depth.
Golden Summit Project, Alaska
A 7,000 metre drill program is underway and is expected to be completed by the end of June. Drilling in this phase is designed to 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 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 @ 0.61 gpt for a total of 526,000 contained gold ounces . (see news release dated March 31st, 2011). The Golden Summit project is located 5 miles to the north of Kinross Gold’s Fort Knox Mine which is currently producing 350,000 ounces per year at an average milling grade of 0.7 g/t
The Qualified Person for this release is Curt Freeman, MSc. who has reviewed and approved the contents of this press release.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of gold projects in Alaska.
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