February 15th, 2012 (Vancouver, BC) - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) (“Freegold”) is pleased to report the results of from its ongoing drill program on the Golden Summit Project located near Fairbanks, Alaska. Drilling is presently underway on the project with two rigs. One rig is focused on the Cleary Hill/Dolphin area with the other dedicated to exploring the bulk tonnage potential of the Christina area which lies 3.3 km to the east. Drilling during this phase is evaluating the bulk tonnage potential at the Cleary Hill area with a goal of tying the Cleary Hill Zone into the existing Dolphin Resource in the next resource update. The current resource (December 2011) at Dolphin using a 0.35 g/t cutoff is 14,840,000 tonnes @ 0.66 g/t Au - representing 316,000 ounces in the indicated category and 50,460,000 tonnes @ 0.61 g/t Au - representing 991,000 ounces in the inferred category. Significant new results from the Cleary Hill area are reported below:
Depth of Hole (ft)
Width refers to drill hole intercepts, true widths can not be determined due to uncertain geometry of mineralization. Drilling to date has identified bulk tonnage style mineralization over a 700 metre strike length in the Cleary Hill area. The Dolphin resource covers a comparable area with similar grades. The current program is designed to infill the 400 metre area where the northwest-striking Cleary Hill zone intersects with the northeast-striking Dolphin zone. . Additional expansion drilling in the Dolphin area is also planned during the current phase of drilling with the aim of providing an updated resource calculation for the combined Dolphin/Cleary Area. In addition to the drilling on the Cleary Hill area, Freegold has undertaken its first drilling on the Christina area, a +5,000 foot long shear zone which hosts several past- producing high grade gold mines. Historic drilling on the Christina prospect from 1978 through 1988 focused on defining high grade resources on several northwest striking, southwest dipping vein systems, however, the broad intervals intercepted by Freegold indicate that the Christina area may have potential to host bulk tonnage resource similar to that which is being defined in the Cleary Hill/Dolphin area. Additional drilling is currently underway. Significant new results from the Christina area are reported below:
Depth of Hole
The Qualified Person who has reviewed the technical disclosure contained in this release is Curtis J. Freeman, M.Sc., PGeo who is the primary geological consultant for the project. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags. Core samples were picked up on-site by ALS-Chemex Labs 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. In addition to the Golden Summit Gold Project, the company holds a 100% in 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.
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