Freegold drills nine ft of 28.5 g/t Au at Golden Summit
2007-10-29 09:31 ET - News Release
Mr. Steve Manz reports
FREEGOLD DRILLING INTERSECTS 28.5 G/T OVER 9 FEET ON GOLDEN SUMMIT TOLOVANA VEIN
Freegold Ventures Ltd. is releasing the results from 54 holes drilled at the company's Golden Summit project outside Fairbanks, Alaska. Located on the western end of the known gold mineralization in the Cleary Hill mine area, drilling has extended the strike length of the high-grade Tolovana vein to over 825 feet. The Tolovana vein and its accompanying hangingwall and footwall gold mineralization remain open in all directions, with the vein striking toward the central part of the much wider Cleary Hill vein swarm on the eastern side of Bedrock Creek. Further RAB drilling will be undertaken in early January to extend the short drill fences in the Tolovana area further to the north and south to determine whether the Tolovana vein is also part of a larger swarm of veins and shear zones that have to date been hidden under the permafrost overburden.
The 54 holes in fences 15 to 18 are part of the 672-hole (40,093-foot) exploratory drill program that has been systematically testing the swarm of veins and shear zones along the known 5,000-foot strike of gold mineralization in the Cleary Hill mine area. Similar to previously released holes, these shallow, closed-spaced holes are continuing to encounter high-grade structures near surface within much broader zones of lower-grade, bulk-tonnage mineralization. As seen in the accompanying map (available on the company's website), fences 15 to 18 are testing the northeast-striking Tolovana vein with vertical holes averaging 72 feet in depth, spaced roughly 20 feet apart, that are oriented in a north-northwest direction.
The Tolovana vein and its associated hangingwall and footwall mineralization were originally intersected in fence 6, which returned intersections of 23.0 grams per tonne (0.67 ounce per ton), 17.8 g/t (0.52 ounce per ton) and 18.1 g/t (0.53 ounce per ton), all over three-foot widths within wider zones of lower-grade mineralization (see Stockwatch news June 11, 2007). Fences 7 and 8 traced the vein 350 feet more to the east with intersections comparable with those seen in fence 6 (see Stockwatch news dated Oct. 4, 2007). Fences 15 (24 holes), 16 (nine holes), 17 (nine holes) and 18 (12 holes) traced the Tolovana vein another 525 feet to the east for a total confirmed strike length of 825 feet.
SIGNIFICANT INTERVALS FROM THE FENCES
Hole From To Thickness Gold grade Gold grade Fence
No. (foot) (foot) (feet) (g/tonne) (oz/ton) No.
568 6 27 21 1.73 0.050 15
569 0 30 30 1.03 0.030 15
570 0 33 33 0.92 0.027 15
571 36 54 18 1.57 0.046 15
573 12 54 42 1.24 0.036 15
576 27 75 48 1.00 0.029 15
614 30 36 6 5.41 0.158 15
581 0 78 7 4.11 0.120 16
including 60 69 9 28.53 0.832 16
including 60 63 3 55.88 1.630 16
582 6 60 54 0.79 0.023 16
629 24 33 9 5.20 0.152 16
589 3 78 75 1.24 0.036 17
including 6 12 6 4.41 0.129 17
Including 66 78 12 4.28 0.125 17
590 36 78 42 2.00 0.058 17
including 36 48 12 4.22 0.123 17
591 15 75 60 1.01 0.032 17
592 12 78 66 1.10 0.032 17
including 66 75 9 5.16 0.150 17
598 54 66 12 2.85 0.083 18
600 3 72 69 2.18 0.064 18
including 36 48 12 9.70 0.283 18
including 39 42 3 26.98 0.787 18
606 0 45 45 1.41 0.041 18
including 3 9 6 7.27 0.212 18
607 0 33 33 1.51 0.044 18
At the present time, it is believed that the Tolovana vein and the Wackwitz vein, which are hosted within the much wider swarm of veins and shear zones on the eastern side of Bedrock Creek, are the same vein. Both veins exhibit a distinctive mottled grey appearance not known to occur in any other veins within the swarm, and the strike projection of the Tolovana vein runs close to the Wackwitz portal, located only 1,100 feet east of the Tolovana vein intersected in fence 18. Cross-sections of the Tolovana vein RAB drill holes exhibit mineralized structures in both the hangingwalls and footwalls of the vein that are similar to those found in the Beistline area RAB drilling/bulk sampling on the far western end of the known mineralization, as well at that seen in RAB fences 1, 3, 4 and 5, suggesting that the Tolovana vein is simply part of a larger vein swarm. To test this concept, the company will resume its RAB drilling program in the new year and will initially drill holes north and south of the Tolovana vein, as well as drill longer fences of holes in between fence 18 and fence 5 to continue to extend the strike of the wider, Cleary Hill south vein swarm farther to the west.
True widths of the veins reported in this release are variable, as the orientation of the various mineralized structures encountered throughout the drilling is variable. Drilling is currently being conducted with an Ingersol-Rand conventional percussion drill. Cuttings are returned up the drill hole with the use of an original equipment manufacturer vacuum drill cuttings collector, and are dropped from a cyclone directly into a sample bag. Samples are collected every three feet, with the drill bit being pulled off the bottom and the hole cleaned at the completion of each sample interval. Freegold maintains a geologist and sampler at the drill rig for all drilling to take and log all samples to ensure that quality-assurance and quality-control procedures are in accordance with 43-101 requirements. One duplicate assay is being conducted in every drill hole and either a blank or a standard is inserted in the sample stream every 10 samples. Alaska Assay Laboratories in Fairbanks, Alaska, is being used to analyze the drill cuttings for gold via fire assay analysis plus multielement ICP-AES and ICP-MS analysis using four-acid digestion.
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