Vancouver, BC (PRWEB via ToenWave Media) October 28, 2004 -- Freegold Ventures Limited (TSX: ITF) announces that the Grew Creek Drill Program, currently in progress, has been expanded from 6 holes (780 m) to 11 holes (1530 m). The current $500,000 fall winter drill program is 100% funded by Freegold.
Drilling by previous operators was based on an interpretation that the gold mineralization in a quartz-adularia stockwork zone trended in an east-southeasterly direction. A new interpretation put forth suggested that the most of the previous drilling may have infact been oriented sub-parallel to the vein orientation. This is interpretation was supported by the abundance of quartz –adularia vein intersections with contacts and banding at an acute angle to the core axis.
The current drill program is aimed at determining the most favourable orientation of veining within the deposit. Preliminary visual inspection of the core indicates that the predominant vein interpretation appears to be related to a northerly trend, and supports the new interpretation that multiple northerly vein and vein stockwork zones make up the Grew Creek deposit, and therefore it appears that the deposit may be open to the south. The drill program was expanded in order to determine the exact trend of the mineralization.
Drilling is slated to continue through December 15th. Assay results will be reported once they are available. The Grew Creek Project is located 35 km west of the town of Ross River and one kilometre from the Robert Campbell Highway and the Whitehorse power grid. The Qualified Person for this release is Robert Stroshein, P. Eng.
About Freegold Ventures Limited
Freegold Ventures is a gold exploration company. Freegold holds the Golden Summit Project, an advanced stage exploration gold project northeast of Fairbanks, Alaska. To "SEE" the Freegold Ventures story go to: http://www.freegoldventures.com/s/Interviews.asp?ReportID=90012&_Type=Interviews&_Title=Business-Television-Features-Freegold-Ventures-Limited. Golden Summit lies 5 miles north of the current producing Fort Knox Mine, Alaska's largest gold producer. Mid Tier gold producer Meridian Gold has recently entered into a JV on the Golden Summit Project. Freegold is the Project Operator.
Freegold also holds the Rob Project in the highly prospective Tintina Gold Belt in the Fairbanks Mining District. The Tintina gold belt has emerged as one of North America's most important gold districts and hosts a number of gold deposits throughout the Yukon and Central Alaska, most notably the Fort Knox, Pogo and Brewery Creek deposits. Freegold has recently entered into an option/joint venture on the Rainbow Hill Gold Project, Alaska. In addition to its Alaskan gold projects Freegold holds the Union Bay PGE project, a joint venture with Pacific North West Capital Corp, and Lonmin PLC, the world's third largest primary underground producer of platinum group metals.
To learn more about the exploration and mining activities for Harry Barr publicly traded companies go to: www.goldplatinumgroup.com
On behalf of the Board of Directors
Harry Barr, Chairman
DISCLAIMER
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Stock Exchange Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.
The Toronto Stock Exchange has neither approved nor disapproved the
contents of this news release. CUSIP: 45953B107
For further information please contact:
Investor Relations:
1.800.667.1870
Facsimile: 604.685.8045
2303 West 41st Avenue, Vancouver, BC,V6M 2A3
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