Vancouver, BC (PRWEB via ToenWave Media) September 19, 2006 -- Freegold Ventures Limited (“Freegold”) is pleased to announce the start of two new programs aimed at further expanding and bulk sampling a series of recently discovered high-grade veins at its Golden Summit Project outside Fairbanks, Alaska. Phase 1 trenching in June 2006 successfully identified numerous gold bearing veins and shear zones south and east of the historic Cleary Hill Mine. Phase 2 will consist of 2,500 feet of new trenching designed to further extend the strike length and to identify other possible parallel structures. Phase 3 will consist of a 10,000-ton bulk sample from the highest-grade areas encountered in Phase 1 for the purposes of grade confirmation and possible cash flow generation. Both phases will be run simultaneously, and are expected to be completed by the end of October.
Phase 2 trenching will initially to extend the strike length of the three new structures that were the primary focus of the Phase 1 program (News Release – August 16th, 2006). These were the Cleary Hill east extension (39.5 g/tonne (1.15 oz/ton) over 185 feet), the Wackwitz vein (16.4 g/tonne (0.48 oz/ton) over 235 feet), and a new 10 to 15 foot wide shear zone, fifty feet to the south and parallel to the Wackwitz vein, which averaged 2.2 g/tonne (0.064 oz/ton) over its 220 foot length. Phase 2 will also trace the strike length of other high-grade intercepts identified in Phase 1 and earlier trenching. These include two veins to the north of the Wackwitz, that returned chip channel samples of 47.3 g/tonne (1.38 oz/ton) over 5 feet, and 11.5 g/tonne (0.34 oz/ton) over 10 feet, and grab samples of 31.9 g/tonne (0.93 oz/ton) and 38.1 g/tonne (1.11 oz/ton). Alaska Assay Laboratories in Fairbanks, Alaska and ALS Chemex Labs in North Vancouver, BC completed analyses, for gold via fire assay analysis plus multi element ICP-AES and ICP-MS analysis using 4 acid digestion.
The Phase 3 bulk-sampling program will consist of the surface mining of 10,000 tons of material from the highest grade vein and shear zone material identified in Phase 1. Construction of a new haul road, to transport the mined material from the sample locations to a nearby processing site, has commenced. The haul road has been specifically located to serve two additional purposes. Not only will the haul road connect the Cleary Hill Eastern Extension area with the vein swarm south of the Cleary Hill Mine but the overburden stripping necessary to construct the road will allow Freegold to sample the exposed bedrock to delineate new structures for followup work.
Each structure mined in the bulk-sampling program will be segregated into separate stockpiles at the processing area. The material will be crushed to minus ¼ inch size, and multiple sample cuts will be taken from the crusher discharge. Composite samples will be split to obtain representative samples of the material mined from each location. Following sampling, the mineralized material will be processed using gravity techniques, with the recovered gold sold to generate cash flow.
The Qualified Person for this release is Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited.
About Freegold Ventures Limited
According to Steve Manz, “Freegold Ventures Limited is a North American exploration company that is actively exploring advanced stage gold projects in Idaho (Almaden), Alaska (Golden Summit) and the Yukon Territory (Grew Creek).” Freegold has recently enhanced its management team with a new President and VP Exploration that have an excellent track record in generating shareholder value through the creation and operation of numerous North American gold producers. In addition to focusing on its Golden Summit project, Freegold is in the midst of a 34,000-foot drilling program aimed at expanding gold resources at its Almaden project in Idaho before updating its 1997 feasibility study.
On behalf of the Board of Directors
“Steve Manz”
President and C.E.O.
For further information:
Investor Relations:
1.604.685.1870
1.800.667.1870
www.freegoldventures.com
The Toronto Stock Exchange has neither approved nor disapproved the contents of this news release. CUSIP: 45953B107
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, British Columbia Securities Commission and the United States Securities & Exchange Commission.
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