March 29th, 2012 (Vancouver, BC) -- Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N)("Freegold") is pleased to report the results of a NI43-101 compliant Mineral Resource estimate recently completed on the Vinasale Gold Project located in southwest Alaska on which Freegold entered into an Exploration Agreement with an Option to Lease the Vinasale Project from Doyon Limited, an Alaskan Native Regional Corporation, in 2007. The resource estimate was completed by Giroux Consultants Ltd. of Vancouver, BC. Canada. Inferred resources are 49.3 million tonnes averaging 1.09 g/t Au for 1,735,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne (g/t) as a possible open pit cutoff.
The addition of 13 drill holes drilled in 2011 and the expansion of the geologic solid have expanded the resource at a 0.5 g/t cut-off by 32.4 % on tonnage at essentially the same grade for an increase of 30.4 % ounces of contained gold from the March 2011 resource estimate.
A total of 85 drill holes containing 10,945 gold assays have been completed on the project within three areas: the Central, Northeast and South Zones. The highest density of drilling has been completed in the Central Zone where 41 drill holes totaling 9,948 metres were used in estimating the resource for the Central Zone. Gold assays were capped at 22.0 -grams/tonne gold. Composites, 5 metres in length, were used to model the grade continuity using semivariograms. Blocks measuring 10 by 10 by 5 metres were populated using Ordinary Kriging.
Vinasale Central Zone Inferred Resource
Au Cut-off
(g/t) Tonnes> Cut-off
(tonnes) Grade > Cut-off Au
(g/t) Contained kgs Au ozs Au 0.10 87,370,000 0.74 64,570 2,076,000 0.15 80,380,000 0.79 63,740 2,049,000 0.20 74,930,000 0.84 62,790 2,019,000 0.25 70,040,000 0.88 61,640 1,982,000 0.30 65,620,000 0.92 60,440 1,943,000 0.40 57,350,000 1.00 57,580 1,851,000 0.50 49,320,000 1.09 53,960 1,735,000 0.60 42,250,000 1.19 50,110 1,611,000 0.70 36,100,000 1.28 46,100 1,482,000 0.80 30,840,000 1.37 42,160 1,355,000 0.90 26,310,000 1.46 38,310 1,232,000 1.00 22,420,000 1.54 34,620 1,113,000 1.10 19,080,000 1.63 31,120 1,001,000 1.20 16,110,000 1.72 27,710 891,000 1.30 13,520,000 1.81 24,480 787,000
To date, mineralization in the Central Zone extends over a strike length of 400 metres and remains open to the south, east and at depth.
The 2012 program will consist of additional drilling in the Central Zone where it remains open to the south, as well as potential resource definition in the North East Zone. The zone was further defined by the 2011 ground geophysical program and limited prior drilling. The program is scheduled to commence in mid May.
The Qualified Person for this release is G.H. Giroux, M.A.Sc., P.Eng., who has reviewed and approved the contents of this press release |