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April
10, 2007 (Vancouver, BC) -- Freegold
Ventures Limited (the "Company") announces that it is developing new
geological models for the deposition of gold mineralization in the Rat
Creek and Tarn zones at the Grew Creek property following the
identification of uranium in drill core from the 2006 program, and a
re-assessment of multi-element assay results in light of new deposit types
currently being explored for in the Yukon. Freegold is earning up to a
100% interest in the Grew Creek project, a 277-claim property located within
the Tintina Trench, and situated between the towns of Faro and Ross River
in the Yukon.
Exploration
to date has been principally focused on the Main Zone, a 250 x 50 m wide
area delineated by 159 drill holes. Freegold's
exploration programs successfully confirmed grades and thicknesses of gold
mineralization in the Main zone in 12 core holes following the project
acquisition in 2004. Significant
intercepts
from this drilling included 10.9 m (true width) grading 6.8 g/t, including
1.5 m (true width) @ 17.8 g/t in hole GC-04-225, and 4.4 m (true width)
grading 22.1 g/t in hole GC-04-227. In
2005 and 2006 exploration was focused outside the pyroclastic rocks of the
Main Zone, and 13 holes were drilled in the Rat Creek and Tarn Zones,
located 1.0 and 1.5 km further to the east.
While gold values from these Rat Creek and Tarn holes were
previously reported in 2006, the recent identification of uranium in drill
core has lead the Company to reassess the project's potential.
A single interval of core from hole GC-06-248 (from 112.78 to 114.3
m) in the Tarn zone was re-assayed and returned a grade of 0.1% U308
over
a 1.52 metre interval. Although the significance of this uranium
mineralization and its relationship to new depositional models is
uncertain, previous glacial till concentrate samples from the eastern
portion of the Tarn area identified large areas of anomalous rare earth
elements, including thorium (up to 58 ppm), lanthanum (up to 270 ppm) and
uranium (up to 270 ppm).
Mineralization in
the Rat Creek zone is associated with brecciation zones hosted within a
quartz feldspar porphyry. Anomalous
gold, along with elevated base metals/other indicator elements occur over a 400 X 100 m north trending area.
Drill hole GC-05-242 intersected two mineralized breccia zones of
7.6 m grading 0.20 g/t and 8.5 m grading 0.28 g/t gold, while hole GRCK-90
intersected anomalous gold values over a 7.5 m interval that included 1.5
m grading 3.02 g/t gold.
Mineralization
in the Tarn zone consists of quartz and fluorite veining in a quartz
feldspar porphyry. Anomalous
gold assays in this zone have been identified within a 300 X 100 m north
trending zone with elevated levels of elements that include
arsenic, antimony, cobalt, tungsten, copper, lead, zinc, molybdenum, iron
and uranium. Gold
values from vein and breccia zones assayed from 0.1 to a maximum of 1.85
g/t. Drill hole GC-06-248,
which returned the uranium assay, also yielded gold values up to 0.19 g/t
in the upper section of the drill core.
Drilling to date at both zones has been
relatively shallow and results indicate that the mineralization
encountered to date may have been confined to the upper levels of a
hydrothermal system.
Freegold
is finalizing a new geological compilation on the project, which includes
a new re-interpretation of prior mag, VLF-EM and IP geophysical surveys in
order to gain a better understanding of structural controls. In order for
the Company's development-oriented management team to focus its efforts
on the advanced stage Almaden, Golden Summit and Vinasale projects,
Freegold will be examining joint venture alternatives as a possible means
of further advancing the Grew Creek project.
Assaying for Freegold's Grew Creek 2004-2006 drill programs were
carried out by ALS Chemex.
The
Qualified Person for this release is Robert Stroshein, P.Eng. Consulting
Geologist- Freegold Ventures Limited.
Warrant
Exercise
Freegold
also announces that all 2,767,714 warrants to purchase common shares at a
price of $0.45 which expired on April 3, 2007 have been exercised,
providing the company with an additional $1,245,471 in funding.
Freegold
Ventures Limited is a North American exploration company with a new
management team experienced in mine development and production that is
actively exploring advanced-stage gold projects in Idaho (Almaden) and
Alaska (Golden Summit, Vinasale). Freegold
holds a 100% lease interest in the Almaden gold project in Idaho.
This large tonnage epithermal gold deposit was the subject of a
feasibility study in 1997 calling for the development of a 95,000 oz/year
open pit, heap leach mine. Freegold
is currently finalizing a 34,000-foot drilling program aimed at further
expanding the size of the resource prior to updating the project economics
in 2007. Freegold has also
discovered new high-grade veins and bulk tonnage shears in surface
trenching at its Golden Summit project outside Fairbanks.
A 10,000-ton bulk sample collected in the fall of 2006 will be
processed in the spring of 2007, and a 25,000-foot drill program to
further delineate gold mineralization within the current 1,000-foot wide
by 3,500-foot long vein swarm commenced in December.
In addition Freegold has recently optioned the Vinasale Gold
Deposit in Alaska, from Doyon, Limited.
Geophysical, mapping and sampling programs, along with
metallurgical test-work will be carried out on the property in 2007.
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