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| Freegold
Ventures Limited |
| TSX:
ITF OTCBB: FGOVF FRANKFURT:
FR4 www.freegoldventures.com |
| News
Release |
July
9, 2007 |
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Freegold Reports Additional Almaden Holes -- Significant Moly Grades Intersected in North Zones
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July 9, 2007 (Vancouver, BC) -- Freegold Ventures Limited (the "Company") is pleased to provide assay results from an additional 12 holes drilled as part of its 34,000-foot resource expansion drill program currently in-progress at the Company's 100% controlled Almaden gold project in southwestern Idaho. Two of the holes were located in the north part of the Main Zone to test gold mineralization in proximity to newly mapped feeder zones. The remaining ten holes were designed to in-fill the wider spaced holes and to test the eastern limits of mineralization in the smaller, lower grade North Zone. The current drilling has also started to intersect significant and more uniform quantities of molybdenum in the northern parts of the Main Zone and in the North Zone. Previous drill holes in these zones were not assayed for molybdenum historically. The Company is still evaluating the significance of these molybdenum occurrences in relation to the genesis and configuration of the gold mineralization.
Holes 692 (RC) and C-65 (core) were drilled vertically within the northwest extension of the Main Zone and provide true widths of the mineralization that is hosted within the generally flat-lying sediments. Hole 692 is located 120 feet further NNW of previously released hole C-63, which discovered a new fault at a depth of 570 feet, and which intersected resource-grade gold mineralization extending 540 feet in the hanging wall of this fault. Hole 692 appears to be located in the same structural hanging wall and the same brecciated and silicified rocks as those intersected in C-63.
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C-65, located in the north part of the Main Zone between two of
the central feeder structures initially intersected a 45-foot
thick section of clay alteration that appears to be a cap above
the hydrothermal structures. Good intervals of resource-grade
mineralization were intersected below this cap. Gold
mineralization in Holes 692 and C-65 extend over thicknesses in
excess of 250 feet and to depths greater than 300 feet, further
extending the size of the deposit which was historically drilled
to only 200 feet in this area. Significant gold assays within
these two holes include: |
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| Seven of the ten holes drilled in the North Zone were designed to in-fill and confirm the eastern limits of gold mineralization (RC holes 655, 670, 685, 690, 700, 701 and 703), while the remaining three were designed to in-fill areas within the zone that were historically drilled with wider spacing (RC holes 681, 702, and core hole C-77). The North Zone contains roughly 13% of the total tonnage reported in the most recent 43-101 resource calculation (March 13, 2006) with average grades 7% lower than that of the Main Zone. In general, all of the shallow in-fill holes conformed to the thicknesses and grades of nearby holes. Significant gold assays from these holes include:
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The occurrence of molybdenum in both surface and underground samples has been noted since Freegold resumed active exploration work on the Almaden Project in early 2006. While drill holes in the southern and central portions of the Main Zone had encountered molybdenum in quantities in excess of 0.015% MoS2, these occurrences generally lacked continuity from hole to hole, with higher grades generally occurring in the proximity of feeder structures. Recent drilling in the North Zone however has encountered molybdenum in quantities as high as 0.32% MoS2 over 5-feet. Grades in the new holes typically average between 0.03% and 0.05% MoS2 over thicknesses in the 150 to 225 foot range, with the grade of molybdenum declining with gold grades further down the hole.
The significance of this widespread molybdenum
en
countered both in the North Zone and in recent drilling at the northern end of the Main Zone is uncertain at this time. The molybdenum appears to have been deposited at the same time as the gold
mineralization, and it is likely that the greater complexity of block faulting in the northern portions of the deposit has led to a wider dispersion of the molybdenum in this area. Significant molybdenum assays within these northern holes include:
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click on map
image to view in larger format |
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The strike of the numerous feeder structures that Freegold is defining in the NW portion of the Main Zone continues to remain open to the NW. Drilling continues to focus on this 2,000 to 3,000 foot wide under-explored area. Initial drilling within the Stinking Water basin area, located 1,700 feet east of the North Zone has recently been completed and assays are pending. This area was subject to wide spaced drilling by previous operators and returned some of the highest-grade gold assays within the deposit area.
Diamond drill core and RC samples are generally analysed on five-foot intervals. All samples are shipped to ALS Chemex at its Winnemucca, NV laboratory for preparation. Pulps are shipped to ALS Chemex Laboratories in Vancouver, B.C. for analysis. Gold values are determined using fire assay techniques with AA finish and multi element analysis using ICP-AES with aqua regia digestion.
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The Qualified Person for this release is Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited.
About Freegold Ventures Limited
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 and Alaska. 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 undertaking new economic evaluations in 2007. Drilling at depth and to the north and south of the known mineralization is continuing to identify new extensions to the deposit. Freegold is also discovering new high-grade veins and bulk tonnage shear zones in its 25,000-foot drill program at its Golden Summit project outside Fairbanks, Alaska. A 10,000-ton bulk sample collected in the fall of 2006 was successful in uncovered numerous zones of high-grade surface gold mineralization. Pending permit completion, on-site processing of this bulk sample material plus additional high-grade surface mineralization is expected to commence in late summer 2007. Freegold has also recently optioned the Vinasale Gold Deposit in Alaska, from Doyon, Limited. Geophysical, mapping and sampling programs will be carried out on the property in 2007.
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On
behalf of the Board of Directors
"Steve
Manz"
Steve
Manz |
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President
and C.E.O. |
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For
further information: Investor Relations: 1.800.667.1870 |
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2303
West 41st Avenue, Vancouver, BC |
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www.freegoldventures.com
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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. This email should not be construed as an offer to buy
or sell securities of Freegold Ventures Limited. |
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