Freegold Ventures is pleased to announce the remaining Phase 1 2004 drilling results and the resumption of drilling on the Grew Creek Epithermal Gold Project in the Yukon Territory.
Vancouver, BC (PRWEB via PR Web
Direct) February 17, 2005 -- Freegold is pleased to announce the remaining
Phase 1 2004 drilling results and the resumption of drilling on the Grew Creek
Epithermal Gold Project in the Yukon Territory.
Additional staking has been completed and the Grew Creek Property now covers 278 claim units and over 30km of prospective targets.
Freegold acquired the Grew Creek Property in the summer of 2004 and funded a 12 drill-hole program at Grew Creek throughout the fall and winter of 2004. The objective of the initial program was to confirm a northerly trend to the gold-silver mineralization. Previous operators assumed an east-west trend to mineralization and oriented their diamond drilling accordingly. The 2004 drill holes were drilled at right angles to the previous drill grid. Drilling results by Freegold indicate that mineralization does in fact trend north-south.
In addition to establishing a north-south control on the mineralization, the 2004 diamond drill holes tested areas outside of the previously defined ore blocks. The program successfully intercepted significant high-grade gold mineralization outside the area where earlier operators calculated previous resource estimates.
Drilling will resume the week of February 20th, 2005 and will test several comparable targets to the Main Zone, identified by geological, geochemical and geophysical surveys carried out prior to 1996. Limited drilling had been carried out in some of these areas by previous operators; however, again was focused on potential east-west controls for the mineralizing systems. Based on the results from the 2004 program, the next phase of drilling will test for northerly trends to these extensional targets. The Phase 1 2005 program is budgeted at $250,000 and is 100 % funded by Freegold.
The results of the 2004 program indicate an extensive low-sulfidation quartz stock-work system flanking high-grade veins that are focused within breccia zones along the trend of the mineralization.
In addition to the principal high grade gold vein target, attention is also being given establishing a bulk mineable resource (1-2 grams) which may be amenable to heap leaching. In addition to drilling, Freegold's geological consultants have recommended geophysics and bulk sampling for 2005.
The table summarizes the results from the 2004 drill program. Assays by ALS Chemex. Lost core sample intervals assigned a grade of zero.
The quartz-adularia vein and vein stock-work system at Grew Creek in the Main Zone has been faulted into at least four separate segments
Segment Number Three intersected in the first reported drill holes (GC-227 44.2 m grading 4.3 gm/ Au and 7.9 gm/t Ag including 6.3 m grading 22.1 gm/t Au and 45.1 gm/t Ag). This segment has been cut to the north by a fault intersected in GC-231. The intensity of mineralization decreases to the south of this block as indicated in step out drill holes GC-228 -- 230. The segment is open to the North and to depth.
Segment Number Two was intersected in drill holes GC-233, 234, and 236. 1988 drill hole GC-29 intersected the high-grade vent mineralization 25 metres north of GC-233 that yielded an assay of 42.1 gm/t gold and 284.1 gm/t silver over 16.5 meters (not true width). The segment is open to the North and South and to depth.
Segment Number One at the western edge of the deposit was intersected in drill holes GC-232 and 235. The vent mineralization exposed at surface within this segment averaged 3.33-gm/t gold and 5.25 gm/t silver. The segment is open to the North and South and to depth.
Segment Number Four was not tested during this phase of drilling. 1988 drill hole GC-39 intersected vent mineralization north of the offsetting fault that averaged 54.90-gm/t gold and 54.5 gm/t silver over 6.0 meters (not true width). The segment is open to the North and South and to depth.
The Qualified Person for this release is Robert Stroshein, P.Eng -- Geological Consultant, Freegold Ventures Limited.
On behalf of the Board of Directors "Harry Barr" Harry Barr, Chairman
The Toronto Stock Exchange has neither approved nor disapproved the contents of this news release. CUSIP: 356455 10 5-Reg# 82-1225
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. Not to be construed as an offer to buy or sell securities of Freegold Ventures Limited.
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