Freegold Ventures
Freegold is a Canadian gold exploration and development company which has assembled a senior, production-orient-ed management team over the past two years. Freegold's team has an excellent track record, having taken 5 companies to production in the past, and having created over $1 billion of new market capitalization in the process. This team has collectively been involved in the start-up, acquisition, financial turnaround and operation of 11 separate gold producers, with an aggregate production of 1,535,000 oz gold and 9,600,000 oz silver. With this experience, an excellent portfolio of North American projects, new supportive shareholders including Sprott Asset Management and Rob McEwen, and a sound capital/financial structure, Freegold is well along its own path to sustained gold production. Freegold's current assets include three advanced-stage gold projects: the Almaden project in Idaho, and the Golden Summit and Vinasale projects in Alaska. In addition Free-gold is actively exploring its Rob project, an early-stage exploration project also in Alaska.
Freegold Ventures intersects new high grade structures
Freegold Ventures (TSX: ITF) announced results from holes in Fence 6 North, drilled as part of the Phase 2, 40,000 foot drilling program at the Golden Summit Project near Fairbanks, Alaska.
Drilling at Fence 6 North coverd a north-south area west of Fence 5 - the limit of the previously identified vein swarms and shear zones tested last fall. Freegold said that the identification of gold mineralization in Fence 6 North similar to last year's drilling represented "a significant expansion" of the bulk tonnage mineralization.
Drilling returned several "broad zones" of lower grade gold mineralisation around higher grade structures. Fence 6 North drilling had now extended the area of gold mineralization in the Cleary Hill area to over 5,000 feet in length, and mineralisation continues to remain open along strike and at depth, the Company said.
"Fence 6 North has now confirmed additional shear zones to the north of the vein swarm tested in Fence 6, while current drilling is testing for additional shear zones to the south of Fence 6. Fences 17 North and 20, in filling within the 2,300 foot gap between Fence 6 North and Fence 5 have recently been completed and assays are pending. Deeper core drilling is also in progress, with 23 deeper, grid-based holes having been drilled in the Fence 1 and Beistline areas."
Steve Manz, President and CEO of the Company, added:
"Through our combination of trenching, shallow and deep drilling, and bulk sampling, we are starting to develop an excellent understanding of the gold mineralization in this broad area, and are very encouraged at the successful results and the continuity that our step-out work continues to demonstrate. Bulk sampling and processing on the property, which was suspended in October for the winter season, will re-commence later this quarter. This program is providing us with valuable information as to how the grades of this gold mineralization continue to hold together in larger volumes, and a complete update on our on-going sampling program will be provided shortly."
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13/03/08 Freegold Ventures confirms gold mineralization
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