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Freegold Intersects 50.3 metres grading 1.46 g/t Au at Golden Summit Project, Alaska

VANCOUVER, Oct. 16, 2012 /CNW/ - Freegold Ventures Limited (TSX: FVL) (Frankfurt: FR4N) ("Freegold") is pleased to report the results from its drill program on the Golden Summit Project located near Fairbanks, Alaska. Drilling at Golden Summit was conducted with two rigs from mid January through mid-April with one rig operating from mid May until the end of September at which point drilling ceased in order to complete the upcoming resource calculation. Drilling has been primarily focused in the Dolphin and Cleary Hill Areas.

Results from the drill program continue to demonstrate the significant expansion potential of the Dolphin/Cleary Hill resource areas. 9,714 metres have been drilled in the Dolphin Zone since January of which assays for 9,373 metres have now been reported. 5,203 meters have been drilled in the Cleary Zone since January of which all assays have now been reported.

 

Hole Number

Hole Inclination

Depth of Hole
(ft)

From
(ft)

To
(ft)

Interval
(ft)

Interval
(m)

Au
g/t

Uncut
Au
g/t

Cleary Hill Area

               

GSCL1216

 

822

162

392

230

70.1

0.41

 
     

467

536.5

69.5

21.2

0.41

 
     

579.5

781

201.5

61.4

0.67

 

GSCL1217

Abandoned

             
                 

GSCL1218

 

996

85

125

40

12.2

0.44

 
     

166

638

472

143.9

0.44

 
     

741

822

81

24.7

0.42

 
                 

GSCL1219

 

813.5

221

260.5

39.5

12.0

0.48

 
     

433

526.5

93.5

28.5

0.35

 
                 

GSCL1220

 

845.5

27

34.5

7.5

2.3

5.4

 
     

140

187.5

47.5

14.5

0.35

 
     

421

789

368

112.2

0.38

 
                 
                 

GSCL1221

   

637

802

165

50.3

1.46

 
   

including

637

730.5

93.5

28.5

0.43

 
   

including

730.5

735.5

5

1.5

 

191

   

including

769.5

802

32.5

9.9

1.34

 

Width refers to drill hole intercepts, true widths can not be determined due to uncertain geometry of mineralization.

Within GSCL1221 the 1.5 meter interval from 730.5 to 735.5 feet returned 191 g/t Au. This sample value was cut to 30 g/t Au for the purposes of calculating the interval from 637 to 802 feet reported in the table above. All other assays reported are uncut. The bottom 9.9 metres of GSCL1221 intersected 1.34 g/t Au. This higher grade intercept appears to be the downdip extension of the vein system mined in the historic Cleary Hill Mine, from which 281,000 ounces grading 1.3 oz/t (44.5 g/t ) Au were extracted prior to its closure in 1942. Further drilling will be necessary to expand on these higher grade intercepts.

The current NI 43-101 resource at Dolphin was updated in December 2011 which using a 0.35 g/t cutoff, is 14,840,000 tonnes @ 0.66 g/t Au - represents 316,000 ounces in the indicated category and 50,460,000 tonnes @ 0.61 g/t Au - and represents 991,000 ounces in the inferred category. The current NI 43-101 compliant resource at Dolphin was based on 11,802 metres. The updated NI 43-101 resource will incorporate approximately 38,357 metres and is expected to be completed in the near term.

The Qualified Person who has reviewed the technical disclosure contained in this release is Curtis J. Freeman, M.Sc., PGeo who is the primary geological consultant for the project.

Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for geochemical analysis. Core samples were picked up on-site by Acme Analytical Lab and transported to their facility in Fairbanks, Alaska. A sample quality control/quality assurance program was implemented.