Nord Precious Metals Mining Inc. press release
Freegold Announces 43-101 Resource Estimate for Golden Summit Project, Alaska
TSXV - TSX Venture Exchange · Silver · Cobalt · Nickel · Gold · Copper · Rare Earth Elements · Platinum · Lithium · Cesium · Tantalum · Canada
Mar. 31, 2011 (Canada NewsWire Group) --
VANCOUVER, March 31 /CNW/ - Freegold Ventures Limited (TSX: FVL) (Frankfurt: FR4N) ("Freegold") is pleased to report the results of a NI43-101 compliant Mineral Resource estimate recently completed on the Golden Summit Project located in near Fairbanks, Alaska. The resource estimate was completed by Giroux Consultants Ltd. of Vancouver, BC. Canada. Using 0.3 g/t Au as a possible cut-off for open pit extraction an indicated and inferred resource was calculated.
Total indicated resource is 7,790,000 mt @ 0.695 gpt for a total of 174,000 contained gold ounces. Total inferred resource is 27,010,000 mt @ 0.606 gpt for a total of 526,000 contained gold ounces.
49 drill holes were drilled in the mineralized Dolphin Stock totaling 5,966 m. The Dolphin stock is a multi-phase intrusive. The stock has been traced on surface by soil sampling and RC drill data and represents an area of 1,200 by 2,000 ft. (366 x 610 m). Gold assays were capped at 42 g/t Au. A block model containing blocks 10 x 10 x 5 m in dimension was superimposed over the Dolphin mineralized solid with the percentage of each block below surface topography and within the solid recorded. A combination of Ordinary Kriging and Indicator Kriging was used to interpolate gold values into blocks.
| DOLPHIN ZONE INDICATED RESOURCE | | | | | | Au Cut-off (g/t) | Tonnes> Cut-off (tonnes) | Grade > Cut-off | | | | Au (g/t) | Contained | | | | | kgs Au | ozs Au | | | | | 0.20 | 9,940,000 | 0.599 | 5,950 | 191,000 | | 0.30 | 7,790,000 | 0.695 | 5,410 | 174,000 | | 0.40 | 5,650,000 | 0.826 | 4,670 | 150,000 | | 0.50 | 4,340,000 | 0.941 | 4,080 | 131,000 | | 0.60 | 3,420,000 | 1.047 | 3,580 | 115,000 | | 0.70 | 2,710,000 | 1.152 | 3,120 | 100,000 | | 0.80 | 2,140,000 | 1.258 | 2,690 | 87,000 | | 0.90 | 1,600,000 | 1.396 | 2,230 | 72,000 | | 1.00 | 1,190,000 | 1.549 | 1,840 | 59,000 | | 1.20 | 660,000 | 1.922 | 1,270 | 41,000 | | 1.40 | 410,000 | 2.312 | 950 | 30,000 | | 1.60 | 270,000 | 2.754 | 740 | 24,000 | | 1.80 | 220,000 | 2.991 | 660 | 21,000 | | 2.00 | 170,000 | 3.271 | 560 | 18,000 |
| DOLPHIN ZONE INFERRED RESOURCE | | | | | | Au Cut-off (g/t) | Tonnes> Cut-off (tonnes) | Grade > Cut-off | | | | Au (g/t) | Contained | | | | | kgs Au | ozs Au | | | | | 0.20 | 38,800,000 | 0.498 | 19,320 | 621,000 | | 0.30 | 27,010,000 | 0.606 | 16,370 | 526,000 | | 0.40 | 18,340,000 | 0.729 | 13,370 | 430,000 | | 0.50 | 12,840,000 | 0.850 | 10,910 | 351,000 | | 0.60 | 8,990,000 | 0.980 | 8,810 | 283,000 | | 0.70 | 6,300,000 | 1.124 | 7,080 | 228,000 | | 0.80 | 4,560,000 | 1.267 | 5,780 | 186,000 | | 0.90 | 3,260,000 | 1.434 | 4,670 | 150,000 | | 1.00 | 2,460,000 | 1.594 | 3,920 | 126,000 | | 1.20 | 1,570,000 | 1.878 | 2,950 | 95,000 | | 1.40 | 1,020,000 | 2.198 | 2,240 | 72,000 | | 1.60 | 710,000 | 2.504 | 1,780 | 57,000 | | 1.80 | 530,000 | 2.773 | 1,470 | 47,000 | | 2.00 | 410,000 | 3.030 | 1,240 | 40,000 |
The Qualified Person for this release is G.H. Giroux, M.A.Sc., P.Eng., who has reviewed and approved the contents of this press release. The Inferred mineral resource estimate has been prepared in compliance with the standards of NI 43-101. Mr. Giroux acted as the Qualified Person, as defined in NI 43-101 and is independent of the Company. The NI 43-101 report will be finalized and filed on SEDAR within 45 days of the date of this news release.
A 5,000 diamond core drill program is currently underway on the Dolphin Zone with the objective of both expanding and upgrading the current NI 43-101 compliant resource. A second drill rig is being mobilized to the property. Additional exploration this summer will include a property wide ground geophysical survey in order to delineate targets for subsequent fall drilling program.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of gold projects in Alaska. In addition to the Golden Summit Gold Project, the company holds a 100% in lease interest in the Rob Gold Project near the Pogo Gold Mine in the Goodpaster Mining District of Alaska and has an exploration agreement with option to lease the Vinasale Gold project in central Alaska.
_Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs._
Kristina Walcott-President and CEO Telephone: 1.604.662.7307 jkw@freegoldventures.com