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Freegold Commences 34,000' of Resource Expansion Drilling at Almaden
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Vancouver, BC, August 2, 2006. Freegold Ventures Limited ("Freegold") is pleased to announce the commencement of a 34,000-foot drilling program designed to define new gold resources at its 100% controlled Almaden gold project in western Idaho. This new drilling follows the recent re-evaluation of the company's 1997 Watts, Griffis and McOuat Limited ('WGM") feasibility study by Hatch Limited, and the generation of a new, independent 43-101 compliant resource by J. D. Graham and Associates Ltd. The 1997 study is referenced in the 43-101 report that was filed on SEDAR on March 15, 2006. The historic WGM 1997 study contemplated a 22,500-ton per day open-pit, heap leach operation producing an average of 95,000 ounces of gold per year at an overall 0.6 to 1 strip ratio.
The WGM study recommended that additional drilling be conducted to test areas of the deposit that remained open laterally and at depth. These possible expansion areas were confirmed during Freegold's re-modeling of the deposit, and include the following:
*
the periphery of the Main and North zones where a number of holes drilled by previous operators intercepted thick intervals of resource grade mineralization (+.011 oz/ton cut-off) that were not brought into the model due to the wide spacing of the drilling;
*
the southern portion of the Main zone which remains open;
*
depth extensions within the Main and North zones where prior drill holes ended in resource grade material; and
*
Freegold Commences 34,000' of Resource Expansion Drilling at Almaden
Vancouver, BC, August 2, 2006. Freegold Ventures Limited ("Freegold") is pleased to announce the commencement of a 34,000-foot drilling program designed to define new gold resources at its 100% controlled Almaden gold project in western Idaho. This new drilling follows the recent re-evaluation of the company's 1997 Watts, Griffis and McOuat Limited ('WGM") feasibility study by Hatch Limited, and the generation of a new, independent 43-101 compliant resource by J. D. Graham and Associates Ltd. The 1997 study is referenced in the 43-101 report that was filed on SEDAR on March 15, 2006. The historic WGM 1997 study contemplated a 22,500-ton per day open-pit, heap leach operation producing an average of 95,000 ounces of gold per year at an overall 0.6 to 1 strip ratio.
The WGM study recommended that additional drilling be conducted to test areas of the deposit that remained open laterally and at depth. These possible expansion areas were confirmed during Freegold's re-modeling of the deposit, and include the following:
*
the periphery of the Main and North zones where a number of holes drilled by previous operators intercepted thick intervals of resource grade mineralization (+.011 oz/ton cut-off) that were not brought into the model due to the wide spacing of the drilling;
*
the southern portion of the Main zone which remains open;
*
depth extensions within the Main and North zones where prior drill holes ended in resource grade material; and
*
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