To 'Therock17' on 'FREEGOLD VENTURES LTD (ITF:TSX)' -
Fort Knox Open Pit -
The Fort Knox open pit Gold mine - mill and mineral claims cover approximately 20,463 hectares located 40 kilometers northeast of the City of Fairbanks, Alaska -
The mine production rate varies between 94,000 and 130,000 tonnes per day of total material -
Mining is carried out on a year round basis, seven days a week. Standard drilling and blasting techniques are used, and the blast holes are sampled and assayed for production grade control purposes.
What appears to be a potential elephant Gold resource at the Golden Summit in Alaska.
ITF has approx 40 million shares basic and about 47 million diluted.
Sprott owns about 19 %, which is a very strong index of underlying value.
This is likley a consequence of the fact that over the past 2-3 years, ITF has brought in an experienced production oriented team that appears to be on track for production beginning by late 2008....
The Fort Knox open pit Gold mines - luv the Gold resources nearby its - all in the works....
The mill feed is often reloaded into 77-tonne capacity trucks for the 20.9-kilometer long trip to the Fort Knox mill at 8,437 tonnes per day.
The material is directed dumped into a gyratory crusher.
The True North mine was operating at full production into the third quarter of 2004 with reserves at True North being depleted by the first quarter of 2005 - All new Gold resources will be most welcome in the future - Imo. Tia.
Since Feb, 2005, things for ITF have changed considerably. With the new production oriented management team, the institutional and insider ownership level and the new properties, this is a brand new ball game. The rise in the price of gold now allows deposits of low grade gold to be mined and processed economically. With the high grade Golden Summit property and the newly acquired Vinasale Gold Deposit, things are much different than they were in 2005. Granted Mr.Barr is still involved in ITF but I would say at this point that is a plus given who he inspired to come on board since then. This is no longer the same company you were once an investor in.
Freegold appoints Jeff Woods as Vice President Project Development PDF
January 11, 2007, (Vancouver, BC) - Freegold Ventures Limited ("Freegold") announces the appointment of Jeffrey L. Woods as the Company's Vice President of Project Development. Mr. Woods is a metallurgical engineer with 23 years of experience in mine development and mineral processing, and has an excellent track record in designing, building and operating gold processing facilities throughout North America. Highlights from Jeff's career include being part of the commissioning and operating team for the Hycroft-Crofoot gold mine in Nevada. Hycroft is a large tonnage, disseminated gold deposit, similar to Freegold's Almaden deposit. Hycroft produced approximately 1.1 million ounces of gold as an open pit, heap leach mine with average grades comparable to those at Almaden. Jeff also served on the commissioning and operating team of Kennecott's 15,000 ton per day Rawhide open pit, heap leach mine in Nevada and Santa Fe Gold/Newmont's autoclave, flotation and CIL plant expansions at the Lone Tree Mine in Nevada. In addition, Jeff has acted as Senior Metallurgical Engineer or Project Manager for numerous mine feasibility studies, mine developments, project expansions and operations, including the Kennsington gold project in Alaska, a cobalt mine concentrate and hydrometallurgical plant in Idaho, and numerous plant modifications for Newmont. Jeff has established and run three full scale metallurgical laboratories, and was the founder and President of Woods-Gelati, Inc., a Nevada based environmental and process engineering consulting firm. Most recently, Jeff was a Senior Process Engineer/Project Manager at the Washington Group in Denver, and prior to that a Senior Processing Engineer at Hatch Limited in Vancouver, two of the world's leading minerals engineering firms. Steve Manz, President and CEO stated, "Jeff's expertise is the perfect complement to our existing development-oriented management team, and his experience in designing and starting up numerous gold mines adds to our collective experience in having previously transitioned a number of companies from gold explorers into producers. Jeff was Hatch's team leader when they undertook a technical review of our Almaden project last year, and we were impressed with his abilities, his project enhancement recommendations, and his enthusiasm for the project. In Jeff's new role with Freegold he will be instrumental in managing our feasibility study update and permitting at Almaden, as well as in helping us advance our Golden Summit project in Alaska, and in the ongoing evaluation of acquisition opportunities." In conjunction with his appointment, Mr. Woods has been granted 350,000 stock options at an exercise price of $0.50 which shall vest quarterly over a two year period and which have a term of five years, and 400,000 nominal value performance shares which shall vest quarterly over a two year period. The foregoing are subject to regulatory approval. Harry Barr Position: Chairman ________________________________________ Mr. Barr is the Chairman, Founder and Director of Freegold Ventures Limited. Mr. Barr been involved in the mining industry for over 20 years and has extensive background in corporate finance through equity financings and joint ventures with major mining companies. Mr. Barr is also the President and Founder of Pacific North West Capital (Toronto Stock Exchange: PFN) a company involved in the exploration and development of platinum and palladium projects in North America. Steve Manz Position: President & CEO ________________________________________ Mr. Manz, B.A.Sc. (Geological Engineering), MBA, has been involved with the mining sector for the past 17 years, has been instrumental in the creation and refinancing of several North American gold producers, and has successfully raised in excess of $700 million for junior and mid-tier resource companies. Mr. Manz was the principal financial officer of Royal Oak Mines during its inception. In this capacity, Mr. Manz was directly involved in the acquisition, merger, financing and financial turnaround of several distressed Canadian gold mines which resulted in Royal Oak being a debt-free, cash-flow-positive 300,000 oz/year gold producer at the time of his departure. Subsequently, Mr. Manz became the President and Chief Financial Officer of Atlas Corporation, a NYSE listed gold and industrial minerals company. While with Atlas, Mr. Manz raised US $66 million, which allowed the company to recommence mining at its 50,000 oz/year Nevada gold mine, and funded the acquisition and development of additional mining assets in Nevada and Oregon. Mr. Manz also served as Vice President of Gerald Metals, one of the world's largest metal merchanting companies, where he was responsible for the refining and purchasing of precious metals, the design and implementation of commodity and currency hedging programs, and the arrangement of and participation in project, working capital and bridge loans for mining projects throughout the world. Michael Gross Position: VP Exploration ________________________________________ Mr. Gross (P.Geo.) holds a B.S. in geology, and an M.S. in economic geology. With an excellent track record of finding, building, operating and improving precious metals mines throughout North America, Mr Gross has held senior exploration positions ranging from mine geologist to VP Exploration. In addition Mr. Gross has served as VP Operations for four separate gold and silver producers operating eight mines with aggregate annual production of 350,000 ounces of gold and 8.5 million ounce of silver between them. Mr. Gross's exploration and operating plans have served as the basis for the securing of over $200 million of mine financing. Highlights from Mr. Gross' career include the operational turnaround of the 5 million ounce per year Lucky Friday silver mine, where as Mine Manager, he was responsible for increasing mill throughput by 85%, ore grade by 21% and productivity by 59%. Based upon this success, he subsequently served as VP Operations of Hecla's Metal Mining Division. As VP Operations of Royal Oak Mines, Mr. Gross was an integral member of the management team that acquired and returned to profitability two 100,000 ounce per year gold mines. Through increasing production and effective cost control, Mr. Gross was able to reduce cash operating costs by 25% (US $97) within the first 15 months of the acquisition. As VP Operations of NYSE-listed Atlas Corporation, Mr. Gross was a key member of the management team that recommenced mining at Atlas's 50,000 ounce per year gold mine. Mr. Gross has also successfully brought several new mines into production. While serving as VP Operations of Exall Resources, his revised feasibility study was instrumental in securing financing for the start-up of a new gold mine, which went from ground breaking to the first gold pour in six months and to positive cash flow within 10 months under his direction. Posted By: stockdoggy7 at another forum -
Freegold Drilling Delineates Surface Bulk Tonnage Gold Mineralization Over 620 Foot Widths at Golden Summit 3/29/2007
VANCOUVER, Mar 29, 2007 (Canada NewsWire via COMTEX News Network) -- << http://app.quotemedia.com/quotetools/popups/story.jsp ------------------------------------------------------------------------- - 93 shallow holes (4,700') identify gold grades comparable to nearby Fort Knox Mine over 620-foot width of drilling. - One line of close spaced holes returns 0.7 g/t (0.02 oz/ton) over 620 foot N-S width, with a 300 foot section grading 1.02 g/t (0.03 oz/t) - the zone remains open in all directions, with the first and last hole in one line grading 1.9 and 1.1 g/t over 51-foot hole depths. - Phase 2 - 20,000 ' drill program underway to further delineate bulk tonnage material in the Cleary Hill area. ------------------------------------------------------------------------- >> TSX: ITF, OTC BB: FGOVF, Frankfurt: FR4
Freegold Ventures Limited - (the "Company") is pleased to announce initial drill results from its 4,700-foot Phase 1 shallow drilling program at its Golden Summit Project outside Fairbanks, Alaska. This program, which is the first systematic drilling for bulk-tonnage gold mineralization conducted on the property, has successfully identified broad zones of gold mineralization over the entire 620-foot width of the drilled area. The width of this zone remains open to the north and south, and gold grades intersected within the zone are comparable to those currently being mined at the neighboring Fort Knox Mine. Based on the success of this first Phase, Freegold has commenced Phase 2 of the program which involves an additional 20,000 feet of drilling aimed at further outlining bulk tonnage mineralization in the Cleary Hill Mine area.
Given the large number of mineralized structures encountered in prior trenching and bulk sampling, Freegold determined the most favorable method for simultaneously identifying new structures and veins, evaluating gold grade variability, and extending the known 3,500' strike length of mineralization previously encountered in this area, was through the use of a large number of shallow, closed spaced drill holes. Gold mineralization in this area is known to extend to depths of at least 400 feet, as evidenced by prior underground mining and by wide spaced deeper drill holes in the area. As such, information gathered from the current shallow programs is expected to help determine optimal wider spaced deeper drilling patterns for future resource calculations.
Phase 1 consisted of 4,700 feet of drilling (93 holes) in 3 parallel lines, spaced 15 feet apart. Each line consisted of 31 vertical holes, located 20 feet apart, with holes in the centre line offset ten feet to the south of those in the Lines 1 and 3. Given the general 65-degree south dip to the structures in this area, a drill depth of 51 feet was selected to be able to intercept each structure twice with the 20-foot hole spacing. The first three lines were drilled in an area between the Cleary Hill South Vein Swarm and the Cleary Hill East Extension, which were the focus of much of last year's exploration programs. (Figure 1)
The table below shows the average assay results from each hole in Phase 1. The average grade for the top 51 feet of the 620-foot wide area is 0.6 g/tonne (0.017 oz/ton). As the lines move from east to west, average gold grades of the drill lines increased by 36% (from 0.51 g/t in Line 1 to 0.70 g/t in Line 3) as the holes got closer to the Cleary Hill South Vein Swarm area. The width of the mineralization remains open to the north and south, with holes averaging 1.2 g/t and 1.9 g/ (hole 62 and 63) and 1.1 g/t (hole 93) at the ends of these fences. High-grade assays do not significantly distort the overall average grades, as only 9 of the 1,560 three-foot long assay intervals graded higher than 10 g/tonne, and none of the assays graded higher than 32 g/tonne.
<< - Higher-grade bulk tonnage mineralization encompassing the full 51 vertical feet drilled along individual lines includes: - Line 1: a 260-foot wide zone averaging 0.82 g/t (0.024 oz/t) from hole 4 to hole 16; - Line 2: a 340-foot wide zone averaging 0.74 g/t (0.022 oz/t) from hole 62 to 46, including 200 feet averaging 0.95 g/t (0.028 oz/t) from hole 57 to 48; and - Line 3: a 300-foot wide zone averaging 1.02 g/t (0.030 oz/t) from hole 63 to 77, including 120 feet averaging 1.74 g/t (0.051 oz/t) from hole 10 to 14 - These grades compare favorably to the 2006 average mill feed grade of 0.83 g/tonne for the Fort Knox gold mine (the largest gold mine in Alaska, having produced 333,383 ounces of gold in 2006, and located less than 5 miles to the south of Golden Summit) and the 0.53 g/tonne grade of its proven and probable reserves. Cleary Hill Area: Fence 1 Drill Results -------------------------------------------------------------- -------- Line 1 Line 2 Line 3 -------------------------------------------------------------- Hole Grade Hole Grade Hole Grade Number (g/t) Number (g/t) Number (g/t) -------------------------------------------------------------- 1 0.200 62 1.236 63 1.883 --------------------------------------------------------------- 2 0.297 61 0.185 64 0.291 --------------------------------------------------------------- 3 0.218 60 0.290 65 0.684 --------------------------------------------------------------- 4 0.447 59 0.157 66 0.785 ------------------------------------------------------------------------- 5 0.447 58 0.280 67 0.390 ------------------------------------------------------------------------- 6 0.460 57 0.684 68 0.476 ------------------------------------------------------------------------- 7 0.225 56 0.649 69 0.740 ------------------------------------------------------------------------- 8 0.539 55 0.386 70 0.467 ------------------------------------------------------------------------- 9 1.148 54 0.867 71 0.280 ------------------------------------------------------------------------- 10 1.591 53 0.408 72 3.018 ------------------------------------------------------------------------- 11 1.561 52 1.426 73 1.327 ------------------------------------------------------------------------- 12 1.566 51 1.006 74 3.027 ------------------------------------------------------------------------- 13 0.278 50 1.678 75 0.506 ------------------------------------------------------------------------- 14 1.907 49 0.585 76 0.846 ------------------------------------------------------------------------- 15 0.190 48 1.800 77 0.557 ------------------------------------------------------------------------- 16 0.499 47 0.488 78 0.233 ------------------------------------------------------------------------- 17 0.117 46 0.425 79 0.211 ------------------------------------------------------------------------- 18 0.168 45 0.192 80 0.230 ------------------------------------------------------------------------- 19 0.347 44 0.589 81 0.296 ------------------------------------------------------------------------- 20 0.024 43 0.121 82 0.198 ------------------------------------------------------------------------- 21 0.056 42 0.226 83 0.086 ------------------------------------------------------------------------- 22 0.103 41 0.032 84 1.389 ------------------------------------------------------------------------- 23 0.096 40 0.062 85* 0.086 ------------------------------------------------------------------------- 24 0.091 39 0.323 86 0.209 ------------------------------------------------------------------------- 25* 0.121 38 0.112 87 0.204 ------------------------------------------------------------------------- 26* 0.284 37 0.097 88 0.081 ------------------------------------------------------------------------- 27* 0.593 36 0.336 89 0.534 ------------------------------------------------------------------------- 28 0.310 35 0.699 90 0.415 ------------------------------------------------------------------------- 29 0.933 34 0.318 91 0.465 ------------------------------------------------------------------------- 30 0.586 33 0.439 92 0.606 ------------------------------------------------------------------------- 31 0.456 32 0.534 93 1.128 ------------------------------------------------------------------------- Line Avg. (g/tonne) 0.512 0.536 0.698 ------------------------------------------------------------------------- Line Avg. (oz/ton) 0.015 0.016 0.020 ------------------------------------------------------------------------- *Note: all holes are 51 feet in length, except hole 25 @ 24 feet, hole 26 @ 45 feet, hole 27 @ 45 feet, and hole 85 @ 42 feet. Individual drill holes also showed good thicknesses of higher grademineralization, including: ---------------------------------------------------------- Hole Number Thickness (ft) Grade (g/t) Grade (oz/t) ---------------------------------------------------------- 10 15 4.46 0.130 ---------------------------------------------------------- 11 36 1.20 0.058 ---------------------------------------------------------- 14 9 7.42 0.216 ---------------------------------------------------------- 32 12 1.30 0.038 ---------------------------------------------------------- 35 18 1.24 0.036 ---------------------------------------------------------- 48 12 7.42 0.117 ---------------------------------------------------------- 52 9 5.21 0.152 ---------------------------------------------------------- 93 6 7.51 0.219 ---------------------------------------------------------- 74 12 10.81 0.351 ---------------------------------------------------------- 73 12 3.05 0.089 ---------------------------------------------------------- 72 9 10.06 0.294 ---------------------------------------------------------- >> Based on the success of this initial drilling, Freegold has moved immediately into its Phase 2 drill program. This program is using similar shallow, close spaced drilling with both multi-line and individual line fences that will step out in 300 to 600 foot increments at various locations along the known 3,500 feet of strike length of mineralization in the Cleary Hill Mine area, along with testing further eastern and western extensions.
Drilling is being conducted with an Ingersol-Rand conventional percussion drill. Cuttings are returned up the drill hole with the use of an OEM vacuum drill cuttings collector, and are dropped from a cyclone directly into a sample bag. Samples are collected every three feet, with the drill bit being pulled off the bottom and the hole cleaned at the completion of each sample interval. Freegold maintains a geologist and sampler at the drill rig for all drilling to take and log all samples to insure that quality assurance and control procedures are in accordance with 43-101 requirements. One duplicate assay is being conducted in every drill hole and either a blank or a standard is inserted in the sample stream every 10 samples. Alaska Assay Laboratories in Fairbanks, Alaska is being used to analyse the drill cuttings for gold via fire assay analysis plus multi element ICP-AES and ICP-MS analysis using 4 acid digestion.
The Qualified Person for this release is Michael P. Gross, M.S., P. Geo., VP Exploration, Freegold Ventures Limited.
About Freegold Ventures Limited
Freegold Ventures Limited is a North American exploration company with a new management team experienced in mine development and production that is actively exploring advanced-stage gold projects in Idaho (Almaden) and Alaska (Golden Summit, Vinasale). Freegold holds a 100% lease interest in the Almaden gold project in Idaho. This large tonnage epithermal gold deposit was the subject of a feasibility study in 1997 calling for the development of a 95,000 oz/year open pit, heap leach mine. Freegold is currently finalizing a 34,000-foot drilling program aimed at further expanding the size of the resource prior to updating the project economics in 2007. Freegold has also discovered new high-grade veins and bulk tonnage shears in surface trenching at its Golden Summit project outside Fairbanks. A 10,000-ton bulk sample collected in the fall of 2006 will be processed in the spring of 2007, and a 25,000-foot drill program to further delineate gold mineralization within the current 1,000-foot wide by 3,500-foot long vein swarm commenced in December. In addition Freegold has recently optioned the Vinasale Gold Deposit in Alaska, from Doyon, Limited. Geophysical, mapping and sampling programs, along with metallurgical test-work will be carried out on the property in 2007.
On behalf of the Board of Directors
"Steve Manz"
Steve Manz
President and C.E.O.
The TSX has neither approved nor disapproved the contents of this news
release. CUSIP: 45953B107
DISCLAIMER
This news release contains certain "Forward-Looking Statements" within ----the Toronto Stock Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.
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