A drill program at Freegold Ventures (ITF-T) Golden Summit property outside of Fairbanks, Alaska has confirmed results from a 6,000-ton bulk sample taken from the same area last year.
Hole number 347 returned a 3-ft. intersection grading 33.95 grams gold per tonne, which corresponded with a surface channel sample from 2006 in the same area that returned 22.3 grams gold per tonne over 15 ft.
Freegold also made a new discovery close to last years bulk sample area. Hole 50 returned 3 ft. grading 22.65 grams gold per tonne.
The drilling is part of a 25,000-metre program to confirm the results from a total of 10,000-tons of material sampled last year.
Recent drilling focused on the Fence 9 portion of the property that covers an area 500 ft. in length. Holes were drilled vertically with an average depth of 68 ft., spaced 10 to 20 feet apart.
Last year, Freegold discovered a hanging wall of the structure near the Beistline shaft – with mineralization extending up to 100 ft. south of the main structure.
Other highlights from the drilling include 78 ft. grading 2.27 grams gold per tonne, and 15 ft. grading 8.23 grams gold per tonne.
The company hopes to be processing the bulk sample and high-grade surface mineralization by late summer if its permits are in order by then.
The Golden Summit property includes the Cleary Hill mine, which produced 281,000 oz. gold and the Hi Yu mine which produced 110,000 oz. gold. More than 500,000 oz. gold was mined from the area between 1902 and 1942.
The water table prevented production from any mines for any length of time after the Second World War, but Freegold says that with todays modern technology it wont be a problem.
Freegold shares were up 9, or 6%, in Toronto today to $1.53 on a trading volume of 337,000 shares.
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