VANCOUVER, BC , June 21,
2022 /CNW/ - Freegold Ventures Limited (Freegold)
(TSX: FVL) (OTCQX: FGOVF) is pleased to announce results from an
additional seven holes ( 4,164.3m) as
part of the ongoing program designed to expand, upgrade and
increase the overall resource grade at the Golden Summit Project
("Golden Summit") through systematic drilling.
Zone
|
Hole
Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Cut to 88 g/t
Au
|
Dolphin
|
GS2115
|
567.3
|
-70
|
360
|
233.8
|
284.9
|
51.1
|
1.25
|
|
including
|
|
|
|
|
236.8
|
238
|
1.2
|
14.15
|
|
including
|
|
|
|
|
271.5
|
273.4
|
1.9
|
12.3
|
|
|
GS2132
|
648.3
|
-70
|
315
|
172.8
|
175.9
|
3.1
|
10.76
|
|
|
|
|
|
|
300.8
|
599.5
|
298.7
|
0.95
|
|
including
|
|
|
|
|
474.6
|
599.5
|
124.9
|
1.42
|
|
|
GS2139
|
504.7
|
-70
|
315
|
434.9
|
492.9
|
58
|
0.93
|
|
|
GS2141
|
545.6
|
-70
|
360
|
34.1
|
34.7
|
0.6
|
58.1
|
|
|
|
|
|
|
319.1
|
529.4
|
210.3
|
0.86
|
|
including
|
|
|
|
|
355.7
|
434.9
|
79.2
|
1.05
|
|
|
GS2201
|
686.7
|
-70
|
360
|
142.1
|
648.3
|
506.2
|
0.88
|
|
including
|
|
|
|
|
306.1
|
648.3
|
342.2
|
1.1
|
|
including
|
|
|
|
|
441.1
|
648.3
|
207.2
|
1.45
|
|
including
|
|
|
|
|
550.8
|
553.8
|
3
|
19
|
|
including
|
|
|
|
|
630
|
633.1
|
3.1
|
24.4
|
|
|
GS2203
|
595
|
-70
|
360
|
129
|
147.6
|
18.6
|
4.2
|
|
including
|
|
|
|
|
143.5
|
145
|
1.5
|
15.55
|
|
including
|
|
|
|
|
145
|
145.9
|
0.9
|
10.05
|
|
|
|
|
|
|
287.8
|
478
|
190.2
|
2.52
|
2.18
|
including
|
|
|
|
|
359.1
|
359.9
|
0.8
|
168
|
|
including
|
|
|
|
|
463
|
464.3
|
1.3
|
75.7
|
|
including
|
|
|
|
|
464.3
|
465.9
|
1.6
|
61.2
|
|
|
GS2208
|
616.7
|
-70
|
360
|
90
|
367.2
|
277.2
|
0.97
|
|
including
|
|
|
|
|
90
|
118.8
|
28.8
|
2.52
|
|
including
|
|
|
|
|
266.3
|
319.5
|
53.2
|
1.76
|
|
including
|
|
|
|
|
266.3
|
289.1
|
22.8
|
2.31
|
|
The width refers to
drill hole inter2cepts; true width cannot be determined due to the
uncertain geometry of mineralization.
|
Hole GS2201 was drilled in the Tolovana area, as were holes
GS2115, GS2132 and GS2141. Hole GS2115 was drilled on the north
side of the Tolovana vein zone and intersected 51.1m grading 1.25 g/t Au. Hole GS2203 was
drilled along the eastern side of the Dolphin intrusive. Hole
GS2208 was drilled towards the updip portion on the northern side
of the main mineralized zone. All of these holes intersected
substantial widths with significantly higher grade than the
previous resource grade. Hole GS2201 intersected 207.2 m grading 1.45 g/t Au within a broad zone
of 506.2 m grading 0.88 g/t Au. The
results continue to demonstrate higher grade over increasing widths
downdip within the projected mineralized zone.
Four drill rigs have been operating since mid-February. The
results of 2020, 2021, and several holes from the 2022 program are
expected to be incorporated into an updated pit constrained
resource estimate in the fourth quarter of this year.
Gold mineralization in the Dolphin/Cleary area is hosted within
a broad structural corridor of gold mineralization comprised of the
Dolphin stock, a multiphase intrusive complex, and metasedimentary
rocks comprised of various schists. Drilling and historical shallow
underground mining has intersected this gold mineralization from
surface to depths of over 1,000 m
from the Dolphin stock in the west to the Cleary Hill mine workings
in the east, a distance of over 1.5km. Gold mineralization is
hosted within high-grade quartz veins and silicified zones that
occur within a broader lower-grade envelope of quartz stockwork
mineralization. Freegold's drill programs are continuing to
successfully delineate these higher-grade veins and the
encompassing lower-grade stockwork mineralization to depths well
below the depths of the previous drilling and well outside of the
current pit constrained gold resource.
Drill Plan Map and Cross
Section:
https://freegoldventures.com/site/assets/files/2260/479350e_06212022.pdf
https://freegoldventures.com/site/assets/files/2260/s478900e_06212022.pdf
https://freegoldventures.com/site/assets/files/2260/drillplanmap_06212022.pdf
The highway-accessible Golden Summit project is located
approximately 32 km northeast of Fairbanks, Alaska and was the
subject of an intensive drill campaign between January 2011 and August
2013 in which 36,159 metres were drilled, and three NI
43-101 compliant resource updates were completed. In January 2016, a preliminary economic assessment
(PEA) was produced by TetraTech (Press release – January 26th, 2016).
Drill cores were cut in half using a diamond saw, with one-half
placed in sealed bags for preparation and subsequent geochemical
analysis by ALS Chemex. All assays were performed by ALS Global
Ltd., with sample preparation carried out at the ALS facility in
Fairbanks, Alaska, with subsequent
studies conducted primarily using its Vancouver and Reno laboratories. A sample
quality control/quality assurance program was implemented.
Core samples were prepared using the PREP-31BY package in ALS's
Fairbanks facility. Each core
sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh,
US Std. No.10) screen. A split of 1kg is taken and pulverized to
better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No.
200) screen; a portion of this pulverized split is digested by Four
Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay
analyzes all samples with an AAS finish, method code Au-AA23 (30g
sample size) and over 10 g/t are automatically assayed using a FA
Grav method, Au-GRAV21. Additional Au screening is performed using
ALS's Au-SCR24 method; select samples
are dry screened to 100 microns. A duplicate 50g fire assay is
conducted on the little fraction, as well as an assay on the entire
oversize fraction. Total Au content, individual assays, and weight
fractions are reported. Analytical and assay procedures are
conducted in ALS's North Vancouver
and Reno facilities. Core Samples were also prepared using
the PRP80-1Kg using the Bureau Veritas facilities. Each core sample
is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US
Std. No.10) screen. A split of 1kg is taken and pulverized to
better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No.
200) screen; a portion of this pulverized split is digested by Four
Acid and analyzed via ICP-ES (method code MA200). Fire Assay
analyzes all samples with an AAS finish, method code FA-430 (30g
sample size) and over 10 g/t are automatically assayed using
a FA Grav method, FA530. Additional Au screening is performed using
BV's FA632 method; select samples are dry screened to 100 microns.
A duplicate 50g fire assay is conducted on the little fraction, as
well as an assay on the entire oversize fraction. Total Au content,
individual assays, and weight fractions are reported. Crushing was
conducted at BV's Fairbanks
facility, with subsequent analysis conducted by its Vancouver, Reno and/or Hermosillo facilities.
A QA/QC program included laboratory and field standards inserted
every ten samples. Blanks are inserted at the start of the
submittal, and at least one blank every 25 standards with
additional blanks inserted following samples of visible gold.
Freegold continues to operate a full-service camp at Golden
Summit with COVID-19 protocols in place.
The Qualified Person for this release is Alvin Jackson, PGeo – Vice President of
Exploration and Development for Freegold.
About Freegold Ventures
Limited
Freegold is a TSX-listed company focused on exploration in
Alaska and holds through leases
the Golden Summit Gold Project near Fairbanks as well as the Shorty Creek
Copper-Gold Project near Livengood.
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. The term "Mineral Resource" used
above is defined per NI 43-101. Though Indicated Resources have
been estimated for the Project, this PEA includes Inferred Mineral
Resources that are too speculative for use in defining Reserves.
Standalone economics have not been undertaken for the measured and
indicated resources and as such no reserves have been estimated for
the Project. Please note that the PEA is preliminary in nature,
that it includes inferred mineral resources that are considered too
speculative geologically to have economic considerations applied to
them that would allow them to be categorized as mineral reserves.
There is no certainty that the PEA will be realized. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward looking
statements that involve various risks. Actual results could differ
materially from those projected as a result of the following
factors, among others: changes in the price of mineral market
conditions, risks inherent in mineral exploration, risks associated
with development, construction and mining operations, the
uncertainty of future profitability and uncertainty of access to
additional capital. See Freegold's Annual Information Form for the
year ended December 31st, 2021 filed
under Freegold's profile at www.sedar.com for a detailed discussion
of the risk factors associated with Freegold's operations. On
January 30, 2020, the World Health
Organization declared the COVID-19 outbreak a global health
emergency. Many governments have likewise declared that the
COVID-19 outbreak in their jurisdictions constitutes an emergency.
Reactions to the spread of COVID-19 have led to, among other
things, significant restrictions on travel, business closures,
quarantines and a general reduction in economic activity. While
these effects are expected to be temporary, the duration of the
business disruptions and related financial impact cannot be
reasonably estimated at this time. Such public health crises can
result in volatility and disruptions in the supply and demand for
various products and services, global supply chains and financial
markets, as well as declining trade and market sentiment and
reduced mobility of people, all of which could affect interest
rates, credit ratings, credit risk and inflation. The risks to
Freegold of such public health crises also include risks to
employee health and safety and a slowdown or temporary suspension
of operations in geographic locations impacted by an outbreak. As a
result of the COVID-19 outbreak, the Freegold has implemented a
COVID management program and established a full service Camp at
Golden Summit in order to attempt to mitigate risks to its
employees, contractors and community. While the extent to which
COVID-19 may impact the Freegold is uncertain, it is possible that
COVID-19 may have a material adverse effect on
Freegold's business, results of operations and financial
condition.
SOURCE Freegold Ventures Limited