as well as numerous high-grade intercepts including:
- 47.6 G/T AU OVER 1.8M
- 27.8 G/T AU OVER 1.3M
- 20.2 G/T AU OVER 3.0
M
VANCOUVER, BC, Dec. 7, 2022
/CNW/ - Freegold Ventures Limited (Freegold) (TSX: FVL)
(OTCQX: FGOVF) is pleased to report results from an additional
seven holes (5,997.7m) from its drill
program designed to expand, upgrade and increase the overall
resource grade at the Golden Summit Project ("Golden Summit" or the
"Project") through systematic drilling. Results continue to
demonstrate a robust mineralized system at Golden Summit.
Drilling is complete for the 2022 season. A total of 44 holes
(35,520.5 metres) were drilled; the 2020 – 2022 drill program
(83,826 metres) targeted higher-grade mineralization and the
surrounding moderate to lower-grade gold that forms broad
zones. Results continue to successfully delineate broader
zones of higher-grade mineralization below the depths of the
proposed pit outlined in the 2016 pit-constrained resource.
Additional assays are expected to be reported in the coming weeks.
A significant number of results from the expanded 2022 program are
expected to be included in an updated mineral resource estimate in
early 2023.
Drilling and historical shallow underground mining have extended
gold mineralization over 1.5 km along strike to depths of over
1,000 metres. Mineralization in the Dolphin/Cleary 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 within which are discrete
high-grade veins, veinlets, and areas of vein stockwork which
effectively form a vein swarm. The main Cleary Hill Vein swarm (CVS) mineralization dips
to the south. It plunges southwest towards the Dolphin intrusive,
with the mineralization increasing in intensity closer to the
Dolphin intrusive and especially along the contact margins.
Zone
|
Hole
Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From (m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Dolphin
|
GS2225
|
679.8
|
-70
|
360
|
56.5
|
64.3
|
7.8
|
7.0
|
|
|
including
|
|
|
60.7
|
62
|
1.3
|
27.8
|
|
|
|
|
|
161
|
164
|
3
|
11.85
|
|
|
|
|
|
259
|
576.8
|
317.8
|
1.43
|
|
|
including
|
|
|
428
|
473
|
45
|
3.69
|
|
|
including
|
|
|
470
|
473
|
3
|
25.1
|
|
|
|
|
|
552.1
|
576.8
|
24.7
|
4.17
|
|
|
including
|
|
|
567.6
|
569.9
|
2.3
|
28.9
|
Zone
|
Hole
Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
|
GS2217
|
1167.6
|
-70
|
360
|
477.6
|
822
|
344.4
|
1.03
|
|
including
|
|
|
|
477.6
|
593.4
|
115.8
|
0.99
|
|
including
|
|
|
|
718.4
|
720.2
|
1.8
|
47.6
|
|
including
|
|
|
|
712.3
|
769.5
|
57.2
|
2.63
|
The width refers to
drill hole intercepts; true width cannot be determined due to the
uncertain geometry of mineralization.
|
GS2225 was drilled to the north and lies within the projected
higher-grade CVS. The results again demonstrate the potential for
substantial tonnage of higher-grade material.
GS2217, part of a series of large step-out holes to the south,
was collared approximately 130 metres southeast of GS2143. GS2217
was one of the deepest holes (1167.6m) drilled.
CLEARY
Drilled in a north-south fence line, GS2214, GS2160, GS2162, and
GS2164 were aimed at testing the downdip extent of the CVS. Drilled
to the north, holes GS2160 – GS2164, were a series of progressively
deeper holes aimed at confirming the plunge of the mineralization
to the southwest. Hole GS2162 was the southernmost hole drilled in
this fence. It intersected Dolphin style intrusive at depth, the
first time a significant intrusive presence has been noted on the
Cleary side further substantiating Freegold's interpretation that
the Dolphin intrusive may underlie Cleary at depth.
Zone
|
Hole
Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Cleary
|
|
|
|
|
|
|
|
|
|
GS2218
|
867.2
|
-70
|
360
|
239
|
502.3
|
263.3
|
0.86
|
|
including
|
|
|
|
239
|
242
|
3
|
20.2
|
|
including
|
|
|
|
357.7
|
390.4
|
32.7
|
2.51
|
|
including
|
|
|
|
376.9
|
379.4
|
2.5
|
13.75
|
|
|
|
|
|
|
|
|
|
|
GS2214
|
832.5
|
-70
|
360
|
61.8
|
65.9
|
4.1
|
4.52
|
|
|
|
|
|
91.5
|
482
|
390.5
|
0.8
|
|
including
|
|
|
|
91.5
|
206.3
|
114.8
|
1.2
|
|
including
|
|
|
|
122.8
|
166.2
|
43.4
|
2.16
|
|
including
|
|
|
|
347.3
|
348
|
0.7
|
15.55
|
|
|
|
|
|
460.7
|
482
|
21.3
|
2.54
|
|
|
|
|
|
|
|
|
|
|
GS2160
|
637.5
|
-70
|
360
|
170.4
|
171.8
|
1.4
|
10.7
|
|
|
|
|
|
239.4
|
274.5
|
35.1
|
0.9
|
|
|
|
|
|
415.5
|
454.5
|
39
|
0.92
|
|
|
|
|
|
532.5
|
549.8
|
17.3
|
1.21
|
|
|
|
|
|
|
|
|
|
|
GS2164
|
782
|
-70
|
360
|
284.4
|
320.5
|
36.1
|
0.99
|
|
|
|
|
|
383.5
|
671.5
|
288
|
0.73
|
|
including
|
|
|
|
392.5
|
395.5
|
3
|
10.95
|
|
including
|
|
|
|
591.8
|
615.6
|
23.8
|
1.58
|
|
including
|
|
|
|
591.8
|
652.5
|
60.7
|
1.02
|
Zone
|
Hole
Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Cleary
|
GS2162
|
1030.1
|
-70
|
360
|
283.4
|
1030.1
|
746.7
|
0.54
|
|
including
|
|
|
|
283.4
|
412.7
|
129.3
|
0.9
|
|
including
|
|
|
|
377.7
|
412.7
|
35
|
2.45
|
|
including
|
|
|
|
403.4
|
406.5
|
3.1
|
11
|
|
including
|
|
|
|
689
|
756.5
|
67.5
|
0.92
|
|
including
|
|
|
|
792.9
|
866
|
73.1
|
0.66
|
|
including
|
|
|
|
920
|
1025.6
|
105.6
|
0.68
|
The width refers to
drill hole intercepts; true width cannot be determined due to the
uncertain geometry of mineralization.
|
Exploration remains ongoing and focused on developing additional
targets and target areas for the 2023 drill program. One of
the newly targeted areas is the Saddle Zone.
The Saddle Zone lies 4km east of the Dolphin/Cleary Zone and is
comprised of a series of narrow veins that correlate well with
strong gold in soil geochemistry. Like the Cleary Hill Zone, the
Saddle also hosts a historic high-grade gold producer, the American
Eagle (60,000 ounces at 1.6 oz/t Au).
Several lines of CSAMT (controlled source audio
magnetotellurics) were completed aimed at outlining broader
silicified zones surrounding these narrow veins to delineate
additional high-priority targets as part of an ongoing effort to
systematically explore this highly prospective property which hosts
over 80 documented gold occurrences. Gold mineralization at
Cleary/Dolphin is hosted within high-grade quartz veins and
silicified zones within a broader lower-grade envelope of quartz
stockwork mineralization. Preliminary 3d modeling has
defined large high-resistivity features proximal to known vein
occurrences. Given the proximity of these features to the historic
veins and the strong gold in soil geochemical anomalies Freegold is
highly encouraged by the results as it plans the 2023 drill
program.
Targeting work continues in the Dolphin/Cleary Zone, where an
initial test NSAMT (natural source audio magnetotellurics) survey
was undertaken over the core of the deposit. Preliminary 3D results
complement the known geology very well. Given the success of this
exercise, additional lines have been added to expand the survey
outside of the known mineralization to generate other targets for
the 2023 program. The deposit remains open to the west/southwest,
where Freegold outlined a strong gold in soil geochemical anomaly,
which has not yet been drill tested. Further southwest lies
the historic Newsboy Mine, which produced 40,000 ounces at an
average grade of 1oz/t.
To the north of the central Dolphin Cleary Zone, 527 soil
samples were collected over a broadly spaced grid. This sampling is
the first program undertaken in that area since Freegold acquired
the property early in 2022. Assays are pending.
Links to Drill Plan Map & Cross Section – 479600E &
479550E
https://freegoldventures.com/site/assets/files/6116/drillholeplanmap_interactive_final.pdf
https://freegoldventures.com/site/assets/files/6116/479550e.pdf
https://freegoldventures.com/site/assets/files/6116/479600e.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. Three resource updates were completed
each in accordance with National Instrument 43-101 – Standards
of Disclosure for Mineral Projects ("NI 43-101"). In
January 2016, a preliminary economic
assessment ("2016 PEA") prepared in accordance with NI 43-101 was
produced for the Company by Tetra Tech. Limited drilling was
conducted between 2013 – 2020 (1,890 metres – shallow oxide
drilling). Since 2020 over 83,826 metres meters have been drilled
which represents the most focused exploration effort ever
undertaken on the Golden Summit project.
The terms "mineral resources," "indicated mineral resources,"
"inferred mineral resources," and "mineral reserves" are defined
per NI 43-101. Though indicated mineral resources have been
estimated for the Project, the 2016 PEA includes inferred
mineral resources that are too speculative for use in defining
mineral 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 and 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.
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 submitted to the Bureau
Veritas (BV) facility in Fairbanks
were prepped using the PRP80-1Kg. 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 has 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 the Golden Summit
Gold Project near Fairbanks and
the Shorty Creek Copper-Gold Project near Livengood through
leases.
Some statements in this news release contain forward-looking
information, including, without limitation, statements as to
planned expenditures and exploration programs, potential
mineralization and resources, exploration results, the completion
of an updated NI 43-101 technical report, and any other future
plans. 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. 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. Reactions to the spread of COVID-19 continue to lead to,
among other things, significant restrictions on travel, business
closures, quarantines, and a general reduction in economic
activity. While there has been a reduction in these effects in
recent months, the continuation and re-introduction of significant
restrictions, business disruptions, and related financial impact,
and the duration of any such disruptions, cannot be reasonably
estimated at this time. 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. Such public health crises, as
well as global geopolitical 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. As a result of the COVID-19 outbreak,
Freegold has implemented a COVID management program and established
a full-service Camp at Golden Summit to attempt to mitigate risks
to its employees, contractors, and community. While the extent to
which COVID-19 may impact 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