Eegold Intercepts 2.67 G/T over 93.6 Metres Including 3 Metres of 55.6 G/T Au at Golden Summit
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FOR IMMEDIATE RELEASE
FR
EEGOLD INTERCEPTS 2.67 G/T OVER 93.6
METRES INCLUDING 3 METRES OF 55.6 G/T
AU AT GOLDEN SUMMIT
VANCOUVER: February 10, 2021 – Freegold Ventures Limited (TSX: FVL) (“Freegold”) is pleased to
announce additional drilling results from the 2020 drilling program. Results continue to confirm broad
zones of higher than resource grade mineralization from the Dolphin Zone across to the Cleary Zone.
The two holes reported lie approximately 500 metres apart.
Table of Significant Intercepts:
Hole # Hole
Depth
(m)
Dip Azimuth From
(m)
To
(m)
Interval
(m)
Au
g/t
Cleary
GSDL2009 492.3 -70 360 171.6 452.2 280.6 1.35
including 236.2 329.8 93.6 2.67
including 236.2 239.3 3.1 55.6
Dolphin
GSDL2010 518 -70 360 203 512 309 1.16
Including 455 458 3.0 31
Width refers to drill hole intercepts, true widths cannot be determined due to uncertain geometry of
mineralization.
Both GSDL 2009 and 2010 intersected broad zones significantly above resource grade at their projected
target depths. The zone s are comprised of multiple veins, veinlets and stockwork ing within a broadly
defined zone of mineralization. Assays remain outstanding for holes GSDL 2011- 2018, which were
designed to target the northern extension of the Dolphin Zone and the deeper extension of the Cleary
vein system. The 2021 drilling program is currently underway with three drill rigs, with the crew for the 4th
drill rig slated to arrive imminently.
There are over 80 documented gold occurrences throughout the project area and ongoing work continues
to identify the potential for other vein swarms.
Mineralization at Golden Summit is hosted both within the Dolphin intrusive and the surrounding
metasediments. The four highest underground historical producers (Cleary Hill 281,000 ounces grading
44.5 g/t (1.3 oz/), American Eagle 60,000 ounces grading 44.5g/t (1.3 oz/t), the Hi-Yu, 110,000 ounces
grading 54.8g/t (1.6 oz/t) and the Newsboy Mine 40,000 ounces grading 34g/t (1.0 oz/t), are all
located within the Golden Summit property. Cleary Hill was mined to a depth of approximately 120
metres until its closure in 1942.
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In May 2020 Freegold released the results of hole GSDL2001 which returned 188 metres grading 3.69
g/t gold as part of an initial test to determine if there was potential to establish a higher-grade component
to the already sizeable resource delineated by Freegold between 2011 and 2013. This resource formed
the basis of a subsequent preliminary economic assessment (PEA) completed in 2016. The PEA was
completed at a US $1 ,300 gold price and contemplated both an oxide (heap leach) and sulphide
processing facility but incorporated only a portion of the global resource. Metallurgical testwork
demonstrated recoveries of over 85% in the oxide and sulphide recoveries in excess of 90%. The 2020
drill program was designed to determine if a higher-grade component could be identified to augment the
current resource grade and enhance the overall project economics.
Drill core is being logged, photographed, and cut in half using a diamond saw with one half placed in
bags for subsequent geochemical analysis. All assays are being performed by ALS Global Ltd with
sample preparation carried out at the ALS preparatory facility in Fairbanks, Alaska with subsequent
analyses performed primarily using its Vancouver or Reno facilities. A sample quality assurance program
is in place.
The disclosure of scientific and technical information contained in this news release has been approved
by Alvin Jackson, PGeo – Vice President Exploration and Development for Freegold, who is a "Qualified
Person" under National Instrument 43-101.
Hole Location Map
https://freegoldventures.com/site/assets/files/2185/nr_map_gsdl2009_gsdl2010.pdf
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 the Shorty Creek Copper – Gold Project near Livengood.
For further information, please visit www.freegoldventures.com or contact:
Kristina Walcott, President, Chief Executive Officer & Director
Telephone: (604) 662-7307
Email: [email protected]
Cautionary Statement
This News Release includes certain "forward -looking statements" which are not comprised of historical facts. Forward -looking statements include
estimates and statements that describe the Company’s future plans, objectives or goals, including word s to the effect that the Company or
management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”,
“expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events
and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently
available to the Company, the Co mpany provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and
other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to,
the Company’s objectives, goals or future plans, statements, exploration results, potential miner alization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause
actual results to differ materially from such forward-looking info rmation include, but are not limited to the Company being unable to conduct its drill
program at the golden summit project within the time frame anticipated and the results of such program not being as anticipat ed, failure to identify
mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a
production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental
or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs
varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and th ose risks set out in the
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Company’s public documents fi led on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-
looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date
of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Co mpany disclaims any
intention or obligation to update or revise any forward -looking information, whether as a result of new informa tion, future events or otherwise, other
than as required by law.The term “Mineral Resource” used above is defined per NI 43-101. Though Indicated Resources have been estimated for the
Golden Summit project, the 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 geologicall y to have economic
considerations applied to them that would allow them to be categorized as mineral reserves. There is no cert ainty that the PEA will be realized.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.