Freegold Announces Drilling Recommences at Golden Summit
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FOR IMMEDIATE RELEASE
FREEGOLD ANNOUNCES DRILLING RECOMMENCES
AT GOLDEN SUMMIT
VANCOUVER: June 16th, 2020 - Freegold Ventures Limited (Freegold) (FVL: TSX) is pleased to announce
that drilling has recommenced on its Golden Summit Project near Fairbanks, Alaska.
A Phase 1 - 10,000 metre drill program (approximately 15-20 holes) is planned, starting with the completion
of Hole GSDL2002 which was shut-down at 165 metres in March due to safety concerns resulting from COVID
19. Holes GSDL2001 and GSDL2002 were initially planned to test Freegold’s revised interpretation that the
strike of the Cleary Hill vein system may extend west of the old Cleary Hill Mine working towards the Dolphin
intrusive in an area of limited previous shallow drilling. As the district’s highest grade historical underground
mine Cleary Hill produced 281,000 ounces at an average grade of 1.3 oz/t before production ceased in 1942.
The historic Cleary Hill mine workings are projected to lie approximately 500-600 metres to the northeast of
Hole GSDL2001. Hosted in entirely in schist, hole GSDL2001 returned 188 metres grading 3.69 g/t gold. The
last 20 metres averaged 9.87 g/t gold . Hole GSDL2002 is collared 150 metres to the east of Hole GSDL2001
and is aimed at further developing an understanding of the orientation of the Cleary Vein Swarm (CVS) .
Drilling during the current program will focus on systematically drilling the areas to the north, west and east
of the initial 2020 holes to further test and refine Freegold’s revised interpretation.
The Company has implemented extensive safety protocols designed to assist minimizing the spread of COVID-19
and to protect its contractors, employees and community.
The Qualified Person for this release is Alvin Jackson, PGeo – Vice President Exploration and Development for
Freegold.
Drill core was logged, photographed and 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 analyses performed
primarily using its Vancouver and Reno laboratories. A sample quality control/quality assurance program which
involves the use of blanks, standards and duplicates was implemented.
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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:
Kristina Walcott
President and CEO
Telephone: 1.604.662.7307
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 unk nown risks,
uncertainties and other factors which may cause the actual results, performance or achievements to be materially different fr om 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 t erm “Mineral
Resource” used above is defined per NI 43 -101. Though Indicated Resources have been esti mated 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 th e 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 minera l 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,
2019 filed under Freegold’s profile at www.sedar.com for a detailed discussion of the risk factors associated with Freegold’s oper ations.