Freegold Announces Shorty Creek Drill Results
For Immediate Release
Freegold Announces Shorty Creek Drill Results
Vancouver, May 12, 2022 Freegold Ventures Limited (Freegold) (FVL:TSX, OTCQX: FGOVF) reports assays
from the 2021 drill program on the Shorty Creek pro ject. A total of 8 holes were drilled ( 3,397metres) and the
program was fully funded under the Shorty Creek Option Agreement with a wholly-owned subsidiary of South32
Limited (South32). Shorty Creek lies approximately 125 road km northwest of Fairbanks, Alaska and 4 kms to the
south of the abandoned mining town of Livengood and the all-weather paved Elliott Highway.
Eight widely spaced holes were drilled on the property and provided a limited test of the areas outside of
the Hill 1835 area, where Freegold previously focused its attention. The Hill 1835 area covers a 1,000 metre by
1,500 metre target area with copper mineralization associated with the magnetic high.
• Two holes were drilled in the Quarry target (SC2101, SC2102). The Quarry target tested a portion
of the approximately 8km long magnetic anomaly.
• SC2103, was drilled 350 metres northeast of SC1901A. This hole was designed to test an IP
chargeability high and coincident magnetic low. SC1901A, drilled on the northern edge of the Hill
1835 target area intersected 99.1 metres of 0.29% Cu, 0.014 g/t Au, and 1.61 g/t Au.
• Holes SC2104 was drilled 500 metres northeast of SC2103 and was drilled within the chargeability
high and flanking the Steel Creek magnetic high.
• SC2105 through SC2107 were drilled in the Steel Creek area. The holes were all drilled within the
weaker portion of the magnetic high at Steel Creek.
• SC2108 was drilled in the IP chargeability high flanking the magnetic high at Hill 1710.
Hole
Number
Hole
Depth
From
(m)
To
(m)
Interval
(m)
Dip Azimuth Cu
%
Au
ppm
Ag
ppm
SC2101 335.5 -60 315 NSV
SC2102 348 -70 90 NSV
SC2103 608.2 147.8 243.6 63.6 -70 135 0.12 0.24 1.12
SC2104 228.8 -70 135 NSV
SC2105 500.7 -70 135 NSV
SC2106 302.8 -67 145 NSV
SC2107 639.3 -66 205 NSV
SC2108 433.4 -65 312 NSV
NSV – No Significant Values- Width refers to drill hole intercepts; true width cannot be determined due to the uncertain
geometry of mineralization. See accompanying map for hole locations
.
2
The Qualified Person for this release is Alvin Jackson, PGeo – Vice President Exploration and Development for
Freegold.
Drill cores were logged, photographed, and cut in half using a diamond saw, with one-half placed in sealed bags for
preparation and subsequent geochemical analyses by Bureau Veritas, with sample preparation carried out in
Fairbanks with subsequent studies performed primarily using their Vancouver, and Hermosillo, Mexico facilities. A
sample quality control/quality assurance program was in place.
Map Showing Location of Drill Holes:
https://freegoldventures.com/site/assets/files/2274/sc-plan-location.jpg
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
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 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 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 th e 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 f or the year ended December 31st, 20 21 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-19outbreak 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 significant 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.