Freegold Announces Start of 2024 Drilling Program at Golden Summit FREEGOLD FVL:TSX
Freegold Announces Start of 2024 Drilling Program at Golden Summit
FREEGOLD
FVL:TSX OTCQX: FGOVF
Vancouver, BC – April 23rd, 2024—Freegold Ventures Limited (TSX: FVL, OCTQX: FGOVF) (“Freegold” or the "Company")
is pleased to announce the commencement of drilling at Golden Summit with two diamond drill rigs focused on identifying
zones of higher grade gold mineralization.
Mineralization identified in the 2020 - 2023 drill programs demonstrates the higher-grade mineralization dips moderately
south towards the Dolphin intrusive and is bounded toward the north by significant faulting . Mineralization is deeper
toward the south.
In 2023, the drill program at Golden Summit successfully discovered higher-grade mineralization on the western side of
the existing resource at a shallower depth. Building on this success, in 2024, the plan is to continue drilling on the western
part of the Dolphin/Cleary deposit and extend the drilling coverage further to the west. Three distinct geochemical trends
have been identified: two south-southwest flanking trends and a clear east-west trend spanning an additional 1.5 km. As
Golden Summit is non -glaciated, the surface geochemistry has proven to be an excellent indicator of near -surface gold
mineralization. The 2024 drill program aims to explore these trends to identify higher-grade shallow mineralization to
improve the overall resource grade before commencing with economic studies. The current pit -constrained primary
mineral resource at Golden Summit (Feb. 2023), using a $1,792 gold price and a 0.45 g/t cut-off, is 12,011,000 oz @ 0.92
g/t Au (407,544,000t) indicated and 7,736,000 oz @ 0.85 g/t Au (282,303,000t) inferred.
Highlights from the 2023 Drill Program targeting the area west of Willow Creek
GS2314 Hole GS2314, located 150 metres west of 478950E, was drilled to the west.
HOLE
NUMBER AZIMUTH DIP DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
GS2314 270 -70 748.6 125 141.5 16.5 2.1
293.6 296 2.4 82.5
385.7 499 113.3 5.42
including 480.7 489.8 9.1 6.5
including 495.9 499 3.1 160
GS2331 Targeted the area to the north of the historic known veins, intersected several
zones of higher-grade mineralization
HOLE
NUMBER AZIMUTH DIP DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
GS2331 360 -50 543.2 19.4 37 17.6 0.56
215.5 259.4 43.9 0.92
276.5 288 11.5 2.0
370.9 406.8 35.9 1.41
Freegold Announces Start of 2024 Drilling Program at Golden Summit
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FREEGOLD
FVL:TSX OTCQX: FGOVF
GS2332 Drilled on the western edge of the current resource. Returned broad zones
higher than resource grade, including multiple high-grade intercepts
HOLE
NUMBER AZIMUTH DIP DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
GS2332 360 -55 709.9 104.5 107.6 3.1 41.4
355.7 358.8 3.1 25.3
383.1 413.6 30.5 1.02
474.6 500.8 26.2 1.23
543.8 614.8 71 1.0
including 582.8 614.8 32 1.38
GS2333
The farthest southwest hole collared 200 metres west of the previous drilling,
outside the existing resource and within a 1.5-kilometre-long gold-in-soil
geochemical anomaly.
HOLE
NUMBER AZIMUTH DIP DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
GS2333 360 -50 632.2 106.7 107.6 0.9 12.15
165.2 202.4 37.2 0.66
355.7 632.2 276.5 1.76
including 355.7 404.5 48.8 1.31
including 438 505.1 67.1 4.25
including 502 505.1 3.1 79
including 608.3 632.2 23.9 4.09
including 614.4 617.5 3.1 24.2
GS2334 Drilled to the south. GS2334 appears to have drilled over the top of the
projected zone of mineralization intersected in GS2333
HOLE
NUMBER AZIMUTH DIP DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
GS2334 180 -50 660.8 183.6 627.3 443.7 0.71
including 325.2 520.3 195.1 1.06
including 399.6 401.4 1.8 45.1
including 587 627.3 40.3 0.84
Freegold Announces Start of 2024 Drilling Program at Golden Summit
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FREEGOLD
FVL:TSX OTCQX: FGOVF
GS2335
It was drilled just west of Willow Creek, on the western edge of the current
resource. Returned higher than resource grade, including multiple high-grade
intercepts. GS2335 is notable in that it is closer to surface at significantly
higher resource grade than seen on the east side of Willow Creek
HOLE
NUMBER AZIMUTH Dip DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
GS2335 360 -55 810.8 63.2 64.1 0.9 12.2
96.6 511.1 414.5 0.8
including 96.6 230.1 133.5 1.43
including 142.3 145.4 3.1 27.1
GS2336
It was drilled just west of Willow Creek, on the western edge of the current
resource and behind 2335. Returned higher than resource grade, including
multiple high-grade intercepts. GS2336 is notable in that it is closer to surface
at significantly higher than resource grade than seen on the east side of
Willow Creek
HOLE
NUMBER AZIMUTH Dip DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
GS2336 360 -55 831.3 15.9 31.1 15.2 0.52
166.1 218.5 52.4 0.59
257.7 677.3 419.6 0.86
including 308.2 327.7 19.5 4.26
including 308.2 311.2 3 25.3
including 483.1 504.7 21.6 1.09
including 521.8 558.4 36.6 2.86
including 521.8 524.9 3.1 28.8
including 655.9 677.3 21.4 0.75
708.7 726 17.3 0.86
758.2 772.4 14.2 1.43
Freegold Announces Start of 2024 Drilling Program at Golden Summit
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FREEGOLD
FVL:TSX OTCQX: FGOVF
GS2337
It was drilled at an azimuth of 315o to cross the Tolovana Vein swarm
extensions to the southwest. The hole successfully intersected various zones
of higher-grade mineralization.
HOLE
NUMBER AZIMUTH Dip DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
GS2337 315 -50 784.3 260 704 444 0.85
including 341 354.7 13.7 1.21
including 367.8 443 75.2 1.31
including 367.8 369 1.2 20.2
including 506 517 11 2.27
including 552.1 575 22.9 0.94
including 668 704 36 2.01
including 668 671 3 13.45
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
A plan map showing the locations of the drill holes targeting the area west of Willow Creek can be found here:
https://freegoldventures.com/site/assets/files/6287/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf
In addition to the ongoing drill program, metallurgical, baseline environmental, cultural resource, and wetland studies are
underway. An updated mineral resource estimate based on the 2023 drill program is scheduled to be completed by the
end of Q2 2024.
A sample quality control/quality assurance program has been in place throughout the program. 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
Laboratories. Core samples were prepared in ALS's facility using the PREP -31BY package. 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 , and an assay is conducted 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.
Fr
eegold Announces Start of 2024 Drilling Program at Golden Summit
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FREEGOLD
FVL:TSX OTCQX: FGOVF
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.
The Qualified Person for this release is Alvin Jackson, P.Geo., Vice President of Exploration and Development for Freegold,
who has approved the scientific and technical disclosure in this news release.
About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska. Through leases, it holds the Golden Summit Gold
Project near Fairbanks and 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, potential mineralization and resources, exploration results, the completion of an updat ed 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 sch edule, and
the success of exploration programs. See Freegold’s Annual Information Form for the year ended December 31st, 202 3, 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 t o 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 these effects have been reduced 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. The risks to Freegold of such public health crises also include employee health and safety risks 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 a nd 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 .