Freegold Announces the Withdrawal of SOUTH32 from the Shorty Creek Option Agreement.
AUGUST 11, 2022
FOR IMMEDIATE RELEASE
FREEGOLD ANNOUNCES THE WITHDRAWAL OF SOUTH32 FROM THE
SHORTY CREEK OPTION AGREEMENT.
Vancouver, August 11, 2022, Freegold Ventures Limited (TSX:FVL,OTCQX: FGOVF) (Freegold)
announces that South32 Limited (South32) has provided notice of its intention and
election not to further fund any further Tranche Payments as defined in, and in terms of,
the Option Agreement, and accordingly the Option Agreement has been terminated.
Shorty Creek lies ap proximately 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.
The work funded by South32 over the last three years, has provided additional
understanding of the mineralization at Shorty Creek with most of the work focused
outside of the Hill 1835 target 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. Additional work by Freegold is
expected to focus on the geochemical anomalies, with coincident magnetic high s
located throughout the project area as well as additional follow-up in the Hill 1835 Area.
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 through
leases the Golden Summit Gold Project near Fairbanks where a significant drill program
remains ongoing as well as 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 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
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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 o f 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 d etailed 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/or re -introduction of significant restrictio ns,
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 slowdow n 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 in order 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.