Freegold Extends Mineralization 400 Metres to the North at Golden Summit
FREEGOLD EXTENDS MINERALIZATION 400 METRES TO THE NORTH AT
GOLDEN SUMMIT
Highlights
1.02 g/t Au over 56.7m (GS2301)
1.29 g/t Au over 60.1m (GS2302)
1.43 g/t Au over 88.7m (GS2241)
Vancouver, BC – June 1 st, 2023 – Freegold Ventures Limited (TSX: FVL) (“ Freegold” or the
"Company"), is pleased to report more positive results from the Golden Summit Project. The drill
program, which began in March, is ongoing with three rigs currently operating. Nine holes have
been completed and submitted for assay in the area immediately to north of the Dolphin Zone
where the mineralization remains open and is projecting to surface. Assays have been received
for three of the nine holes submitted and are reported below.
The current program is designed to expand and infill the current mineral resource estimate
(February 2023) which using a 0.45 g/ t Au cut off and a $1,792 gold price is 12 million ounces at
0.92 g/t Au (indicated) and 7.7 million ounces at 0.85 g/t (inferred).
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of
mineralization.
In addition to ongoing drilling to the north, drilling will also test a significant gold in soil
geochemical anomaly that extends 1.5 km to the west. The goal of this additional drilling is to
potentially increase the current resource area beyond its current size of 1.3 km x 600 m. One of
the last holes completed in 2022 program intersected 1.03 g/t Au over 147.3m including 1.43
g/t over 88.7m. This hole was drilled as an initial test of the potential western extension of the
HOLE NUMBER AZIMUTH DIP DEPTH FROM (M) TO (M) INTERVAL (M) AU G/T
GS2301 360 -70 368.2 161 217.7 56.7 1.02
GS2302 360 -70 687.9 157.8 217.9 60.1 1.29
including 214 215.5 1.5 37.3
410.6 611.4 200.8 0.81
459.3 511.1 51.8 1.04
GS2303 360 -70 461.7 99 141.4 42.4 0.65
GS2241 270 -70 695.9 220.1 241.7 21.6 0.9
268.5 339.2 70.7 0.74
472.4 619.7 147.3 1.03
including 531 619.7 88.7 1.43
including 616.6 619.7 3.1 13.6
Dolphin Cleary Resource. The 2023 drill program initially focussed on the northern extension of
the Dolphin/Cleary. Drilling over the coming months will see additional drilling to the west to
follow up on the encouraging results received in GS2241 and to test the over 1.5km gold long
gold in soil geochemical anomaly.
Holes GS2301 & GS2302 are some of the northern most holes drilled in the Dolphin Zone. GS2301
is a 400 metre step out to the north and intersected 56.7m of 1.02 g/t Au (Section 478800E). Hole
GS2302 intersected 200.8 metres grading 0.81 g/t Au including 51.8 metres grading 1.04 g/t Au.
GS2303 is 350 metre step out to the north and intersected 42.4m grading 0.65 g/t (Section
478900E).
Plan Maps and Sections:
https://freegoldventures.com/site/assets/files/6268/478800e.pdf
https://freegoldventures.com/site/assets/files/6268/478900e.pdf
https://freegoldventures.com/site/assets/files/6268/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf
Saddle Zone
Located four km east of the current resource area lies the Saddle Zone, which hosts the American
Eagle historical underground producer. It produced 60,000 ounces at a grade of 1.6 oz/ton. Later
this summer one rig will test the potential for broad zones of mineralization surrounding the high-
grade veins. This is similar to the very successful approach taken in the Dolphin Cleary Area during
the 2020 – 2022 program. Based on historical mapping, there are numerous gold occurrences
with significant veining in the target area which represents significant potential for discovery. The
Saddle Zone has a 2.5 km by 1.0 km target area that has not been systematically drill tested. This
makes it an excellent target for possible additional resources.
Golden Summit has already demonstrated the potential to host significant resources. The 2023
resource update vaulted Golden Summit into one of the largest undeveloped gold resources in
North America. Significantly the resource area represents only a small portion of this highly
prospective property, which historically in addition to small high grade underground production
has seen the over 6.75 million ounces of placer gold recovered from the streams that drain the
project area. With over 80 documented gold occurrences and outstanding infrastructure,
Golden Summit is well- positioned for even more growth. More geophysical fieldwork,
metallurgical work, and drilling are planned for 2023. The updated Preliminary Economic
Assessment is anticipated to be completed in Q4.
A sample quality control/quality assurance program was implemented. 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 Chemex. All assays were performed by ALS Global Ltd., with sample
preparation conducted at the ALS facility in Fairbanks, Alaska, with subsequent studies conducted
primarily using its Vancouver and Reno laboratories.
Core samples were prepared using the PREP -31BY package in ALS’s facility. 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 diges ted 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 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. 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, with
additional blanks inserted following samples of visible gold.
Freegold has a full-service camp at Golden Summit with COVID-19 protocols in place.
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 the Golden Summit
Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through
leases.
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 achievement s 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. See Freegold’s
Annual Information Form for the year ended December 31st, 2021, 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 to the spread of COVID- 19 continue to lead to, among other things, significant
restrictions on travel, business closures, quarantine s, and a general reduction in economic activity. While
there has been a reduction in these effects in recent months, the continuation and re- introduction of
significant restrictions, business disruptions, and related financial impact, and the duration of a ny 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 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 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 C amp 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.