Freegold Intercepts 348 Metres Grading 1.0 G/T Au at Golden Summit
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FOR IMMEDIATE RELEASE
FREEGOLD INTERCEPTS 348 METRES GRADING 1.0 G/T
AU AT GOLDEN SUMMIT
VANCOUVER: January 12th, 2021 – Freegold Ventures Limited (TSX: FVL) (“ Freegold”) is pleased to announce
drilling results holes from its ongoing drilling program at Golden Summit, located near Fairbanks, Alaska. During
2020, 18 holes (2001-2018) were drilled and assay results for 10 holes are pending . Assay laboratories are
continuing to experience significant delays. Drilling is planned to resume in early February 202 1 with four drill
rigs, and to continue throughout 2021. A minimum of 40,000 metres of drilling is planned . The Company is well
financed to carry out its proposed programs.
Table of Significant Intercepts:
Hole # Hole
Depth
(m)
Dip Azimuth From
(m)
To
(m)
Interval
(m)
Au
g/t
Cut to
30 g/t
Au
Dolphin
GSDL2007 573 -75 360 225 573 348 1.00 1.00
including 225 315 90 1.55 1.51
including 351 573 222 0.91 0.91
Cleary 442.4 -70 360
GSDL2008 174.7 406.1 231.5 1.20 1.04
Including 190.8 241.7 50.9 1.86 1.86
Including 318.4 375.7 57.3 2.07 1.44
Width refers to drill hole intercepts, true widths cannot be determined due to uncertain geometry of
mineralization.
Located nearly 600 metres apart b oth holes GSDL2007 and GSDL2008 successfully intercepted broad zones of
above resource grade at their projected target depths. Management is very encouraged with the ongoing results,
as they continue to demonstrate the potential for larger higher-grade portions within what could be open pittable
depths over a significant area.
Hole GSDL2006 was lost at depth of 76.5 metres and encountered considerable caving and lost samples, as a
result the drill was moved 14 metres north and the hole was re-drilled as GSDL2007.
During 2021 drilling is expected to continue to the north, west and east of the Dolphin intrusive and will be aimed
at expanding and upgrading the current resource category in order advance the project through pre-feasibility. In
addition, drilling will also be targeting the known high grade vein structures – Cleary ,Wackwitz, Colorado and
Wyoming all located in the Cleary Hill area. The veins in the Cleary area all appear to have a southerly dip and are
interpreted to bend towards the Dolphin intrusive and form part of the interpreted Cleary Vein Swarm (CVS) – a
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series of stacked higher grade veins within a lower grade envelope amenable to bulk tonnage mining . During
2020, 5 holes GSDL2008, GSDL 2009, GS2012, GS2014 and GS2017 were drilled in the Cleary Hill area aimed at
intersecting these higher-grade vein structures at depth. GSDL2008 was the first of the holes drilled in the Cleary
area in 2020 and intercepted another broad zone of above resource grade material . This hole intersected the
projected zone at its target depth and returned 1.2 g/t Au over 231 metres . This is interpreted to be the down
dip extension of the Cleary Hill vein zone. Previous drilling in the Cleary Hill area was largely shallow in nature.
The upcoming program will continue to systematically test this vein swarm to the south, by testing both the depth
extent of these high-grade vein structures and their strike to the west towards the Dolphin intrusive, neither of
which has been tested and covers a 500x600 metre area.
In the Dolphin area results from Hole GSDL 2007 confirmed another broad zone of higher -grade mineralization
within the schists in the immediate footwall of the intrusive. This hole averaged 1.0 g/t Au over 348 metres from
225-573 metres, which was the end of the hole. The interval included 1.55 g/t over 90 metres and 0.91 g/t over
222 metres. Assays for GSDL2010, GSDL2011, GS2015, GS 2016 and GS2018 are pending. The se holes are step
out holes from GSDL2001 and are intended to better define and delineate the potential strike of the higher-grade
mineralization in the vicinity of the Dolphin intrusive . Holes GSDL2005 and GS2018 are the furthest north holes
drilled in the Dolphin Area and were aimed at expanding the current resource to the north.
There are over 80 documented gold occurrences throughout the project area and ongoing work continues to
identify the potential for other vein swarms.
Mineralization at Golden Summit is hosted both within the Dolphin intrusive and the surrounding metasediments.
The four highest underground historical producers (Cleary Hill 281,000 ounces grading 44.5 g/t (1.3 oz/), American
Eagle 60,000 ounces grading 44.5g/t (1.3 oz/t), the Hi-Yu, 110,000 ounces grading 54.8g/t (1.6 oz/t) and the
Newsboy Mine 40,000 ounces grading 34g/t (1.0 oz/t), are all located within the Golden Summit property ) and
are hosted within the metasediments. Cleary Hill was mined to a depth of approximately 120 metres until its
closure in 1942. All of the holes reported to date (GSDL2001 -2008) were within the targeted metasediments and
contain broad zones of intensively silicified and sericitized material
In May 2020 Freegold released the results of hole GSDL2001 which returned 188 metres grading 3.69 g/t gold as
part of an initial test to determine if there was potential to establish a higher -grade component to the already
sizeable resource delineated by Freegold between 2011 and 2013. This resource formed the basis of a subsequent
preliminary economic assessment (PEA) completed in 2016. The PEA was completed at a US $1,300 gold price
and contemplated both an oxide (heap leach) and sulphide processing facility but incorporated only a portion of
the global resource. Metallurgical testwork done on the oxide portion demonstrated recoveries of 8 5% in the
oxide and sulphide recoveries in excess of 90%. The 2020 drill program was designed to determine if a higher -
grade component could be identified to augment the current resource grade , enhance the overall project
economics and substantially expand the project. Results to date from 2020 drilling pro gram are continuing to
demonstrate that that the current resource can be expanded with broad intercepts above the current resource
grade being returned.
2020 was a pivotal year for Freegold as it continue d to explore the Golden Summit Project. The Company looks
forward to an exciting year ahead in 2021 and would like to thank its Shareholders for their continued support.
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Drill core is being logged, photographed, and cut in half using a diamond saw with one half placed in bags for
subsequent geochemical analysis. All assays are being performed by ALS Global Ltd with sample preparation
carried out at the ALS preparatory facility in Fairbanks, Alaska with subsequent analyses performed primarily using
its Vancouver or Reno facilities. A sample quality assurance program is in place.
The disclosure of scientific and technical information contained in this news release has been approved by Alvin
Jackson, PGeo – Vice President Exploration and Development for Freeg old, who is a "Qualified Person" under
National Instrument 43-101.
Hole Location Map
https://freegoldventures.com/site/assets/files/2181/nr_plan_map.pdf
Drill Hole Section:
https://freegoldventures.com/site/assets/files/2181/sections_for_nr_01122021.pdf
About Freegold Ventures Limited
Freegold is a TSX listed company f ocused 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, please visit www.freegoldventures.com or contact:
Kristina Walcott, President, Chief Executive Officer & Director
Telephone: (604) 662-7307
Email: [email protected]
Cautionary Statement
This News Release includes certain "forward -looking statements" which are not comprised of historical facts. Forward- looking statements include estimates and
statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition
or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”,
or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inhere nt risks
and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties and other factors involved with forward- looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information
in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploratio n results, potential mineralization, the
estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors
that could cause actual results to differ materially from such forward-looking information include, but are not limited to the Company being unable to conduct its
drill program at the golden summit project within the time frame anticipated and the results of such program not being as ant icipated, failure to identify mineral
resources, failure to c onvert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the
preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political
risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inf lation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other
risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SED AR. Although the
Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should
not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed
time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new
information, future events or otherwise, other than as required by law. The term “Mineral Resource” used above is defined per NI 43 -101. Though Indicated
Resources have been estimated for the Golden Summit project, the 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 esti mated 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.