FREEGOLD INTERSECTS 1.01 G/T AU OVER 256 M AT GOLDEN SUMMIT Additional Highlights:
FREEGOLD INTERSECTS 1.01 G/T AU OVER 256 M AT GOLDEN SUMMIT
Additional Highlights:
• 17.65 g/t Au over 1.6m
• 1.20 g/t Au over 128.9m including 31.8 g/t Au over 1.8m
• 15.15 g/t Au over 2m
Vancouver, BC – July 20, 2023 – Freegold Ventures Limited (TSX: FVL) (“Freegold” or the "Company"), is
pleased to report continuing positive results from the Golden Summit Project. The drill program, which
began in March, is ongoing wit h three rigs currently operating. So far t wenty-four holes have been
completed north and immediately west of the Dolphin Zone where mineralization is still open and
projecting towards surface. An additional three holes are in progress.
The first holes of the 2023 program are located primarily in the west -northwest portion of the deposit
and are aimed at testing up-dip extension of the mineralization to expand the mineralization to the north
and to reduce the potential overall strip ratio.
HOLE NUMBER AZIMUTH DIP DEPTH FROM
(M) TO (M) INTERVAL
(M) AU G/T
GS2305 360 -70 524 55.9 68 12.1 0.65
130.7 132.3 1.6 17.65
184.6 208.6 24 0.86
215.9 223.1 7.2 0.88
367.7 400.9 33.2 0.44
GS2306 360 -70 779.7 239.8 267.3 27.5 0.89
322.2 578.2 256 1.01
including
398.4 429.8 31.4 1.38
including 449.3 578.2 128.9 1.20
including
574.9 576.7 1.8 31.8
635.8 672.7 36.9 0.87
GS2307 360 -70 524 156.3 158.3 2 15.15
306.5 388.2 81.7 0.49
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of
mineralization.
FREEGOLD INTERSECTS 1.01 G/T AU OVER 256 M AT GOLDEN SUMMIT
GS2304 limited the boundaries of the mineralized envelope to the north, returning no significant assays.
Hole GS2305, as anticipated ,encountered mineralization at shallower depth s including 1.6m grading
17.65 g/t Au, and 24 metres grading 0.86 g/t Au. Hole GS 2306 intersected 1.01 g/t Au over 256m including
128 metres grading 1.20 g/t Au including 1.8m grading 3 1.8 g/t Au. Hole GS2307 intersected 2 metres
grading 15.15 g/t Au and 81.7m grading 0.53 g/t Au.
Additional assays results are pending and will be reported once received. See plan map for hole locations.
https://freegoldventures.com/site/assets/files/6283/goldensummit_july2023planmap.pdf
In addition to ongoing drilling to the north, drilling later this season is also expected to test a significant
gold in soil geochemical anomaly that extends over 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.
FREEGOLD INTERSECTS 1.01 G/T AU OVER 256 M AT GOLDEN SUMMIT
A 332 -line km MobileMT survey was recently flown. MobileMT is a passive airborne geophysical
technique which utilizes natural source signals to map variations in the subsurface resistivity p roviding
information to depths greater than 1000 m. This information is useful for defining large structures and
boundaries of geological domains. Final data is expected to be received in the coming weeks and will be
utilized to further enhance our current drilling targets in the Saddle area which are slated to be drilled
later this summer.
Additional metallurgical work is underway. Although an extensive metallurgical program was undertaken
previously, it was directed towards material within the upper 300 metres. This round of work will focus
on the deeper mineralization, below 300 metres and will again test recoveries using various processing
techniques. This round will also include gravity test work owing the increased presence of visible gold
observed during the 2020-2022 program.
The current program is designed to test the boundaries, expand and infill of the current mineral resource
estimate (February 2023) which using a 0.45 g/ t Au cut off and a $1,792 gold price is 12.01 million ounces
at 0.92 g/t Au ( 407,544,000 tonnes) (indicated) and 7.7 million ounces at 0.85 g/t (282,303,000 tonnes)
(inferred).
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 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 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 operates at full service camp at Golden Summit.
The Qualified Person for this release is Alvin Jackson, PGeo – Vice President of Exploration and
Development for Freegold.
FREEGOLD INTERSECTS 1.01 G/T AU OVER 256 M AT GOLDEN SUMMIT
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, 2022 , 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.