FREEGOLD INTERSECTS 1.43 G/T AU OVER 317.8 METRES INCLUDING 3.69 G/T AU OVER 45M as well as numerous high-grade intercepts including:
DECEMBER 7
, 2022 MORE
FOR IMMEDIATE RELEASE
FREEGOLD INTERSECTS 1.43 G/T AU OVER 317.8 METRES INCLUDING
3.69 G/T AU OVER 45M
as well as numerous high-grade intercepts including:
• 47.6 G/T AU OVER 1.8M
• 27.8 G/T AU OVER 1.3M
• 20.2 G/T AU OVER 3.0 M
Va ncouver, Decemb er 7, 2022, Freegold Ventures Limited (Freegold) (TSX: FVL: OT CQX: FGOVF) is ple ased to
report results from an additional sev en holes (5,997.7m) from its drill program designed to expand, upgrade and
increase the overall resource grade at the Golden Summit Project (“Golden Summit” or the “Project”) through
systematic drilling. Results continue to demonstrate a robust mineralized system at Golden Summit.
Drilling is co mpl ete for the 2022 season. A total of 44 holes ( 35,520.5 metres) were drilled; the 2020 – 2022 drill
program (83,826 metres) targeted higher-grade mineralization and the surrounding moderate to lo wer-grade
gol d that forms broad zones. Results continue to successfully delineate broader zones of higher -grade
mineralization below the depths of the proposed pit outlined in the 2016 pit-constrained resource. Additional
assays are expected to be reported in the coming weeks. A significant number of results from the expanded
2022 program are expected to be included in an updated mineral resource estimate in early 2023.
Drilling and historical shallow underground mining have extended gold mineralization over 1.5 km along strike to
depths of over 1,000 metres. Mineralization in the Dolphin/Cleary is hosted within a broad structural corridor of
gold mineralization comprised of the Dolphin stock, a multiphase intrusive complex, and metasedimentary
rocks comprised of various schists within which are discrete high-grade veins, veinlets, and areas of vein
stockwork which effectively form a vein swarm. The main Cleary Hill Vein swarm (CVS) mineralization di ps to the
south. It plunges southwest towards the Dolphin intrusive, with the mineralization increasing in intensity closer to
the Dolphin intrusive and especially along the contact margins.
Zone Hole
Number
Depth
(m) Dip Azimuth From (m) To (m) Interval
(m) Au g/t
Dolphin GS2225 679.8 -70 360 56.5 64.3 7.8 7.0
including 60.7 62 1.3 27.8
161 164 3 11.85
259 576.8 317.8 1.43
including 428 473 45 3.69
including 470 473 3 25.1
552.1 576.8 24.7 4.17
including 567.6 569.9 2.3 28.9
2 FREEGOLD INTERSECTS 1.43 G/T AU OVER 317.8 METRES INCLUDING 3.69 G/T AU OVER 45M
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
GS2217 1167.6 -70 360 477.6 822 344.4 1.03
including 477.6 593.4 115.8 0.99
including 718.4 720.2 1.8 47.6
including 712.3 769.5 57.2 2.63
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization .
GS2225 was drilled to the north and lies within the projected higher-grade CVS. The results again demonstrate
the potential for substantial tonnage of higher-grade material.
GS2217, part of a series of large step-out holes to the south, was collared approximately 130 metres southeast
of GS2143. GS2217 was one of the deepest holes (1167.6m) drilled.
CLEARY
Drilled in a north-south fence line, GS2214, GS2160, GS2162, and GS2164 were aimed at testing the downdip
extent of the CV S. Drilled to the north , holes GS2160 – GS2164, were a series of progressively deeper holes
aimed at confirming the plunge of the mineralization to the southwest. Hole GS2162 was the southernmost hole
drilled in this fence. It intersected Dolphin style intrusive at depth, the first time a significant intrusive presence
has been noted on the Cleary side further substantiating Freegold’s interpretation that the Dolphin intrusive
may underlie Cleary at depth.
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
Cleary
GS2218 867.2 -70 360 239 502.3 263.3 0.86
including 239 242 3 20.2
including 357.7 390.4 32.7 2.51
including 376.9 379.4 2.5 13.75
GS2214 832.5 -70 360 61.8 65.9 4.1 4.52
91.5 482 390.5 0.8
including
91.5 206.3 114.8 1.2
including
122.8 166.2 43.4 2.16
including 347.3 348 0.7 15.55
460.7 482 21.3 2.54
GS2160 637.5 -70 360 170.4 171.8 1.4 10.7
239.4 274.5 35.1 0.9
415.5 454.5 39 0.92
532.5 549.8 17.3 1.21
GS2164 782 -70 360 284.4 320.5 36.1 0.99
383.5 671.5 288 0.73
including 392.5 395.5 3 10.95
including 591.8 615.6 23.8 1.58
including 591.8 652.5 60.7 1.02
3 FREEGOLD INTERSECTS 1.43 G/T AU OVER 317.8 METRES INCLUDING 3.69 G/T AU OVER 45M
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
Cleary GS2162 1030.1 -70 360 283.4 1030.1 746.7 0.54
including 283.4 412.7 129.3 0.9
including 377.7 412.7 35 2.45
including 403.4 406.5 3.1 11
including 689 756.5 67.5 0.92
including 792.9 866 73.1 0.66
including 920 1025.6 105.6 0.68
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization .
Exploration remains ongoing and focused on developing additional targets and target areas for the 2023 drill
program. One of the newly targeted areas is the Saddle Zone.
The Saddl e Zo ne li es 4km east of the Dolphin/Cleary Zone and is co mprised of a series of narrow veins that
corre late well with strong gold in soil ge oche mistry. Like the Cleary Hill Zone, the Saddl e also hosts a hist oric
high-grade gold producer, the American Eagle (60,000 ounces at 1.6 oz/t Au).
Several lines of CSAMT (controlled source audio magnetotellurics) were completed aimed at outlining broader
silicified zones surrounding these narrow veins to delineate additional high-priority targets as part of an ongoing
effort to systematically explore this highly prospective property which hosts over 80 documented gold
occurrences. G old mineralization at Cleary/Dolphin is hosted within high-grade quartz ve ins and silicified zones
within a broader lower -grade enve lope of quart z st ockwork mineralization. Preliminary 3d modeling has
defined large high-resistivity features proximal to known vein occurrences. Given the proximity of these features
4 FREEGOLD INTERSECTS 1.43 G/T AU OVER 317.8 METRES INCLUDING 3.69 G/T AU OVER 45M
to the historic veins and the strong gold in soil geochemical anomalies Free gold is highly enc ourage d by the
results as it plans the 2023 drill program.
Targeting work continues in the Dolphin/Cleary Zone, where an initial test NSAMT (natural source audio
magnetotellurics) survey was undertaken over the core of the deposit. Preliminary 3D results complement the
known geology very well. Given the success of this exercise, additional lines have been added to expand the
survey outside of the known mineralization to generate o ther targets for the 2023 program. The depo si t remains
open to the west/southwest, where Freegold outli ned a strong gold in soil ge ochemical anomaly, which has
not yet been drill tested. Further southwest li es the hi sto ri c Newsboy Mine, which produced 40,000 ounces at an
average grade of 1oz/t.
To the north of the central Dolphin Cleary Zo ne, 527 soil samples were collected over a broadly spaced grid.
This sampling is the first program undertaken in that area since Freegold acquired the property early in 2022.
Assays are pending.
Links to Drill Plan Map & Cross Section – 479600E & 479550E
https://freegoldventures.com /site/assets/files/6116/drillholeplanmap_interactive_final.pdf
https://freegoldventures.com /site/assets/files/6116/479550e.pdf
https://freegoldventures.com /site/assets/files/6116/479600e.pdf
The highway-accessible G olden Summit project is loc ated approximate ly 32 km northeast of Fairbanks, Alaska,
and was the subject of an intensive drill campaign between January 2011 and August 2013 in which 36,159
metres were drilled. Three resource updates were completed each in accordance with National Instrument 43-
101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”). In January 2016, a preliminary economic
assessment (“2016 PEA”) prepared in accordance with NI 43- 101 was produced for the Company by Tetra
Tech. Limited drilling was conducted between 2013 – 2020 (1,890 metres – shallow oxide drilling). Since 2020
over 83,826 metres meters have been drilled which represents the most focused exploration effort ever
undertaken on the Golden Summit project.
The terms “mineral resources ,” “indicated mineral resources ,” “inferred mineral resources ,” and “mineral
reserves” are defined per NI 43 -101. Though indicated mineral resources have been estimated for the
Project, the 2016 PEA includes inferred mineral resources that are too speculative for use in defining mineral
reserves. Standalone economics have not been undertaken for the measured and indicated resources, and as
such, no reserves have been estimated for the Project. Please note that the PEA is preliminary in nature and
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 res erv es. There i s no
certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of the Company are forward looking statements
that involve various risks. Actual results could differ materially from those projected as a result of the following
factors, among others: changes in the price of mineral market conditions, risks inherent in mineral exploration,
risks associated with development, construction and mining operations, the uncertainty of future profitability
and uncertainty of access to additional capital.
Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and
subse quent ge ochemical analysis by ALS Chemex. All assays were pe rformed by ALS Global Lt d., wit h sample
preparation c arrie d out at t he ALS facility in Fairbanks, Alaska, wit h subse quent studies conducted primarily
using its Vanc ouver and Reno laboratories. A sample quality c ontrol/quality assurance program was
implemented.
Core samples were prepared using the PREP -31BY package in ALS’s Fairbanks fac ility. Each c ore 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 t o 100 microns. A duplicate 50g fire assay is c onducted on the little
5 FREEGOLD INTERSECTS 1.43 G/T AU OVER 317.8 METRES INCLUDING 3.69 G/T AU OVER 45M
fraction, as well as 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. Core S amples submitted to the Bureau Veritas (BV) facility in Fairbanks were prepped using the PRP80-
1Kg. 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 analyze d via ICP -ES (method code
MA200). Fire Assay analyzes all samples with an AAS finish, method code FA-430 (30g sample size) and ov er 10
g/t are automatic ally assayed using a FA Grav method, FA530. Additional Au scree ning is performe d using BV’s
FA632 method; select samples are dry-screened to 100 microns. A duplic ate 50g fire assay is c onducted on t he
little fraction, as we ll as an assay on the ent ire oversize fraction. T otal Au content, individual assays, and weight
fractions are reported. Crushing was conducted at BV’s Fairbanks facility, with subsequent analysis conducted
by its Vancouver, Reno and/or Hermosillo 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 re lease is Alvin Jackson, PGe o – 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 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 which may cause the actual results, performance , or achieve ments 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 othe r things, significant restrictions on trave l, business
closures, quarantines, and a general reduction in economic activity. While there has been a reduction in
these effects in r ecent months, the continuation and re-introduc tion of significant restric tions, 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 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 rating s, 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 c ommunity. While the extent to which COVID-19
may impac t Freegold is uncertain, it is possible that COVID -19 may have a material adverse effect o n
Freegold’s business, results of operations, and financial condition.