Freegold Intersects 155.5M Grading 2.57 G/T Au Including 73.1 M Grading 4.26 G/T Au at Golden Summit
OCTOBER 18, 2022 MORE
FOR IMMEDIATE RELEASE
FREEGOLD INTERSECTS 155.5M GRADING 2.57 G/T AU INCLUDING
73.1 M GRADING 4.26 G/T AU AT GOLDEN SUMMIT
Vancouver, October 18, 2022 Freegold Ventures Limited (Freegold) ( TSX:FVL: OTCQX: FGOVF) is
pleased to announce results from an additional 6 holes (3,925m) as part of the ongoing drill
program designed to expand, upgrade and increa se the overall resource grade at the Golden
Summit Project (“Golden Summit” or the “Project”) through systematic drilling.
Holes GS2136, and GS2221 were drilled to the north in the Tolovana Area. Results from both holes
demonstrate the potential for broad zones of higher-grade mineralization. GS2221 was
intended to intersect the downdip of the high-g rade mineralization intersected in GS2121 where
the bottom 62.4 metres (492.9m to 555.3m) averaged 4.54 g/t Au and included multiple high
grade intercepts. GS2221intersected 73.1 m grading 4.26 g/t Au within the lower part of a
broader mineralized zone.
GS2136, did not reach target zone due to difficult drill conditions. The bottom 39.6 metres
averaged 2.88 g/t as it entered the zone.
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
DOLPHIN GS2136 540.7 ‐ 70 360 218.5 249 30.5 0.62
Tolovana 306.9 392.3 85.4 0.56
465.4 535.5 70.1 1.85
including 495.9 535.5 39.6 2.88
including 514.2 517.2 3 13.60
GS2221 1053.2 ‐ 70 360 294.7 715.4 420.7 1.36
including 346.6 642.2 295.6 1.73
including 486.8 642.2 155.4 2.57
including 569.1 642.2 73.1 4.26
including 584.3 587.3 3 10.3
including 639.2 642.2 3 61
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization .
Hole GS2227, drilled 60 metres to the south of GS2136, was designed to intersect and potentially
expand the downdip of the higher-grade mineralization intersected in GS2136. Assay results are
pending.
2 FREEGOLD INTERSECTS 155.5M GRADING 2.57 GT/ AU INCLUDING 73.1 M GRADING 4.26 G/T AU
Cleary East
The main Cleary Hill Vein swarm dips to the so uth, and plunges southwest towards the Dolphin
intrusive, with the mineralization increasing in inte nsity closer to the Dolphin intrusive, especially
along the contact margins. These broad-spaced hole s in the Cleary East area, all drilled to the
north, were designed to test the eastern extension of the Cleary System at depth with several
wide-spaced holes. Additional holes to the no rth and east are planned. Results continue to
demonstrate the presence of a robust mineralized system at Golden Summit.
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
Cleary East GS2142 504.7 ‐70 360 184.7 185.9 1.2 21.10
GS2146 652 ‐70 360 407.5 445.3 37.8 0.88
577.6 652 74.4 0.66
including 577.6 627 49.4 0.73
GS2149 570.6 ‐70 360 233.8 250.9 17.1 0.89
GS2154 604.6 ‐70 360 5.7 20 14.3 0.76
173 226.4 53.4 0.71
322.6 353.1 30.5 1.14
400 401 1 12.65
475.2 525.4 50.2 1.00
including 484.2 486.3 2.1 14.20
598.6 601.7 3.1 25.90
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
Drilling remains ongoing with 4 drill rigs. Th e program is systematically evaluating the
Dolphin/Cleary areas and is continuing to successfully delineate broad zones of greater than 1
g/t Au mineralization over significant widths. Drilling since 2020 has also demonstrated significant
widths of greater than 2 g/t Au within the interpreted Cleary Vein Swarm (CVS).
Gold mineralization in the Dolphin/Cleary area 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. Drilling and historical shallow underground
mining has intersected this gold mineralization from surface to depths of over 1,000 m from the
Dolphin stock in the west to the Cleary Hill mine workings in the east, a distance of over 1.5km.
Gold mineralization is hosted within high-grade quartz veins and silicified zones that occur within
a broader lower-grade envelope of quartz stockwork mineralization. Drilling continues to
successfully delineate these higher-grade veins and the encompassing lower-grade stockwork
mineralization to depths well below the depths of the previous drilling and well outside of the
current pit-constrained gold resource.
Drill Plan Map and Cross Section:
https://freegoldventures.com/site/assets/files/6105/section_478850e.pdf
https://freegoldventures.com/site/assets/files/6105/plan-map-10182022.pdf
3 FREEGOLD INTERSECTS 155.5M GRADING 2.57 GT/ AU INCLUDING 73.1 M GRADING 4.26 G/T AU
The highway-accessible Golden Summit project is located approximately 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, and three resource updates were completed
each in accordance with Na tional Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). In January 2016, a prelim inary economic assessment (“2016 PEA”)
prepared in accordance with NI 43-101 was produced for the Company by Tetra Tech.
The terms “mineral resources”, “i ndicated mineral resources”, “i nferred 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 rese rves. Standalone economics have not been
undertaken for the measured and indicated reso urces and as such no reserves have been
estimated for the Project. Please note that the P EA is preliminary in nature , and that it includes
inferred mineral resources that are considered t oo speculative geologically to have economic
considerations applied to them that would allo w them to be categorize d 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. Without limitation, statements regarding
potential mineralization and resources, exploration results, and future plans and objectives of the
Company are forward looking stat ements that involve various ri sks. 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 operatio ns, 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 subsequent geochemical analysis by ALS Chemex. All assays were performed
by ALS Global Ltd., with sample preparation carried out at the ALS facility in Fairbanks, Alaska,
with subsequent studies conducted primarily using its Vancouver and Reno laboratories. A
sample quality control/quality assurance program was implemented.
Core samples were prepared using the PREP-31BY package in ALS’s Fairbanks 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, 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 Sample su bmitted to the Bureau Ve ritas (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 analyzed via ICP-ES (method code MA200). Fire
Assay analyzes all samples with an AAS finish, me thod code FA-430 (30g sample size) and over
10 g/t are automatically assayed using a FA Grav method, FA530. Additional Au screening is
performed using BV’s FA632 method; select sa mples are dry screened to 100 microns. A
duplicate 50g fire assay is conducted on the little fraction, as well as an assay on the entire
oversize fraction. Total 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 prog ram included laboratory and field standards
4 FREEGOLD INTERSECTS 155.5M GRADING 2.57 GT/ AU INCLUDING 73.1 M GRADING 4.26 G/T AU
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 continues to operate a full-service camp at Golden Summit with COVID-19 protocols in
place.
The Qualified Person for this release is Alvin Jac kson, 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 as well as the Shorty Creek Copper-Gold Project
near Livengood.
For further information:
Kristina Walcott
President and CEO
Telephone: 1.604.662.7307
S o m e s t a t e m e n t s i n t h i s n e w s r e l e a s e c o n t a i n forward-looking information, including without
limitation statements as to planned expend itures and exploration programs, potential
mineralization and resources, exploration result s, 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, uncertaint ies and other factors
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 lim itation the completion of plan ned 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 Organi zation declared the
COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue
to lead to, among other things, significant restri ctions 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 restrictions,
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 ratings, credit risk and inflation. As a result of the COVID-19 outbreak,
the Freegold has implemented a COVID manageme nt 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 the Freegold is uncertain, it is
possible that COVID-19 may have a material adve rse effect on Freegold’s business, results of
operations and financial condition.