Freegold Intersects 2.18 g/t Au over 190.2 m in GS2203 and 1.45 g/t Au over 207.2 m in GS2201 at Golden Summit
FOR IMMEDIATE RELEASE
Freegold Intersects 2.18 g/t Au over 190.2 m in GS2203
and 1.45 g/t Au over 207.2 m in GS2201 at Golden Summit
Vancouver, June 21, 2022 Freegold Ventures Limited (Freegold) (TSX:FV L: OTCQX: FGOVF) is pleased to
announce results from an additional seven holes ( 4,164.3m) as part of the ongoing program designed to expand,
upgrade and increase the overall resource grade at the Golden Summit Project (“Golden Summit”) through
systematic drilling.
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
Cut to
88 g/t
Au
Dolphin GS2115 567.3 -70 360 233.8 284.9 51.1 1.25
including 236.8 238 1.2 14.15
including 271.5 273.4 1.9 12.3 GS2132 648.3 -70 315 172.8 175.9 3.1 10.76 300.8 599.5 298.7 0.95
including 474.6 599.5 124.9 1.42 GS2139 504.7 -70 315 434.9 492.9 58 0.93 GS2141 545.6 -70 360 34.1 34.7 0.6 58.1 319.1 529.4 210.3 0.86
including 355.7 434.9 79.2 1.05 GS2201 686.7 -70 360 142.1 648.3 506.2 0.88
including 306.1 648.3 342.2 1.1
including 441.1 648.3 207.2 1.45
including 550.8 553.8 3 19
including 630 633.1 3.1 24.4 GS2203 595 -70 360 129 147.6 18.6 4.2
including 143.5 145 1.5 15.55
including 145 145.9 0.9 10.05
287.8 478 190.2 2.52 2.18
including 359.1 359.9 0.8 168
including 463 464.3 1.3 75.7
including 464.3 465.9 1.6 61.2
GS2208 616.7 -70 360 90 367.2 277.2 0.97
including 90 118.8 28.8 2.52
including 266.3 319.5 53.2 1.76
including 266.3 289.1 22.8 2.31
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
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Hole GS2201 was drilled in the Tolovana area, as were holes GS2115, GS2132 and GS2141. Hole GS2115 was
drilled on the north side of the Tolovana vein zone and intersected 51.1m grading 1.25 g/t Au. Hole GS2203 was
drilled along the eastern side of the Dolphin intrusive. Hole GS2208 was drilled towards the updip portion on the
northern side of the main mineralized zone. All of these holes intersected substantial widths with significantly
higher grade than the previous resource grade. Hole GS2201 intersected 207.2 m grading 1.45 g/t Au within a
broad zone of 506.2 m grading 0.88 g/t Au. The results continue to demonstrate higher grade over increasing
widths downdip within the projected mineralized zone.
Four drill rigs have been operating since mid-February. The results of 2020, 2021, and several holes from the 2022
program are expected to be incorporated into an updated pit constrained resource estimate in the fourth quarter
of this year.
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. Freegold’s drill programs are continuing 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/2260/479350e_06212022.pdf
https://freegoldventures.com/site/assets/files/2260/s478900e_06212022.pdf
https://freegoldventures.com/site/assets/files/2260/drillplanmap_06212022.pdf
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 NI 43 -101 compli ant resource updates were completed. In January 2016, a preliminary
economic assessment (PEA) was produced by TetraTech (Press release – January 26th, 2016).
Drill cores were cut in half using a diamond saw, with one -half placed in sealed bags for preparat ion 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 % p assing 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 a ssay 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 Samples were also prepared using
the PRP80-1Kg using the Bureau Veritas facilities. 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, method 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 samples are dry screened to 100 microns. A duplicate 50g fire assay is
conducted on the little fraction, as well as an a ssay on the entire oversize fraction. Total Au content, individual
assays, and weight fractions are reported . Crushing was conducted at BV’s Fairbanks facility, with sub sequent
analysis conducted by its Vancouver, Reno and/or Hermosillo facilities. A QA/QC program included laboratory and
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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 continues to operate 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 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
Some statements in this news release contain forward -looking information, including without limitation statements as to
planned expenditures and exploration programs. 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 achievements to
be material ly 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. The term “Mineral Resource” used above is defined per NI 43 -101. Though
Indicated Resources have been estimated for the Project, this PEA includes Inferred Mineral Resources that are too speculativ e
for use in defining 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, that it includes inf erred
mineral resources that are con sidered 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. 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 resul ts 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 associ ated
with development, construction and mining operati ons, the uncertainty of future profitability and uncertainty of access to
additional capital. See Freegold’s Annual Information Form for the year ended December 31st, 20 21 filed under Freegold’s
profile at www.sedar.com for a detailed discussion of the ris k factors associated with Freegold’s operations. On January 30,
2020, the World Health Organization declared the COVID -19 outbreak a global health emergency. Many governments have
likewise declared that the COVID -19 outbreak in their jurisdictions constitutes an emergency. Reactions to the spread of COVID -
19 have led to, among other things, significant restrictions on travel, business closures, quarantines and a general reduction in
economic activity. While these effects are expected t o be temporary, the duration of the business disruptions and related
financial impact cannot be reasonably estimated at this time. Such public health 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. The risks to Freegold of such public health c rises also include risks to employee health and safety and a slowdown or
temporary suspension of operations in geographic locations impacted by an outbreak. As a result of the COVID -19 outbreak, the
Freegold has implemented a COVID management 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 adverse effect on Freegold’s business, results of
operations and financial condition.