Freegold Intersects 2.49 g/t Au over 167.7m and 0.94g/t Au over 617 m at Golden Summit
FOR IMMEDIATE RELEASE
Freegold Intersects 2.49 g/t Au over 167.7m and
0.94g/t Au over 617 m at Golden Summit
Vancouver, May 1 8, 20 22, Freegold Ventures Limited (Freegold) (TSX:FV L: OTCQX: FGOVF) is
pleased to announce results from an additional 12 holes (6,091m) as part of the program designed to
expand, upgrade and increase the overall resource grade at the Golden Summit Project (“Golden
Summit”). The highway-accessible Golden Summit project is located approximately 32 km northeast of
Fairbanks, Alaska. The remaining results from the 2021 program are expected over the coming weeks.
Gold mineralization in the Dolphin/Cleary area is hosted within a broad structural corridor of gold
mineralization that is hosted in Dolphin stock, a multiphase intrusive complex, and metasedimentary
rocks comprised of various schists. Drilling and historic shallow underground mining has intersected this
gold mineralization t hat extends 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 continue to successfully delineate both these
higher-grade veins as well as the encompassing lower -grade stockwork mineralization to depths well
below the depths of previous drilling and outside of the current pit constrained gold resource.
The primary goal of these programs is to increase the grade and size of the current resource and to define
the limits of the mineralized corridor through systematic drilling. Four drill rigs have been operating
since mid-February, and approximately 11,000 meters have been completed to date.
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
Dolphin GS2143 678.5 -70 360 5.2 38.7 33.5 0.33 Oxide
340.5 669.6 329.1 0.67
including 434.9 477.6 42.7 0.94
including 559.9 590.4 30.5 0.91
GS2145 541.3 -70 360 47.9 72.2 24.3 0.45 Oxide
102.7 154.5 51.8 0.75
410.6 520.3 109.7 0.84
GS2158 611 -70 360 177.8 206.4 28.6 3.97
including 177.8 178.9 1.1 58.4
including 189.1 191.1 2 15.85
232.5 236.8 4.4 1.72
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Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
GS2147 593.4 -70 360 306.9 331.3 24.4 0.69
377 593.4 216.4 2.02
including 377 380.1 3.1 59.9
including 377 544.7 167.7 2.49
including 541.6 544.7 3.1 21.2
GS2151 650.4 -70 360 32.6 650.4 617.8 0.94
including 57 105.8 48.8 2.49
including 84.4 87.5 3.1 11.5
including 87.5 90.5 3 15.15
including 383.1 650.4 267.3 1.3
including 404 407.2 3.2 10.1
including 447.1 489.8 42.7 3.76
including 462.4 465.4 3 33.3
GS2159 610.8 -70 360 72.2 610.8 538.6 0.69
including 404.5 610.8 206.3 1.12
including 467.3 468.5 1.2 17.6
589 592.9 3.9 11.85
GS2161 660.5 -70 360 23.1 24.1 1 29.1
233.5 633.1 399.6 0.77
including 453.2 481.6 28.4 1.17
including 512.7 553.8 41.1 1.53
Cleary GS2116 464 -70 360 37.4 39 1.6 42.7
115.5 133.7 18.2 0.61
171.1 204.8 33.7 0.52
GS2135 197.8 273.2 75.4 0.51
255.1 273.2 18.1 0.84
GS2137 421.2 -70 360 29.4 50.3 20.9 0.66
283.2 312.7 29.5 0.64
344.5 364.9 20.4 0.43
386.2 410.6 24.4 1.03
GS2148 422.6 -70 360 152.6 167.2 14.6 0.59
172.2 260.6 88.4 0.97
including 210.3 235.5 25.2 1.7
GS2153 438 -70 360 30.2 42.7 12.5 0.68
205.4 221.7 16.3 0.95
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of
mineralization.
A brief description of the results of the some of the holes follows:
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Dolphin Zone – All holes reported are drilled to the north
GS2147
Collared in the immediate footwall of the Dolphin intrusive and remained predominantly in schist until
the end of the hole at 593.4. The hole is located approximately 100 metres south of GSDL2003, and again
notably intersected higher -grade mineralization from 377 to 544.7 m and averaged 2.49 g/t Au over
167.7m within a broader intercept of 2.02 g/t over 216.4 m from 377 to 593. 4m. This intercept again
demonstrates higher grade mineralization over broad intervals near the footwall contact of the intrusive.
GS2151
Collared in the immediate footwall of Dolphin intrusive the hole returned a broad zone of 617.8 m
grading 0.94 gt Au from near-surface. Of particular significance are several zones of higher -grade
mineralization including 48.8 m of 2.49 g/t Au from 57 to 105 .8m and 42.7 m grading 3.76 g/t Au from
447.1 to 489.8m.
GS2143
Collared 175 metres sout h of GS21 45 and within the Dolphin intrusive, the hole was primarily within
schist for the first 200 metres before intersecting intrusive at 204.4 m and remained in intrusive for the
next 200 metres before re- entering the schist until the end of the hole. Notable intercepts include 70.1 m
grading 1.23 g/t from 343.5 to 413.5m , an over 50% increase over the existing global resource grade of
0.69 g/t Au.
Cleary Zone – All holes reported are drilled to the north
The following holes were drilled to the north to establish the mineralized boundary and to test depths to
the north beyond the previous drilling. Holes GS2116, GS2153, GS2148, and GS2135 were drilled near
the surface projection of the Colorado Vein and 100 metres downdip of the historic Cleary Hill mine
workings. The holes encountered significant faulting which truncates the mineralization to the north and
is in line with previous results.
Results of these holes all of which are approximately 100 metres below the previous mine workings on
Cleary Hill and in combination with previously reported drilling down-dip all indicate that the
mineralization is continuing to broaden at depth with increasing c ohesive grade. (GS2021 - 270.2 – 437
m 166.8 m at 1.55 g/t , and GS2017 which intersected 98.2m of 3.07 g/t from 300.5 to 398.7 g/ t – 11.72
g/t uncut) . These holes were approximately 180 metres downdip of the intercept in GS2135.
GS2153
Intersected 0.95 g/t Au over 16. 3 metres which is the downdip projection of the Cleary Vein Swarm,
approximately 100 metres below the old workings.
GS2148,
Again, intersects the downdip projection of the Cleary Vein Swarm and returned 25.2 m grading 1.7 g/t
Au, approximately 100 metres below the old workings.
GS2116
Collared 125 m to the north of GS 2137 and d esigned to infill and determine the depth extent of the
mineralization within Cleary Hill area.. Hole GS2116 successfully intersected the near surface projection
of the Colorado vein zone intersection 1.6 m of 42.7 g/t Au from 37.4 to 39 m. The downdip extension of
the Cleary Vein Swarm was intersected at 171.1 metres and returned 0.52 g/t Au. Over 33.7 m. The
mineralization is truncated to the north at a depth of 223m.
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GS2137
Drilled in a previously undrilled area, and 110 m to the south of GS2116. Highlights include 0.7m of 11.5
g/t Au from 35.7m to 36.4 m typical of the Cleary Vein system. A more cohesive zone was intersected at
386.2 to 410.6 returning 24.4 m of 1.03 g/t . Further demonstrating the broadening and plunging of the
mineralization to the south.
Drill Plan Map and Cross Section:
https://freegoldventures.com/site/assets/files/2280/drillplanmap_05182022.pdf
https://freegoldventures.com/site/assets/files/2280/s479150e_05182022.pdf
Golden Summit was the subject of an intensive drill campaign between January 2011 and August 2013.
36,159 metres were drilled, and three NI 43-101 compliant 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 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
performed 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, method code 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 essay on the entire oversize
fraction. Total Au content, individual assays , and weight fractions are reported. All analytical and assay
procedures are conducted in ALS’s North Vancouver facility and Reno facilities . A QA/QC program
included laboratory and field standards inserted every 10 samples. Blanks are inserted at the start of the
submittal and at least one blank every 25 standards with additional blanks inserted following samples
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 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 the Shorty Creek Copper –Gold Project near Livengood.
For further information:
Kristina Walcott
President and CEO
Telephone: 1.604.662.7307
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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 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. 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 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 estimated 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. 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. 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 risk
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 -19outbreak 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 to 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 crises 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 significant 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.