Freegold Intersects 2.56 G/T Au over 44 Metres and 1.58 G/T Au over 128.1 Metres at Golden Summit
JANUARY 18, 2023 MORE
FOR IMMEDIATE RELEASE
FREEGOLD INTERSECTS 2.56 G/T AU OVER 44 METRES AND 1.58 G/T AU
OVER 128.1 METRES AT GOLDEN SUMMIT
HIGHLIGHTS:
• GS2228 2.56 g/t Au over 44m
1.23 g/t Au over 104.2m
• GS2230 1.58 g/t Au over 128.1m
• GS2163 2.29 g/t Au over 31m
1.0 g/t Au over 91m
• GS2229 1.25 g/t Au over 90m
Vancouver, January 18, 2023, Freegold Ventures Limited (Freegold) (TSX:FVL: OTCQX: FGOVF) is pleased to report
results from an additional eleven holes ( 9,042.1m) 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.
The past two years have seen the most concerted exploration effort Golden Summit ever undertaken on the
project with the drilling of over 83,000 meters holes in 130 holes, additional geophysics (CSAMT and AMT) and
soil sampling. The drill program focused exclusively on the Do lphin Cleary Zone and has extended gold
mineralization over 1.5 km along strike and 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 mult iphase
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 dips 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.
The Dolphin Cleary is the only area of the project to have a resource delineated. The deposit remains open ,
particularly to the west/southwest, where Freegold outlined a strong gold in soil geochemical anomaly has not
been drill tested. Further southwest lies the historic Newsboy Mine, which produced 40, 000 ounces at an
average grade of 1oz/t.
Additional geophysics was completed on the Saddle Zone, which lies 4km east of the Dolphin/Cleary Zone. The
Saddle Zone is comprised of series of narrow veins that correlate well with strong gold in soil geochemi stry. Like
the Cleary Hill Zone, the Saddle Zone also hosts a historic high- grade gold producer, the American Eagle
(60,000 ounces at 1.6 oz/t Au).
2 FREEGOLD INTERSECTS 2.56 G/T AU OVER 44 METRES AND 1.58 G/T AU OVER 128.1 METRES AT GOLDEN SUMMIT
DOLPHIN
Zone Hole Number Depth
(m) Dip Azimuth From
(m)
To
(m)
Interval
(m)
Au
g/t
Dolphin GS2220 371.9 -70 360 49.6 70 20.4 0.61
135.2 153.5 18.3 1.97
215.9 251 35.1 0.97
GS2216 821.6 -70 360 128.1 569.6 441.5 0.62
including 437.6 473.6 36 1
including 517.5 569.6 52.1 1.22
636.4 638.4 2 58.5
GS2219 715.7 -70 360 329 648 319 0.63
including 329 374 45 0.96
including 450.4 533 82.6 0.87
GS2224 1074.1 -70 360 604.4 955.2 350.8 0.58
including 604.4 668.7 64.3 0.85
GS2210 1188.4 -70 360 523.3 840.3 317 0.67
GS2228 537.7 -70 360 241.3 259.3 18 0.96
including 273.5 317.5 44 2.56
including 298.7 300.9 2.2 25.2
352.7 456.9 104.2 1.23
including 352.7 354.5 1.7 17.3
GS2230 1229.6 -70 360 421.2 866.9 445.7 0.81
including 738.8 866.9 128.1 1.58
including 738.8 741.9 3.1 17.1
including 812 815.4 3.4 17.8
1217 1220 3 13.2
GS2163 732.4 -70 360 121 163.7 42.7 1.1
339.9 370.9 31 2.29
502.2 593.4 91 1
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
Holes GS2228, GS2230, and GS2163 were drilled on the Dolphin side of the CVS, while GS2229 was drilled on the
Cleary side. Holes GS2228 was entirely within schists in the northern part of the CVS, while GS2230 and GS2163
were within intrusive for the upper part of the holes, with the stronger mineralization occurring within the schists
in the footwall of the intrusive. GS2229, on the Cleary side, was drilled as a deeper test of the CVS and located
approximately 600 metres south of the historic Cleary Hill Mine workings.
Kristina Walcott, President and CEO stated : “The 2020 – 2022 program continues to be tremendously successful
returning broad intercepts of higher-grade mineralization, and demonstrates the existence of a broader higher
grade corridor within the interpreted CVS”.
3 FREEGOLD INTERSECTS 2.56 G/T AU OVER 44 METRES AND 1.58 G/T AU OVER 128.1 METRES AT GOLDEN SUMMIT
CLEARY
Drilled in a north-south fence line, GS2229, GS2233, and GS2235 were aimed at testing the downdip extent of
the CVS. Results continue to demonstrate the expansion potential of Golden Summit intersecting narrow high-
grade veins within a broader envelope of mineralization.
Zone Hole Number Depth
(m) Dip Azimuth From
(m)
To
(m)
Interval
(m)
Au
g/t
Cleary GS2229 796.9 -70 360 485 746 261 0.76
including 572 662 90 1.25
including 656 659 3 13
GS2233 827.8 -70 360 211.3 244.5 33.2 0.86
542 574.1 32.1 0.88
GS2235 746 -70 360 512 557.8 45.8 0.84
594.7 677.8 83.1 1.17
including 665.8 666.8 1 56.8
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
Links to Drill Plan Map & Cross Section – 479350E
https://freegoldventures.com/site/assets/files/6141/drill_plan_map.pdf
https://freegoldventures.com/site/assets/files/6141/section_479350e.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. Three resource updates were completed each in accordance with National Instrument 43-
101 – Standards of Disclosu re 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 – of shallow oxide drilling). Since 2020
over 83,826 meters have been drilled, representing the most focused exploration effort ever undertaken on the
Golden Summit project.
A sample quality control/quality assurance program was implemented. Drill cores were c ut 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 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 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.
4 FREEGOLD INTERSECTS 2.56 G/T AU OVER 44 METRES AND 1.58 G/T AU OVER 128.1 METRES AT GOLDEN SUMMIT
Freegold has 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 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 achievements to be materially
different from any future results, performance , or achievements expressed or implied by the statements. Suc h
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 other things, significant restrictions on travel, business
closures, quarantines , and a general reduction in economic activity. While there has been a reduction in
these effects in recent month s, the continuation and 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 cris es 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 disrupt ions
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 r isk, 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 community. While the extent t o 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.