Freegold Intersects 2.6 g/t Au over 24.5 m at Golden Summit FREEGOLD FVL:TSX
Freegold Intersects 2.6 g/t Au over 24.5 m at Golden Summit
FREEGOLD
FVL:TSX OTCQX: FGOVF
• 0.75 g/t Au over 444.9m
• Including 2.6 g/t Au over 24.5m
• Including 1.11 g/t Au over 57m
• Including 1.74 g/t Au over 18.9m
Vancouver, BC – November 7th, 2023 – Freegold Ventures Limited (TSX: FVL, OCTQX: FGOVF) (“Freegold”
or the "Company") is pleased to announce the successful completion of the 2023 drill program. Over the
year, the Company drilled a total of 44 holes.
Between 2020 and 2022, Freegold’s drilling successfully increased the resource from 1.35 Moz to 12.6
Moz Indicated and from 1.58 Moz to 7.7 Moz Inferred . The drill program conducted in 2023 has
continued to intersect broad zones of mineralization with definitive zones of higher -grade
mineralization. The mineralization style comprises discrete veins and stockwork accompanied by
pervasive silification, which has been demonstrated to extend over a 1.5 km strike length. Additionally,
it is noteworthy that the mineralization remains open for another 1.5km to the west in the Dolphin
Cleary Area.
The attached Section 478800E shows an 800-meter mineralized zone in cross-section within an existing
strike length of 1.5 km. The higher grade remains open downdip.
HOLE
NUMBER AZIMUTH DIP
DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
GS2329 360 -70 842 182.4 202 19.6 0.67
289.1 734 444.9 0.75
including 289.1 323 33.9 0.84
including 382.5 407 24.5 2.6
including 431 488 57.0 1.11
including 604.1 623 18.9 1.74
including 641 680 39.0 0.69
including 698 734 36.0 1.03
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
Assays are pending for Holes GS2331 – GS2337 drilled west and to the west of Willow Creek, intended to
expand the higher -grade mineralization towards the west. Hole GS2337 w as drilled in a previously
untested geochemical trend to the southwest of the Dolphin zone. Visible gold has been noted in GS2237.
Assays are still pending for the holes drilled north of the Dolphin Cleary Zones (GS2320 to GS2328). The
primary purpose of these holes was to define the mineralization extent in the north and immediate
northwest, and they have successfully intersected the up-dip of the overall mineralized trend.
Similarly, assays are still pending for the Saddle Zone holes ( SZ2301 to SZ2307) . The 2023 drill program
conducted in the Saddle Zone was primarily exploratory and aimed to provide a better understanding of
Freegold Intersects 2.6 g/t Au over 24.5 m at Golden Summit
FREEGOLD FVL:TSX OTCQX: FGOVF
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the mineralization controls in the densely veined Saddle Zone. Based on visual inspections, it is evident
that additional drilling is required in the Saddle Zone, as visible gold has been noted in SZ2307.
Section 478800E – showing the location of hole GS2329 and the plan map can be found below.
https://freegoldventures.com/site/assets/files/6294/newsrelease_nov2023_sections_478800e.pdf
https://freegoldventures.com/site/assets/files/6294/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf
Assays are pending for the following holes:
Zone Hole Numbers
Dolphin Cleary North Drilling GS2320 – GS2328
Tolovana Vein Swarm west of Willow Creek GS2331 – GS2337
Saddle Zone SZ2301 – SZ2307
The number of Holes yet to be reported 23
The current program is designed to test the boundaries, expand and infill the current mineral resource
estimate (February 2023), which using a 0.45 g/ t Au cut-off and a $1,792 gold price is 12.01 million
ounces at 0.92 g/t Au (407,544,000 tonnes indicated) and 7.7 million ounces at 0.85 g/t (282,303,000
tonnes inferred).
A sample quality control/quality assurance program has been in place throughout the program. 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 Laboratories. Core samples were prepared using the PREP - 31BY package in
ALS’s 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.
Freegold operates a full-service camp at Golden Summit.
Freegold Intersects 2.6 g/t Au over 24.5 m at Golden Summit
FREEGOLD FVL:TSX OTCQX: FGOVF
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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 achievement s 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, 2022, 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
months, 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 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, 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 to which COVID-19 may impact 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