Freegold Intersects 3.06 g/t Au over 42 Metres at Golden Summit and 1.36 g/t Au over 115.2 metres FREEGOLD FVL:TSX OTCQX: FGOVF GS2406 & GS2407: - higher grade closer to surface
Freegold Intersects 3.06 g/t Au over 42 Metres at Golden Summit
and 1.36 g/t Au over 115.2 metres
FREEGOLD
FVL:TSX OTCQX: FGOVF
GS2406 & GS2407: - higher grade closer to surface
• 115.2m grading 1.36 g/t Au from 45.8m, including 476 g/t Au over 0.6m (cut to 90 g/t Au) - GS2406
• 28.9m grading 2.29 g/t Au from 119.5m, including 57 g/t Au over 0.9m – GS2407
GS2407 & GS208 – higher grade at depth
• 87.5m grading 1.59 g/t Au from 522.4m – GS2407
• 42m grading 3.06 g/t Au from 528m – GS2408
Vancouver, BC – October 8th, 2024—Freegold Ventures Limited (TSX: FVL, OTCQX: FGOVF) (“Freegold” or the "Company")
is pleased to announce additional results from the 2024 drilling program. Twenty-seven holes have been completed, with
two more currently in progress. The 2024 drill program is strategically targeting the western extension for potential
additional expansion ahead of the commencement of a pre-feasibility study. The drilling has been systematically testing
the expansion of the west zone, with some holes drilled to the north to delineate mineralization boundaries on the west
side (GS2404, GS2409, GS2410). Hole GS2403 was drilled to the northwest and did not reach the target depth.
GS2406, GS2407 and GS2408 show promising signs as they follow the historically higher -grade veins on the west side of
Willow Creek, intersecting multiple higher -grade intercepts over significant widths. As drilling progresses westward, a
change in the orientation of the mineralization has been observed, which seems to align with the orientation of the
mineralization at the historic Newsboy Mine, where the mineralization dips to the north. Furthermore, the more western
holes have revealed larger veins, consistent with historical reports indicating the presence of substantial veins with
mineralization dipping northward and to greater depths.
Hole
Number Dip Azimuth From
(m)
To
(m)
Interval
(m)
Au
g/t
Cut to
90 g/t
GS2403 -50 315 162.7 164 1.3 6.37
GS2404 -50 360 365 394.9 29.9 0.67
GS2405 -50 360 12.2 34.7 22.5 1.26
GS2406 -55 360 45.8 161 115.2 3.36 1.36
including 45.8 46.4 0.6 476
231.3 280.8 49.5 0.96
444.3 470 25.7 1.22
484.7 520.1 35.4 0.7
Hole Dip Azimuth From To Interval Au Cut to
Freegold Intersects 3.06 g/t Au over 42 Metres at Golden Summit
and 1.36 g/t Au over 115.2 metres
2
FREEGOLD
FVL:TSX OTCQX: FGOVF
Number (m) (m) (m) g/t 90 g/t
GS2407 -50 360 119.5 148.4 28.9 2.29
including 119.5 120.4 0.9 57
194.2 229 34.8 0.65
330.4 371.2 40.8 1.9
including 369.5 371.2 1.7 37.6
522.4 609.8 87.4 1.59
including 528.5 531.6 3.1 25.1
GS2408 -55 360 51.7 76.6 24.9 0.72
241.4 247.1 5.7 1.76
341.8 358.9 17.1 1.17
455.3 471 15.7 0.75
528 570 42 3.06
including 550.8 553.5 2.7 30.9
593.9 610.2 16.3 2.4
642 672 30 0.63
GS2409 -55 360 332.1 333.3 1.2 15.5
GS2410 -45 360 68.6 96.6 28 0.49
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
It's worth noting that the mineralization in the central Dolphin-Cleary Zone dips to the south . As a result, most of the
drilling has been oriented to the north. With the observation of a change in the orientation of the mineralization in the
drill core, further studies are being conducted to more accurately delineate the area where the shift in mineralization
orientation occurs on the western side. As such, the remaining holes in the 2024 program will focus on drilling vertical
holes to further define the mineralisation's orientation.
Four of the twenty -six holes completed were PQ holes. Holes GS2412, GS2414, GS2416 and GS2418 were drilled in the
west zone, central Dolphin Zone (two holes) and Cleary Zone, respectively. These holes were drilled to a minimum depth
of 600 meters with large-diameter core. The core was sawn in half, sampled, and sent to Base Metallurgical Laboratories
Ltd in Kamloops, BC. The remaining half of the core was then quartered, sampled, and sent for standard gold fire assay.
The cutting and sampling of these holes were prioritized to facilitate the ongoing test work following the encouraging
Freegold Intersects 3.06 g/t Au over 42 Metres at Golden Summit
and 1.36 g/t Au over 115.2 metres
3
FREEGOLD
FVL:TSX OTCQX: FGOVF
results reported in June of this year. The metallurgical work is expected to take several months and will entail a full suite
of metallurgical test work.
A plan map showing the locations of the drill holes targeting the area west of Willow Creek can be found here:
https://freegoldventures.com/site/assets/files/6287/goldensummit-dolphin-cleary-resource-drilling-western-a.jpg
https://freegoldventures.com/site/assets/files/6287/section-478500e.pdf
https://freegoldventures.com/site/assets/files/6287/section-478600e.pdf
In addition to the ongoing drill program, metallurgical, baseline environmental, cultural resource, and wetland studies
remain ongoing.
A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half
using a diamond saw, and one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS
Laboratories. Core samples were prepared in ALS's facility using the PREP - 31BY package. 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 fine fraction, and an assay is conducted 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.
The Qualified Person for this release is Alvin Jackson, P.Geo., Vice President of Exploration and Development for Freegold,
who has approved the scientific and technical disclosure in this news release.
Freegold Intersects 3.06 g/t Au over 42 Metres at Golden Summit
and 1.36 g/t Au over 115.2 metres
4
FREEGOLD
FVL:TSX OTCQX: FGOVF
About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska. It 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. Such factors include, without limitation, the completion of planned expenditures, the ability to complete explora tion programs on schedule, and
the success of exploration programs. See Freegold’s Annual Information Form for the year ended December 31st, 202 3, 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 t o 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 these effects have been reduced 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. The risks to Freegold of such public health crises also include employee health and safety risks 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.