Freegold Intersects 47.5M Grading 2.19 GT/ Au Within 203M Grading 1.17 G/T Au and 81.5M Grading 2.49 G/T Au Within 206.8M Grading 1.78 G/T Au at Golden Summit
JULY 28, 2022 MORE
FOR IMMEDIATE RELEASE
FREEGOLD INTERSECTS 47.5M GRADING 2.19 GT/ AU WITHIN 203M
GRADING 1.17 G/T AU AND 81.5M GRADING 2.49 G/T AU WITHIN
206.8M GRADING 1.78 G/T AU AT GOLDEN SUMMIT
Vancouver, July 28, 2022 Freegold Ventures Limited (Freegold) (TSX:FVL: OTCQX: FGOVF) is
pleased to announce results from an additional twelve holes (7,668m) as part of the
ongoing 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.
Drilling at Golden Summit continues to successfully delineate broad zones of greater 1
g/t Au mineralization over significant widths. Drilling since 2020 has also demonstrated
significant widths of greater than 2 g/t Au within the interpreted Cleary Vein Swarm
(CVS). See included sections for further detail.
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. Drilling continues 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.
Sections 478950E & 479000E
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
DOLPHIN 2204 707.1 -70 360 7 60 53 0.31
66.1 102.7 36.6 0.83
310.3 702.9 392.6 0.79
including 419.2 476.4 57.2 1.15
FREEGOLD INTERSECTS 47.5M GRADING 2.19 GT/ AU WITHIN 203M GRADING 1.17 G/T AU AND 81.5M
GRADING 2.49 G/T AU WITHIN 206.8M GRADING 1.78 G/T AU AT GOLDEN SUMMIT
PAGE 2
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
546.5 588.2 41.7 1.18
including 633.1 702.9 69.8 1.09
701 702.9 1.9 16.15
2206 858.6 -70 360 8 69.2 61.2 0.26
383.1 586.1 203 1.17
including 538.6 586.1 47.5 2.19
684.9 822 137.1 0.83
819 822 13.9 3
Section 479150E
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
DOLPHIN GS2155 850 -70 360 194.2 501.7 307.5 0.84
including 233.8 258.2 24.4 1.31
including
361.5 484.9 123.4 1.13
including
462.4 465.4 3 14.25
including
449.9 501.7 51.8 1.84
614.8 672.7 57.9 0.89
GS2168 694.6 -70 360 3.5 66.1 62.6 0.3
352.7 479.5 126.8 0.75
568.7 593.4 24.7 0.96
Section 479300E
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
DOLPHIN 2212 715.2 -70 360 235 267.5 32.5 1.1
312.2 421.5 109.3 1.63
including
351.9 403.5 51.6 2.5
FREEGOLD INTERSECTS 47.5M GRADING 2.19 GT/ AU WITHIN 203M GRADING 1.17 G/T AU AND 81.5M
GRADING 2.49 G/T AU WITHIN 206.8M GRADING 1.78 G/T AU AT GOLDEN SUMMIT
PAGE 3
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
including
363 363.8 0.8 23.7
including
401.3 403.5 2.2 12
512.7 533.7 21 1.56
Section 479400E
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
DOLPHIN 2205 415.7 -70 360 14.6 38.1 23.5 1.1
including 17.1 18.1 1 15.65
223 392.7 169.7 1.6
including
287.9 289.2 1.3 78.8
including
287.9 340.7 52.8 3.8
including
339 340.7 1.7 28.2
2207 531.8 -70 360 261.9 468.7 206.8 1.78
including
261.9 343.4 81.5 2.49
including
265 268.1 3.1 30.1
including
338.6 339.7 1.1 12.8
including
375.3 414.4 39.1 2.14
including
381.6 383.8 2.2 19.85
including
442.6 468.7 26.1 2.24
2209 764 -70 360 67.2 546.3 479.1 0.84
including
67.2 83 15.8 2.4
including
164 185 21 1.83
including
334.3 381.9 47.6 1.37
including
334.3 337.2 2.9 13.1
including
419 544.5 125.5 1.28
including
436.2 437 0.8 16.7
FREEGOLD INTERSECTS 47.5M GRADING 2.19 GT/ AU WITHIN 203M GRADING 1.17 G/T AU AND 81.5M
GRADING 2.49 G/T AU WITHIN 206.8M GRADING 1.78 G/T AU AT GOLDEN SUMMIT
PAGE 4
Section 479500E
Zone Hole
Number
Depth
(m) Dip Azimuth From
(m) To (m) Interval
(m) Au g/t
CLEARY 2157 718.1 -70 360 236.2 316.8 80.6 0.75
272 316.8 44.8 0.91
431 444.9 13.9 1.73
512 607.5 95.5 0.72
626 686 60 0.85
2166 707 -70 360 50.6 86.5 35.9 0.74
286.4 457.5 171.1 0.93
including
290.6 293.6 3 20.1
including
414.3 443.6 29.3 1.18
2167 705.9 -70 360 38.1 638.8 600.7 0.56
198.9 200 1.1 13.85
393.5 486.9 93.4 1.34
including
405.8 408.9 3.1 19
GS2202
126.2 146 19.8 1.4
461 488 27 1.07
672.5 807.2 134.7 0.76
including
763.6 807.2 43.6 1.36
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
Four drill rigs have been operating since mid -February. The results of the Company’s
2020 and 2021 drill programs, and several holes from the 2022 drill program, are
expected to be incorporated into an updated pit- constrained resource estimate in the
fourth quarter of this year.
Drill Plan Map and Cross Sections:
https:///freegoldventures.com/site/assets/files/2280/Drillplanmap_07282022.pdf
https:/freegoldventures.com/site/assets/files/2280/Sections_07282022.pdf
FREEGOLD INTERSECTS 47.5M GRADING 2.19 GT/ AU WITHIN 203M GRADING 1.17 G/T AU AND 81.5M
GRADING 2.49 G/T AU WITHIN 206.8M GRADING 1.78 G/T AU AT GOLDEN SUMMIT
PAGE 5
The highwa y-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
resource updates were completed each in accordance with National Instrument 43 -
101 – Standards of Disclosure 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.
The terms “mineral resources”, “indicated mineral resources”, “inferred mineral
resources” and “mineral reserves” are defined per NI 43 -101. Though indicated mineral
resources have been estimated for the Project, the 2016 PEA includes inferred mineral
resources that are too speculative for use in defining mineral 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 no te that the PEA is
preliminary in nature, and 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.
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 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 % 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; sel ect samples are dry
screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction,
as well as an assay on the entire oversize fraction. Total Au content, individual assays,
and weight fractions are reported. Analytical and assay p rocedures 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
FREEGOLD INTERSECTS 47.5M GRADING 2.19 GT/ AU WITHIN 203M GRADING 1.17 G/T AU AND 81.5M
GRADING 2.49 G/T AU WITHIN 206.8M GRADING 1.78 G/T AU AT GOLDEN SUMMIT
PAGE 6
70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) scr een. 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 duplic ate 50g fire assay is conducted on
the little fraction, as well as an assay on the entire oversize fraction. Total Au content,
individual assays, and weight fractions are reported. Crushing was conducted at BV’s
Fairbanks facility, with subsequent analysis conducted by its Vancouver, Reno and/or
Hermosillo 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.
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 , potential
mineralization and resources, exploration results, the completion of an update d 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 t o 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, 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
FREEGOLD INTERSECTS 47.5M GRADING 2.19 GT/ AU WITHIN 203M GRADING 1.17 G/T AU AND 81.5M
GRADING 2.49 G/T AU WITHIN 206.8M GRADING 1.78 G/T AU AT GOLDEN SUMMIT
PAGE 7
effects in recent months, the continuation and/or 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,
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 o n Freegold’s bus iness, results of
operations and financial condition.