Freegold Reports 2023 Final Results - Continues to Confirm Western Expansion FREEGOLD FVL:TSX
Freegold Reports 2023 Final Results - Continues to Confirm Western Expansion
FREEGOLD
FVL:TSX OTCQX: FGOVF
Vancouver, BC – April 17th, 2024 — Freegold Ventures Limited (TSX: FVL, OCTQX: FGOVF) (“Freegold” or the "Company")
is pleased to report results from the final two holes of the 2023 drill program. The 2023 drill results will be incorporated
into an updated mineral resource estimate (“MRE”), which is anticipated to be released later this quarter.
The drilling conducted in 2023 successfully demonstrated the potential for immediate expansion towards the west, with
potentially higher grades. It is important to note that the Golden Summit already has a significant gold resource. However,
the potential for higher grades at shallower depths to the immediate west is substantial and could significantly alter the
overall project economics. Therefore, we are confident that targeting shallower, higher- grade mineralization before
undertaking economic studies will unlock even greater value in this project. Drilling is expected to commence shortly.
Hole GS2337 was drilled at an azimuth of 315o to cross the Tolovana Vein swarm extensions to the southwest. The hole
successfully intersected various zones of higher-grade mineralization.
HOLE
NUMBER AZIMUTH Dip DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
GS2336 360 -55 831.3 15.9 31.1 15.2 0.52
166.1 218.5 52.4 0.59
257.7 677.3 419.6 0.86
including 308.2 327.7 19.5 4.26
including 308.2 311.2 3 25.3
including 483.1 504.7 21.6 1.09
including 521.8 558.4 36.6 2.86
including 521.8 524.9 3.1 28.8
including 655.9 677.3 21.4 0.75
708.7 726 17.3 0.86
758.2 772.4 14.2 1.43
GS2337 315 -50 784.3 260 704 444 0.85
including 341 354.7 13.7 1.21
including 367.8 443 75.2 1.31
including 367.8 369 1.2 20.2
including 506 517 11 2.27
including 552.1 575 22.9 0.94
including 668 704 36 2.01
including 668 671 3 13.45
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization
Freegold Reports 2023 Final Results - Continues to Confirm Western Expansion
2
FREEGOLD
FVL:TSX OTCQX: FGOVF
The Tolovana vein swam lies within the three clear and immediate extensional geochemical trends identified: two south-
southwest flanking trends and a clear east -west trend. The 2024 drill program will focus on exploring these identified
trends.
2023 Drilling Demonstrated:
• The p otential to further expand the resource along strike to the west within a 1.5 -kilometre-long gold-in-soil
geochemical anomaly with the potential to increase the overall resource grade at shallower depths;
• Defined boundaries of the existing resource and;
• Demonstrated the potential for the Saddle Zone to host additional gold and silver mineralization.
Metallurgical work remains ongoing, and further metallurgical test work will be completed during the 2024 program to
enhance the Golden Summit Project's overall economics.
A plan map showing the locations of the reported holes and the Section for GS2337 can be found here:
https://freegoldventures.com/site/assets/files/6287/gs2337-section.pdf
https://freegoldventures.com/site/assets/files/6287/gs-plan-04172024.pdf
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 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 spl it 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 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 Reports 2023 Final Results - Continues to Confirm Western Expansion
3
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 updat ed 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 sch edule, 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 a nd 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 on
Freegold’s business, results of operations, and financial condition .