Freegold to Commence Drilling at Golden Summit Gold Project
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For Immediate Release
www.freegoldventures.com
Freegold to Commence Drilling at Golden Summit Gold Project
May 9th, 2017 (Vancouver, BC) – Freegold Ventures Limited (TSX: FVL, Frankfu rt: FR4N) (“Freegold) is pleased to
announce that drilling will commence this week on the Golden Summit Project . The 2017 Phase 1 oxide expansion
program is designed to potentially increase the current oxide gold resource. Drilling during Phase One will be focused
to the north of the current mineral resource where previously completed RAB (rotary air blast drilling) has identified the
potential for higher- grade material. 20 – 25 holes with an average hole depth of 80 metres are currently planned.
Both th e d rilling to potentially expand the oxide resource and the metallurgical program underway are aimed at
improving the overall project economics. In particular, further oxidation treatment on all identifiable sulphide materials
as well as ultra fine grind t estwork is being undertaken in an effort to explore grind size vs recovery relationships. In
addition to the expansion of the oxide resource upgrading of the inferred mineral resource to the measured and
indicated category will also be necessary in order to further advance the project through to pre-feasibility..
About Golden Summit
Golden Summit is located 30 minutes drive via paved highway from Fairbanks, Alaska. Well located, a significant
advantage for Golden Summit is the excellent supporting infrastructure in the immediate vicinity of the property, as well
as in the broader region, including rail and power that will ultimately may allow for the staged development.
The Golden Summit project was the subject of an intensive drill campaign between January 2011 and August 2013. A
total of 36,159 metres of drilling and three NI 43 -101 compliant mineral resource updates were completed. A
preliminary economic assessment (the “PEA”) was completed in January 2016 - (Press Release January 25 th, 2016).
Please note that the PEA is preliminary in nature, 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.
As part of the PEA a conceptual open pit, based on $1,300 Au, was produced by Tetra Tech. Using a $1,300 gold
price only a portion of the previous overall global mineral resource falls within the conceptual pit and as a result only
blocks falling within the $1,300 pit are now reported as Mineral Resource. The current mineral resource using a 0.3 g/t
cut-off is 61,460,000 tonnes at 0.69 g/t ( 1,363,000 contained ounces) in the indicated mineral resource category and
71,500,000 tonnes at 0.69 g/t (1,584,000 contained ounces) in the inferred mineral resource category.
The initial development scenario proposed evaluated a two-phase, 24-year open pit mine generating two gold streams.
Phase One contemplates a valley heap leach operation for oxide portion of the resource transitioning into a milling
circuit for the larger sulphide resource. The staged approach to the overall project was designed to lower initial upfront
capital costs ., Both the ox ide and sulphide will operate 10,000 tonnes per day (tpd) for 2,358,000 ounces of doré
produced over life of mine . A technical report with respect to the PEA entitled “NI 43 -101 Technical Report, Golden
Summit Project, Preliminary Economic Assessment, Fairbanks North Star Borough, Alaska, USA” dated March 10,
2016 and amended and restated May 11 th, 2016 (the PEA Technical Report) was prepared by Tetra Tech, Inc. with
Mark J. Abrams, C.P.G. and Gary H. Giroux, P.Eng. of Giroux Consultants Ltd.
The Qualified Person for this release is Alvin Jackson, P.Geo – Vice President Exploration and Development for the
Company who has reviewed and approved the scientific and technical information contained in this press release.
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For further information:
Kristina Walcott-President and CEO
Telephone: 1.604.662.7307
jkw@freegoldventures,com
Some statements in this news release contain forward-looking information, including without limitation statements as to
planned expenditures and exploration programs. 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 exploration programs on schedule and the success of exploration programs. The
term "Mineral Resource" used above is defined per NI 43 -101. Though Indicated Resources have been estimated for
the Project, this PEA includes Inferred Mineral Resources that are too speculative for use in def ining 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 note that the PEA is preliminary in nature, 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 re serves 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 ris ks. 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 an d mining operations, the uncertainty of future
profitability and uncertainty of access to additional capital. See Freegold's Annual Information Form for the year ended
December 31st, 2016 filed under Freegold's profile at www.sedar.com for a detailed discu ssion of the risk factors
associated with Freegold's operations.