(Previously Form 53-901F)
FORM 51-102F3 (Previously Form 53-901F)
Material Change Report Item 1: Name and Address of Company
Freegold Ventures Limited
PO Box 10351, Suite 888 - 700 West Georgia Street, Vancouver, BC V7Y 1G5
Item 2: Date of Material Change:
January 18, 2012
Item 3: News Release:
A news release dated and issued on January 18, 2012 was disseminated through Canada News Wire
Item 4: Summary of Material Change:
Freegold Intersects 1.8 g/t Gold over 30.6 metres- Golden Summit Project, Alaska
Item 5: Full Description of Material Change:
January 18th, 2012 (Vancouver, BC) – Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) (“Freegold”) is pleased to report the results of from its ongoing drill program on the Golden Summit Project located near Fairbanks, Alaska. Drilling has recommenced on the project with two rigs. One rig will be focused on the Cleary Hill/Dolphin area with the other dedicated to exploring the bulk tonnage potential of the Christina area which lies 3.3 km to the east.
Initial drilling in the Phase 2 program was aimed at evaluating the bulk tonnage potential at the Cleary Hill area with a goal of tying the Cleary Hill Zone into the existing Dolphin Resource in the next resource update.
The Phase two program commenced in September focusing on the Cleary Hill area which is located approximately 600 meters northeast of the Dolphin Deposit on which a resource estimate was completed in December 2011. The current resource at Dolphin using a 0.35 g/t cutoff is 14,840,000 tonnes @ 0.66 g/t Au - representing 316,000 ounces in the indicated category and 50,460,000 tonnes @ 0.61 g/t Au - representing 991,000 ounces in the inferred category.
Additional drilling will also be carried out on the Dolphin Zone during the current program as there remains considerable expansion potential in the immediate area both along strike and to depth.
Significant new results from the Phase 2 drilling in the Cleary Hill Area are reported below.
| Hole Number | Depth of Hole | From (ft) | To (ft) | Interval (ft) | Interval (m) | Au g/t |
|---|---|---|---|---|---|---|
| GSDC 11-56 | 654 | 256.5 | 325 | 68.5 | 20.88 | 0.59 |
| 359 | 463 | 104 | 31.7 | 0.43 | ||
| GSDC 11-57 | 660 | 140 | 308 | 168 | 51.21 | 0.35 |
| 597 | 660 | 63 | 19.2 | 0.27 | ||
| GSDC 11-58 | 783 | 303 | 417.5 | 114.5 | 34.9 | 0.21 |
| GSDC 11-59 | 903 | 532 | 601.5 | 69.5 | 21.18 | 1.17 |
| 532 | 876 | 344 | 104.85 | 0.56 | ||
| incl | 532 | 807 | 275 | 83.82 | 0.65 |
| Hole Number | Depth of Hole | From (ft) | To (ft) | Interval (ft) | Interval (m) | Au g/t |
|---|---|---|---|---|---|---|
| GSDC 11-60 | 788 | 84 | 150 | 66 | 20.12 | 0.35 |
| 370 | 443 | 73 | 22.25 | 0.4 | ||
| GSDC 11-61 | 578 | 232 | 328 | 96 | 29.26 | 0.28 |
| GSDC 11-62 | 652 | 3 | 177 | 174 | 53.04 | 0.28 |
| 295 | 361.5 | 66.5 | 20.27 | 0.49 | ||
| 408.5 | 509 | 100.5 | 30.63 | 1.8 | ||
| 589 | 647 | 58 | 17.68 | 0.46 | ||
| GSDC 11-63 | 406 | 42 | 75.5 | 33.5 | 10.21 | 0.39 |
| 236 | 406 | 170 | 51.82 | 0.42 | ||
| GSDC 11-64 | 437.5 | 0 | 415 | 415 | 126.49 | 0.2 |
| GSDC 11-65 | 975 | 461 | 531 | 70 | 21.34 | 0.4 |
| 559.5 | 684 | 124.5 | 37.95 | 0.29 | ||
| GSDC 11-66 | 803 | 0 | 751 | 751 | 228.9 | 0.38 |
| 40.5 | 164 | 125.5 | 38.25 | 0.47 | ||
| 303 | 335 | 32 | 9.75 | 2.55 | ||
| GSDC 11-67 | 689 | 283 | 388 | 105 | 32 | 0.43 |
| 459 | 576 | 117 | 35.66 | 0.45 | ||
| GSDC 11-68 | 761 | 148.5 | 194 | 45.5 | 13.87 | 0.93 |
| 455 | 620.5 | 165 | 50.29 | 0.6 | ||
| GSDC 11-69 | 837 | 553 | 658 | 105 | 32 | 0.29 |
| GSDC 11-70 | 243 | 181.5 | 243 | 61.5 | 18.75 | 0.74 |
| GSDC 11-71 | 720 | 286.5 | 531 | 245 | 74.68 | 0.72 |
| GSDC 11-72 | 268.5 | 108 | 159.5 | 51.5 | 15.7 | 0.93 |
| GSDC 11-73 | 351 | 128 | 223 | 95 | 28.96 | 0.45 |
| GSDC 11-74 | 868 | 120 | 390 | 270 | 82.3 | 0.43 |
Width refers to drill hole intercepts, true widths have not been determined.
Drilling to date has identified bulk tonnage style mineralization over a 700 metre strike length in the Cleary Hill area. The Dolphin resource covers a comparable area with similar grades. The planned program is designed to infill the 400 metre area between the Cleary Hilll and Dolphin areas resulting in a potential resource strike length of 2,000 metres.
The Qualified Person, as defined by NI 43-101, who has reviewed the technical disclosure contained in this release is Curtis J. Freeman, M.Sc., PGeo who is the primary geological consultant for the project. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags. Core samples were picked up on-site by ALS-Chemex Labs and transported to their facility in Fairbanks, Alaska. A sample quality control/quality assurance program was implemented.
Item 6: Reliance on subsection 7.1(2) or (3) of National Instrument 51-102:
If this Report is being filed on a confidential basis in reliance on subsection 7.1(2) or (3) of National Instrument 51-102, state the reasons for such reliance.
Not Applicable
Item 7: Omitted Information Not Applicable
Item 8: Executive Officer Kristina Walcott, President and CEO, Telephone: 604.662.7307
Item 9: Statement of Senior Officer
Dated at the City of Vancouver, in the Province of British Columbia this 18th day of January 2012