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Freegold Intercepts 348 Metres Grading 1.0 g/t Au at Golden Summit

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Freegold Ventures Limited (TSX: FVL) is pleased to announce drilling results holes from its ongoing drilling program at Golden Summit, located near Fairbanks, Alaska. During 2020, 18 holes (2001-2018) were drilled and assay results for 10 holes are pending. Assay laboratories are continuing to experience significant delays. Drilling is planned to resume in early February 2021 with four drill rigs, and to continue throughout 2021. A minimum of 40,000 metres of drilling is planned. The Company is well financed to carry out its proposed programs.

 

Table of Significant Intercepts:

 

Hole # Hole
Depth

(m)

Dip Azimuth From

(m)

To

(m)

Interval

(m)

Au

g/t

Cut to
30 g/t
Au
Dolphin
GSDL2007 573 -75 360 225 573 348 1.00 1.00
including 225 315 90 1.55 1.51
including 351 573 222 0.91 0.91
Cleary 442.4 -70 360
GSDL2008 174.7 406.1 231.5 1.20 1.04
Including 190.8 241.7 50.9 1.86 1.86
Including 318.4 375.7 57.3 2.07 1.44
Width refers to drill hole intercepts, true widths cannot be determined due to uncertain geometry
of mineralization.

 

Located nearly 600 metres apart both holes GSDL2007 and GSDL2008 successfully intercepted broad zones of above resource grade at their projected target depths. Management is very encouraged with the ongoing results, as they continue to demonstrate the potential for larger higher-grade portions within what could be open pittable depths over a significant area.

 

Hole GSDL2006 was lost at depth of 76.5 metres and encountered considerable caving and lost samples, as a result the drill was moved 14 metres north and the hole was re-drilled as GSDL2007.

 

During 2021 drilling is expected to continue to the north, west and east of the Dolphin intrusive and will be aimed at expanding and upgrading the current resource category in order advance the project through pre-feasibility. In addition, drilling will also be targeting the known high grade vein structures – Cleary, Wackwitz, Colorado and Wyoming all located in the Cleary Hill area. The veins in the Cleary area all appear to have a southerly dip and are interpreted to bend towards the Dolphin intrusive and form part of the interpreted Cleary Vein Swarm (CVS) – a series of stacked higher grade veins within a lower grade envelope amenable to bulk tonnage mining. During 2020, 5 holes GSDL2008, GSDL2009, GS2012, GS2014 and GS2017 were drilled in the Cleary Hill area aimed at intersecting these higher-grade vein structures at depth. GSDL2008 was the first of the holes drilled in the Cleary area in 2020 and intercepted another broad zone of above resource grade material. This hole intersected the projected zone at its target depth and returned 1.2 g/t Au over 231 metres.  This is interpreted to be the down dip extension of the Cleary Hill vein zone. Previous drilling in the Cleary Hill area was largely shallow in nature. The upcoming program will continue to systematically test this vein swarm to the south, by testing both the depth extent of these high-grade vein structures and their strike to the west towards the Dolphin intrusive, neither of which has been tested and covers a 500×600 metre area.

 

In the Dolphin area results from Hole GSDL 2007 confirmed another broad zone of higher-grade mineralization within the schists in the immediate footwall of the intrusive. This hole averaged 1.0 g/t Au over 348 metres from 225-573 metres, which was the end of the hole. The interval included 1.55 g/t over 90 metres and 0.91 g/t over 222 metres. Assays for GSDL2010, GSDL2011, GS2015, GS2016 and GS2018 are pending. These holes are step out holes from GSDL2001 and are intended to better define and delineate the potential strike of the higher-grade mineralization in the vicinity of the Dolphin intrusive. Holes GSDL2005 and GS2018 are the furthest north holes drilled in the Dolphin Area and were aimed at expanding the current resource to the north.

 

There are over 80 documented gold occurrences throughout the project area and ongoing work continues to identify the potential for other vein swarms.

 

Mineralization at Golden Summit is hosted both within the Dolphin intrusive and the surrounding metasediments. The four highest underground historical producers (Cleary Hill 281,000 ounces grading 44.5 g/t (1.3 oz/), American Eagle 60,000 ounces grading 44.5g/t (1.3 oz/t), the Hi-Yu, 110,000 ounces grading 54.8g/t (1.6 oz/t) and the Newsboy Mine 40,000 ounces grading 34g/t (1.0 oz/t), are all located within the Golden Summit property ) and are hosted within the metasediments. Cleary Hill was mined to a depth of approximately 120 metres until its closure in 1942. All of the holes reported to date (GSDL2001 -2008) were within the targeted metasediments and contain broad zones of intensively silicified and sericitized material

 

In May 2020 Freegold released the results of hole GSDL2001 which returned 188 metres grading 3.69 g/t gold as part of an initial test to determine if there was potential to establish a higher-grade component to the already sizeable resource delineated by Freegold between 2011 and 2013.  This resource formed the basis of a subsequent preliminary economic assessment (PEA) completed in 2016.  The PEA was completed at a US $1,300 gold price and contemplated both an oxide (heap leach) and sulphide processing facility but incorporated only a portion of the global resource. Metallurgical testwork done on the oxide portion demonstrated recoveries of 85% in the oxide and sulphide recoveries in excess of 90%.  The 2020 drill program was designed to determine if a higher-grade component could be identified to augment the current resource grade, enhance the overall project economics and substantially expand the project. Results to date from 2020 drilling program are continuing to demonstrate that that the current resource can be expanded with broad intercepts above the current resource grade being returned.

 

2020 was a pivotal year for Freegold as it continued to explore the Golden Summit Project. The Company looks forward to an exciting year ahead in 2021 and would like to thank its Shareholders for their continued support.

 

Drill core is being logged, photographed, and cut in half using a diamond saw with one half placed in bags for subsequent geochemical analysis. All assays are being performed by ALS Global Ltd with sample preparation carried out at the ALS preparatory facility in Fairbanks, Alaska with subsequent analyses performed primarily using its Vancouver or Reno facilities. A sample quality assurance program is in place.

 

The disclosure of scientific and technical information contained in this news release has been approved by Alvin Jackson, PGeo – Vice President Exploration and Development for Freegold, who is a “Qualified Person” under National Instrument 43-101.

 

Hole Location Map

https://freegoldventures.com/site/assets/files/2181/nr_plan_map.pdf

 

Drill Hole Section:

https://freegoldventures.com/site/assets/files/2181/sections_for_nr_01122021.pdf

 

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 the Shorty Creek Copper – Gold Project near Livengood.

 

Posted January 12, 2021

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