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Freegold Intersects 1.4 m grading 34.4 g/t Au and 2.3 metres grading 20 g/t Au in Saddle Zone Drilling and Completes Acquisition of the Tolovana Claims

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Freegold Intersects 1.4 m grading 34.4 g/t Au and 2.3 metres grading 20 g/t Au in Saddle Zone Drilling and Completes Acquisition of the Tolovana Claims

 

 

 

 

 

Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) is pleased to report drill results from the Saddle Zone drilling as part of the 2023 exploration program at Golden Summit. The 2023 program has been very successful in demonstrating significant expansion potential with drilling 250 meters west of the main Cleary/Dolphin zone intersecting multiple zones with over 2 g/t of gold over a considerable width (2.12 g/t over 197.3m) within a broader interval of 1.76 g/t Au over 276.5 meters.

 

Today’s Saddle Zone results, 4 kilometres east of the central Dolphin/Cleary Zone, show further expansion potential to the east. The Saddle Zone comprises an extensive vein system mapped on the surface, covering a 3km by 1km area.  The 2023 program tested an 800-metre strike length of this vein swarm and successfully intersected attractive gold and silver mineralization in all seven reconnaissance holes. The program also tested the depth potential.

 

Unlike the Dolphin/Cleary Zone, where mineralization occurs within broad, continuous lower-grade halos surrounding higher-grade veins, mineralization in the Saddle Zone is hosted within discrete higher-grade veins, often with attractive silver values.

 

Significant results can be found in the table below:

 

HOLE
NUMBER
AZ DIP DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
AG  G/T Au EQ
G/T
SZ2301 25 -55 512 163.8 167.3 3.5 1.93 57.50 2.63
including 163.8 165.7 1.9 1.81 101 3.04
SZ2302 20 -55 632 101.5 132.9 31.4 0.65 3.25 0.69
183 209 26 0.88 24.0 1.17
183 185 2 0.75 103 2.01
185 186.6 2 1.37 197 3.77
273.1 287 13.9 1.43 3.05 1.46
375.6 387.9 12.3 0.76 0.29 0.76
SZ2303 509 -55 20 75.6 89 13.4 0.72 0.43 0.73
121.2 126.2 5 1.44 25.5 1.75
305 310.2 5.2 4.11 1.20 4.12
SZ2304 498 -50 20 129.9 138.7 8.8 1.25 130.2 2.84
including 136.5 138.7 2.2 2.62 500.6 8.72
including 136.5 136.9 0.4 5.89 148 7.69
including 136.9 137.1 0.2 3.84 655 11.83
including 137.1 137.8 0.7 1.47 1110 15.01
including 137.8 138.7 0.9 1.8 149 3.62
431 440.4 9.4 2.57 22 2.84
SZ2305 616 -50 20 247.2 251.9 4.7 13.4 5.26 13.46
including 249.6 251 1.4 34.4 9.40 34.51
SZ2306 614 -55 20 225.1 227 1.9 24.1 9.60 24.22
395.2 418.7 23.5 0.73 96.3 1.91
including 414.6 417.4 2.8 0.79 711 9.46
SZ2307 691.7 -55 20 157.3 159.8 2.5 1.88 118 3.32
171.6 184 12.4 0.7 2.80 0.73
224 235.3 11.3 1.21 16.1 1.41
296 298.3 2.3 20 3.20 20.04
603.7 607.9 4.2 3.67 2.13 3.70
663.8 689 25.2 1.16 2.32 1.19

 

The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
AuEq (g/t)=(Au(g/t)*US$gold price per gram+Ag (g/t)*US$silver price per gram)/US$gold price per gram using a gold price of $2050 and a silver price of $25

 

Previously, Freegold conducted a limited drilling program on the Christina Vein, one of several veins located within the 3km by 1km wide Saddle Vein Swarm. The drilling program was carried out between 2011 and 2012 and covered a 150-meter strike length of the Christina Vein, situated west of the Main Saddle Zone.

 

Highlights from the 2011-2012 Christina Vein Testing:

 

HOLE
NUMBER
AZ DIP DEPTH
(M)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
G/T
AG
G/T
Au EQ
G/T
GSDC1174 20 -50 264.6 115.52 118.87 3.35 5 69.3 5.85
GSDC1175 20 -50 250 19.2 23.17 3.97 1.37 3.21 1.41
112.78 114.3 1.52 15.96 1.20 15.97
128.02 137.16 9.14 1 2.87 1.04
149.35 153.93 4.58 1.47 48.6 2.06
GSDC1176 20 -50 224.3 57.91 66.6 8.69 28.10 13.82 28.27
including 57.91 61.88 3.97 61.0 29.20 61.36
122.53 124.66 2.13 8.95 3.96 9.00
170.99 187.3 16.31 5.26 91.42 6.37
GSDC1177 20 -50 256.3 195.07 199.65 4.58 2.64 1.43 2.66
GSCH1201 25 -50 224 77.42 81.69 4.27 1.37 2.04 1.39
GSCH1202 25 -50 228 106.99 114.61 7.62 0.94 4.68 1.00
GSCH1204 25 -50 213.4 156.67 163.07 6.4 1.34 0.63 1.35
GSCH1205 25 -50 263.2 159.56 161.09 1.53 8.73 5.70 8.80
213.97 217.33 3.36 4.41 1.52 4.43
GSCH1206 25 -50 253 147.83 149.35 1.52 9.04 9.00 9.15
238.05 239.58 1.53 6.09 4.90 6.15
GSCH1207 25 -50 258.5 129.85 131.98 2.13 7.9 11.10 8.04
166.73 168.25 1.52 4.95 3.30 4.99

 

The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
AuEq (g/t)=(Au(g/t)*US$gold price per gram+Ag (g/t)*US$silver price per gram)/US$gold price per gram using a gold price of $2050 and a silver price of $25

 

The Saddle Zone plan map & Sections 483000E and 482300E can be found here:

https://freegoldventures.com/site/assets/files/6287/saddle-drill-plan-map.pdf

https://freegoldventures.com/site/assets/files/6287/2024-02-482300e-section.pdf

https://freegoldventures.com/site/assets/files/6287/2024-02-483000e_section.pdf

 

The 2024 program will consist of drilling west of the main Dolphin/Cleary, where mineralization has the potential to be both higher grade and closer to the surface, testing an extensive 1.5 km gold-in-soil geochemical anomaly west of the current resource. In the Saddle Zone, the 2024 program will primarily focus on testing the vein zones not explored during the 2023 program. The primary goal is to locate higher-grade veins and trace them towards the surface. Moreover, the American Eagle, within the Saddle Zone, which historically produced 60,000 ounces at an average of 1.6 ounces per tons will be another area of interest. The Christina Vein will also undergo further drilling to depth.

 

Holes to still be reported from the 2023 Program:

 

Zone Hole Numbers
Tolovana Vein Swarm west of Willow Creek GS2336- GS2337
The number of Holes yet to be reported 2

 

 

Tolovana Exercise

 

Furthermore, Freegold is pleased to announce that it has exercised its right to purchase the state and federal mining claims that have previously been subject to a 20-year lease on what is known as the Tolovana Gold Property in Alaska by making a payment of US$655,260. The Tolovana Gold Property was leased by a third party and later assigned to Freegold, which assumed all the Seller’s obligations under the lease, including annual lease payments. The property was subject to a sliding scale NSR under the lease. The Tolovana exercise eliminates the NSR under the lease and further solidifies Freegold’s land position.

 

QA/QC Protocols

 

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 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. Silver Assays over 100 g/t are automatically re-assayed using Ag-OG62. 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 undersized 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.

 

The 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.

 

About Freegold Ventures Limited

 

Freegold is a TSX-listed company focused on exploration in Alaska and holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

 

Posted February 22, 2024

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