Freegold Ventures Limited (TSX: FVL)  is pleased to announce additional assay results from Freegold’s current 10,000 metre drill program on its Golden Summit Project, near Fairbanks, Alaska.  

GSDL2002, collared 150 metres to the east of GSDL2001 (3.69 g/t over 188 metres), was an independent test of Freegold’s new interpretation of the potential for higher grade material to extend to the west of the old Cleary Hill Mine workings.

Hole GSDL2002 intersected 136 metres grading 1.02 g/t Au. A previous hole, (GSDL1201) drilled within the projected vein zone on the same section, averaged 1.3 g/t Au over the last 113 metres (from 209 – 322 m). Aimed at determining if the interpreted Cleary Hill vein system (CVS) may extend to depth within this area, GSDL2002 successfully intersected the projected downdip extension of the zone intercepted in GSDL1201. The zone remains open to depth and along strike.

Significant results are reported below:

The intercepts in GSDL2002 continue to correspond with Freegold’s revised interpretation that the strike of the CVS may extend west and to depth from the old Cleary Hill Mine workings towards the Dolphin intrusive in an area of limited previous drilling. This intercept further demonstrates the potential for both expansion of the current resource to the north, and  the continuation of the CVS to the west. As the district’s highest grade historical underground mine Cleary Hill produced 281,000 ounces at an average grade of 1.3 oz/t before production ceased in 1942. The historic Cleary Hill mine workings are projected to lie approximately 400 metres to the northeast of the current drilling.

Drilling in progress is continuing to test for the extension of the CVS to depth and to further refine and define the orientation of the higher-grade mineralization. GSDL2002 – was sited prior to the commencement of the initial drill program in February and therefore prior to receiving the results of GSDL2001.

Hole GSDL 2003 was drilled to a depth of 587 metres and was collared 50 metres east of GSDL 2001. GSDL 2004 was collared 50 metres west of GSDL2001, was lost at depth of 420 metres. Hole GSDL2005, was collared 100 metres to the north of GSDL2001 and was aimed at testing the updip extension of the zone encountered in GSDL2001. GSDL2005 was terminated at a depth of 645 metres. Holes GSDL2006 and GSDL 2007 lie 140 metres southwest of GSDL2001. GSDL2006 was lost at a depth of 76.5 metres. Drilling is currently in progress on GSDL2007.

Assay results are taking considerably longer owing both to the COVID19 pandemic as well as the increase in mineral exploration activity. The second rig which was to be added at the end of August is expected to arrive shortly. Assay results will be reported as they are received. A full exploration camp has been established at Golden Summit in order to limit contact with the community. Drilling is possible on a year-round basis.

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 Chemex. All assays were performed by ALS Global Ltd., with sample preparation carried out at the ALS facility in Fairbanks, Alaska with subsequent analyses performed primarily using its Vancouver and Reno laboratories. A sample quality control/quality assurance program was implemented.

Hole Location Map : 

https://freegoldventures.com/site/assets/files/2150/drill_plan_map09112020.pdf

Drill Hole Section: 

https://freegoldventures.com/site/assets/files/2150/section_09112020.pdf

The Qualified Person for this release is Alvin Jackson, PGeo – Vice President Exploration and Development for Freegold.

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.