- Over 23,000 metres of drilling completed since drilling
recommenced in February
- Continuing to intersect broad zones of higher than
existing resource grade mineralization
- 2.94 g/t Au over 111.2 metres in GS2122
VANCOUVER, BC, Aug. 18, 2021 /CNW/ - Freegold Ventures
Limited (Freegold) (TSX: FVL) (OTCQX: FGOVF) is pleased to announce
results from a further six holes (3,628.4 metres ) from the 2021
program of its 40,000 metre drill program currently underway on its
Golden Summit project, near Fairbanks,
Alaska. Results continue to intersect broad zones of above
resource grade mineralization.
Highlights are as listed in the table below:
Zone
|
Hole
Number
|
Hole Depth
(m)
|
Dip
|
Azimuth
|
From (m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Uncut Au
g/t
|
DOLPHIN
|
GS2122
|
555.3
|
–70
|
360
|
59.5
|
555.3
|
495.8
|
1.17
|
|
|
including
|
|
|
|
59.5
|
63.1
|
3.6
|
26.2
|
|
|
including
|
|
|
|
311.9
|
555.3
|
243.4
|
1.63
|
|
|
including
|
|
|
|
444.1
|
555.3
|
111.2
|
2.94
|
|
|
including
|
|
|
|
499
|
502
|
3.0
|
35.2
|
|
|
including
|
|
|
|
526.4
|
529.4
|
3.0
|
19.95
|
|
|
including
|
|
|
|
544.7
|
547.7
|
3.0
|
20.8
|
|
|
GS2103
|
917.4
|
-90
|
0
|
122.4
|
917.4
|
795.0
|
0.47
|
|
|
including
|
|
|
|
536.4
|
803.4
|
267.0
|
0.73
|
|
|
including
|
|
|
|
536.4
|
613.9
|
77.5
|
0.94
|
|
CLEARY
|
GS2121
|
543.3
|
-70
|
360
|
39.1
|
40.3
|
1.2
|
33.7
|
|
|
|
|
|
|
270.2
|
437
|
166.8
|
1.55*
|
4.98
|
|
including
|
|
|
|
270.2
|
270.5
|
1.3
|
34.5
|
|
|
including
|
|
|
|
308
|
394.4
|
86.4
|
1.94*
|
8.57
|
|
including
|
|
|
|
393.3
|
394.4
|
1.1
|
609*
|
|
|
GS2118
|
552.4
|
-70
|
360
|
36.9
|
38
|
1.1
|
14.95
|
|
|
|
|
|
|
230
|
248
|
18.0
|
2.81
|
|
|
|
|
|
|
304.5
|
323
|
18.5
|
5.54
|
|
|
including
|
|
|
|
311.5
|
313
|
1.5
|
27.3
|
|
|
including
|
|
|
|
320
|
323
|
3.0
|
17.25
|
|
|
|
|
|
|
345.5
|
347
|
1.5
|
11.05
|
|
|
|
|
|
|
354
|
422
|
68
|
0.83
|
|
Width refers to
drill hole intercepts, true width cannot be determined due to the
uncertain geometry of mineralization. Cut to 88 g/t
Au
|
*In the above table the 1.1 metre intercept of 609 g/t has been
cut to 88 g/t for the purpose of calculating a weighted average.
Freegold has elected to cut the drill intercept based on
drilling results and statistical analysis conducted in conjunction
with the previous resource estimate. The uncut grade is shown for
informational purposes.
Drill holes GS2102 and 2104 returned relatively minor
intercepts, generally from 0.4-0.5 g/t Au over widths of 30-40
metres, with the highest being 0.86 over 18.3 metres in hole GS
2102. Both holes intersected significant faulting, which may be an
be indication of a significant offset. Both holes were located on
the northwestern area of the overall mineralized system. Hole
GS2122 was drilled towards the western side of the Dolphin
intrusive near the historic Tolovana vein zone. The presence of
visible gold was noted in hole GS2122 within narrow veins less than
20 centimetres in width. Metallic screen analyses were
performed on those intervals. A total of five samples were
selected for metallic screen based on the presence of visible gold
and these resulted in an average increase of grade of 111%. Visible
gold has been noted in several other holes drilled in the vicinity
of the Tolovana vein zone and assays remain outstanding for these
holes.
Hole GS2103 was drilled as a deeper test of the Dolphin
intrusive to the south and was deeper than any previous drilling.
The results of the GS2103 continue to confirm that the
mineralization extends to depth intersecting a broad intercept of
267 metres grading 0.73 g/t Au from 536.4 metres to 803.4 metres
well below the depth of holes in the vicinity. Holes GSDL1149 and
GSDL1151 were vertical holes drilled to a depth of 403.3 metres and
287.7 metres respectively.
Holes GS 2118 and 2121 were drilled 25 metres east and north
respectively of drill hole GS 2017 which intersected the previously
reported intercept of 588 g/t over 1.7 metres. The high grade
intersected in GS2121 was within an intensively silicified quartz
breccia, and the presence of visible gold was not noted.
Results for hole GS2126 and GS2123 drilled to the south and
west of hole GS2017 respectively are still pending.
Since drilling resumed in February, 2021, 23,000 metres have been drilled in 43 holes, including holes in progress.
The current program is continuing to test for the
potential for a higher-grade corridor, effectively a vein
swarm, consisting of multiple veins, veinlets and stockwork zones
within areas of intense silicification and alteration
extending from the area of the old Cleary Hill mine workings
towards the Dolphin intrusive. Drilling is also
continuing to demonstrate the potential for higher grade
mineralization at Cleary
Hill well below the level of previous
drilling.
Holes are being systematically drilled not only to determine the orientation of the higher–grade mineralization but also to
define the extent of the mineralization which
remains open in all directions.
Additionally, drilling will also be directed to the south of the
Cleary Hill mine workings where previous workings including
the Colorado, Wackwitz and
Wyoming vein zones which have
never been tested to depth or along strike to the east. Past
drilling in the Cleary Hill area has been largely shallow in nature
and it is interpreted that the Dolphin intrusive likely
underlies the Cleary Hill area
at depth. See map for locations of holes
completed to date.
Key objectives for the 2021 program:
- Determining the orientation and extent of the higher–grade
mineralization between the Dolphin and Cleary Zones.
- Expand upgrade the current resource to further advance the
project through pre–feasibility.
- Complete additional environmental baseline studies,
metallurgical test work, and cultural resource studies.
- In addition, Freegold is planning to test other targets on the
project that may have potential to host additional resources and
host other buried intrusives. Ground geophysics and soil sampling
has been conducted on these areas and further drilling is being
planned to test these.
Assay reporting remains slow, largely as a result of the
backlog at the preparatory facility in Fairbanks as all samples are prepped in
Fairbanks prior to being shipped
to either Reno or Vancouver for
analyses. 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 is in place. Additional measures
have been put in place in order to further expedite sample
turnaround; however it should be noted the current plan is a
systematic evaluation of the mineralized zone and is not dependent
upon individual hole results.
Drill Plan Map and Cross Section:
https://freegoldventures.com/site/assets/files/2185/2021_drill_plan_map_08182021.pdf
https://freegoldventures.com/site/assets/files/2185/s478850e_section.pdf
Golden Summit was the subject of an intensive drill campaign
between January 2011 and August 2013. A total of 36,159 metres were
drilled. In January 2016, a
preliminary economic assessment (PEA) was produced by TetraTech
(Press release – January 26th, 2016).
Freegold operates a full service camp at Golden Summit with
stringent COVID–19 protocols in place.
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 where a drill program is also
currently in progress.
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 defining 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 reserves 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 risks. 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 and 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, 2020 filed
under Freegold's profile at www.sedar.com for a detailed discussion
of the risk factors associated with Freegold's operations. On
January 30, 2020, the World Health
Organization declared the COVID-19 outbreak a global health
emergency. Many governments have likewise declared that the
COVID-19outbreak in their jurisdictions constitutes an emergency.
Reactions to the spread of COVID-19 have led to, among other
things, significant restrictions on travel, business closures,
quarantines and a general reduction in economic activity. While
these effects are expected to be temporary, the duration of the
business disruptions and related financial impact cannot be
reasonably estimated at this time. Such public health crises can
result in volatility and disruptions in the supply and demand for
various products and services, global supply chains and financial
markets, as well as declining trade and market sentiment and
reduced mobility of people, all of which could affect interest
rates, credit ratings, credit risk and inflation. The risks to
Freegold of such public health crises also include risks to
employee health and safety and a slowdown or temporary suspension
of operations in geographic locations impacted by an outbreak. As a
result of the COVID-19 outbreak, the Freegold has implemented a
significant COVID management program and established a full service
Camp at Golden Summit in order to attempt to mitigate risks to its
employees, contractors and community. While the extent to which
COVID-19 may impact the Freegold is uncertain, it is possible that
COVID-19 may have a material adverse effect on
Freegold's business, results of operations and financial
condition.
SOURCE Freegold Ventures Limited