- Broad zones of higher than existing resource grade
mineralization
- Results of 2021 drilling to be incorporated in an updated
resource estimate to be completed in 2022
VANCOUVER, BC, Nov. 3, 2021 /CNW/ - Freegold Ventures Limited
(TSX: FVL) (OTCQX: FGOVF) is pleased to announce additional
results from the ongoing 40,000 metre program currently underway on
its Golden Summit project, near Fairbanks, Alaska.
Zone
|
Hole
Number
|
Hole
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Dolphin
|
GS2107
|
629.7
|
-70
|
360
|
12.7
|
20.1
|
7.4
|
0.65
|
|
|
|
|
|
118.2
|
141.4
|
23.2
|
0.98
|
|
|
|
|
|
340.6
|
571.9
|
231.3
|
1.22
|
|
including
|
|
|
|
521.1
|
523.2
|
2.1
|
44
|
|
GS2111
|
541.6
|
-70
|
360
|
219.6
|
230.7
|
11.1
|
1.26
|
|
|
|
|
|
270.4
|
288.6
|
18.2
|
1.35
|
|
|
|
|
|
346.6
|
364.8
|
18.2
|
1.39
|
|
|
|
|
|
434.9
|
541.6
|
106.7
|
0.97
|
Cleary
|
GS2127
|
608
|
-70
|
360
|
78.6
|
103.2
|
24.6
|
1.9
|
|
|
|
|
|
116.1
|
157.5
|
41.4
|
1.96
|
|
including
|
|
|
|
155.3
|
157.5
|
2.2
|
30.39
|
|
|
|
|
|
232.4
|
235.4
|
3
|
36.8
|
|
|
|
|
|
287
|
299.4
|
12.4
|
1.32
|
|
|
|
|
|
382.4
|
482
|
99.6
|
0.74
|
Width refers to drill hole intercepts, true width cannot be
determined due to the uncertain geometry of mineralization.
The program is continuing to potentially expand the current
resource but also define areas of significantly higher-grade
mineralization. The current program is continuing to systematically
determine the orientation of the higher-grade mineralization but
also to define the extent of the mineralization which remains open.
An updated resource calculation will be completed in 2022
once all the assays have been received from the 2021 program and
will incorporate the results of the oxide expansion drilling
conducted in 2017, as well as the drilling carried out in 2020. The
results of over 50,000 metres of drilling are expected to be
included in this update. Since drilling resumed in February, 2021,
approximately 32,000 metres have been drilled in 59 holes,
including holes in progress.
Hole GS 2107
Drilled on the north contact of the
Dolphin intrusive and midway between GS2103 and GS2003, within the
footwall schists, it intersected a 231.3 metre intercept
grading 1.22 g/t Au which lies within the interpreted main
mineralized zone and is roughly double the existing global resource
grade of 0.65 g/t Au. These results continue to confirm Freegold's
re-interpretation of potentially higher-grade zone within the
existing resource.
GS2107 521.1 – 523.2m – 44 g/t
Au
Hole GS2111
Collared on the north side of the
Tolovana Vein zone the hole intersected 106.7 metres grading 0.97
g/t Au, and bottomed in mineralization. The hole was
terminated due to difficult drilling conditions at 541.6
metres.
Hole GS2127
Drilled in the Cleary area of the system.
This hole intersected two intervals of greater that 30 g/t Au, the
first 2.2 metre interval grading 30.39 g/t Au and the second a 3
metre interval grading 36.8 g/t Au. These intercepts may correlate
with the Wyoming and Wackwitz
veins. The hole also intercepted 99.6 metres of 0.74 g/t Au
which is the projected down dip extension of the Cleary Vein
system. Additional holes to the south of the Cleary Vein
system are planned to potentially extend the down dip of the Cleary
Hill vein system.
GS2127 – 155.3 – 157.5m – 30.39
g/t Au
S2127 – 232.4 – 235.4m – 36.8
g/t Au
Key objectives for the 2021 program:
- Determining the orientation and extent of the higher-grade
mineralization.
- Expanding the currently known resource and upgrading the
resource categories as part of the efforts to further advance the
project through pre-feasibility, including additional environmental
baseline studies, further 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
survey have been conducted on these areas and further drilling is
being planned to test these potential target areas.
Drill Plan Map
https://freegoldventures.com/site/assets/files/2194/2021_drill_plan_map_nr_11032021a.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 and three NI 43-101 compliant resource updates were
completed. In January 2016, a
preliminary economic assessment (PEA) was produced by TetraTech
(Press release – January 26th,
2016).
Assay turnaround time continues to remain slow. Freegold is
continuing to assay all drill core as the mineralization is not
always visibly determinable. Drill cores were cut in half using a
diamond saw, with one-half placed in sealed bags for preparation
and subsequent geochemical analyses by ALS Global Ltd and/or Bureau
Veritas , with sample preparation carried out in Fairbanks and/or Juneau, Alaska, with subsequent analyses
performed primarily using their Vancouver, Reno and/or Hermosillo facilities.
Freegold will continue to report assays as they are finalized.
Freegold is continuing to operate 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.
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