- Over 37,000 metres of drilling completed since drilling
recommenced in February
- Broad zones of higher than existing resource grade
mineralization
- Updated Mineral Resource to be completed in
2022
VANCOUVER, BC, Dec. 7, 2021 /CNW/ - Freegold Ventures
Limited (Freegold) (TSX: FVL) (OTCQX: FGOVF) is pleased to
announce results from an additional two holes (1091.8 metres ) from
the ongoing drill program at its Golden Summit project, near
Fairbanks, Alaska. As with
previous results received and reported throughout the 2021
program these new intersections clearly demonstrate the potential
for significant resource expansion potential at Golden Summit with
higher that existing resource grades.
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
|
CLEARY
|
GS2126
|
498.4
|
-70
|
360
|
94.3
|
130.4
|
36.1
|
1.61
|
|
Including
|
|
|
|
107
|
110
|
3.0
|
12.90
|
|
|
|
|
|
293.2
|
472.3
|
179.1
|
0.75
|
|
including
|
|
|
|
293.2
|
306.1
|
12.9
|
2.50
|
|
including
|
|
|
|
383.2
|
472.3
|
89.1
|
0.87
|
|
including
|
|
|
|
414.1
|
461.0
|
46.9
|
1.29
|
DOLPHIN
|
GS2129
|
593.4
|
–70
|
360
|
282.5
|
593.4
|
310.9
|
0.83
|
|
including
|
|
|
|
462.4
|
544.7
|
82.3
|
1.85
|
|
Including*
|
|
|
|
465.4
|
468.5
|
3.1
|
16.30
|
|
Including*
|
|
|
|
541.6
|
544.7
|
3.1
|
12.50
|
|
Width refers to
drill hole intercepts, true width cannot be determined due to the
uncertain geometry of mineralization.
|
CLEARY HILL
Hole GS 2126 was drilled 25 metres to the south of drill hole GS
2017 which intersected the previously reported intercept of 588 g/t
Au over 1.7 metres within a broader zone of 3.07 g/t Au over 98.2
metres from 300.5 to 398.7 metres ( 588 g/t Au intercept cut to 88
g/t Au) - (11.72g/t Au over 98.2 metres uncut). Results for hole
GS2123 drilled to the west of GS2017 are pending.
Both GSDL2017 and GSDL2126 contain significant broad zones of
higher-grade mineralization and these results continue to show
that the grades in the Cleary Hill area are increasing and also
thickening at depth in accordance with Freegold's
interpretation.
Previous drill holes in the Cleary Hill area were largely
shallow in nature. The 2020-2021 drilling in the area was designed
to test if the Cleary Hill mineralization extends to depth. The
mineralization at Cleary Hill not only includes narrow high- grade
veins, but also includes multiple veins, veinlets and stockwork
zones within broad areas of intense silicification and
alteration extending from the old Cleary Hill mine workings towards
the Dolphin intrusive which has significant implications for
both the grade and tonnage potential of the project. More recently,
intrusive mineralization has been intersected at depth in the
Cleary Hill area further substantiating Freegold's interpretation
that the Dolphin intrusive may underlie the Cleary Hill area.
DOLPHIN
Hole GS2129 was drilled towards the western side of the Dolphin
intrusive near the historic Tolovana vein zone and in an area
of limited previous drilling. Hole GS2129 returned 310.9 metres
grading 0.83 g/t including 82.3 metres grading 1.85 g/t Au
demonstrating the potential for significant resource expansion with
the higher-grade intercepts lying outside of the boundaries of the
current resource estimate.
The 2021 exploration program was not only designed to test for
higher grade potential but was also designed to upgrade a portion
of the mineral resource from the inferred to the indicated
category, a necessary step in advancing the project through a
pre-feasibility study. The Golden Summit project was the subject of
an intensive drill campaign between January
2011 and August 2013. (36,159
metres of drilling). A preliminary economic assessment (the "PEA")
was completed in January 2016
- (Press Release January
25th, 2016). 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.
As part of the PEA a conceptual open pit, based on $1,300 Au, was produced by Tetra Tech. Using a
$1,300 gold price only a portion of
the previous overall global mineral resource falls within the
conceptual pit and as a result only blocks falling within the
$1,300 pit are now reported as
Mineral Resource. The current mineral resource using a 0.3 g/t
cut-off is 61,460,000 tonnes at 0.69 g/t (1,363,000 contained
ounces) in the indicated mineral resource category and 71,500,000
tonnes at 0.69 g/t (1,584,000 contained ounces) in the inferred
mineral resource category.
The results of the 2020-2021 drilling will be incorporated into
an updated mineral resource estimate later in 2022.
Drill cores are logged, photographed and 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 with subsequent analyses performed
primarily using their Vancouver,
Reno and/or Hermosillo, Mexico
facilities. Freegold will continue to report assays as they are
finalized. To date 65 holes have been drilled. Assays have now been
reported for 20 of these holes. Freegold is continuing to cut
and assay all drill core. Commercial assaying remains
extremely slow as a result of COVID and this is not only being
experienced by Freegold but also by other explorers world-wide;
however, Freegold's program is systematic evaluation of the
mineralized zone and therefore not solely dependent upon individual
hole results.
A sample quality control/quality assurance
program is in place. Over 37,000 metres have been drilled
since drilling recommenced in February
2021.
Drill Plan Map
https://freegoldventures.com/site/assets/files/2194/2021_drill_plan_map_nr_12072021.pdf
Freegold continues 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, where a 3,400 metre program was
completed this summer. Assays are pending.
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