- 70% of Holes still to be reported – 48 holes
- Visible gold noted in several holes
- Over 38,000 meters of drilling at Golden Summit
- Updated Mineral Resource to be completed in 2022
- 3,400 meters of drilling completed at Shorty Creek
VANCOUVER, BC, Dec. 16, 2021 /CNW/ - Freegold Ventures Limited
(Freegold) (TSX: FVL) (OTCQX: FGOVF) is pleased to provide a
summary of its 2021 activities. This year was a continuation of a
program that began in 2020 looking for deeper, higher-grade
mineralization. It has been a very successful program. The program
has already intercepted more extensive and consistent higher-grade
mineralization than any previous drill program on the project
including numerous assays intervals over 30 g/t Au. Golden
Summit's mineralization is structurally complex, still making it
challenging to connect the high-grade intersections into cohesive
units, however, they will substantially boost the average grade for
a bulk mineable project, well above our historic 0.69 gpT resource
grade average. Freegold and most North American explorers
experienced frustratingly long delays at the assay labs.
Mineralization at Golden Summit is not necessarily visually
obvious however with an over 90% hit rate in holes reported we are
very pleased with our targeting efforts which continue to confirm
our interpretation. Looking forward, with more than 70% of the
drill holes from the 2021 program still to be reported and the
already demonstrated success of the 2021 program, Management
believes 2022 will be an exciting year for Freegold.
Over 38,000 metres of drilling were completed in 68 holes with
an average hole depth of over 600 metres. Assays are pending for 48
holes. Drilling for the year just concluded and is expected to
resume in early February. Drilling will continue to focus on
further expanding and defining the higher-grade Cleary Vein System
(CVS). Cutting and sampling will continue over the winter break to
expedite results as quickly as possible.
Drill results are continuing to return multiple intercepts of
higher-grade mineralization within the projected extension of the
CVS. The CVS is an interpreted corridor extending south from the
old Cleary Hill mine workings
towards the Dolphin intrusive and consists of broad zones of
intense silicification and alteration that contain narrow
high-grade veins, multiple veins, veinlets, and stockwork zones.
The identification of the CVS in 2020 had significant implications
for both the grade and tonnage potential of the project.
In the Cleary Zone, results are pending for 25 holes.
These holes were targeting the down dip extent of the high-grade
vein zones found within the historic Cleary, Colorado, Wackwitz, and Wyoming veins as well their broader enveloping
stockwork zones. Holes south of the previous drilling have
intersected significant veining, quartz breccia and visible gold in
areas with no previous drilling. Oriented core is being used to
better define the orientation of the high-grade encountered
throughout 2021. Results from the Cleary zone drilling continue to
show that the higher-grade zone in the Cleary widens and plunges at
depth toward the Dolphin intrusive.
Notably this year, Freegold reported its highest grade
intercepts from any of its drilling at Golden Summit - 588 g/t over
1.7 meters in GS2017 and 609 g/t over 1.1 metres in hole GS2121.
The high grade intersected within GS2017 was 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). Four step out holes were drilled to
follow up on the high grade encountered in GS2017. Holes were
drilled 25 metres to the north (GS2121), south (GS2126), west
(GS2123), and east (GS2118) of the high-grade intercepts on
Cleary.
Hole GS2121 (north) intersected a broader zone of 1.94 g/t over
86.4 metres from 308 - 394.4 metres (including 1.1 metres of 609
g/t Au cut to 88 g/t Au ) - (8.57 g/t Au over 86.4 metres uncut).
Hole GS2126 (south) intersected 12.9 g/t over 3 metres from 107-
110m. Hole GS2118 (east) intersected
multiple narrower zones of higher-grade mineralization.
Assays for GS2123, which was drilled to the west, remain
pending.
ClearyArea
|
|
|
|
|
|
|
|
|
|
Zone
|
Hole
Number
|
Hole Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Uncut
Au g/t
|
Cleary
|
GS2118
|
552.4
|
-70
|
360
|
36.9
|
38
|
1.1
|
14.95
|
14.95
|
east of
2017
|
|
|
|
|
230
|
248
|
18
|
2.81
|
2.81
|
|
|
|
|
|
304.5
|
323
|
18.5
|
5.54
|
5.54
|
|
Including
|
|
|
|
311.5
|
313
|
1.5
|
27.3
|
27.3
|
|
Including
|
|
|
|
320
|
323
|
3
|
17.25
|
17.25
|
|
|
|
|
|
345.5
|
347
|
1.5
|
11.05
|
11.05
|
|
|
|
|
|
354
|
422
|
68
|
0.83
|
0.83
|
CLEARY
|
GS2121
|
543.3
|
-70
|
360
|
39.1
|
40.3
|
1.2
|
33.7
|
33.7
|
north of
2017
|
|
|
|
|
270.2
|
437
|
166.8
|
1.55*
|
4.98
|
|
Including
|
|
|
|
270.2
|
270.5
|
1.3
|
34.5
|
34.5
|
|
Including
|
|
|
|
308
|
394.4
|
86.4
|
1.94*
|
8.57
|
|
Including
|
|
|
|
393.3
|
394.4
|
1.1
|
609*
|
609*
|
CLEARY
|
GS2126
|
498.4
|
-70
|
360
|
94.3
|
130.4
|
36.1
|
1.61
|
1.61
|
south of
2017
|
Including
|
|
|
|
107
|
110
|
3
|
12.9
|
12.9
|
|
|
|
|
|
293.2
|
472.3
|
179.1
|
0.75
|
0.75
|
|
Including
|
|
|
|
293.2
|
306.1
|
12.9
|
2.5
|
2.5
|
|
Including
|
|
|
|
383.2
|
472.3
|
89.1
|
0.87
|
0.87
|
|
Including
|
|
|
|
414.1
|
461
|
46.9
|
1.29
|
1.29
|
|
|
|
|
|
|
|
|
|
|
The width refers
to drill hole intercepts; actual width cannot be determined due to
the uncertain geometry of mineralization. * Assay was
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.
|
Drilling also continued to the east. HoleGS2130 intersected
high-grade intervals from 108.2 – 109.9 metres – 1.7 metres grading
18.1 g/t and another intercept from 305.4 to 306.6 metres grading
98.3 g/t Au and 36.7 g/t Au over 0.3 metres from 455 to 455.3
metres. Results are pending for holes further to the east and
south.
GS2127, drilled to the north, was the furthest south of the
reported holes in the Cleary area, intersected two intervals of
greater than 30 g/t Au, the first 2.2 metre interval grading 30.39
g/t Au (from 155.3 to 157.5m) and the
second a 3-metre interval grading 36.8 g/t Au (from 232.4–235.4m).
These intercepts may correlate with the
historic Wyoming and Wackwitz veins at depth.
DOLPHIN/TOLOVANA VEIN ZONE
In the Dolphin Zone, several high-grade intercepts were
reported, mainly in areas with previously limited deeper
drilling. Hole GS2108, GS2122, and GS2129 were drilled towards
the western side of the Dolphin intrusive near the historic
Tolovana vein zone. 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, which resulted in an average increase of
grade of 111%. Several high-grade intercepts were noted within this
hole. 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. Metallic screens are routinely
conducted on intervals where visible gold is seen.
Hole GS2122 intersected 111.2 metres grading 2.94 g/t Au from
444.1 to 555.3 metres including multiple intercepts over 15 g/t Au
within a broader intercept of 495.8 metres grading 1.17 g/t Au.
Hole GS2129 returned 82.3 metres grading 1.85 g/t Au again
demonstrating the potential for significant resource expansion with
the higher-grade intercepts lying outside the boundaries of the
previous resource estimate. GS2132 and GS2141 were drilled at an
azimuth of 315 degrees and intended to intersect the Tolovana Vein
system at depth. GS2119 was drilled to the north. Assays for
Holes GS2119, GS2132, and GS2141 are pending.
Hole
|
|
Hole
Depth
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
|
Au
g/t
|
Uncut
Au
g/t
|
GS2122
|
|
555.3
|
–70
|
360
|
59.5
|
555.3
|
495.8
|
1.17
|
1.17
|
|
including
|
|
|
|
59.5
|
63.1
|
3.6
|
26.2
|
26.2
|
|
including
|
|
|
|
311.9
|
555.3
|
243.4
|
1.63
|
1.63
|
|
including
|
|
|
|
444.1
|
555.3
|
111.2
|
2.94
|
2.94
|
|
including
|
|
|
|
499
|
502
|
3
|
35.2
|
35.2
|
|
including
|
|
|
|
526.4
|
529.4
|
3
|
19.95
|
19.95
|
|
including
|
|
|
|
544.7
|
547.7
|
3
|
20.8
|
20.8
|
GS2129
|
|
|
|
|
462.4
|
544.7
|
82.3
|
1.85
|
1.85
|
|
including
|
|
|
|
|
465.4
|
468.5
|
3.1
|
16.3
|
|
including
|
|
|
|
|
541.6
|
544.7
|
3.1
|
12.5
|
|
|
|
|
|
|
|
|
|
|
The width refers
to drill hole intercepts; actual width cannot be determined due to
the uncertain geometry of mineralization.
|
The 2021 exploration program was designed to test for higher
grade potential and to upgrade a portion of the mineral resource
from the inferred to the indicated category, a necessary step in
advancing the project through pre-feasibility. Results from the
Dolphin drilling continue to demonstrate the potential for
higher-grade mineralization over significant widths. Assays
remain pending for several holes drilled within the footwall of the
Dolphin intrusive where drilling has returned intercepts of 1.44
g/t Au over 198.1 metres from 419.7 to 617.8m, including 33.5 metres grading 2.54 g/t Au
and 3.1 metres grading 25.3 g/t Au (605.6 – 608.7m) in GS2125 within the schist of the
footwall of the Dolphin intrusive. The presence of significant
mineralization in the schist of the footwall of the Dolphin
intrusive at depth is continuing to confirm our interpretation of
the CVS as a broader zone of consistently higher grade
mineralization that plunges towards the Dolphin intrusive.
Results are pending for 23 holes in the Dolphin area.
Property Acquisitions
In addition to its drilling program, Freegold also completed the
purchase of 10 patented claims, further solidifying its land
position within the project area and is currently finalizing a
mineral lease with the Alaska Mental Health Authority for an
additional 1,818 acres immediately north of the project. Cultural
resources and water sampling programs are also ongoing.
2022 Plans
Numerous high-grade intercepts have been reported within the
broad zones of mineralization. Mineralization at Golden Summit
occurs in three main forms, a) intrusive hosted quartz-sulfide
stockwork veinlets (such as the Dolphin), b) auriferous
quartz-sulfide veins (historic underground mines), and c)
shear-hosted gold-bearing veinlets. All three types are part of a
large-scale intrusive-related gold system on the property with the
Dolphin intrusive as the apparent source of the mineralization. The
2022 program will include further infill drilling to delineate the
area to the south of the Cleary Vein Swarm and the area between the
Dolphin and the Cleary where previous high-grade intercepts were
reported. In addition, drill testing will also be undertaken
on other areas of the project that have the potential to host
additional mineralization.
The 2020-2021 drilling results 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 Bureau
Veritas, with sample preparation carried out in Fairbanks with subsequent studies performed
primarily using their Vancouver,
Reno and Hermosillo, Mexico
facilities. Freegold will continue to report assays as they are
finalized. A sample
quality control/quality assurance program is in
place. Commercial assaying remains extremely slow because of
COVID. Freegold and other explorers worldwide are continuing to
experience significant delay.
Drill Plan Map
https://freegoldventures.com/site/assets/files/2194/2021_drill_plan_map_nr_121621.pdf
Freegold will continue to
operate
a full-service camp at Golden Summit with stringent COVID–19 protocols in place.
SHORTY CREEK
At Shorty Creek, eight holes were completed totalling~3,400
metres of drilling. Assay results are pending and will be reported
once received and compiled. South32 fully funded the US$2.5 million program with Freegold acting as
operator.
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. It holds through leases
the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold
Project near Livengood, where a ~3,400-meter 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,e 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