VANCOUVER, BC, Feb. 9, 2022 /CNW/ - Freegold Ventures Limited
(Freegold) (TSX: FVL) (OTCQX: FGOVF) is pleased to announce
mobilization for the 2022 drill program. Crews are presently
arriving on-site, and drilling is expected to commence within the
next week. The initial 2022 program will be a continuation of the
2021 program looking for deeper, higher-grade mineralization, with
an initial 20,000 metres planned. Results from the 2020-2021
program are demonstrating the potential for more extensive and
higher-grade gold mineralization on the project intersecting
numerous assays intervals over 30 g/t Au, more than any previous
program.
Drilling will continue to focus on further expanding and
defining the higher-grade Cleary Vein System (CVS), the
identification of which has significant implications for both the
grade and tonnage potential of the project. Numerous high-grade
intercepts have been reported within the broad zones of
mineralization and although the complex nature of the
mineralization at Golden Summit makes it challenging to connect
individual high-grade intersections into cohesive units. These
broader zones are expected to substantially boost the average grade
for a bulk mineable project, well above the historic 0.69 gpt
resource grade average as well as contribute to an overall
increased resource.
Holes will continue to target the down-dip extent of the
higher-grade vein zones found within the historic Cleary,
Colorado, Wackwitz, and
Wyoming veins as well their
broader enveloping stockwork zones. Holes drilled in 2021 south of
the previous drilling have intersected significant veining, quartz
breccia, and visible gold in areas with no previous
drilling. 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.
Oriented core will continue to be used to better define the
orientation of the higher-grade intervals. 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 are part of a
large-scale intrusive-related gold system on the property with the
Dolphin intrusive as the apparent source of the mineralization.
Significantly, during 2021 intrusive rocks were intersected on the
Cleary side at depth further strengthening Freegold's
interpretation that the Dolphin intrusive may underlie Cleary at
depth, and that Cleary may be fault down-dropped on the east side
of Bedrock Creek.
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.
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 2021 wrapped up in mid-December with cutting
and sampling continuing over the winter break to expedite
results.
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 due in part
to COVID constraints. Freegold and other explorers worldwide are
continuing to experience significant delays.
Freegold will continue 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. 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
in 2021. 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 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