HIGHLIGHTS:
• GS2228
|
2.56 g/t Au over
44m
1.23 g/t Au over 104.2m
|
•
GS2230
|
1.58 g/t Au over 128.1m
|
•
GS2163
|
2.29 g/t Au over 31m
1.0 g/t Au over 91m
|
•
GS2229
|
1.25 g/t Au over 90m
|
VANCOUVER, BC, Jan. 18,
2023 /CNW/ - Freegold Ventures Limited (Freegold)
(TSX: FVL) (OTCQX: FGOVF) is pleased to report results from an
additional eleven holes (9,042.1m)
from its drill program designed to expand, upgrade and increase the
overall resource grade at the Golden Summit Project ("Golden
Summit" or the "Project") through systematic drilling. Results
continue to demonstrate a robust mineralized system at Golden
Summit.
The past two years have seen the most concerted exploration
effort Golden Summit ever undertaken on the project with the
drilling of over 83,000 meters holes in 130 holes, additional
geophysics (CSAMT and AMT) and soil sampling. The drill program
focused exclusively on the Dolphin Cleary Zone and has
extended gold mineralization over 1.5 km along strike and to depths
of over 1,000 metres. Mineralization in the Dolphin/Cleary is
hosted within a broad structural corridor of gold mineralization
comprised of the Dolphin stock, a multiphase intrusive complex, and
metasedimentary rocks comprised of various schists within which are
discrete high-grade veins, veinlets, and areas of vein stockwork
which effectively form a vein swarm. The main Cleary Hill Vein swarm (CVS) mineralization dips
to the south. It plunges southwest towards the Dolphin intrusive,
with the mineralization increasing in intensity closer to the
Dolphin intrusive and especially along the contact margins.
The Dolphin Cleary is the only area of the project to have a
resource delineated. The deposit remains open, particularly to the
west/southwest, where Freegold outlined a strong gold in soil
geochemical anomaly has not been drill tested. Further
southwest lies the historic Newsboy Mine, which produced 40,000
ounces at an average grade of 1oz/t.
Additional geophysics was completed on the Saddle Zone, which
lies 4km east of the Dolphin/Cleary Zone. The Saddle Zone is
comprised of series of narrow veins that correlate well with strong
gold in soil geochemistry. Like the Cleary Hill Zone, the Saddle
Zone also hosts a historic high-grade gold producer, the American
Eagle (60,000 ounces at 1.6 oz/t Au).
DOLPHIN
Zone
|
Hole Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Dolphin
|
GS2220
|
371.9
|
-70
|
360
|
49.6
|
70
|
20.4
|
0.61
|
|
|
|
|
|
135.2
|
153.5
|
18.3
|
1.97
|
|
|
|
|
|
215.9
|
251
|
35.1
|
0.97
|
|
|
|
|
|
|
|
|
|
|
GS2216
|
821.6
|
-70
|
360
|
128.1
|
569.6
|
441.5
|
0.62
|
|
including
|
|
|
|
437.6
|
473.6
|
36
|
1
|
|
including
|
|
|
|
517.5
|
569.6
|
52.1
|
1.22
|
|
|
|
|
|
636.4
|
638.4
|
2
|
58.5
|
|
|
|
|
|
|
|
|
|
|
GS2219
|
715.7
|
-70
|
360
|
329
|
648
|
319
|
0.63
|
|
including
|
|
|
|
329
|
374
|
45
|
0.96
|
|
including
|
|
|
|
450.4
|
533
|
82.6
|
0.87
|
|
|
|
|
|
|
|
|
|
|
GS2224
|
1074.1
|
-70
|
360
|
604.4
|
955.2
|
350.8
|
0.58
|
|
including
|
|
|
|
604.4
|
668.7
|
64.3
|
0.85
|
|
|
|
|
|
|
|
|
|
|
GS2210
|
1188.4
|
-70
|
360
|
523.3
|
840.3
|
317
|
0.67
|
|
|
|
|
|
|
|
|
|
|
GS2228
|
537.7
|
-70
|
360
|
241.3
|
259.3
|
18
|
0.96
|
|
including
|
|
|
|
273.5
|
317.5
|
44
|
2.56
|
|
including
|
|
|
|
298.7
|
300.9
|
2.2
|
25.2
|
|
|
|
|
|
352.7
|
456.9
|
104.2
|
1.23
|
|
including
|
|
|
|
352.7
|
354.5
|
1.7
|
17.3
|
|
|
|
|
|
|
|
|
|
|
GS2230
|
1229.6
|
-70
|
360
|
421.2
|
866.9
|
445.7
|
0.81
|
|
including
|
|
|
|
738.8
|
866.9
|
128.1
|
1.58
|
|
including
|
|
|
|
738.8
|
741.9
|
3.1
|
17.1
|
|
including
|
|
|
|
812
|
815.4
|
3.4
|
17.8
|
|
|
|
|
|
1217
|
1220
|
3
|
13.2
|
|
|
|
|
|
|
|
|
|
|
GS2163
|
732.4
|
-70
|
360
|
121
|
163.7
|
42.7
|
1.1
|
|
|
|
|
|
339.9
|
370.9
|
31
|
2.29
|
|
|
|
|
|
502.2
|
593.4
|
91
|
1
|
The width refers to
drill hole intercepts; true width cannot be determined due to the
uncertain geometry of mineralization.
|
Holes GS2228, GS2230, and GS2163 were drilled on the Dolphin
side of the CVS, while GS2229 was drilled on the Cleary side.
Holes GS2228 was entirely within schists in the northern part of
the CVS, while GS2230 and GS2163 were within intrusive for the
upper part of the holes, with the stronger mineralization occurring
within the schists in the footwall of the intrusive. GS2229, on the
Cleary side, was drilled as a deeper test of the CVS and located
approximately 600 metres south of the historic Cleary Hill Mine workings.
Kristina Walcott, President and
CEO stated : "The 2020 – 2022 program continues to be tremendously
successful returning broad intercepts of higher-grade
mineralization, and demonstrates the existence of a broader higher
grade corridor within the interpreted CVS".
CLEARY
Drilled in a north-south fence line, GS2229, GS2233, and GS2235
were aimed at testing the downdip extent of the CVS. Results
continue to demonstrate the expansion potential of Golden Summit
intersecting narrow high-grade veins within a broader envelope of
mineralization.
Zone
|
Hole Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Cleary
|
GS2229
|
796.9
|
-70
|
360
|
485
|
746
|
261
|
0.76
|
|
including
|
|
|
|
572
|
662
|
90
|
1.25
|
|
including
|
|
|
|
656
|
659
|
3
|
13
|
|
|
|
|
|
|
|
|
|
|
GS2233
|
827.8
|
-70
|
360
|
211.3
|
244.5
|
33.2
|
0.86
|
|
|
|
|
|
542
|
574.1
|
32.1
|
0.88
|
|
|
|
|
|
|
|
|
|
|
GS2235
|
746
|
-70
|
360
|
512
|
557.8
|
45.8
|
0.84
|
|
|
|
|
|
594.7
|
677.8
|
83.1
|
1.17
|
|
including
|
|
|
|
665.8
|
666.8
|
1
|
56.8
|
The width refers to
drill hole intercepts; true width cannot be determined due to the
uncertain geometry of mineralization.
|
Links to Drill Plan Map & Cross Section – 479350E
https://freegoldventures.com/site/assets/files/6141/drill_plan_map.pdf
https://freegoldventures.com/site/assets/files/6141/section_479350e.pdf
The highway-accessible Golden Summit project is located
approximately 32 km northeast of Fairbanks, Alaska, and was the subject of an
intensive drill campaign between January
2011 and August 2013 in which
36,159 metres were drilled. Three resource updates were completed
each in accordance with National Instrument 43-101 – Standards
of Disclosure for Mineral Projects ("NI 43-101"). In
January 2016, a preliminary economic
assessment ("2016 PEA") prepared in accordance with NI 43-101 was
produced for the Company by Tetra Tech. Limited drilling was
conducted between 2013 – 2020 (1,890 metres – of shallow oxide
drilling). Since 2020 over 83,826 meters have been drilled,
representing the most focused exploration effort ever undertaken on
the Golden Summit project.
A sample quality control/quality assurance program was
implemented. 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 conducted at the ALS
facility in Fairbanks, Alaska,
with subsequent studies conducted primarily using its Vancouver and Reno laboratories.
Core samples were prepared using the PREP-31BY package in ALS's
Fairbanks facility. Each core
sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh,
US Std. No.10) screen. A split of 1kg is taken and pulverized to
better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No.
200) screen; a portion of this pulverized split is digested by Four
Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay
analyzes all samples with an AAS finish, method code Au-AA23 (30g
sample size) and over 10 g/t are automatically assayed using a FA
Grav method, Au-GRAV21. Additional Au screening is performed using
ALS's Au-SCR24 method; select samples
are dry-screened to 100 microns. A duplicate 50g fire assay is
conducted on the little fraction and an assay on the entire
oversize fraction. Total Au content, individual assays, and weight
fractions are reported. Analytical and assay procedures are
conducted in ALS's North Vancouver
and Reno facilities. A QA/QC program included laboratory and field
standards inserted every ten samples. Blanks are inserted at the
start of the submittal, and at least one blank every 25 standards,
with additional blanks inserted following samples of visible
gold.
Freegold has a full-service camp at Golden Summit with COVID-19
protocols in place.
The Qualified Person for this release is Alvin Jackson, PGeo – Vice President of
Exploration and Development for Freegold.
About Freegold Ventures
Limited
Freegold is a TSX-listed company focused on exploration in
Alaska and holds the Golden Summit
Gold Project near Fairbanks and
the Shorty Creek Copper-Gold Project near Livengood through
leases.
Some statements in this news release contain forward-looking
information, including, without limitation, statements as to
planned expenditures and exploration programs, potential
mineralization and resources, exploration results, the completion
of an updated NI 43-101 technical report, and any other future
plans. 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. See Freegold's Annual Information Form for the year ended
December 31st, 2021, 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. Reactions to the spread of COVID-19 continue to lead to,
among other things, significant restrictions on travel, business
closures, quarantines, and a general reduction in economic
activity. While there has been a reduction in these effects in
recent months, the continuation and re-introduction of significant
restrictions, business disruptions, and related financial impact,
and the duration of any such disruptions, cannot be reasonably
estimated at this time. 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. Such public health crises, as
well as global geopolitical 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. As a result of the COVID-19 outbreak,
Freegold has implemented a 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 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