- 0.75 g/t Au over 444.9m
- Including 2.6 g/t Au over 24.5m
- Including 1.11 g/t Au over 57m
- Including 1.74 g/t Au over 18.9m
VANCOUVER, BC, Nov. 7, 2023
/CNW/ - Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF)
("Freegold" or the "Company") is pleased to announce the successful
completion of the 2023 drill program. Over the year, the Company
drilled a total of 44 holes.
Between 2020 and 2022, Freegold's drilling successfully
increased the resource from 1.35 Moz to 12.6 Moz Indicated and from
1.58 Moz to 7.7 Moz Inferred. The drill program conducted in 2023
has continued to intersect broad zones of mineralization with
definitive zones of higher-grade mineralization. The mineralization
style comprises discrete veins and stockwork accompanied by
pervasive silification, which has been demonstrated to extend over
a 1.5 km strike length. Additionally, it is noteworthy that the
mineralization remains open for another 1.5km to the west in the
Dolphin Cleary Area.
The attached Section 478800E shows an 800-meter mineralized zone
in cross-section within an existing strike length of 1.5 km. The
higher grade remains open downdip.
HOLE
NUMBER
|
AZIMUTH
|
DIP
|
DEPTH
(M)
|
FROM
(M)
|
TO
(M)
|
INTERVAL
(M)
|
AU
G/T
|
GS2329
|
360
|
-70
|
842
|
182.4
|
202
|
19.6
|
0.67
|
|
|
|
|
289.1
|
734
|
444.9
|
0.75
|
including
|
|
|
|
289.1
|
323
|
33.9
|
0.84
|
including
|
|
|
|
382.5
|
407
|
24.5
|
2.6
|
including
|
|
|
|
431
|
488
|
57.0
|
1.11
|
including
|
|
|
|
604.1
|
623
|
18.9
|
1.74
|
including
|
|
|
|
641
|
680
|
39.0
|
0.69
|
including
|
|
|
|
698
|
734
|
36.0
|
1.03
|
The width refers to
drill hole intercepts; true width cannot be determined due to the
uncertain geometry of mineralization.
|
Assays are pending for Holes GS2331 – GS2337 drilled west and to
the west of Willow Creek, intended
to expand the higher-grade mineralization towards the west. Hole
GS2337 was drilled in a previously untested geochemical trend to
the southwest of the Dolphin zone. Visible gold has been noted in
GS2237.
Assays are still pending for the holes drilled north of the
Dolphin Cleary Zones (GS2320 to GS2328). The primary purpose of
these holes was to define the mineralization extent in the north
and immediate northwest, and they have successfully intersected the
up-dip of the overall mineralized trend.
Similarly, assays are still pending for the Saddle Zone holes
(SZ2301 to SZ2307). The 2023 drill program conducted in the Saddle
Zone was primarily exploratory and aimed to provide a better
understanding of the mineralization controls in the densely veined
Saddle Zone. Based on visual inspections, it is evident that
additional drilling is required in the Saddle Zone, as visible gold
has been noted in SZ2307.
Section 478800E – showing the location of hole GS2329 and the
plan map can be found below.
https://freegoldventures.com/site/assets/files/6294/newsrelease_nov2023_sections_478800e.pdf
https://freegoldventures.com/site/assets/files/6294/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf
Assays are pending for the following holes:
Zone
|
Hole Numbers
|
Dolphin Cleary North
Drilling
|
GS2320 –
GS2328
|
Tolovana Vein Swarm
west of Willow Creek
|
GS2331 –
GS2337
|
Saddle Zone
|
SZ2301 –
SZ2307
|
The number of Holes yet
to be reported
|
23
|
The current program is designed to test the boundaries, expand
and infill the current mineral resource estimate (February 2023), which using a 0.45 g/ t Au
cut-off and a $1,792 gold price is
12.01 million ounces at 0.92 g/t Au (407,544,000 tonnes indicated)
and 7.7 million ounces at 0.85 g/t (282,303,000 tonnes
inferred).
A sample quality control/quality assurance program has been in
place throughout the program. 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 Laboratories. Core
samples were prepared using the PREP-31BY package in ALS's
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.
Freegold operates a full-service camp at Golden Summit.
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, 2022, 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