- Final assays from the 2020 program and 2 holes from the
2021 program
- Broad zones of higher than existing resource grade
mineralization
- 1.11 g/t Au over 421.6 metres in GS2101
VANCOUVER, BC, June 3, 2021 /CNW/ - Freegold Ventures
Limited (Freegold) (TSX: FVL) is pleased to announce final results
from the 2020 program and results from the first two holes of its
40,000 metre program currently underway on its Golden Summit
project, near Fairbanks,
Alaska.
Zone
|
Hole
Number
|
Hole
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Dolphin
|
GS2101
|
692.7
|
-70
|
360
|
210.1
|
631.7
|
421.6
|
1.11
|
|
including
|
|
|
|
210.1
|
441.1
|
231
|
1.16
|
|
including
|
|
|
|
391.4
|
392.3
|
0.9
|
24.6
|
|
including
|
|
|
|
437
|
439.2
|
2.2
|
13.55
|
|
including
|
|
|
|
467
|
577
|
110
|
1.54
|
|
including
|
|
|
|
486.3
|
488.9
|
2.6
|
21.3
|
|
GS2018
|
656
|
-70
|
360
|
82.2
|
433.1
|
350.9
|
0.51
|
|
including
|
|
|
|
227
|
245.5
|
18.5
|
0.95
|
|
including
|
|
|
|
319
|
429.6
|
110.6
|
0.65
|
|
GS2108
|
485.9
|
-70
|
360
|
189.6
|
485.9
|
296.3
|
1.4
|
|
including
|
|
|
|
189.6
|
230.7
|
41.1
|
3.99
|
|
including
|
|
|
|
224.6
|
226.6
|
2
|
15.05
|
|
including
|
|
|
|
228.4
|
229.7
|
1.3
|
51.8
|
Cleary
|
GSDL2013
|
423.7
|
-80
|
360
|
358.7
|
399.1
|
40.4
|
1.29
|
Width refers to drill hole intercepts, true width cannot be
determined due to the uncertain geometry of mineralization.
Since drilling resumed in February, 2021, 14,700 metres have
been drilled in 27 holes, including holes in progress. The
program is continuing to potentially expand the current resource
but also define areas of significantly higher-grade
mineralization.
Holes are being systematically drilled not only to determine the
orientation of the higher-grade mineralization but also to define
the extent of the mineralization which remains open in all
directions.
Hole GS 2101 was drilled northeast of the contact with the
Dolphin intrusive, and continues to show very broad zones of
greater than 1g/t mineralization, with significant sections grading
better than 1.5 g/t. This is on the projected trend of the
mineralization extending towards the Cleary vein system.
Hole GS 2018 is on the northern side of the Tolovana vein zone
and indicates weakening of the mineralization to the northwest,
although still intersecting very broad zones of above cut-off
mineralization.
Hole GS 2108 was also located north of the Tolovana vein zone
but further to the west than GS 2018, and intersected 41.1 metres
of 3.99 g/t Au within a broad zone of 296.3 metres grading 1.4 g/t
Au.
Hole GSDL2013 was located in the Cleary Area, and intersected
40.4 metres grading 1.29 g/t Au. The hole successfully demonstrated
that mineralization extends beyond the depth of previous drilling.
The mineralization remains open to depth.
GSDL2012, located in the Cleary area was terminated at a depth
of 44 metres after two attempts due to ground conditions. No
significant values were intercepted. Additional holes in this area
are planned.
The results of the drilling are continuing to successfully
confirm Freegold's revised interpretation that there is potential
for a higher-grade corridor, effectively a vein swarm,
consisting of multiple veins, veinlets and stockwork zones within
areas of intense silicification and alteration extending from the
area of the old Cleary Hill mine workings towards the Dolphin
intrusive. Drilling is also continuing to demonstrate the
potential for higher grade mineralization at Cleary Hill well below
the level of previous drilling.
The 2021 drill program will continue to focus on continuing to
determine the orientation of the zones of higher-grade
mineralization consistent with Freegold's revised interpretation,
in particular, to the north, east and west of the Dolphin
intrusive. In addition, drilling will also be directed to the south
of the Cleary Hill mine workings where previous workings including
the Colorado, Wackwitz and
Wyoming vein zones which have
never been tested to depth or along strike to the east. Past
drilling in the Cleary Hill area has been largely shallow in nature
and it is interpreted that the Dolphin intrusive likely underlies
the Cleary Hill area at depth. See map for locations of holes
completed to date.
Key objectives for the 2021 program:
- Determining the orientation and extent of the higher-grade
mineralization.
- Expanding the currently known resource and upgrading the
resource categories as part of the efforts to further advance the
project through pre-feasibility, including additional environmental
baseline studies, further metallurgical test work, and cultural
resource studies.
In addition, Freegold is planning to test other targets on the
project that may have potential to host additional resources and
host other buried intrusives. Ground geophysics and soil sampling
has been conducted on these areas and further drilling is being
planned to test these. Assay reporting remains slow,
largely as a result of the backlog at the preparatory facility in
Fairbanks as all samples are
prepped in Fairbanks prior to
being shipped to either Reno or Vancouver for analyses.
Drill Plan Map and Cross Sections:
https://freegoldventures.com/site/assets/files/2194/drill_plan_maps_06032021.pdf
https://freegoldventures.com/site/assets/files/2194/section_479300e.pdf
https://freegoldventures.com/site/assets/files/2194/section_479000e.pdf
Golden Summit was the subject of an intensive drill campaign
between January 2011 and August 2013. A total of 36,159 metres were
drilled and three NI 43-101 compliant resource updates were
completed. In January 2016, a
preliminary economic assessment (PEA) was produced by TetraTech
(Press release – January 26th,
2016).
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 carried out at the ALS facility in
Fairbanks, Alaska with subsequent
analyses performed primarily using its Vancouver and Reno laboratories. A sample
quality control/quality assurance program was implemented.
Freegold is continuing 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.
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