VANCOUVER, BC, Jan. 12, 2021 /CNW/ - Freegold Ventures Limited
(TSX: FVL) ("Freegold") is pleased to announce drilling
results holes from its ongoing drilling program at Golden Summit,
located near Fairbanks, Alaska.
During 2020, 18 holes (2001-2018) were drilled and assay results
for 10 holes are pending. Assay laboratories are continuing to
experience significant delays. Drilling is planned to resume in
early February 2021 with four drill
rigs, and to continue throughout 2021. A minimum of 40,000 metres
of drilling is planned. The Company is well financed to carry out
its proposed programs.
Table of Significant Intercepts:
Hole #
|
Hole
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Cut to
30 g/t
Au
|
Dolphin
|
|
|
|
|
|
|
|
|
GSDL2007
|
573
|
-75
|
360
|
225
|
573
|
348
|
1.00
|
1.00
|
including
|
|
|
|
225
|
315
|
90
|
1.55
|
1.51
|
including
|
|
|
|
351
|
573
|
222
|
0.91
|
0.91
|
Cleary
|
442.4
|
-70
|
360
|
|
|
|
|
|
GSDL2008
|
|
|
|
174.7
|
406.1
|
231.5
|
1.20
|
1.04
|
Including
|
|
|
|
190.8
|
241.7
|
50.9
|
1.86
|
1.86
|
Including
|
|
|
|
318.4
|
375.7
|
57.3
|
2.07
|
1.44
|
Width refers to drill
hole intercepts, true widths cannot be determined due to uncertain
geometry
of mineralization.
|
Located nearly 600 metres apart both holes GSDL2007 and GSDL2008
successfully intercepted broad zones of above resource grade at
their projected target depths. Management is very encouraged with
the ongoing results, as they continue to demonstrate the potential
for larger higher-grade portions within what could be open pittable
depths over a significant area.
Hole GSDL2006 was lost at depth of 76.5 metres and encountered
considerable caving and lost samples, as a result the drill was
moved 14 metres north and the hole was re-drilled as GSDL2007.
During 2021 drilling is expected to continue to the north, west
and east of the Dolphin intrusive and will be aimed at expanding
and upgrading the current resource category in order advance the
project through pre-feasibility. In addition, drilling will also be
targeting the known high grade vein structures – Cleary, Wackwitz,
Colorado and Wyoming all located in the Cleary Hill area.
The veins in the Cleary area all appear to have a southerly dip and
are interpreted to bend towards the Dolphin intrusive and form part
of the interpreted Cleary Vein Swarm
(CVS) – a series of stacked higher grade veins within a lower grade
envelope amenable to bulk tonnage mining. During 2020, 5 holes
GSDL2008, GSDL2009, GS2012, GS2014 and GS2017 were drilled in the
Cleary Hill area aimed at intersecting these higher-grade vein
structures at depth. GSDL2008 was the first of the holes drilled in
the Cleary area in 2020 and intercepted another broad zone of above
resource grade material. This hole intersected the projected zone
at its target depth and returned 1.2 g/t Au over 231 metres.
This is interpreted to be the down dip extension of the
Cleary Hill vein zone. Previous drilling in the Cleary Hill area
was largely shallow in nature. The upcoming program will continue
to systematically test this vein swarm to the south, by testing
both the depth extent of these high-grade vein structures and their
strike to the west towards the Dolphin intrusive, neither of which
has been tested and covers a 500x600 metre area.
In the Dolphin area results from Hole GSDL 2007 confirmed
another broad zone of higher-grade mineralization within the
schists in the immediate footwall of the intrusive. This hole
averaged 1.0 g/t Au over 348 metres from 225-573 metres, which was
the end of the hole. The interval included 1.55 g/t over 90 metres
and 0.91 g/t over 222 metres. Assays for GSDL2010, GSDL2011,
GS2015, GS2016 and GS2018 are pending. These holes are step out
holes from GSDL2001 and are intended to better define and delineate
the potential strike of the higher-grade mineralization in the
vicinity of the Dolphin intrusive. Holes GSDL2005 and GS2018 are
the furthest north holes drilled in the Dolphin Area and were aimed
at expanding the current resource to the north.
There are over 80 documented gold occurrences throughout the
project area and ongoing work continues to identify the potential
for other vein swarms.
Mineralization at Golden Summit is hosted both within the
Dolphin intrusive and the surrounding metasediments. The four
highest underground historical producers (Cleary Hill 281,000
ounces grading 44.5 g/t (1.3 oz/), American Eagle 60,000 ounces
grading 44.5g/t (1.3 oz/t), the Hi-Yu, 110,000 ounces grading
54.8g/t (1.6 oz/t) and the Newsboy Mine 40,000 ounces grading 34g/t
(1.0 oz/t), are all located within the Golden Summit property ) and
are hosted within the metasediments. Cleary Hill was mined to a
depth of approximately 120 metres until its closure in 1942. All of
the holes reported to date (GSDL2001 -2008) were within the
targeted metasediments and contain broad zones of intensively
silicified and sericitized material
In May 2020 Freegold released the
results of hole GSDL2001 which returned 188 metres grading 3.69 g/t
gold as part of an initial test to determine if there was potential
to establish a higher-grade component to the already sizeable
resource delineated by Freegold between 2011 and 2013. This
resource formed the basis of a subsequent preliminary economic
assessment (PEA) completed in 2016. The PEA was completed at
a US $1,300 gold price and
contemplated both an oxide (heap leach) and sulphide processing
facility but incorporated only a portion of the global resource.
Metallurgical testwork done on the oxide portion demonstrated
recoveries of 85% in the oxide and sulphide recoveries in excess of
90%. The 2020 drill program was designed to determine if a
higher-grade component could be identified to augment the current
resource grade, enhance the overall project economics and
substantially expand the project. Results to date from 2020
drilling program are continuing to demonstrate that that the
current resource can be expanded with broad intercepts above the
current resource grade being returned.
2020 was a pivotal year for Freegold as it continued to explore
the Golden Summit Project. The Company looks forward to an exciting
year ahead in 2021 and would like to thank its Shareholders for
their continued support.
Drill core is being logged, photographed, and cut in half using
a diamond saw with one half placed in bags for subsequent
geochemical analysis. All assays are being performed by ALS Global
Ltd with sample preparation carried out at the ALS preparatory
facility in Fairbanks, Alaska with
subsequent analyses performed primarily using its Vancouver or Reno facilities. A sample quality
assurance program is in place.
The disclosure of scientific and technical information contained
in this news release has been approved by Alvin Jackson, PGeo – Vice President Exploration
and Development for Freegold, who is a "Qualified Person" under
National Instrument 43-101.
Hole Location Map
https://freegoldventures.com/site/assets/files/2181/nr_plan_map.pdf
Drill Hole Section:
https://freegoldventures.com/site/assets/files/2181/sections_for_nr_01122021.pdf
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.
Cautionary Statement
This News Release includes
certain "forward-looking statements" which are not comprised of
historical facts. Forward-looking statements include estimates and
statements that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management's expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, the Company's
objectives, goals or future plans, statements, exploration results,
potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to the
Company being unable to conduct its drill program at the golden
summit project within the time frame anticipated and the results of
such program not being as anticipated, failure to identify mineral
resources, failure to convert estimated mineral resources to
reserves, the inability to complete a feasibility study which
recommends a production decision, the preliminary nature of
metallurgical test results, delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals, political risks, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital, operating and reclamation costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company's public documents filed on SEDAR. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.The term
"Mineral Resource" used above is defined per NI 43-101. Though
Indicated Resources have been estimated for the Golden Summit
project, the 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.
SOURCE Freegold Ventures Limited