VANCOUVER, BC, Feb. 10, 2021 /CNW/ - Freegold Ventures Limited
(TSX: FVL) ("Freegold") is pleased to announce additional
drilling results from the 2020 drilling program. Results continue
to confirm broad zones of higher than resource grade mineralization
from the Dolphin Zone across to the Cleary Zone. The two holes
reported lie approximately 500 metres apart.
Table of Significant Intercepts:
Hole
#
|
Hole
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Cleary
|
|
|
|
|
|
|
|
GSDL2009
|
492.3
|
-70
|
360
|
171.6
|
452.2
|
280.6
|
1.35
|
including
|
|
|
|
236.2
|
329.8
|
93.6
|
2.67
|
including
|
|
|
|
236.2
|
239.3
|
3.1
|
55.6
|
|
|
|
|
|
|
|
|
Dolphin
|
|
|
|
|
|
|
|
GSDL2010
|
518
|
-70
|
360
|
203
|
512
|
309
|
1.16
|
Including
|
|
|
|
455
|
458
|
3.0
|
31
|
Width refers to drill hole intercepts, true widths cannot be
determined due to uncertain geometry of
mineralization.
Both GSDL 2009 and 2010 intersected broad zones significantly
above resource grade at their projected target depths. The zones
are comprised of multiple veins, veinlets and stockworking within a
broadly defined zone of mineralization. Assays remain outstanding
for holes GSDL 2011-2018, which were designed to target the
northern extension of the Dolphin Zone and the deeper extension of
the Cleary vein system. The 2021 drilling program is currently
underway with three drill rigs, with the crew for the
4th drill rig slated to arrive imminently.
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. Cleary
Hill was mined to a depth of approximately 120 metres until
its closure in 1942.
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 demonstrated recoveries of over 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 and
enhance the overall project economics.
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/2185/nr_map_gsdl2009_gsdl2010.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