VANCOUVER, BC, May 12, 2022
/CNW/ - Freegold Ventures Limited (Freegold) (TSX: FVL) (OTCQX:
FGOVF) reports assays from the 2021 drill program on the Shorty
Creek project. A total of 8 holes were drilled (3,397metres) and
the program was fully funded under the Shorty Creek Option
Agreement with a wholly-owned subsidiary of South32 Limited
(South32). Shorty Creek lies approximately 125 road km
northwest of Fairbanks, Alaska and
4 kms to the south of the abandoned mining town of Livengood and
the all-weather paved Elliott Highway.
Eight widely spaced holes were drilled on the property and
provided a limited test of the areas outside of the Hill 1835 area,
where Freegold previously focused its attention. The Hill 1835 area
covers a 1,000 metre by 1,500 metre target area with copper
mineralization associated with the magnetic high.
- Two holes were drilled in the Quarry target (SC2101, SC2102).
The Quarry target tested a portion of the approximately 8km long
magnetic anomaly.
- SC2103, was drilled 350 metres northeast of SC1901A. This hole
was designed to test an IP chargeability high and coincident
magnetic low. SC1901A, drilled on the northern edge of the Hill
1835 target area intersected 99.1 metres of 0.29% Cu, 0.014 g/t Au,
and 1.61 g/t Au.
- Holes SC2104 was drilled 500 metres northeast of SC2103 and was
drilled within the chargeability high and flanking the Steel Creek
magnetic high.
- SC2105 through SC2107 were drilled in the Steel Creek area. The
holes were all drilled within the weaker portion of the magnetic
high at Steel Creek.
- SC2108 was drilled in the IP chargeability high flanking the
magnetic high at Hill 1710.
Hole
Number
|
Hole
Depth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Dip
|
Azimuth
|
Cu
%
|
Au
ppm
|
Ag
ppm
|
|
SC2101
|
335.5
|
|
|
|
-60
|
315
|
|
|
|
NSV
|
SC2102
|
348
|
|
|
|
-70
|
90
|
|
|
|
NSV
|
SC2103
|
608.2
|
147.8
|
243.6
|
63.6
|
-70
|
135
|
0.12
|
0.24
|
1.12
|
|
SC2104
|
228.8
|
|
|
|
-70
|
135
|
|
|
|
NSV
|
SC2105
|
500.7
|
|
|
|
-70
|
135
|
|
|
|
NSV
|
SC2106
|
302.8
|
|
|
|
-67
|
145
|
|
|
|
NSV
|
SC2107
|
639.3
|
|
|
|
-66
|
205
|
|
|
|
NSV
|
SC2108
|
433.4
|
|
|
|
-65
|
312
|
|
|
|
NSV
|
NSV – No Significant
Values - Width refers to drill hole intercepts; true width
cannot be determined due to the uncertain geometry of
mineralization. See accompanying map for hole
locations
|
The Qualified Person for this release is Alvin Jackson, PGeo – Vice President Exploration
and Development for Freegold.
Drill cores were logged, photographed, and cut in half using a
diamond saw, with one-half placed in sealed bags for preparation
and subsequent geochemical analyses by Bureau Veritas, with sample
preparation carried out in Fairbanks with subsequent studies performed
primarily using their Vancouver,
and Hermosillo, Mexico facilities.
A sample quality control/quality assurance program was in
place.
Map Showing Location of Drill
Holes:
https://freegoldventures.com/site/assets/files/2274/sc-plan-location.jpg
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, 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. 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