VANCOUVER, BC, Aug. 11,
2022 /CNW/ - Freegold Ventures Limited (TSX: FVL)
(OTCQX: FGOVF) (Freegold) announces that South32 Limited (South32)
has provided notice of its intention and election not to further
fund any further Tranche Payments as defined in, and in terms of,
the Option Agreement, and accordingly the Option Agreement has been
terminated. 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.
The work funded by South32 over the last three years, has
provided additional understanding of the mineralization at Shorty
Creek with most of the work focused outside of the Hill 1835 target
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. Additional
work by Freegold is expected to focus on the geochemical anomalies,
with coincident magnetic highs located throughout the project area
as well as additional follow-up in the Hill 1835 Area.
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 through leases
the Golden Summit Gold Project near Fairbanks where a significant drill program
remains ongoing as well as 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, 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,
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. 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/or 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 in
order 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