VANCOUVER, BC, Oct. 18,
2022 /CNW/ - Freegold Ventures Limited (Freegold)
(TSX: FVL) (OTCQX: FGOVF) is pleased to announce results from an
additional 6 holes (3,925m) as part
of the ongoing drill program designed to expand, upgrade and
increase the overall resource grade at the Golden Summit Project
("Golden Summit" or the "Project") through systematic drilling.
Holes GS2136, and GS2221 were drilled to the north in the
Tolovana Area. Results from both holes demonstrate the potential
for broad zones of higher-grade mineralization. GS2221
was intended to intersect the downdip of the high-grade
mineralization intersected in GS2121 where the bottom 62.4
metres (492.9m to 555.3m) averaged 4.54 g/t Au and included
multiple high grade intercepts. GS2221intersected 73.1 m grading 4.26 g/t Au within the lower
part of a broader mineralized zone.
GS2136, did not reach target zone due to difficult drill
conditions. The bottom 39.6 metres averaged 2.88 g/t as it
entered the zone.
Zone
|
Hole
Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
DOLPHIN
|
GS2136
|
540.7
|
-70
|
360
|
218.5
|
249
|
30.5
|
0.62
|
Tolovana
|
|
|
|
|
306.9
|
392.3
|
85.4
|
0.56
|
|
|
|
|
|
465.4
|
535.5
|
70.1
|
1.85
|
|
including
|
|
|
|
495.9
|
535.5
|
39.6
|
2.88
|
|
including
|
|
|
|
514.2
|
517.2
|
3
|
13.60
|
|
GS2221
|
1053.2
|
-70
|
360
|
294.7
|
715.4
|
420.7
|
1.36
|
|
including
|
|
|
|
346.6
|
642.2
|
295.6
|
1.73
|
|
including
|
|
|
|
486.8
|
642.2
|
155.4
|
2.57
|
|
including
|
|
|
|
569.1
|
642.2
|
73.1
|
4.26
|
|
including
|
|
|
|
584.3
|
587.3
|
3
|
10.3
|
|
including
|
|
|
|
639.2
|
642.2
|
3
|
61
|
|
The width refers
to drill hole intercepts; true width cannot be determined due to
the uncertain geometry of mineralization.
|
Hole GS2227, drilled 60 metres to the south of GS2136, was
designed to intersect and potentially expand the downdip of the
higher-grade mineralization intersected in GS2136. Assay results
are pending.
Cleary East
The main Cleary Hill Vein swarm
dips to the south, and plunges southwest towards the Dolphin
intrusive, with the mineralization increasing in intensity closer
to the Dolphin intrusive, especially along the contact margins.
These broad-spaced holes in the Cleary East area, all drilled to
the north, were designed to test the eastern extension of the
Cleary System at depth with several wide-spaced holes.
Additional holes to the north and east are planned. Results
continue to demonstrate the presence of a robust mineralized system
at Golden Summit.
Zone
|
Hole
Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Cleary
East
|
GS2142
|
504.7
|
-70
|
360
|
184.7
|
185.9
|
1.2
|
21.10
|
|
GS2146
|
652
|
-70
|
360
|
407.5
|
445.3
|
37.8
|
0.88
|
|
|
|
|
|
577.6
|
652
|
74.4
|
0.66
|
|
including
|
|
|
|
577.6
|
627
|
49.4
|
0.73
|
|
GS2149
|
570.6
|
-70
|
360
|
233.8
|
250.9
|
17.1
|
0.89
|
|
GS2154
|
604.6
|
-70
|
360
|
5.7
|
20
|
14.3
|
0.76
|
|
|
|
|
|
173
|
226.4
|
53.4
|
0.71
|
|
|
|
|
|
322.6
|
353.1
|
30.5
|
1.14
|
|
|
|
|
|
400
|
401
|
1
|
12.65
|
|
|
|
|
|
475.2
|
525.4
|
50.2
|
1.00
|
|
including
|
|
|
|
484.2
|
486.3
|
2.1
|
14.20
|
|
|
|
|
|
598.6
|
601.7
|
3.1
|
25.90
|
|
The width refers
to drill hole intercepts; true width cannot be determined due to
the uncertain geometry of mineralization.
|
Drilling remains ongoing with 4 drill rigs. The program is
systematically evaluating the Dolphin/Cleary areas and is
continuing to successfully delineate broad zones of greater than 1
g/t Au mineralization over significant widths. Drilling since
2020 has also demonstrated significant widths of greater than 2 g/t
Au within the interpreted Cleary Vein
Swarm (CVS).
Gold mineralization in the Dolphin/Cleary area is hosted within
a broad structural corridor of gold mineralization comprised of the
Dolphin stock, a multiphase intrusive complex, and metasedimentary
rocks comprised of various schists. Drilling and historical shallow
underground mining has intersected this gold mineralization from
surface to depths of over 1,000 m
from the Dolphin stock in the west to the Cleary Hill mine workings
in the east, a distance of over 1.5km. Gold mineralization is
hosted within high-grade quartz veins and silicified zones that
occur within a broader lower-grade envelope of quartz stockwork
mineralization. Drilling continues to successfully delineate these
higher-grade veins and the encompassing lower-grade stockwork
mineralization to depths well below the depths of the previous
drilling and well outside of the current pit-constrained gold
resource.
Drill Plan Map and Cross Section:
https://freegoldventures.com/site/assets/files/6105/section_478850e.pdf
https://freegoldventures.com/site/assets/files/6105/plan-map-10182022.pdf
The highway-accessible Golden Summit project is located
approximately 32 km northeast of Fairbanks, Alaska and was the subject of an
intensive drill campaign between January
2011 and August 2013 in which
36,159 metres were drilled, and three resource updates were
completed each in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI 43-101").
In January 2016, a preliminary
economic assessment ("2016 PEA") prepared in accordance with NI
43-101 was produced for the Company by Tetra Tech.
The terms "mineral resources", "indicated mineral resources",
"inferred mineral resources" and "mineral reserves" are defined per
NI 43-101. Though indicated mineral resources have been estimated
for the Project, the 2016 PEA includes inferred mineral
resources that are too speculative for use in defining mineral
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, and 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.
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
studies conducted primarily using its Vancouver and Reno laboratories. A sample
quality control/quality assurance program was implemented.
Core samples were prepared using the PREP-31BY package in ALS's
Fairbanks facility. Each core
sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh,
US Std. No.10) screen. A split of 1kg is taken and pulverized to
better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No.
200) screen; a portion of this pulverized split is digested by Four
Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay
analyzes all samples with an AAS finish, method code Au-AA23 (30g
sample size) and over 10 g/t are automatically assayed using a FA
Grav method, Au-GRAV21. Additional Au screening is performed using
ALS's Au-SCR24 method; select samples
are dry screened to 100 microns. A duplicate 50g fire assay is
conducted on the little fraction, as well as an assay on the entire
oversize fraction. Total Au content, individual assays, and weight
fractions are reported. Analytical and assay procedures are
conducted in ALS's North Vancouver
and Reno facilities. Core Sample submitted to the Bureau
Veritas (BV) facility in Fairbanks
were prepped using the PRP80-1Kg . Each core sample is crushed to
better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10)
screen. A split of 1kg is taken and pulverized to better than 85 %
passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a
portion of this pulverized split is digested by Four Acid and
analyzed via ICP-ES (method code MA200). Fire Assay analyzes all
samples with an AAS finish, method code FA-430 (30g sample size)
and over 10 g/t are automatically assayed using a FA Grav method,
FA530. Additional Au screening is performed using BV's FA632
method; select samples are dry screened to 100 microns. A duplicate
50g fire assay is conducted on the little fraction, as well as an
assay on the entire oversize fraction. Total Au content, individual
assays, and weight fractions are reported. Crushing was conducted
at BV's Fairbanks facility, with
subsequent analysis conducted by its Vancouver, Reno and/or Hermosillo facilities.
A QA/QC program included laboratory and field standards inserted
every ten samples. Blanks are inserted at the start of the
submittal, and at least one blank every 25 standards with
additional blanks inserted following samples of visible gold.
Freegold continues to operate a full-service camp at Golden
Summit with COVID-19 protocols in place.
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 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, the 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 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