HIGHLIGHTS:
- GS2232 3.83 g/t Au over 190.8m
-
- Including 174.5 g/t Au over 3
m
- 1.37 g/t Au over 67.2m
- GS2215 1.71 g/t Au over 370.1
m
-
- Including 119 g/t Au over 3
m
- GS2236 1.93 g/t Au over 175.3
m
-
- Including 5.5 g/t Au over 42.1
m
- Including 30.1 g/t Au over 3.1
m
VANCOUVER, BC, Jan. 23,
2023 /CNW/ - Freegold Ventures Limited
(Freegold) (TSX: FVL) (OTCQX: FGOVF) is pleased to report results
from an additional nine holes (7,753.5m) from its 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.
With over 80 documented gold occurrences and 3 of the highest
grade historic producers in the district situated within the
property, Golden Summit project represents an exceptional
exploration project. Since 2020 over 83,000 metres in 130
holes have been drilled with results continuing to demonstrate the
presence of a robust mineralized system.
Holes GS2226, GS2215, GS2236, GS2227 were drilled in the western
portion of the Dolphin deposit. GS2215 returned an
impressive 370.1 metres grading 1.71 g/t, including 3 metres
grading 119 g/t Au near the central portion of the Dolphin deposit.
GS2232 in the southern portion of the deposit continues to
demonstrate the presence of higher-grade mineralization returning
3.83 g/t over 190.8 metres and a further 67.2 metres grading 1.37
g/t Au. Holes G2236 and GS2226 were drilled on the western side of
the Tolovana Vein. Drilled to the north, GS2226 continues to expand
the mineralization to the north in an area of limited drilling.
GS2236, again drilled to the north on the west side of the Tolovana
Vein structure returned a broad zone of higher-grade mineralization
and further demonstrates expansion potential to the west
intersecting 175.3 metres grading 1.93 g/t Au including 42.1 metres
grading 5.5 g/t Au.
DOLPHIN
Zone
|
Hole
Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Cut to
88 g/t
Au
|
Dolphin
|
GS2211
|
745.5
|
-70
|
360
|
275.9
|
319.1
|
43.2
|
1.10
|
|
|
|
|
|
|
436.2
|
444.1
|
7.9
|
1.30
|
|
|
|
|
|
|
492.4
|
535.5
|
43.1
|
0.86
|
|
|
|
|
|
|
578.2
|
608.7
|
30.5
|
1.37
|
|
|
|
|
|
|
|
|
|
|
|
|
GS2213
|
953
|
-70
|
360
|
190.0
|
221.0
|
31.0
|
0.65
|
|
|
|
|
|
|
271.5
|
296.0
|
24.5
|
0.91
|
|
|
|
|
|
|
436.7
|
471.9
|
35.2
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
GS2215
|
921.4
|
-70
|
360
|
189.3
|
224.6
|
35.3
|
0.73
|
|
|
|
|
|
|
291.7
|
661.8
|
370.1
|
1.71
|
1.46
|
|
including
|
|
|
|
319.1
|
322.2
|
3.1
|
119
|
|
|
|
|
|
|
|
|
|
|
|
|
GS2226
|
826.2
|
-70
|
360
|
199.3
|
238.6
|
39.3
|
1.03
|
|
|
|
|
|
|
447.4
|
628.8
|
181.4
|
0.8
|
|
|
|
|
|
|
675.9
|
695.0
|
19.1
|
1.38
|
|
|
|
|
|
|
|
|
|
|
|
|
GS2227
|
1072
|
-70
|
360
|
374.0
|
383.1
|
9.1
|
1.3
|
|
|
|
|
|
|
559.9
|
611.7
|
51.8
|
1.04
|
|
|
|
|
|
|
739.8
|
815.9
|
76.1
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
GS2232
|
1008
|
-70
|
360
|
363.0
|
553.8
|
190.8
|
3.83
|
2.47
|
|
including
|
|
|
|
550.8
|
553.8
|
3.0
|
174.5
|
|
|
|
|
|
|
632.6
|
699.8
|
67.2
|
1.37
|
|
|
including
|
|
|
|
663.4
|
666.2
|
2.8
|
12.2
|
|
|
|
|
|
|
|
|
|
|
|
|
GS2236
|
736.4
|
-70
|
360
|
53.0
|
59.0
|
6.0
|
1.8
|
|
|
|
|
|
|
340.5
|
343.5
|
3.0
|
16.7
|
|
|
|
|
|
|
451.7
|
627.0
|
175.3
|
1.93
|
|
|
including
|
|
|
|
451.7
|
492.9
|
41.2
|
5.50
|
|
|
including
|
|
|
|
465.4
|
468.5
|
3.1
|
30.1
|
|
|
including
|
|
|
|
477.6
|
480.7
|
3.1
|
15.1
|
|
The width refers to
drill hole intercepts; true width cannot be determined due to the
uncertain geometry of mineralization.
|
CLEARY
GS2231 and GS2234 were aimed at testing the downdip extent of
the CVS. Results continue to demonstrate the expansion
potential of Golden Summit intersecting narrow high-grade veins
within a broader envelope of mineralization.
Zone
|
Hole Number
|
Depth
(m)
|
Dip
|
Azimuth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Cleary
|
GS2231
|
791
|
-70
|
360
|
179.0
|
225.5
|
46.5
|
2.12
|
|
including
|
|
|
|
179.0
|
213.8
|
34.8
|
2.29
|
|
|
|
|
|
486.6
|
569.0
|
82.4
|
0.68
|
|
|
|
|
|
|
|
|
|
|
GS2234
|
700
|
-70
|
360
|
477.0
|
477.4
|
0.4
|
62.70
|
|
|
|
|
|
699.0
|
761.9
|
62.9
|
0.70
|
The width refers to
drill hole intercepts; true width cannot be determined due to the
uncertain geometry of mineralization.
|
In the late fall of 2022, a broad spaced NSAMT survey was
carried out over the core of the Dolphin deposit. Preliminary 3D
inversions show a resistive corridor which appears to track higher
grade intervals in the deposit area. Given the initial
preliminary success, additional surveys to expand the coverage in
the Dolphin area and well as to cover other prospective targets on
the property are being planned.
Links to Drill Plan Map
https://freegoldventures.com/site/assets/files/6143/479850e.pdf
https://freegoldventures.com/site/assets/files/6143/478900e.pdf
https://freegoldventures.com/site/assets/files/6143/planmap_01232023.pdf
The 2020-2022 drill program focused exclusively on the Dolphin
Cleary Zone and extended gold mineralization over 1.5 km along
strike and to depths of over 1,000 metres. Mineralization in the
Dolphin/Cleary 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 within which are discrete high-grade veins, veinlets, and
areas of vein stockwork which effectively form a vein swarm, that
occasionally contain exceptional high grades. The main
Cleary Hill Vein swarm (CVS)
mineralization dips to the south. It plunges southwest towards the
Dolphin intrusive, with the mineralization increasing in intensity
closer to the Dolphin intrusive and especially along the contact
margins.
The Dolphin-Cleary is the only area of the project to have a
resource delineated. The deposit remains open, particularly to the
west/southwest, where Freegold outlined a strong gold in soil
geochemical anomaly that has not been drill tested. Further
southwest lies the historic Newsboy Mine, which produced 40,000
ounces at an average grade of 1oz/t. Other exploration
targets within this remarkable project include the Saddle Zone and
the Hi Yu area both of which host historic high-grade producers
(Saddle Zone – American Eagle 60,000 ounces @ 1.6 oz/t, Hi Yu –
110,000 ounces @ 1.6 oz/t). The 2023 program will target
these areas with the aim of building additional resources.
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. 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. Limited drilling was
conducted between 2013 – 2020 (1,890 metres – of shallow oxide
drilling). Since 2020 over 83,826 meters have been drilled,
representing the most focused exploration effort ever undertaken on
the Golden Summit project.
A sample quality control/quality assurance program was
implemented. 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 conducted at the ALS
facility in Fairbanks, Alaska,
with subsequent studies conducted primarily using its Vancouver and Reno laboratories.
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 and 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. 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 has 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 the Golden Summit
Gold Project near Fairbanks and
the Shorty Creek Copper-Gold Project near Livengood through
leases.
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 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 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