- 40.3 g/t Au over 3 metres
- 1. 0g/t Au over 100.7 metres
- Including 1.44 g/t Au over 31.4 metres
- 1.03 g/t Au over 18.8 metres
VANCOUVER, BC, Nov. 2, 2023
/CNW/ - Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF)
("Freegold" or the "Company") reports it has successfully confirmed
the downdip continuity of the Cleary Vein Zone.
Having increased Golden Summit's in-pit resource ounces with its
2020-2022 drill programs from 1.35 Moz to 12.6 Moz Indicated and
from 1.58 Moz to 7.7 Moz Inferred, the primary strategy of
Freegold's 2023-2024 drill program is to upgrade the resource with
new higher-grade targets and infill drilling. Hole GS2330, assays
for which have just been received, is an example of strategic
infill drilling. It intersected three mineralized intervals,
beginning with a high-grade interval of 3.0m @ 40.5 gpt starting 164m downhole, followed by 100.7m @ 1.00 gpT starting 240m downhole and a third intersection that ended
in mineralization of 18.2m @ 1.03
gpT, starting 389m downhole. All
three intersections were above the Feb
2023 Indicated and Inferred resource grades of 0.92 gpT and
0.85 gpT, demonstrating the potential for the 2023-2024 infill
drill program to upgrade the 2023 resource. (Note that the
2020-2022 drill program successfully increased the 2016
pit-constrained resource grade of 0.69 gpT by approximately 23% and
expanded total resources).
The attached Section 479550E shows an 800-meter mineralized zone
in cross-section within an existing strike length of 1.5 km, which
remains open to the west. A broad of mineralization with a
consistent dip of higher-grade mineralization is apparent within
the Cleary Zone. This zone will be a priority follow-up for
future infill drilling on the Cleary Zone. The mineralization
continues to broaden towards the south at depth.
HOLE
NUMBER
|
AZIMUTH
|
DIP
|
DEPTH
(M)
|
FROM
(M)
|
TO
(M)
|
INTERVAL
(M)
|
AU
G/T
|
GS2330
|
360
|
-70
|
407.5
|
163.7
|
166.7
|
3.0
|
40.5
|
|
|
|
|
239.8
|
340.5
|
100.7
|
1.00
|
including
|
|
|
|
278.6
|
310
|
31.4
|
1.44
|
|
|
|
|
388.8
|
407
|
18.2
|
1.03
|
The width refers to
drill hole intercepts; true width cannot be determined due to the
uncertain geometry of mineralization.
|
Drilling is ongoing in the Dolphin Cleary area, with two rigs
targeting the Tolovana Vein Swarm. Hole GS2336 is underway to
undercut the mineralization seen in GS2335, which is located 30
metres to the north and has multiple occurrences of visible gold.
Visible gold is also being observed in Hole GS2336. Holes GS2331 –
GS2336 drilled west of Willow Creek
were intended to expand the higher-grade mineralization towards the
west, with assay results pending. Additionally, Hole GS2337 is
being drilled in a previously untested geochemical trend to the
southwest of the Dolphin zone.
Assays are still pending for the holes drilled north of the
Dolphin Cleary Zones (GS2320 to GS2328). The primary purpose of
these holes was to define the mineralization extent in the north
and immediate northwest, and they have successfully intersected the
up-dip of the overall mineralized trend.
Similarly, assays are still pending for the Saddle Zone holes
(SZ2301 to SZ2307). The 2023 drill program conducted in the Saddle
Zone was primarily exploratory and aimed to provide a better
understanding of the mineralization controls in the densely veined
Saddle Zone. Based on visual inspections, it is evident that
additional drilling is required in the Saddle Zone, as visible gold
has been noted in SZ2307.
Assays are pending for the following holes:
Zone
|
Hole Numbers
|
Dolphin Cleary North
Drilling
|
GS2320 – GS2328
|
Tolovana South
Area
|
GS2329
|
Tolovana Vein Swarm
west of Willow Creek
|
GS2331 –
GS2335
|
Saddle Zone
|
SZ2301 –
SZ2307
|
Tolovana Area in
progress
|
GS2336 &
GS2337
|
The number of Holes yet
to be reported
|
23
|
Section 479550E – showing the location of hole GS2330 and the
plan map can be found below.
https://freegoldventures.com/site/assets/files/6287/479550e_looking_west.pdf
https://freegoldventures.com/site/assets/files/6287/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf
The current program is designed to test the boundaries, expand
and infill the current mineral resource estimate (February 2023), which using a 0.45 g/ t Au
cut-off and a $1,792 gold price is
12.01 million ounces at 0.92 g/t Au (407,544,000 tonnes)
(indicated) and 7.7 million ounces at 0.85 g/t (282,303,000 tonnes)
(inferred).
A sample quality control/quality assurance program has been in
place throughout the program. Drill cores were cut in half using a
diamond saw, with one-half placed in sealed bags for preparation
and subsequent geochemical analysis by Act Labs. Samples were
shipped to ACT Laboratories in Kamloops, and subsequent analysis and
preparation was performed by its Ancaster and Timmins
Ontario laboratories.
Core samples were prepared using the RX1+1000 package in ACT's
facility. Each core sample is crushed to better than 80 %, passing
a 2 mm screen. A split of 1kg is taken and pulverized to better
than 95 % passing a 105-micron screen; a portion of this pulverized
split is digested by Aqua Regia (Partial) Digestion, ICP-OES
Package - 38 Elements. Fire Assay analyzes all samples with an AA
finish, method code IE3 (30g sample size) and over 10 g/t are
automatically assayed using a FA Grav method, method code 1A3.
Analytical and assay procedures are conducted in ACT's Timmins and Ancaster 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 operates a full-service camp at Golden Summit.
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, 2022, 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