VANCOUVER, BC, April 9,
2024 /CNW/ - Freegold Ventures Limited (TSX: FVL)
(OCTQX: FGOVF) ("Freegold" or the "Company") is pleased to announce
the 2024 exploration program for its Golden Summit
Project.
Results remain pending for the 2023 drill program holes GS2336
and GS2337. Both holes were drilled in the western portion of the
current resource. Once available, the results from these holes will
be reported. The 2023 drill program results will then be
incorporated into an updated mineral resource estimate.
The 2023 program successfully:
- Confirmed the potential to further expand the resource along
strike to the west within a 1.5 kilometre-long gold-in-soil
geochemical anomaly;
- Highlighted the potential for further expansion drilling to the
west to increase the overall resource grade at shallower
depths;
- Closed off mineralization to the north of the current resource
and;
- Demonstrated the potential for the Saddle Zone to host
additional gold and silver mineralization.
The 2024 program is expected to test the potential for
higher-grade mineralization closer to surface that may improve the
overall project economics with the potential delineation of
shallower higher-grade material. Drilling is expected to
commence in mid-April, with two drills initially. Hole GS2333, a
200-metre step-out hole, intersected significant higher-grade
material starting closer to the surface, 276.5m grading 1.76 g/t Au. Drilled at a
shallower dip than most of the drilling to date, this hole
intersected the zone at a vertical depth of 225 metres. The hole
intersected 4.25 g/t Au over 67.1 metres from 438 to 505.1 metres
and bottomed in strong mineralization intersecting 4.09 g/t over
23.9 metres from 608.3 to 632.2 metres.
Further metallurgical test work will also be completed during
the 2024 program aimed at enhancing Golden Summit Project's overall
economics. Results from the ongoing metallurgical work are expected
to be reported later this quarter. Although Golden
Summit already hosts an extremely large resource, the 2024 program
will focus on optimising the project economics before completing an
economic study. In addition to drill testing and
metallurgical work, the 2024 program will include further baseline,
cultural and wetland delineation surveys.
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 ALS Laboratories. Core
samples were prepared in ALS's facility using the PREP-31BY
package. 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 is conducted 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.
The Qualified Person for this release is Alvin Jackson, P.Geo. – Vice President of
Exploration and Development for Freegold, who has approved the
scientific and technical disclosure in this news release.
About Freegold Ventures
Limited
Freegold is a TSX-listed company focused on exploration in
Alaska. It 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, 2023, 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 these effects have been reduced 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.
The risks to Freegold of such public health crises also include
employee health and safety risks 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