Freegold drills 1.05 g/t gold over 249.9 metres at Golden Summit, Alaska

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Freegold Ventures Ltd. [FVL-TSX; FGOVF-OTCQX; FR4N-FSE] reported results from its continuing exploration program at 100%-owned Golden Summit 32 km north of Fairbanks, Alaska.

Results continue to validate Freegold’s model that the Cleary Vein System (CVS) grade increases and broadens at depth as it gets closer to the Dolphin intrusive. Hosted within a structurally complex environment, the interpreted CVS is a zone of veins, veinlets, and stockwork zones hosted within the surrounding schist, which is interpreted to be the down-dip extent of the high-grade veins zones found within the historical high-grade Cleary, Colorado, Wackwitz, and Wyoming veins, which together with their broader enveloping stockwork zones have the potential to significantly expand the existing resource through both increased tonnage and grade. Within these wide zones of higher-grade mineralization, numerous high-grade intercepts occur within the broader zones, and oriented core is being utilized to define further and isolate these high grades.

Drilling during 2021 successfully intersected intrusive on the Cleary side at depth. This further strengthens Freegold’s interpretation that the Dolphin intrusive may underlie Cleary at depth and that Cleary may be fault downdropped on the east side of Bedrock Creek, potentially further expanding the footprint of the Dolphin intrusive. The Dolphin intrusive is the source of the gold mineralization hosted within the existing resource.

Holes GS2117, GS2120, GS2124, and GS2133 which are shown in the accompanying cross-section (479300E), continue to demonstrate broad zones of above resource grade all within schist with the widths continuing to increase with depth, again demonstrating the potential for significant resource expansion with the potential for increased grade. Hole GS2133 stopped within the projected mineralized zone due to hole conditions. Hole GS2155A was collared within the Dolphin intrusive and intercepted 81 metres of 0.81 g/t gold within the oxide zone. It also intersected 15.7 g/t gold over 6.1 metres in the deeper portion of the projected mineralized zone.

GS2123, on the Cleary side, was collared 25 metres west of GS2017, which intersected 588 g/t gold over 1.7 metres within a broader zone of 3.07 g/t gold over 98.2 metres from 300.5 to 398.7 metres (588 g/t gold intercept cut to 88 g/t gold – 11.72 g/t gold over 98.2 metres uncut). Significantly GS2123 also intersected a broad zone of higher-grade mineralization from 335.9 to 390.4 metres grading 1.46 g/t gold over 54.5 metres which included a high-grade intercept of 17.1 g/t gold over 0.7 metres. Hole GS2144 intersected 2.05 g/t gold over 51.5 metres, again demonstrating the broadening of the higher-grade zone at depth at Cleary.

The 2022 program Phase 1 (~20,000 metres) continues to further delineate the area to the south of the Cleary Vein Swarm and the area between the Dolphin and the Cleary where previous high-grade intercepts were reported. Drilling south of the previous drilling has intersected significant veining, quartz breccia, and visible gold in areas with no previous drilling.

In addition, drill testing will also be undertaken on other areas of the project that have the potential to host additional mineralization. The 2020-2021 drilling results will be incorporated into an updated mineral resource estimate later in 2022.

During 2021, over 38,000 metres of drilling were completed in 68 holes with an average hole depth of over 600 metres. Assays are pending for 36 holes and will be reported over the coming weeks. Freegold operates a full-service camp at Golden Summit with COVID-19 protocols in place.

Freegold is focused on exploration in Alaska. It holds through leases the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood, where an approximately 3,400-metre program was completed in 2021. Assays are pending.




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