Freegold drills 231.3 metres of 1.22 g/t gold at Golden Summit, Alaska

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Freegold Ventures Ltd. [FVL-TSX; FGOVF-OTC; FR4N-FSE] reported additional results from the continuing 40,000-metre program currently under way on its 100%-owned Golden Summit project, near Fairbanks, Alaska.

Drill hole GS2107 returned 7.4 metres of 0.65 g/t gold, 23.2 metres of 0.98 g/t, 231.3 metres of 1.22 g/t gold, including 2.1 metres of 44 g/t gold. Hole GS2111 returned 11.1 metres of 1.26 g/t gold, 18.2 metres of 1.35 g/t, 18.2 metres of 1.39 g/t and 106.7 metres of 0.97 g/t gold. Hole GS2127 returned 24.6 metres of 1.9 g/t gold and 41.4 metres of 1.96 g/t gold, including 2.2 metres of 30.39 g/t, 3 metres of 36.8 g/t, 12.4 metres of 1.32 g/t, and 99.6 metres of 0.74 g/t gold. Refer to company press release for more drilling details.

The program is continuing to potentially expand the current resource but also define areas of significantly higher-grade mineralization. The current program is continuing to systematically determine the orientation of the higher-grade mineralization but also to define the extent of the mineralization, which remains open. An updated resource calculation will be completed in 2022 once all the assays have been received from the 2021 program and will incorporate the results of the oxide expansion drilling conducted in 2017, as well as the drilling carried out in 2020. The results of over 50,000 metres of drilling are expected to be included in this update. Since drilling resumed in February, 2021, approximately 32,000 metres have been drilled in 59 holes, including holes in progress.

Key objectives for the 2021 program is to determine the orientation and extent of the higher-grade mineralization and expand the currently known resource and upgrading the resource categories as part of the efforts to further advance the project through prefeasibility, including additional environmental baseline studies, further metallurgical testwork and cultural resource studies.

Freegold is also planning to test other targets on the project that may have potential to host additional resources and host other buried intrusives. Ground geophysics and soil sampling survey have been conducted on these areas and further drilling is being planned to test these potential target areas.


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