Freegold Ventures drills 1.43 g/t gold over 317.8 metres at Golden Summit, Alaska

Freegold Ventures Ltd. [FVL-TSXV; FCOVF-OTCQX] reported results from an additional seven holes (5,997.7 metres) from its drill program designed to expand, upgrade and increase the overall resource grade at the Golden Summit project through systematic drilling. Results continue to demonstrate a robust mineralized system at Golden Summit.

Drilling is complete for the 2022 season. A total of 44 holes (35,520.5 metres) were drilled; the 2020 to 2022 drill program (83,826 metres) targeted higher-grade mineralization and the surrounding moderate- to lower-grade gold that forms broad zones. Results continue to successfully delineate broader zones of higher-grade mineralization below the depths of the proposed pit outlined in the 2016 pit-constrained resource. Additional assays are expected to be reported in the coming weeks. A significant number of results from the expanded 2022 program are expected to be included in an updated mineral resource estimate in early 2023.

Drilling and historical shallow underground mining have extended gold mineralization over 1.5 km along strike to depths of over 1,000 metres. Mineralization in Dolphin/Cleary is hosted within a broad structural corridor of gold mineralization comprising the Dolphin stock, a multiphase intrusive complex, and metasedimentary rocks comprising various schists within which are discrete high-grade veins, veinlets and areas of vein stockwork which effectively form a vein swarm. The main Cleary Hill vein swarm (CVS) mineralization dips to the south. It plunges southwest toward the Dolphin intrusive, with the mineralization increasing in intensity closer to the Dolphin intrusive and especially along the contact margins.

In the Dolphin Zone, hole GS2225 returned 7.8 metyres of 7.0 g/t gold, including 1.3 metres of 27.8 metres; 3 metres of 11.85 g/t gold; 317.8 mettres of 1.43 g/t gold, including 45 metres of 3.69 metres, including 3 metres of 25.1 g/t gold; and 24.7 metres of 4.17 g/t gold, including 2.3 metres of 28.9 g/t gold.

Hole GS2217 returned 344.4 metres of 1.03 g/t gold, including 115.8 metres of 0.99 g/t gold, including 1.8 metres of 47.6 g/t gold, including 57.2 metres of 2.63 g/t gold.

GS2225 was drilled to the north and lies within the projected higher-grade CVS. The results again demonstrate the potential for substantial tonnage of higher-grade material.

GS2217, part of a series of large step-out holes to the south, was collared approximately 130 metres southeast of GS2143. GS2217 was one of the deepest holes (1,167.6 m) drilled.

Exploration remains continuing and focused on developing additional targets and target areas for the 2023 drill program. One of the newly targeted areas is the Saddle zone.

The Saddle zone lies four km east of the Dolphin/Cleary zone and comprises a series of narrow veins that correlate well with strong gold-in-soil geochemistry. Like the Cleary Hill zone, the Saddle zone also hosts a historic high-grade gold producer, the American Eagle (60,000 ounces at 1.6 oz/ton gold).

Several lines of CSAMT (controlled-source audio-magnetotellurics) were completed aimed at outlining broader silicified zones surrounding these narrow veins to delineate additional high-priority targets as part of a continuing effort to systematically explore this highly prospective property which hosts over 80 documented gold occurrences.

Targeting work continues in the Dolphin/Cleary zone, where an initial test NSAMT (natural-source audio-magnetotellurics) survey was undertaken over the core of the deposit. Preliminary 3-D results complement the known geology very well. Given the success of this exercise, additional lines have been added to expand the survey outside of the known mineralization to generate other targets for the 2023 program. The deposit remains open to the west/southwest, where Freegold outlined a strong gold-in-soil geochemical anomaly, which has not yet been drill tested. Farther southwest lies the historic Newsboy mine, which produced 40,000 ounces at an average grade of one oz/ton.

To the north of the central Dolphin/Cleary zone, 527 soil samples were collected over a broadly spaced grid. This sampling is the first program undertaken in that area since Freegold acquired the property early in 2022. Assays are pending.

The highway-accessible Golden Summit project is located approximately 32 km northeast of Fairbanks, Alaska.

Freegold has a full-service camp at Golden Summit with COVID-19 protocols in place. The company is 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.