Freegold Ventures drills 1.7 metres of 588 g/t gold at Golden Summit, Alaska

Core logging at Golden Summit.

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Freegold Ventures Limited [FVL-TSX; FGOVF-OTC; FR4N-FSE] reported additional drill results from its 100%-owned Golden Summit Project from its 2020 drilling program. The project is 32 km north of Fairbanks, Alaska.

A 2021 40,000-metre program is currently in progress, with approximately 80 holes (assuming an average hole depth of 500 metres) expected to be drilled during 2021. Since drilling commenced in February, 13 holes have been completed. Total metreage completed since drilling recommenced is 7,907 metres, which includes holes currently underway.

Drill hole GSDL2011: intersected the projected zone at 278 metres returning gold between 404.2 and 561.8 metres.

GS2015: intersected the projected zone at 162 metres returning 1.13 g/t over 346 metres including 1.5 metres grading 86.4 g/t gold over 1.5 metres.

GS2016: intersected the projected zone at 167 metres and returned 0.95 g/t gold over 312.6 metres, including 203 metres grading 1.03 g/t gold.

GS2014 – intersected 90 metres grading 1.8 g/t gold. This hole was drilled in the Cleary Hill area and aimed at intersecting the down-dip extent of the Cleary Hill vein swarm at a steeper angle.

GS2017 – not only returned the highest grade intercept at Cleary Hill (1.7 metres of 588 g/t gold) but also a significant width of 98.2 metres grading 3.07 g/t gold.

The 1.7 metre sample interval in Hole GS2017 of 588 g/t gold, the highest-grade intercept intersected by Freegold in drilling at Golden Summit, has been cut to 88 g/t gold for the purpose of calculating a weighted average.

The results of the drilling are continuing to successfully confirm Freegold’s revised interpretation that there is potential for a higher-grade corridor, effectively a vein swarm, consisting of multiple veins, veinlets and stockwork zones within areas of intense silicification extending from the area of the old Cleary Hill mine workings towards the Dolphin intrusive. Drilling is also continuing to demonstrate the potential for higher grade mineralization at Cleary Hill well below the previous drilling.

Holes are being systematically drilled not only to determine the orientation of the higher grade mineralization but also to define the extent of the mineralization which remains open in all directions.

The 2021 drill program will continue to focus on continuing to determine the orientation of the zones of higher-grade mineralization consistent with Freegold’s revised interpretation, in particular, to the north, east and west of the Dolphin intrusive.


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