Freegold Ventures drills 5.42 g/t gold over 113.3 metres at Golden Summit, Alaska

Freegold Ventures Ltd. [TSX-FVL] continues to successfully intercept higher grade at its Golden Summit project in Alaska as two drill rigs continue to operate. In the Dolphin Cleary area 34 holes have been completed since March. Assays for 17 holes have now been reported. Six holes have been completed in the Saddle Zone. Assays are pending.

The 2023 program has multiple objectives: delineating the extent of the mineralization to north of the Dolphin Cleary Zone, testing the potential for expansion to the west, expanding the higher-grade mineralization found within the Cleary Vein Swarm (CVS) and initial reconnaissance drilling of the Saddle Zone.

Most of the holes in the Dolphin Cleary Zone reported to date have been mainly targeting the area to the north-northwest of the Dolphin intrusive. The current drilling is moving westward, targeting the Tolovana Vein swarm west of Willow Creek, where hole GS2335 is currently in progress, and multiple occurrences of visible gold have been observed.

Recent drilling shows that a marble unit and significant faulting truncate the mineralization to the north in the Dolphin Zone. Hole GS2304 drilled earlier this year intersected significant faulting and a marble unit. Subsequently, a north-south fence of holes (GS2304, G2312, GS2308 and GS2317) was drilled. Spaced approximately 100 metres apart and working from north to south, Holes GS2304, GS2313 and GS2308 all intersected this marble unit. Hole GS2317 intersected a broad zone of higher-grade mineralization returning 181.9 metres grading 1.22 g/t gold from 211.5 metres to 393.4 metres up-dip from hole GS2111 (Section 478950E).

GS2303, located 50 metres west of 478950E was another northern hole drilled earlier this year, and was aimed at delineating the limits of the mineralization to the north intersected 42.4 meters grading 0.65 g/t gold (99m – 141.4m). Additional holes drilled on the same section as GS2303 and spaced approximately 100 metres apart were drilled. (GS2303, GS2313, GS2322 and GS2323). GS2313 again intersected a marble unit. Assays for GS2322 and GS2323 are pending.

Hole GS2314 located 150 metres west of 478950E was drilled to the west from the same pad as GS2309 which was drilled to the north. GS2314 returned 113.3 metres grading 5.42 g/t gold (385.7m to 499m) (uncut), including 3.1 metres grading 160 g/t gold. Two significant high-grade intercepts were encountered in this hole, 82.5 g/t gold over 2.1 metres from 293.6m to 296m and 3.1 metres grading 160 g/t gold (495.9m – 499m). This hole in conjunction with, Freegold’s previous westerly hole (GS2241 – which intersected 88.7 metres grading 1.43 g/t) combined with strong gold in soil geochemistry, have acted as further evidence to support the idea that there remains significant expansion potential to the west where drilling is currently in progress.

Both GS2315 (100 metres west of 478950E) and GS2316 (150 metres east of 478950E) aimed to upgrade and expand mineralization northward. GS2315 intercepted broad zone mineralization starting at 239.9 metres and returned 112.1 metres grading of 0.95 g/t gold, including 49.8 metres of 1.26 g/t gold. GS2316 intersected 67.3 metres grading 0.50 g/t gold (144m – 211.3m).

Currently, one rig is also testing the Saddle Zone which is located 4 km to the east of the Dolphin/Cleary Zone. Six reconnaissance holes have been drilled to assess the historic veins along with their coinciding gold geochemistry to determine their potential to host additional resources. A seventh hole is in progress. Additional assays results are pending and will be reported once received.

The current program is designed to test the boundaries, expand and infill the current mineral resource estimate (February 2023) which using a 0.45 g/ t gold cut off and a US$1,792/oz gold price is 12.01 million ounces at 0.92 g/t gold (407,544,000 tonnes) (indicated) and 7.7 million ounces at 0.85 g/t (282,303,000 tonnes) (inferred).

Freegold operates a full-service camp at Golden Summit. Freegold holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.