December 16, 2021
- 70% of Holes still to be reported – 48 holes
- Visible gold noted in several holes
- Over 38,000 meters of drilling at Golden Summit
- Updated Mineral Resource to be completed in 2022
- 3,400 meters of drilling completed at Shorty Creek
Vancouver, December 16, 2021 – Freegold Ventures Limited (Freegold) (FVL: TSX, OTCQX: FGOVF) is pleased to provide a summary of its 2021 activities. This year was a continuation of a program that began in 2020 looking for deeper, higher-grade mineralization. It has been a very successful program. The program has already intercepted more extensive and consistent higher-grade mineralization than any previous drill program on the project including numerous assays intervals over 30 g/t Au. Golden Summit’s mineralization is structurally complex, still making it challenging to connect the high-grade intersections into cohesive units, however, they will substantially boost the average grade for a bulk mineable project, well above our historic 0.69 gpT resource grade average. Freegold and most North American explorers experienced frustratingly long delays at the assay labs. Mineralization at Golden Summit is not necessarily visually obvious however with an over 90% hit rate in holes reported we are very pleased with our targeting efforts which continue to confirm our interpretation. Looking forward, with more than 70% of the drill holes from the 2021 program still to be reported and the already demonstrated success of the 2021 program, Management believes 2022 will be an exciting year for Freegold.
Over 38,000 metres of drilling were completed in 68 holes with an average hole depth of over 600 metres. Assays are pending for 48 holes. Drilling for the year just concluded and is expected to resume in early February. Drilling will continue to focus on further expanding and defining the higher-grade Cleary Vein System (CVS). Cutting and sampling will continue over the winter break to expedite results as quickly as possible.
Drill results are continuing to return multiple intercepts of higher-grade mineralization within the projected extension of the CVS. The CVS is an interpreted corridor extending south from the old Cleary Hill mine workings towards the Dolphin intrusive and consists of broad zones of intense silicification and alteration that contain narrow high-grade veins, multiple veins, veinlets, and stockwork zones. The identification of the CVS in 2020 had significant implications for both the grade and tonnage potential of the project.
In the Cleary Zone, results are pending for 25 holes. These holes were targeting the down dip extent of the high-grade vein zones found within the historic Cleary, Colorado, Wackwitz, and Wyoming veins as well their broader enveloping stockwork zones. Holes south of the previous drilling have intersected significant veining, quartz breccia and visible gold in areas with no previous drilling. Oriented core is being used to better define the orientation of the high-grade encountered throughout 2021. Results from the Cleary zone drilling continue to show that the higher-grade zone in the Cleary widens and plunges at depth toward the Dolphin intrusive.