August 18, 2021
- Over 23,000 metres of drilling completed since drilling recommenced in February
- Continuing to intersect broad zones of higher than existing resource grade mineralization
- 2.94 g/t Au over 111.2 metres in GS2122
Vancouver, August 18, 2021 ‐ Freegold Ventures Limited (Freegold) (FVL:TSX, OTCQX: FGOVF) is pleased to announce results from a further six holes (3,628.4 metres ) from the 2021 program of its 40,000 metre drill program currently underway on its Golden Summit project, near Fairbanks, Alaska. Results continue to intersect broad zones of above resource grade mineralization.
Drill holes GS2102 and 2104 returned relatively minor intercepts, generally from 0.4-0.5 g/t Au over widths of 30-40 metres, with the highest being 0.86 over 18.3 metres in hole GS 2102. Both holes intersected significant faulting, which may be an be indication of a significant offset. Both holes were located on the northwestern area of the overall mineralized system. Hole GS2122 was drilled towards the western side of the Dolphin intrusive near the historic Tolovana vein zone. The presence of visible gold was noted in hole GS2122 within narrow veins less than 20 centimetres in width. Metallic screen analyses were performed on those intervals. A total of five samples were selected for metallic screen based on the presence of visible gold and these resulted in an average increase of grade of 111%. Visible gold has been noted in several other holes drilled in the vicinity of the Tolovana vein zone and assays remain outstanding for these holes.
Hole GS2103 was drilled as a deeper test of the Dolphin intrusive to the south and was deeper than any previous drilling. The results of the GS2103 continue to confirm that the mineralization extends to depth intersecting a broad intercept of 267 metres grading 0.73 g/t Au from 536.4 metres to 803.4 metres well below the depth of holes in the vicinity. Holes GSDL1149 and GSDL1151 were vertical holes drilled to a depth of 403.3 metres and 287.7 metres respectively.
Holes GS 2118 and 2121 were drilled 25 metres east and north respectively of drill hole GS 2017 which intersected the previously reported intercept of 588 g/t over 1.7 metres. The high grade intersected in GS2121 was within an intensively silicified quartz breccia, and the presence of visible gold was not noted. Results for hole GS2126 and GS2123 drilled to the south and west of hole GS2017 respectively are still pending.
Since drilling resumed in February, 2021, 23,000 metres have been drilled in 43 holes, including holes in progress.
The current program is continuing to test for the potential for a higher-grade corridor, effectively a vein swarm, consisting of multiple veins, veinlets and stockwork zones within areas of intense silicification and alteration 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 level of 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.