Precious Metals

Freegold Ventures Limited (Freegold) (TSX: FVL) (OTCQX: FGOVF) reports assays from the 2021 drill program on the Shorty Creek project. A total of 8 holes were drilled (3,397metres) and the program was fully funded under the Shorty Creek Option Agreement with a wholly-owned subsidiary of South32 Limited (South32).  Shorty Creek lies approximately 125 road km northwest of Fairbanks, Alaska and 4 kms to the south of the abandoned mining town of Livengood and the all-weather paved Elliott Highway.

Eight widely spaced holes were drilled on the property and provided a limited test of the areas outside of the Hill 1835 area, where Freegold previously focused its attention. The Hill 1835 area covers a 1,000 metre by 1,500 metre target area with copper mineralization associated with the magnetic high.

  • Two holes were drilled in the Quarry target (SC2101, SC2102). The Quarry target tested a portion of the approximately 8km long magnetic anomaly.
  • SC2103, was drilled 350 metres northeast of SC1901A. This hole was designed to test an IP chargeability high and coincident magnetic low. SC1901A, drilled on the northern edge of the Hill 1835 target area intersected 99.1 metres of 0.29% Cu, 0.014 g/t Au, and 1.61 g/t Au.
  • Holes SC2104 was drilled 500 metres northeast of SC2103 and was drilled within the chargeability high and flanking the Steel Creek magnetic high.
  • SC2105 through SC2107 were drilled in the Steel Creek area. The holes were all drilled within the weaker portion of the magnetic high at Steel Creek.
  • SC2108 was drilled in the IP chargeability high flanking the magnetic high at Hill 1710.

Hole
Number

Hole
Depth

From

(m)

To

(m)

Interval

(m)

Dip

Azimuth

Cu
%

Au
ppm

Ag
ppm


SC2101

335.5




-60

315




NSV

SC2102

348




-70

90




NSV

SC2103

608.2

147.8

243.6

63.6

-70

135

0.12

0.24

1.12


SC2104

228.8




-70

135




NSV

SC2105

500.7




-70

135




NSV

SC2106

302.8




-67

145




NSV

SC2107

639.3




-66

205




NSV

SC2108

433.4




-65

312




NSV

NSV – No Significant Values - Width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization. See accompanying map for hole locations

The Qualified Person for this release is Alvin Jackson , PGeo – Vice President Exploration and Development for Freegold.

Drill cores were logged, photographed, and cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analyses by Bureau Veritas, with sample preparation carried out in Fairbanks with subsequent studies performed primarily using their Vancouver , and Hermosillo, Mexico facilities. A sample quality control/quality assurance program was in place.

Map Showing Location of Drill Holes:

https://freegoldventures.com/site/assets/files/2274/sc-plan-location.jpg

About Freegold Ventures Limited

Freegold is a TSX listed company focused on exploration in Alaska and holds through leases the Golden Summit Gold Project, near Fairbanks as well the Shorty Creek Copper –Gold Project near Livengood.

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs. The term "Mineral Resource" used above is defined per NI 43-101. Though Indicated Resources have been estimated for the Project, this PEA includes Inferred Mineral Resources that are too speculative for use in defining Reserves. Standalone economics have not been undertaken for the measured and indicated resources and as such no reserves have been estimated for the Project. Please note that the PEA is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would allow them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: changes in the price of mineral market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital. See Freegold's Annual Information Form for the year ended December 31st, 2021 filed under Freegold's profile at www.sedar.com for a detailed discussion of the risk factors associated with Freegold's operations.  On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Many governments have likewise declared that the COVID-19outbreak in their jurisdictions constitutes an emergency. Reactions to the spread of COVID-19 have led to, among other things, significant restrictions on travel, business closures, quarantines and a general reduction in economic activity. While these effects are expected to be temporary, the duration of the business disruptions and related financial impact cannot be reasonably estimated at this time. Such public health crises can result in volatility and disruptions in the supply and demand for various products and services, global supply chains and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk and inflation. The risks to Freegold of such public health crises also include risks to employee health and safety and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. As a result of the COVID-19 outbreak, the Freegold has implemented a significant COVID management program and established a full service Camp at Golden Summit in order to attempt to mitigate risks to its employees, contractors and community. While the extent to which COVID-19 may impact the Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations and financial condition.

SOURCE Freegold Ventures Limited

Cision View original content: http://www.newswire.ca/en/releases/archive/May2022/12/c9729.html

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FREEGOLD DRILLS 10.7 G/T GOLD OVER 10.1 METRES IN THE CLEARY VEIN ZONE AND 1.05 G/T GOLD OVER 249.9 METRES AND 15.7 G/T GOLD OVER 6.1 METRES IN THE DOLPHIN ZONE AT GOLDEN SUMMIT

FREEGOLD DRILLS 10.7 G/T GOLD OVER 10.1 METRES IN THE CLEARY VEIN ZONE AND 1.05 G/T GOLD OVER 249.9 METRES AND 15.7 G/T GOLD OVER 6.1 METRES IN THE DOLPHIN ZONE AT GOLDEN SUMMIT

Freegold Ventures Limited (Freegold) (TSX: FVL) (OTCQX: FGOVF) reports results from its ongoing exploration project at Golden Summit, located near Fairbanks, Alaska .

Freegold Ventures Limited Logo (CNW Group/Freegold Ventures Limited)

Results continue to validate Freegold's model that the Cleary Vein System (CVS) grade increases and broadens at depth as it gets closer to the Dolphin intrusive. Hosted within a structurally complex environment, the interpreted CVS is a zone of veins, veinlets, and stockwork zones hosted within the surrounding schist, which is interpreted to be the down-dip extent of the high-grade veins zones found within the historical high-grade Cleary, Colorado , Wackwitz, and Wyoming veins, which together with their broader enveloping stockwork zones have the potential to significantly expand the existing resource through both increased tonnage and grade. Within these wide zones of higher-grade mineralization, numerous high-grade intercepts occur within the broader zones, and oriented core is being utilized to define further and isolate these high grades.

Drilling during 2021 successfully intersected intrusive on the Cleary side at depth. This further strengthens Freegold's interpretation that the Dolphin intrusive may underlie Cleary at depth and that Cleary may be fault downdropped on the east side of Bedrock Creek, potentially further expanding the footprint of the Dolphin intrusive. The Dolphin intrusive is the source of the gold mineralization hosted within the existing resource.

Cleary


Depth
(m)

Dip

Azimuth


From
(m)

To
(m)

Width
(m)

Gold

(g/t)


GS2112

491.5

-70

360


35

83

48

0.44

oxide






279.2

289.3

10.1

10.7






including

281.7

284

2.3

13.9






including

284

286

2

32.6


GS2113

536

-70

360


15.7

101

85.3

0.23

oxide






371.4

415.3

43.9

1.17


GS2123

519.4

-70

360


12.4

53

40.6

0.31

oxide






98

123.2

25.2

1.29






including

121.7

123.2

1.5

13.1







238.7

278.5

39.8

0.55







335.9

390.4

54.5

1.46






including

366.8

390.4

23.6

2.76






including

388.5

389.2

0.7

17.1







416

452.9

36.9

1.16


GS2144

554.7

-70

360


477.6

529.1

51.5

2.05


GS2150

439

-70

360


123.7

165.7

42

0.78







228.8

243.9

15.1

1.53







350.5

404.5

54

0.87







417.9

439

21.1

0.72


Dolphin

Drill Hole

Depth
(m)

Dip

Azimuth


From
(m)

To
(m)

Width
(m)

Gold
(g/t)


GS2114

464.5

-90







NSV

GS2117

504.7

-70

360


139

150.9

11.9

0.58


GS2120

500.2

-70

360


33.8

45.1

11.3

0.5







158.8

238

79.2

1.06






including

176.5

177.1

0.6

18.1


GS2124

539.5

-70

360


0

26.2

26.2

0.35

oxide






26.2

43

16.8

2.27







163.4

195.4

32

1.11







302.1

524

221.9

0.95






including

302.1

462.1

160

1.16






including

422.5

424

1.5

14.9






including

443.1

444.7

1.6

10.04


GS2128

588.5

-70

360


23.2

60

36.8

2.34

oxide





including

55.2

56.7

1.5

48

oxide






296

545.9

249.9

1.05






including

393.5

417.6

24.1

1.94







524.6

526.1

1.5

21.5


GS2133

495.3

-70

360


138.7

148.8

10.1

1.52






including

146.6

147.5

0.9

10.6







183.7

213.1

29.4

0.87







294.4

305.1

10.7

0.95







395

494.4

99.4

1.45






including

431.6

433.1

1.5

40.8






including

435.6

436.6

1

23.8


GS2155A

648.2

-70

360


0

81.4

81.4

0.81

oxide






102.7

151.1

48.4

1.02







239.9

625.1

385.2

0.78






including

239.9

319.1

79.2

0.98






including

486.8

625.1

138.3

1.18






including

587.3

590.4

3.1

15.2






including

590.4

593.4

3

16.2


NSV: No Significant Values

Width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.

Holes GS2117, GS2120, GS2124, and GS2133 which are shown in the accompanying cross-section (479300E), continue to demonstrate broad zones of above resource grade all within schist with the widths continuing to increase with depth, again demonstrating the potential for significant resource expansion with the potential for increased grade. Hole GS2133 stopped within the projected mineralized zone due to hole conditions. Hole GS2155A was collared within the Dolphin intrusive and intercepted 81 metres of 0.81 g/t Au within the oxide zone. It also intersected 15.7 g/t Au over 6.1 metres in the deeper portion of the projected mineralized zone.

GS2123, on the Cleary side, was collared 25 metres west of GS2017, which intersected 588g/t Au over 1.7 metres within a broader zone of 3.07g/t Au over 98.2 metres from 300.5 to 398.7 metres (588g/t Au intercept cut to 88g/t Au – 11.72g/t Au over 98.2 metres uncut). Significantly GS2123 also intersected a broad zone of higher-grade mineralization from 335.9 to 390.4 metres grading 1.46 g/t Au over 54.5 metres which included a high-grade intercept of 17.1 g/t Au over 0.7 metres. Hole GS2144 intersected 2.05 g/t Au over 51.5 metres, again demonstrating the broadening of the higher-grade zone at depth at Cleary.

The 2022 program Phase 1 (~ 20,000 metres) continues to further delineate the area to the south of the Cleary Vein Swarm and the area between the Dolphin and the Cleary where previous high-grade intercepts were reported. Drilling south of the previous drilling has intersected significant veining, quartz breccia, and visible gold in areas with no previous drilling.

In addition, drill testing will also be undertaken on other areas of the project that have the potential to host additional mineralization. The 2020-2021 drilling results will be incorporated into an updated mineral resource estimate later in 2022.

During 2021, over 38,000 metres of drilling were completed in 68 holes with an average hole depth of over 600 metres. Assays are pending for 36 holes and will be reported over the coming weeks.

Drill Plan & Cross Section

https://freegoldventures.com/site/assets/files/2194/2022_cross_section_479300E_nr_03212022.pdf

https://freegoldventures.com/site/assets/files/2194/2022_drill_plan_map_nr_03212022.pdf

Drill cores are logged, photographed, and cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analyses by ALS Global Ltd and Bureau Veritas, with sample preparation carried out in Fairbanks with subsequent studies performed primarily using their Vancouver , Reno and Hermosillo, Mexico facilities. Freegold will continue to report assays as they are finalized.  A sample quality control/quality assurance program is in place.

Freegold will continue to operate a full-service camp at Golden Summit with COVID-19 protocols in place.

Golden Summit hosts a large-scale intrusive-related gold system with mineralization in three primary forms, a) intrusive hosted quartz-sulfide stockwork veinlets (such as the Dolphin), b) auriferous quartz-sulfide veins (historic underground mines), and c) shear-hosted gold-bearing veinlets, all primarily driven by the 90 million year old multi-phase Dolphin intrusive.

The Qualified Person for this release is Alvin Jackson, PGeo –Vice President Exploration and Development for Freegold.

About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska . It holds through leases the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood, where a ~3,400-meter program was completed in 2021. Assays are pending.

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule,e and the success of exploration programs. The term "Mineral Resource" used above is defined per NI 43-101. Though Indicated Resources have been estimated for the Project, this PEA includes Inferred Mineral Resources that are too speculative for use in defining Reserves. Standalone economics have not been undertaken for the measured and indicated resources, and as such, no reserves have been estimated for the Project. Please note that the PEA is preliminary in nature that it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would allow them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: changes in the price of mineral market conditions, risks inherent in mineral exploration, risks associated with development, construction, and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital. See Freegold's Annual Information Form for the year ended December 31st, 2020 filed under Freegold's profile at www.sedar.com for a detailed discussion of the risk factors associated with Freegold's operations.  On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Many governments have likewise declared that the COVID-19outbreak in their jurisdictions constitutes an emergency. Reactions to the spread of COVID-19 have led to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects are expected to be temporary, the duration of the business disruptions and related financial impact cannot be reasonably estimated at this time. Such public health crises can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. The risks to Freegold of such public health crises also include risks to employee health and safety and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact the Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.

For further information:

Kristina Walcott
President and CEO
Telephone: 1.604.662.7307
jkw@freegoldventures.com

SOURCE Freegold Ventures Limited

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DRILLING TO RECOMMENCE AT GOLDEN SUMMIT

DRILLING TO RECOMMENCE AT GOLDEN SUMMIT

Freegold Ventures Limited (Freegold) (TSX: FVL) (OTCQX: FGOVF) is pleased to announce mobilization for the 2022 drill program. Crews are presently arriving on-site, and drilling is expected to commence within the next week. The initial 2022 program will be a continuation of the 2021 program looking for deeper, higher-grade mineralization, with an initial 20,000 metres planned. Results from the 2020-2021 program are demonstrating the potential for more extensive and higher-grade gold mineralization on the project intersecting numerous assays intervals over 30 gt Au, more than any previous program.

Drilling will continue to focus on further expanding and defining the higher-grade Cleary Vein System (CVS), the identification of which has significant implications for both the grade and tonnage potential of the project. Numerous high-grade intercepts have been reported within the broad zones of mineralization and although the complex nature of the mineralization at Golden Summit makes it challenging to connect individual high-grade intersections into cohesive units. These broader zones are expected to substantially boost the average grade for a bulk mineable project, well above the historic 0.69 gpt resource grade average as well as contribute to an overall increased resource.

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1818 platinum triangle

Freegold Provides Year-End Update

  • 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

Freegold Ventures Limited (Freegold) (TSX: FVL) (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 gt 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.

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Individual and institutional investors as well as advisors are invited to log-on to LifeSciencesInvestorForum.com to view presentations

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