Freegold Demonstrates Robust Mineral Resource Estimate at Golden Summit Using $1,650 Au 11.9 Moz indicated & 7.5 Moz inferred in Primary Resource

Freegold Demonstrates Robust Mineral Resource Estimate at Golden Summit Using $1,650 Au 11.9 Moz indicated & 7.5 Moz inferred in Primary Resource

Freegold Ventures Limited ("Freegold" or the "Company") (TSX: FVL) (OTCQX: FGOVF) wishes to provide additional clarity on the Mineral Resource Estimate (the "Updated Mineral Resource Estimate" or "Updated MRE") for its Golden Summit project located near Fairbanks, Alaska .

An updated MRE was published Feb 22 nd with additional work continuing after the Feb 22 nd release to determine the sensitivities to lower gold prices than the $1792 /oz used for the pit shell. These continued to find the resource to be notably robust, even at significantly lower gold prices. An error was noted in the table at the 0.75 g/t cut off in the indicated category of the " Pit Constrained Primary Resource Table ". The Company asked Tetra Tech Canada to correct this number which had accidentally included the Inferred category, meaning that the Inferred was double counted. This reduces the primary indicated ounces to 7.7 Moz from 12.1 Moz at 0.75 gp/t cut off in the indicated category. This does not impact the MRE as the base case reported was at a 0.45 g/t cut off.

In addition Freegold is pleased to provide further clarification on the MRE in particular;

  • Effect of gold price on the MRE;
  • Grade capping of the high-grade;
  • Sections within the block model

The following table provides a pit constrained resource for the primary resource at both the $1,792 (the three-year trailing gold price average used in the February 22, 2023 MRE) and a comparison at a $1,650 gold price using the same 0.45 g/t gold cut off. The size of the resource at the stated cut-off of 0.45 g/t gold for the primary MRE is impressively resilient to a change in gold price as evidenced in the table below.

Golden Summit Pit-Constrained Primary Au g/t - 0.45 cut off

$1,792






Category

Tonnes

Au_gpt

Au Ounces


Indicated

407,544,000

0.92

12,011,000


Inferred

282,303,000

0.85

7,736,000

$1,650






Indicated

405,528,000

0.92

11,960,000


Inferred

272,805,000

0.85

7,458,000

For the pit-constrained resource, the mining, processing and G&A costs amount to US$25.70/tonne which results in a cutoff grade of 0.45 g/t Au (25.70/57.61 = 0.446 rounded to 0.45 g/t). The oxide portion of the Pit-Constrained resource has an estimated processing cost of approximately US$4.10/tonne, which translates to a cutoff grade of 0.12 g/t Au (4.10+1.9+0.9 =6.90/57.61 = 0.12). This has been rounded up to 0.15 g/.t. For the underground resource, the mining method is assumed to be block caving, with a cost of US$20.00 / tonne, which translates to a cutoff grade of 0.75 g/t Au. The base cases for both the pit-constrained and underground resources are highlighted. Gold grades have been rounded from four decimal places to two.


The pit generated by Tetra Tech extends to a depth of 800 metres, with the bulk of the higher-grade mineralization lying between 100 to 700 metres in depth. Although the presence of high grade has been noted during the 2020 – 2022 drill programs, what is apparent is that the overall higher-grade trend closely correlates to Freegold's interpretation. GSDL2001 (announced in news release May 6th, 2020 ) initially tested this interpretation and successfully encountered a broad intercept of higher-grade mineralization within a broad silicified zone.

The 2020 – 2022 program defined a corridor or higher-grade mineralization between Dolphin and Cleary. Veins in Cleary are typically narrow, high-grade and discontinuous. These high-grade veins are surrounded by a lower grade envelope. As the mineralization plunges towards the Dolphin intrusive the narrow high-grade veins persist however the mineralized envelope surrounding the narrow high-grade veins increases both in grade and width, making an ideal bulk tonnage target.

The 2020 – 2022 drilling resulted in a substantial increase in the overall resource quality and quantity at the Golden Summit Project. Golden Summit takes its place as one of the largest undeveloped gold resources in North America with less than a $4.00 oz discovery cost. Freegold continues to explore Golden Summit as a large bulk tonnage gold resource that contains high grade zones, similar to Kinross's operating Fort Knox Mine.  Fort Knox is a large low grade open pit operation which has produced over 8 million ounces over 25+ year mine life. Structurally controlled northeast striking high grade veins increase the overall low-grade resource at the mine.

Given the small percentage of very high grade that has been encountered and following a significant amount of statistical analysis, the range of the high grade was limited to a 20-metre search radius based on statistics and variograms done by the independent resource estimator.  A 30 g/t cap was applied to assay composites beyond the 20-metre search radius. Only a small percentage of samples were affected, which had the potential to influence the overall grade disproportionately.  Capping affected approximately 0.07% of the population (31 sample composites).  A total of 72,196 assays were incorporated. As a matter of course additional infill drilling will be done to ensure the continuity of the high grade estimated to further define and refine the higher grade.

Sections 478850E, 479350E and 479500E with the various blocks and pit outlines at gold prices of $1,792 , $1,650 and $1,500 are included for reference as well as drill plan map.

https://freegoldventures.com/site/assets/files/6146/drill_plan_map_03022023.pdf
https://freegoldventures.com/site/assets/files/6146/478850e.pdf
https://freegoldventures.com/site/assets/files/6146/479350e.pdf
https://freegoldventures.com/site/assets/files/6146/479500e.pdf

From 2020 to 2022, over 83,000 metres of drilling were completed in 131 holes in the Dolphin Cleary Area of the Golden Summit project. The Updated MRE incorporated 128 holes of the drilling completed, which has resulted in a significant increase in both the overall resource grade and tonnage at Golden Summit. Assays for three drill holes GS2239, GGS40 and GS2012 were not included). GS2239 and GS2240 were not complete at the resource cut-off ( February 6 th , 2023.

The Dolphin-Cleary is the only area of the project to have a resource delineated, and represents only a small portion of the overall land package.

The Updated Mineral Resource Estimate is divided into three parts: Pit-Constrained Oxide, Pit-Constrained Primary, and Under Pit  and is shown below at $1,650 for reference in the following tables:

Golden Summit Pit-Constrained Oxide US$1,650 Pitshell

Cutoff

Category

Tonnes

Au_gpt

Au Ounces

Au g/t





1.00

indicated

2,479,000

1.78

142,000

1.00

inferred

1,456,000

2.25

105,000

0.75

indicated

4,139,000

1.41

187,000

0.75

inferred

1,995,000

1.88

120,000

0.50

indicated

10,209,000

0.93

304,000

0.50

inferred

3,502,000

1.33

150,000

0.45

indicated

12,301,000

0.85

336,000

0.45

inferred

4,130,000

1.20

159,000

0.30

indicated

22,544,000

0.63

455,000

0.30

inferred

7,405,000

0.83

198,000

0.25

indicated

29,056,000

0.55

513,000

0.25

inferred

9,986,000

0.69

220,000

0.15

indicated

52,030,000

0.39

657,000

0.15

inferred

18,187,000

0.47

272,000

0.10

indicated

67,321,000

0.33

718,000

0.10

inferred

24,775,000

0.37

298,000






Golden Summit Pit-Constrained Primary US$1,650 Pitshell

Cutoff

Category

Tonnes

Au_gpt

Au Ounces

Au g/t





1.00

indicated

95,154,000

1.81

5,537,000

1.00

inferred

47,653,000

1.83

2,808,000

0.75

indicated

171,076,000

1.39

7,629,000

0.75

inferred

101,356,000

1.32

4,292,000

0.50

indicated

347,969,000

0.99

11,082,000

0.50

inferred

231,446,000

0.92

6,827,000

0.45

indicated

405,528,000

0.92

11,960,000

0.45

inferred

272,805,000

0.85

7,458,000

0.30

indicated

642,983,000

0.72

14,785,000

0.30

inferred

431,800,000

0.67

9,356,000

0.25

indicated

737,407,000

0.66

15,619,000

0.25

inferred

497,972,000

0.62

9,943,000

0.15

indicated

910,024,000

0.57

16,741,000

0.15

inferred

630,320,000

0.53

10,791,000

0.10

indicated

971,929,000

0.54

16,992,000

0.10

inferred

694,961,000

0.49

11,052,000






Golden Summit Under Pitshell Primary US$1,650 Pitshell

Cutoff

Category

Tonnes

Au_gpt

Au Ounces

Au g/t





1.00

indicated

1,054,000

1.98

67,000

1.00

inferred

9,749,000

1.65

518,000

0.75

indicated

2,129,000

1.41

96,000

0.75

inferred

19,752,000

1.25

791,000

0.50

indicated

6,499,000

0.86

180,000

0.50

inferred

57,411,000

0.82

1,517,000

0.45

indicated

7,914,000

0.79

202,000

0.45

inferred

70,074,000

0.76

1,710,000

0.30

indicated

15,301,000

0.59

289,000

0.30

inferred

115,529,000

0.61

2,258,000

0.25

indicated

20,082,000

0.51

331,000

0.25

inferred

136,166,000

0.56

2,439,000

0.15

indicated

34,004,000

0.38

419,000

0.15

inferred

190,912,000

0.45

2,783,000

0.10

indicated

44,963,000

0.32

462,000

0.10

inferred

237,659,000

0.39

2,968,000

For the pit-constrained resource, the mining, processing and G&A costs amount to US$25.70/tonne which results in a cutoff grade of 0.45 g/t Au (25.70/57.61 = 0.446 rounded to 0.45 g/t). The oxide portion of the Pit-Constrained resource has an estimated processing cost of approximately US$4.10/tonne, which translates to a cutoff grade of 0.12 g/t Au (4.10+1.9+0.9 =6.90/57.61 = 0.12). This has been rounded up to 0.15 g/.t. For the underground resource, the mining method is assumed to be block caving, with a cost of US$20.00 / tonne, which translates to a cutoff grade of 0.75 g/t Au. The base cases for both the pit-constrained and underground resources are highlighted. Gold grades have been rounded from four decimal places to two.


Freegold will file within 45 days an updated technical report for the Golden Summit project, including a description of the Updated Mineral Resource Estimate from the date of the original release. Further information regarding the Updated MRE will be set forth in this report. An updated PEA is expected later in 2023.

Summary:

  • The mineral resource remains robust at $1,650 / oz gold price;
  • Significant expansion with higher grade that the previous 2016 MRE
  • MRE will form the basis for Freegold's upcoming PEA - scheduled to be completed later in 2023
  • Expansion potential exists in the Dolphin Cleary Area where drilling over the last two years has identified higher grades zone, and
  • New targets have been identified in Saddle Zone 4km to the east where historic mining focused on high grade veins
Quality Control and Reporting Protocols

The Company implemented a sample quality control/quality assurance ("QA/QC") program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Chemex. All assays were performed by ALS Chemex, with sample preparation conducted at the ALS facility in Fairbanks, Alaska , with subsequent studies conducted primarily using its Vancouver and Reno laboratories.

Core samples were prepared using the PREP-31BY package in ALS's Fairbanks facility. Each core sample was crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg was taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzed all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening was performed using ALS's Au- SCR24 method; select samples were dry-screened to 100 microns. A duplicate 50g fire assay was conducted on the little fraction and an assay on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures were conducted in ALS's North Vancouver and Reno facilities. A QA/QC program included laboratory and field standards inserted every ten samples. Blanks were inserted at the start of the submittal, and at least one blank every 25 standards, with additional blanks inserted following samples of visible gold.  Core Samples were also prepared using the PRP80-1Kg using the Bureau Veritas facilities. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-ES (method code MA200). Fire Assay analyzes all samples with an AAS finish, method code FA-430 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, FA530. Additional Au screening is performed using BV's FA632 method; select samples are dry screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction, as well as an assay on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Crushing was conducted at BV's Fairbanks facility, with subsequent analysis conducted by its Vancouver , Reno and/or Hermosillo facilities. A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards with additional blanks inserted following samples of visible gold.

Freegold has a full-service camp at Golden Summit with COVID-19 protocols in place.

Qualified Person and Technical Information

The MRE, with an effective date of 21 February 2023 , was prepared by Tetra Tech Canada. Greg Mosher , P. Geo and Maurie Marks , P.Eng of Tetra Tech Canada are  "Qualified Persons" for the Updated Mineral Resource Estimate as defined in NI 43-101 and is considered to be "independent" of Freegold for the purposes of NI 43-101. Greg Mosher and Maurie Marks have reviewed and approved the scientific and technical information herein regarding the Golden Summit project.  Greg Mosher conducted a site visit to Golden Summit on November 11 – 12, 2022.

The full technical report, which is being prepared in accordance with NI 43-101 by Tetra Tech Canada, will be available on SEDAR ( www.sedar.com ) under the Company's issuer profile within 45 days from this news release. The effective date of the Updated Mineral Resource Estimate is February 21, 2023 .

Alvin Jackson , P.Geo, Vice President of Exploration and Development of the Company and a "Qualified Person" as defined in NI 43-101, has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein.

About Freegold Ventures Limited

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

Cautionary Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards on Mineral Resources and Mineral Reserves" incorporated by reference into NI 43-101 ("CIM"). Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

Cautionary Note Regarding Forward-Looking Information

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the prospects, if any, of the Dolphin Cleary deposit, timing and ability of the Company to file an updated NI 43-101 technical report for the mineral resource estimate disclosed in this news release, the Golden Summit Project representing one of the largest undeveloped gold resources in North America , expected further testing at other targets at the Golden Summit Project, and any other future plans. 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. 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. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While there has been a reduction in these effects in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions, cannot be reasonably estimated at this time. 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. Such public health crises, as well as global geopolitical 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. 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 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

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FREEGOLD ANNOUNCES CLOSING OF $42 MILLION BROKERED PRIVATE PLACEMENT FINANCING

FREEGOLD ANNOUNCES CLOSING OF $42 MILLION BROKERED PRIVATE PLACEMENT FINANCING

Freegold Ventures Limited (TSX: FVL) (" Freegold " or the " Company "), is pleased to announce that further to its news release of March 18, 2025 the Company has closed its upsized brokered private placement offering for aggregate gross proceeds of $41,975,805 which includes the exercise in full of the agent's option for additional gross proceeds of $5,475,105 . Paradigm Capital acted as sole agent (the " Agent ") on the Offering.

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

In connection with the Offering, the Company entered into an agency agreement (the " Agency Agreement ") dated April 3, 2025 , between the Company and the Agent. In accordance with the Agency Agreement, 49,383,300 units of the Company (the " Units ") were issued at a price of $0.85 per Unit. Each Unit is comprised of one common share of the Company (a " Unit Share ") and one-half of one common share purchase warrant of the Company (each whole warrant, a " Warrant "). Each Warrant is exercisable to acquire one common share of the Company (a " Warrant Share ") for 24 months from today's date at an exercise price of $1.30 per Warrant Share. The Warrants are callable by the Company should the daily volume-weighted average trading price of the common shares of the Company on the Toronto Stock Exchange exceed $1.30 for a period of twenty (20) consecutive trading days, at any time during the period (i) beginning on the date that is 6 months from the closing date of the Offering, and (ii) ending on the date the Warrants expire (the " Call Trigger "). Following a Call Trigger, the Company may give notice (the " Call Notice ") to the holders of the Warrants (by disseminating a news release announcing the acceleration) that any Warrant that remains unexercised by the holder thereof shall expire thirty days following the date on which the Call Notice is given.

The Company plans to use the net proceeds from the offering for general working capital and corporate purposes, with a primary focus on advancing the Golden Summit project. Drilling at Golden Summit is expected to resume next month, and an updated Mineral Resource Estimate is anticipated later in the second quarter, once the assays from the 2024 drill program have been finalized.

Mr. Eric Sprott , through an entity owned and controlled by him, purchased an aggregate of 14,814,900 Units in the Offering, representing 30% of the Units issued under the Offering.

Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "), the purchase of Units by Mr. Sprott was a "related party transaction". The Company was exempt from the requirements to obtain a formal valuation in connection with the Offering in reliance on section 5.5(c) of MI 61-101, as the issuance of Units to Mr. Sprott was a distribution of securities of the Company to a related party for cash consideration. The issuance of the Units to Mr. Sprott was exempt from the requirement to obtain minority shareholder approval in reliance on section 5.7(1)(a) of MI 61-101 as neither the fair market value of the Units received by Mr. Sprott nor the proceeds for such securities received by the Company exceeded 25% of the Company's market capitalization as calculated in accordance with MI 61-101.

A material change report will be filed less than 21 days from the date of the closing of the Offering. Closing the Offering in this shorter period was reasonable in the circumstances as the Company determined the shorter period was necessary because the terms of the transaction were favorable to the Company, given uncertain market conditions time was of the essence in closing the Offering, and closing the Offering expeditiously was in the best interest of the Company and its shareholders.

The Offering is subject to the final approval of the Toronto Stock Exchange. All securities issued pursuant to the Offering will have a hold period of four months and one day.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States , nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Freegold Ventures Limited

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

Forward-looking Information Cautionary Statement

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release, include, without limitation, statements regarding the receipt of TSX final approval for the Offering and the use of proceeds from the Offering. In making the forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: availability of financing; delay or failure to receive required permits or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. See Freegold's Annual Information Form for the year ended December 31, 2024 , filed under Freegold's profile at www.sedarplus.ca , for a detailed discussion of the risk factors associated with Freegold's operations.

SOURCE Freegold Ventures Limited

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FREEGOLD VENTURES LIMITED ANNOUNCES UPSIZE OF THE PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT TO $36.5 MILLION

FREEGOLD VENTURES LIMITED ANNOUNCES UPSIZE OF THE PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT TO $36.5 MILLION

/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA , ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA ./

Freegold Ventures Limited (TSX: FVL) (the " Company " or " Freegold Ventures "), is pleased to announce that in connection with its previously-announced best efforts private placement offering (the " Offering "), the Company and Paradigm Capital Inc. (the " Agent "), have agreed to increase the size of the Offering. The Company will now issue up to 42,492,000 units of the Company (the " Units ") at a price of $ 0.85 per Unit (the " Issue Price ") for total gross proceeds of up to $ 36,500,700 . Each Unit will be comprised of one common share of the Company (a " Unit Share ") and one half of one common share purchase warrant of the Company (each whole warrant, a " Warrant ").

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FREEGOLD VENTURES LIMITED. ANNOUNCES $30 MILLION BEST EFFORTS PRIVATE PLACEMENT FINANCING

FREEGOLD VENTURES LIMITED. ANNOUNCES $30 MILLION BEST EFFORTS PRIVATE PLACEMENT FINANCING

/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA , ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA ./

 Freegold Ventures Limited (TSX: FVL) (the " Company " or " Freegold Ventures "), is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. (the " Agent "), in connection with a proposed best efforts private placement financing (the " Offering ") for total proceeds of up to approximately $ 30 million consisting of up to 32,295,000 units of the Company (the " Units ") at a price of $ 0.85 per Unit. Each Unit will be comprised of one common share of the Company (a " Unit Share ") and one half of one common share purchase warrant of the Company (each whole warrant, a " Warrant ").

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Freegold Achieves Over 93% Recovery Using Albion Process oxidation-CIL Additional Metallurgical Work Remains Ongoing

Freegold Achieves Over 93% Recovery Using Albion Process oxidation-CIL Additional Metallurgical Work Remains Ongoing

  • Total gold recovery of over 93% from a composite comprised of core from 8 drill holes representing the Dolphin/Cleary resource area.
  • The flowsheet consists of gravity – flotation - concentrate cleaning - Albion Process™ oxidation - CIL (carbon-in-leach).
  • A sulfide concentrate representing approximately 3% of the process plant feed has been treated using standard Albion™ Process testing procedures appropriate for the current stage of the Golden Summit Project development, resulting in a downstream CIL stage extraction of over 97%.
  • The exceptional CIL stage extraction of gold has been achieved with less than 75% sulfur oxidation.
  • Further optimization of this flowsheet and testing of other oxidation processes are ongoing.

Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF) ("Freegold" or the "Company") is pleased to announce additional results based on the ongoing metallurgical test work on drill hole composites from the 2020 2022 drill programs. The objectives of the recently completed testwork were:

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

  • Advancement of understanding of gold deportment and recovery methods from previously released metallurgical test work results
  • Optimization of gold recovery and flowsheet make-up considering the minimization of both future capital and operating cost intensity with the benefit of significant additional and overall gold recovery

Eight drill core composites, representing different locations and grades within the Dolphin and Cleary areas, were created using continuous drill intervals chosen to reflect potential mill feed. (Refer to the map below for hole locations.) The selections of drill holes and intervals included the three primary gold-hosting lithologies. The results indicate that a gold recovery rate of 93% can be achieved using standard and commercially employed mineral processing operations. The composites were prepared from laboratory assay rejects of fresh rock intervals located well below the existing oxide cap at Golden Summit. Eight drill hole composites were utilized, comprising 1,192 meters of drill intercepts that represent 587 continuous mineralized intervals with a total material weight of over 5,100 kilograms.

Composite DDH Make Up

GS2201

GS2203

GS2206

GS2207


GS2208

GS2209

GS2168

GS2167

Test Calc Grade


gold recovery %


Au g/t

Gravity

Flotation

Post Oxidation Stage
CIL

Total






1.15

40 %

55 %

97 %

>93%

Summary of Gold Recovery

Since 2020, drilling activities at the Golden Summit project have significantly bolstered its potential, reinforcing the project's viability through positive metallurgical outcomes and a marked increase in overall resources. The current pit-constrained resource includes both oxide and primary resources, with the oxide component located within the upper 70 meters. Previous column tests on the oxide material indicate that heap leach gold recoveries can reach 85% within two weeks. Ongoing optimization efforts are focused on delineating the most effective flow sheet for the sulphide component before initiating a pre-feasibility study.

The strategic plan for 2025 outlines extensive drilling initiatives aimed at upgrading resources from the inferred category to the indicated category, which is crucial for completing the planned pre-feasibility study. The September 2024 Primary Resource, using a 0.5 g/t cut-off, is 346,304,000 tonnes at 1.08 g/t Au (12,050,000 contained ounces) in the indicated mineral resource category and 308,311,000 tonnes at 1.04 g/t Au (10,306,000 contained ounces) in the inferred mineral resource category.

In 2024, 41 holes, totaling 25,708m , were drilled. Assay results from twelve drill holes related to the 2024 program are pending. Results from the 2024 program will be incorporated into an updated mineral resource estimate expected to be released later in 2025.

Ongoing Metallurgical Work: The primary areas of focus in the next phase of metallurgical test work are in progress and include:

  • Comminution studies using half PQ core
  • Flotation concentrate oxidation pre-treatment utilizing BIOX® and POX prior to CIL

Link to Map Showing Location of Metallurgical Composite Holes and 2024 Drilling

https://freegoldventures.com/site/assets/files/6287/metdrillingplanmap_february2025.pdf

The Qualified Person for this release is Alvin Jackson , P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.

About Freegold Ventures Limited  
Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. 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. See Freegold's Annual Information Form for the year ended December 31st, 2023 , 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. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical 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. 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 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 to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/20/c9885.html

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Freegold Intersects 2.72 g/t Au over 139.9 metres at Golden Summit

Freegold Intersects 2.72 g/t Au over 139.9 metres at Golden Summit

GS2425 Significant Mineralization to Depth West of Willow

  • 2.72 g/t Au over 139.9 metres from 401.4 metres
  • Including 3 metres of 44.7 g/t Au and 2.7 metres grading 59.5 g/t Au

GS2426 – Higher grade within the south-southwest trend

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