VANCOUVER, May 6, 2020 /CNW/
- Freegold Ventures Limited (Freegold) (FVL:
TSX) is pleased to announce assay results from its
temporarily suspended drill program on its Golden Summit Project
near Fairbanks, Alaska.
Drill results returned multiple intercepts of higher-grade
mineralization within the projected extension of the Cleary Vein
system (CVS). Hole GSDL2001 was drilled to a depth of 548
metres and intersected 188 metres grading 3.69 grams per tonne
(g/t). Significantly, the last 20 metres graded 9.87 g/t Au,
indicating the system is open to depth. GSDL2002, drilled 150
metres to the east of GSDL 2001, was drilled to a depth of 165
metres and had just intersected the projected CVS returning 2.4 g/t
over 9 m before drilling activities
were suspended due to COVID 19. Drilling on this hole will be
resumed when the program restarts.
Kristina Walcott, President of
Freegold states, "Management is tremendously excited with these
results. The drill program is testing our interpretation that the
high-grade CVS extends to the west and these results are confirming
our interpretation."
These intercepts correspond with Freegold's revised
interpretation that the strike of the Cleary Hill vein system may
extend west of the old Cleary Hill
Mine working towards the Dolphin intrusive in an area of
limited previous drilling. As the district's highest grade
historical underground mine Cleary Hill produced 281,000 ounces at
an average grade of 1.3 oz/t before production ceased in
1942. The historic Cleary Hill mine workings are projected to
lie approximately 500-600 metres to the northeast of the current
drilling.
Significant results are reported below:
Hole
Number
|
Dip
|
Azimuth
|
Depth
(m)
|
From
(m)
|
To
(m)
|
Int.
(m)
|
Au
g/t
|
GSDL2001
|
-80°
|
360°
|
548
|
290.6
|
548
|
257.4
|
2.94
|
including
|
365.2
|
367.2
|
2.0
|
169.5
|
including
|
360
|
548
|
188.0
|
3.69
|
including
|
528
|
548
|
20.0
|
9.87
|
GSDL2002
|
-70°
|
360°
|
165
|
156
|
165
|
9
|
2.4
|
|
Width refers to
drill hole intercepts, true widths cannot be determined due to
uncertain geometry of mineralization.
|
Drilling activities were suspended out of concern for the
well-being of our employees, contractors, their families, and our
communities. The Company is continuing to follow recommended
guidelines to assist in minimizing the spread of COVID-19 including
its adopted working from home policy for its corporate office and
temporary cessation of its field activities. The Company is
continuing to evaluate opportunities in order to safely resume its
field activities.
Golden Summit was the subject of an intensive drill campaign
between January 2011 and August 2013. A total of 36,159 metres were
drilled and three NI 43-101 compliant resource updates were
completed. In January 2016, a
preliminary economic assessment (PEA) was produced by TetraTech
(Press release – January
26th, 2016).
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 Global
Ltd., with sample preparation carried out at the ALS facility in
Fairbanks, Alaska with subsequent
analyses performed primarily using its Vancouver and Reno laboratories. A
sample quality control/quality assurance program was
implemented.
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 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,
2019 filed under Freegold's profile at www.sedar.com for a
detailed discussion of the risk factors associated with Freegold's
operations.
SOURCE Freegold Ventures Limited