Freegold Ventures drills 2.6 g/t gold over 24.5 metres at Golden Summit, Alaska

Freegold Ventures Ltd. [TSX-FVL; OTCQX-FGOVF] successfully completed its 2023 drill program at the Golden Summit project, Alaska. Over the year, the company drilled a total of 44 holes.

Between 2020 and 2022, Freegold’s drilling successfully increased the resource from 1.35 million ounces to 12.6 million ounces indicated, and from 1.58 million ounces to 7.7 million ounces inferred. The drill program conducted in 2023 has continued to intersect broad zones of mineralization with definitive zones of higher-grade mineralization. The mineralization style comprises discrete veins and stockwork accompanied by pervasive silification, which has been demonstrated to extend over a 1.5-kilometre strike length. Additionally, it is noteworthy that the mineralization remains open for another 1.5 km to the west in the Dolphin Cleary area.

Drill hole GS2329 returned 19.6 metres of 0.67 g/t gold and 444.9 metres of 0.75 g/t gold, including 33.9 metres of 0.84 g/t gold, including 24.5 mettres of 2.6 g/t gold, including 57.0 metres of 1.11 g/t gold, including 18.9 metres of 1.74 g/t gold, including 39.0 metres of 0.69 g/t gold.

Assays are pending for holes GS2331 to GS2337, drilled west and to the west of Willow Creek, intended to expand the higher-grade mineralization toward the west. Hole GS2337 was drilled in a previously untested geochemical trend to the southwest of the Dolphin zone. Visible gold has been noted in GS2237.

Assays are still pending for the holes drilled north of the Dolphin Cleary zones (GS2320 to GS2328). The primary purpose of these holes was to define the mineralization extent in the north and immediate northwest, and they have successfully intersected the up-dip of the overall mineralized trend.

Similarly, assays are still pending for the Saddle zone holes (SZ2301 to SZ2307). The 2023 drill program conducted in the Saddle zone was primarily exploratory and aimed to provide a better understanding of the mineralization controls in the densely veined Saddle zone. Based on visual inspections, it is evident that additional drilling is required in the Saddle zone, as visible gold has been noted in SZ2307.

The current program is designed to test the boundaries as well as expand and infill the current mineral resource estimate (February, 2023), which using a 0.45-g/t-gold cut-off and a US$1,792 gold price is 12.01 million ounces at 0.92 g/t gold (407,544,000 tonnes indicated) and 7.7 million ounces at 0.85 g/t gold (282,303,000 tonnes inferred).

Freegold operates a full-service camp at Golden Summit. Freegold is 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.

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