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Freegold Ventures Ltd (2)
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Freegold drills 136 m of 1.02 g/t Au at Golden Summit

2020-09-11 08:52 ET - News Release

Ms. Kristina Walcott reports


Freegold Ventures Ltd. has provided additional assay results from Freegold's current 10,000-metre drill program on its Golden Summit project, near Fairbanks, Alaska.

GSDL2002, collared 150 metres to the east of GSDL2001 (3.69 grams per tonne over 188 metres), was an independent test of Freegold's new interpretation of the potential for higher grade material to extend to the west of the old Cleary Hill mine workings.

Hole GSDL2002 intersected 136 metres grading 1.02 g/t Au. A previous hole, (GSDL1201) drilled within the projected vein zone on the same section, averaged 1.3 g/t Au over the last 113 metres (from 209 to 322 m). Aimed at determining if the interpreted Cleary Hill vein system (CVS) may extend to depth within this area, GSDL2002 successfully intersected the projected down-dip extension of the zone intercepted in GSDL1201. The zone remains open to depth and along strike.

Significant results are reported in the attached table.

Hole No.   Depth (m)   From (m)   To (m)  Int. (m)   Au (g/t)

GSDL2002        576      156.0    168.0      12.0       2.30
                         270.0    319.7      49.7       0.93   
                         370.6    507.0     136.4       1.02   

Width refers to drill hole intercepts, true widths cannot be 
determined due to uncertain geometry of mineralization.

The intercepts in GSDL2002 continue to correspond with Freegold's revised interpretation that the strike of the CVS may extend west and to depth from the old Cleary Hill mine workings toward the Dolphin intrusive in an area of limited previous drilling. This intercept further demonstrates the potential for both expansion of the current resource to the north, and the continuation of the CVS to the west. As the district's highest grade historical underground mine Cleary Hill produced 281,000 ounces at an average grade of 1.3 ounces per ton before production ceased in 1942. The historic Cleary Hill mine workings are projected to lie approximately 400 metres to the northeast of the current drilling.

Drilling in progress is continuing to test for the extension of the CVS to depth and to further refine and define the orientation of the higher-grade mineralization. GSDL2002 was sited prior to the commencement of the initial drill program in February and therefore prior to receiving the results of GSDL2001.

Hole GSDL2003 was drilled to a depth of 587 metres and was collared 50 metres east of GSDL2001. GSDL2004 was collared 50 metres west of GSDL2001, was lost at depth of 420 metres. Hole GSDL2005 was collared 100 metres to the north of GSDL2001 and was aimed at testing the updip extension of the zone encountered in GSDL2001. GSDL2005 was terminated at a depth of 645 metres. Holes GSDL2006 and GSDL2007 lie 140 metres southwest of GSDL2001. GSDL2006 was lost at a depth of 76.5 metres. Drilling is currently in progress on GSDL2007.

Assay results are taking considerably longer owing both to the COVID-19 pandemic as well as the increase in mineral exploration activity. The second rig, which was to be added at the end of August, is expected to arrive shortly. Assay results will be reported as they are received. A full exploration camp has been established at Golden Summit in order to limit contact with the community. Drilling is possible on a year-round basis.

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 Ltd.

Freegold is a Toronto Stock Exchange-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.

We seek Safe Harbor.

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