- 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
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.
Drill results are continuing to return multiple intercepts of higher-grade mineralization within the projected extension of the CVS. The CVS is an interpreted corridor extending south from the old
In the
Notably this year,
Hole GS2121 (north) intersected a broader zone of 1.94 g/t over 86.4 metres from 308 - 394.4 metres (including 1.1 metres of 609 g/t Au cut to 88 g/t Au ) - (8.57 g/t Au over 86.4 metres uncut). Hole GS2126 (south) intersected 12.9 g/t over 3 metres from 107- 110m. Hole GS2118 (east) intersected multiple narrower zones of higher-grade mineralization. Assays for GS2123, which was drilled to the west, remain pending.
ClearyArea | |||||||||
Zone | Hole | Hole Depth | Dip | Azimuth | From | To | Interval | Au | Uncut |
Cleary | GS2118 | 552.4 | -70 | 360 | 36.9 | 38 | 1.1 | 14.95 | 14.95 |
east of 2017 | 230 | 248 | 18 | 2.81 | 2.81 | ||||
304.5 | 323 | 18.5 | 5.54 | 5.54 | |||||
Including | 311.5 | 313 | 1.5 | 27.3 | 27.3 | ||||
Including | 320 | 323 | 3 | 17.25 | 17.25 | ||||
345.5 | 347 | 1.5 | 11.05 | 11.05 | |||||
354 | 422 | 68 | 0.83 | 0.83 | |||||
CLEARY | GS2121 | 543.3 | -70 | 360 | 39.1 | 40.3 | 1.2 | 33.7 | 33.7 |
north of 2017 | 270.2 | 437 | 166.8 | 1.55* | 4.98 | ||||
Including | 270.2 | 270.5 | 1.3 | 34.5 | 34.5 | ||||
Including | 308 | 394.4 | 86.4 | 1.94* | 8.57 | ||||
Including | 393.3 | 394.4 | 1.1 | 609* | 609* | ||||
CLEARY | GS2126 | 498.4 | -70 | 360 | 94.3 | 130.4 | 36.1 | 1.61 | 1.61 |
south of 2017 | Including | 107 | 110 | 3 | 12.9 | 12.9 | |||
293.2 | 472.3 | 179.1 | 0.75 | 0.75 | |||||
Including | 293.2 | 306.1 | 12.9 | 2.5 | 2.5 | ||||
Including | 383.2 | 472.3 | 89.1 | 0.87 | 0.87 | ||||
Including | 414.1 | 461 | 46.9 | 1.29 | 1.29 | ||||
The width refers to drill hole intercepts; actual width cannot be determined due to the uncertain geometry of mineralization. * Assay was cut to 88 g/t for the purpose of calculating a weighted average. |
Drilling also continued to the east. HoleGS2130 intersected high-grade intervals from 108.2 – 109.9 metres – 1.7 metres grading 18.1 g/t and another intercept from 305.4 to 306.6 metres grading 98.3 g/t Au and 36.7 g/t Au over 0.3 metres from 455 to 455.3 metres. Results are pending for holes further to the east and south.
GS2127, drilled to the north, was the furthest south of the reported holes in the Cleary area, intersected two intervals of greater than 30 g/t Au, the first 2.2 metre interval grading 30.39 g/t Au (from 155.3 to 157.5m) and the second a 3-metre interval grading 36.8 g/t Au (from 232.4–235.4m). These intercepts may correlate with the historic Wyoming and Wackwitz veins at depth.
DOLPHIN/TOLOVANA VEIN ZONE
In the
Hole GS2122 intersected 111.2 metres grading 2.94 g/t Au from 444.1 to 555.3 metres including multiple intercepts over 15 g/t Au within a broader intercept of 495.8 metres grading 1.17 g/t Au. Hole GS2129 returned 82.3 metres grading 1.85 g/t Au again demonstrating the potential for significant resource expansion with the higher-grade intercepts lying outside the boundaries of the previous resource estimate. GS2132 and GS2141 were drilled at an azimuth of 315 degrees and intended to intersect the Tolovana Vein system at depth. GS2119 was drilled to the north. Assays for Holes GS2119, GS2132, and GS2141 are pending.
Hole | Hole Depth | Dip | Azimuth | From (m) | To (m) | Interval | Au g/t | Uncut | |
GS2122 | 555.3 | –70 | 360 | 59.5 | 555.3 | 495.8 | 1.17 | 1.17 | |
including | 59.5 | 63.1 | 3.6 | 26.2 | 26.2 | ||||
including | 311.9 | 555.3 | 243.4 | 1.63 | 1.63 | ||||
including | 444.1 | 555.3 | 111.2 | 2.94 | 2.94 | ||||
including | 499 | 502 | 3 | 35.2 | 35.2 | ||||
including | 526.4 | 529.4 | 3 | 19.95 | 19.95 | ||||
including | 544.7 | 547.7 | 3 | 20.8 | 20.8 | ||||
GS2129 | 462.4 | 544.7 | 82.3 | 1.85 | 1.85 | ||||
including | 465.4 | 468.5 | 3.1 | 16.3 | |||||
including | 541.6 | 544.7 | 3.1 | 12.5 | |||||
The width refers to drill hole intercepts; actual width cannot be determined due to the uncertain geometry of mineralization. |
The 2021 exploration program was designed to test for higher grade potential and to upgrade a portion of the mineral resource from the inferred to the indicated category, a necessary step in advancing the project through pre-feasibility. Results from the Dolphin drilling continue to demonstrate the potential for higher-grade mineralization over significant widths. Assays remain pending for several holes drilled within the footwall of the Dolphin intrusive where drilling has returned intercepts of 1.44 g/t Au over 198.1 metres from 419.7 to 617.8m, including 33.5 metres grading 2.54 g/t Au and 3.1 metres grading 25.3 g/t Au (605.6 – 608.7m) in GS2125 within the schist of the footwall of the Dolphin intrusive. The presence of significant mineralization in the schist of the footwall of the Dolphin intrusive at depth is continuing to confirm our interpretation of the CVS as a broader zone of consistently higher grade mineralization that plunges towards the Dolphin intrusive.
Results are pending for 23 holes in the Dolphin area.
Property Acquisitions
In addition to its drilling program,
2022 Plans
Numerous high-grade intercepts have been reported within the broad zones of mineralization. Mineralization at Golden Summit occurs in three main 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 three types are part of a large-scale intrusive-related gold system on the property with the Dolphin intrusive as the apparent source of the mineralization. The 2022 program will include further infill drilling to 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. 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.
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
Drill Plan Map
https://freegoldventures.com/site/assets/files/2194/2021_drill_plan_map_nr_121621.pdf
Freegold will continue to operate a full-service camp at Golden Summit with stringent COVID–19 protocols in place.
At
The Qualified Person for this release is Alvin Jackson, PGeo – Vice President Exploration and Development for
About
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
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