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Freegold Ventures Limited

Freegold (FVL: TSX) is a Toronto Exchange listed company focused on exploring for copper and gold near Fairbanks, Alaska. Holding both the Golden Summit project, an advanced stage gold asset on which Freegold completed a preliminary economic assessment (PEA) in January 2016, and the Shorty Creek project, an exciting copper-gold porphyry discovery.

At Golden Summit, a 40,000 metre diamond drill program is currently in progress. The 2021 program commenced in February 2021 with three drill rigs. The program is aimed at testing Freegold’s new interpretation that the that higher-grade mineralization may extend to the west of the old Cleary Hill Mine workings in an area of limited previous shallow drilling. Drilling will not only focus on defining the broad zone of higher-grade mineralization but will also include more closely spaced drilling to follow some of the high grade intercepts that have been intersected by the 2020 drilling, including the highest grade intersected by Freegold at Golden Summit, which returned 1.7 metres grading 588 g/t Au.

In May 2020 Freegold released the results of hole GSDL2001 which returned 188 metres grading 3.69 g/t gold as part of an initial test to determine if there was potential to establish a higher-grade component to the already sizeable resource delineated by Freegold between 2011 and 2013. This resource formed the basis of a subsequent preliminary economic assessment (PEA) completed in 2016. The PEA was completed at a US $1,300 gold price and contemplated both an oxide (heap leach) and sulphide processing facility but incorporated only a portion of the global resource. Metallurgical testwork done on the oxide portion demonstrated recoveries of 85% in the oxide and sulphide recoveries in excess of 90%. The 2020 drill program was designed to potentially enhance the overall project economics and substantially expand the resource.

The current program is aimed at further testing Freegold’s new interpretation as well as conducting the necessary drilling to advance the project through pre-feasibility.

At Shorty Creek, a 2,500 metre drill program will commence in July.

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