highlight
1.02 g/t gold or more 56.7m (GS2301)
1.29 g/t Au over 60.1m (GS2302)
1.43 g/t Au over 88.7m (GS2241)

Vancouver, British Columbia, June 1, 2023 /CNW/- Freegold Ventures Limited (TSX:FVL) (“free gold” or “company“) is pleased to report more positive results from the Golden Summit project. The drilling program, which began in March, is now underway with three rigs. Nine holes have been completed and Submitted for analysis in an area of ​​Dolphin Zone where mineralization remains open and protrudes to the surface.Analysis was received for 3 of the 9 holes submitted and are reported below.

The current program is designed to expand and fill current Mineral Resource estimates (February 2023), which has a 0.45 g/t Au cutoff and $1,792 Gold prices are 0.92 g/t Au (47544,000 tons) at 12.01 million ounces (indicated) and 0.85 g/t (282.303 million tons) at 7.70 million ounces (estimated).

In addition to continuing drilling to the north, drilling will also test for significant gold in soil geochemical anomalies extending 1.5 kilometers to the west. The goal of this additional drilling is to potentially expand the current resource area beyond its current size of 1.3 km x. 600 meters. One of the last holes completed in the 2022 program crossed 1.03 g/t of Au. 147.3m Including 1.43 g/t and above 88.7m. This hole was drilled as an initial test of the potential western expansion of the Dolphin Cleary resource. The 2023 training program initially focused on the Dolphin/Cleary north extension. Drilling over the next few months will include additional drilling to the west to follow up on the encouraging results obtained with GS2241 and test over 1.5km of gold in soil geochemical anomalies. It’s a schedule.

Holes GS2301 and GS2302 are part of the northernmost holes drilled in the Dolphin Zone. GS2301 is an intersection 400 meters north 56.7m 1.02 g/t Au (Section 478800E). Hole GS2302 intersects 200.8 meters with a grade of 0.81 g/t Au and contains 51.8 meters with a grade of 1.04 g/t Au. Go north on GS2303 for 350 meters and cross the street. 42.4m Grade 0.65 g/t (Section 478900E).

Plan map and sections:

https://freegoldventures.com/site/assets/files/6268/478800e.pdf
https://freegoldventures.com/site/assets/files/6268/478900e.pdf
https://freegoldventures.com/site/assets/files/6268/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf

saddle zone

Located four kilometers east of the present resource area, the Saddle Zone is home to a historic underground producer of American Eagle. With a grade of 1.6 oz/ton he produced 60,000 oz. Later this summer, one rig will test the potential for extensive mineralization surrounding high-grade veins. This is similar to the highly successful approach adopted by the Dolphin Cleary region during his 2020-2022 program. Based on past mapping, the study area has produced many gold deposits with significant veins, indicating great potential for discovery. The saddle zone has a target area of ​​2.5 km x 1.0 km and is not systematically training tested. This makes it a great target to acquire additional resources.

Golden Summit has already demonstrated its potential to host critical resources. The 2023 resource update makes Golden Summit one of the largest untapped gold resources in the world. North America. Importantly, this resource area is only a fraction of this highly promising asset. Historically, over 6.75 million ounces of placer gold have been recovered from rivers draining the project area, in addition to small-scale high-grade underground production. With over 80 gold mining records and excellent infrastructure, Golden Summit is well positioned for further growth. More geophysical fieldwork, metallurgical work and drilling are planned for 2023. An updated preliminary economic assessment is expected to be completed in the fourth quarter.

A sample quality control/quality assurance program was implemented. The drill core was cut in half using a diamond saw and the halves placed in sealed bags for preparation and subsequent geochemical analysis by his ALS Chemex. All assays were performed by his ALS Global Ltd. and sample preparation was performed at his ALS facility: Fairbanks, Alaskasubsequent studies were mainly conducted using that technique. Vancouver and Reno Lab.

Core samples were prepared using the PREP-31BY package at the ALS facility. Each core sample is passed through a 2 mm (Tyler 9 mesh, US standard No. 10) screen and ground to 70% or better. 1kg is split and ground to 85% or better through a 75 micron (Tyler 200 mesh, US Std. No. 200) screen. A portion of this milled aliquot is digested by Four Acid and analyzed by ICP-AES (method code ME-ICP61). The Fire Assay analyzed all samples with AAS finishing, method code Au-AA23 (30 g sample size), and samples >10 g/t were automatically analyzed using the FA Grav method, Au-GRAV21. increase. An additional Au screen is the Au-SCR24 Methods; Selected samples are dry screened to 100 microns. Duplicate 50 g fire assays are performed on the small fractions and assays are performed on the overall oversized fractions. Total Au content, individual assays and weight fractions are reported. Analytical and assay procedures are performed at ALS. north vancouver and facilities in Reno. The QA/QC program included laboratory and field standards inserted every 10 samples. Blanks are inserted at the beginning of submissions, at least one blank is inserted every 25 standards, and additional blanks are inserted after visible gold samples.

Free Gold is running a full-service camp with COVID-19 protocols in place at the Golden Summit.

This release is intended for: Alvin JacksonPGeo – Vice President of Exploration and Development for Freegold.

About Free Gold Ventures Limited

Freegold is a TSX-listed company focused on global exploration. Alaska Holding Golden Summit Gold Project Nearby fairbanks and Shorty Creek Copper Gold Project near Livegood through Lease.

For more information:

Christina Walcott
Representative Director and President
Phone: 1.604.662.7307
This email address is being protected from spambots. JavaScript must be enabled to view.

Certain statements in this news release include planned spending and exploration programs, potential mineralization and resources, exploration results, completion of the updated NI 43-101 Technical Report, and other forward-looking statements. It contains forward-looking information including, but not limited to, forward-looking statements. schedule. These statements address future events and circumstances and are subject to known and unknown risks, uncertainties and assumptions about future results, performance or achievements, either expressed or implied. Includes other factors that may vary materially. according to the statement. Such factors include, but are not limited to, completion of planned expenditures, ability to complete exploration programs on time and success of exploration programs. For completed years, see Freegold’s Annual Information Form. December 31, 2021filed under the Freegold profile. www.sedar.comFor more information on the risk factors associated with the operation of Free Gold, please visit www.freegold.com.upon January 30, 2020, the World Health Organization has declared the COVID-19 outbreak a global health emergency. Responses to the spread of the novel coronavirus disease (COVID-19) continue to lead to significant travel restrictions, business closures, quarantines and an overall reduction in economic activity. Although these impacts have been mitigated in recent months, the continuation and reintroduction of material restrictions, business interruptions, related financial impacts and the duration of any such interruptions cannot be reasonably estimated at this time. You can not. Freigold’s risks from such public health crises include risks to the health and safety of its employees and the slowdown or suspension of operations in geographic locations affected by the outbreak. Such public health crises, like global geopolitical crises, can cause volatility and disruption to supply and demand for various products and services, global supply chains and financial markets. In addition, it can cause trade and market sentiment to decline, and human mobility to decline. , all of which can affect interest rates, credit ratings, credit risk and inflation. In response to the COVID-19 outbreak, Freegold introduced a COVID-19 management program and set up a full-service camp at the Golden Summit to mitigate risks to employees, contractors and communities was installed. It is unclear to what extent COVID-19 will affect Free Gold, but COVID-19 could have a significant negative impact. This section describes Free Gold’s business, operating results, and financial situation.