VANCOUVER, June 27, 2017 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold) is pleased to announce assays from an additional 6 holes from the oxide expansion drill program at Golden Summit. Golden Summit is located 30 minutes drive via paved highway from Fairbanks, Alaska.
As part of the Phase 1 Oxide Expansion drilling a total of 27 holes were drilled in an area to the north of the current resource area. Using results of the previously completed RAB (Rotary Air Blast) drilling, ground resistivity and soil geochemistry, a series of vertical holes, spaced roughly 50 metres apart in an east -west-north-south grid pattern were drilled. (See attached map). Drilled to an average depth of 70 metres, the hole pattern was designed to determine if the current oxide resource could be expanded to the north as well as to establish boundaries to the current oxide resource.
Assays from the additional 6 holes are below.
| Hole | Total Depth (m) | From (m) | To (m) | Interval (m) | Au g/t | OxideThickness (m) | Oxide GradeAu g/t |
| GSDL 17-16 | 70.5 | 1.5 | 70.5 | 69 | 1.14 (uncut) | 54 | 1.40(uncut) |
| GSDL 17-16 | 70.5 | 1.5 | 70.5 | 69 | 0.89* | 54 | 1.09* |
| GSDL 17-17 | 70.5 | 1.5 | 70.5 | 69 | 0.42 | 42 | 0.55 |
| GSDL 17-18 | 70.5 | 6 | 70.5 | 64.5 | 0.51 | 52.5 | 0.57 |
| GSDL 17-19 | 70.5 | 0 | 70.5 | 70.5 | Anomalous | 42 | Anomalous |
| GSDL 17-20 | 70.5 | 0 | 70.5 | 70.5 | 0.12 | 43.5 | Anomalous |
| GSDL 17-21 | 70.5 | 0 | 70.5 | 70.5 | Anomalous | 49.5 | Anomalous |
* cut to 30 g/t
Width refers to drill hole intercepts, true widths cannot be determined due to uncertain geometry of mineralization.
Hole GSDL 17-16 intersected one of the high grade east-west trending veins that are documented in the Dolphin-Cleary Area and the presence of visible gold was noted. Holes GSDL 17-17 and 17-18, the northern most holes drilled this program intersected intrusive mineralization in an area where intrusive has not previously been encountered. Additional assay results will be reported as they become available.
Additional metallurgical work to refine the treatment method for the sulphide material remains ongoing.
Drill cores were logged, photographed and placed in sealed bags for geochemical analysis. Core samples were picked up at the logging facility by ALS Chemex and transported to their facility in Fairbanks, Alaska. ALS Chemex was used to analyze core samples via fire assay analysis for gold plus multi element ICP-AES and ICP-MS analysis using 4 acid-digestion. Quality control entailed insertion of blanks and standards into the sample stream, at the rate of approximately one QA/QC sample every tenth assay. Reported standard and blank assay values were within an acceptable margin of error.
The Qualified Person for this release is Alvin Jackson, P.Geo – Vice President Exploration and Development for the Company who has reviewed and approved the scientific and technical information contained in this press release.
