Freegold (TSX: FVL; OTCQX: FGOVF) is focused on exploring for copper and gold in Alaska with a strong track record of discovery and resource delineation.
Freegold currently holds two projects, both in Alaska – Golden Summit and Shorty Creek
Golden Summit is an advanced-stage gold project located near Fairbanks. The diamond drill program for 2023 has been completed after a highly successful resource update in February 2023. This update resulted in a substantial increase in resource growth, making Golden Summit one of the largest undeveloped gold resources in North America. The current resource at Golden Summit is:
|
Pit-Constrained Oxide using US$1,792 Au |
||||
|
Cutoff Au g/t |
Category |
Tonnes |
Au g/t |
Au Ounces |
|
0.15 |
Indicated |
52,030,000 |
0.39 |
657,000 |
|
0.15 |
Inferred |
18,187,000 |
0.47 |
272,000 |
|
Pit-Constrained Primary |
||||
|
0.45 |
Indicated |
407,544,000 |
0.92 |
12,011,000 |
|
0.45 |
Inferred |
282,303,000 |
0.85 |
7,736,000 |
|
Under Pitshell |
||||
|
0.75 |
Indicated |
1,600,000 |
1.42 |
73,000 |
|
0.75 |
Inferred |
15,776,000 |
1.21 |
614,000 |
The 2020 -2022 program focussed on the delineation of deeper, higher-grade mineralization. Drilling continues to focus on further expanding and defining the higher-grade Cleary Vein System (CVS). The CVS is interpreted to be a broader zone of higher-grade mineralization which encompasses the down-dip extent of the higher-grade vein zones found within the historic Cleary, Colorado, Wackwitz, and Wyoming veins as well as their broader enveloping stockwork zones. The CVS which extends from west of the Cleary Hill Mine workings through to the Dolphin Intrusive. The program successfully demonstrated the potential for more extensive and higher-grade gold mineralization on the project at depth.
The 2023 program confirmed the potential to further expand the resource along strike to the west within a 1.5 kilometre-long gold-in-soil geochemical anomaly at potentially shallower depths and highlighted the potential to increase the overall resource grade by further expansion drilling. Significant mineralization, including broad zones of higher-grade mineralization, was consistently intersected during the 2023 drill program. One of the highest-grade intercepts was seen in hole GS2333, located 250 meters west of the main Dolphin area. This hole intersected multiple zones with over 2 g/t of gold over a significant width (2.12 g/t over 197.3m) within a broader interval of 1.76 g/t Au over 276.5 meters. It is worth noting that mineralization is still open up-dip, down-dip, and to depth.
Saddle Zone lying 4 kilometres east of the central Dolphin/Cleary Zone, shows further expansion potential to the east. The Saddle Zone comprises an extensive vein system mapped on the surface, covering a 3km by 1km area. The 2023 program tested an 800-metre strike length of this vein swarm and successfully intersected attractive gold and silver mineralization in all seven reconnaissance holes. The program also tested the depth potential.
Unlike the Dolphin/Cleary Zone, where mineralization occurs within broad, continuous lower-grade halos surrounding higher-grade veins, mineralization in the Saddle Zone is hosted within discrete higher-grade veins, often with attractive silver values.
In 2024, the program will target higher-grade mineralization that may exist at shallower depths to the west of the existing resource. The up-dip projection of GS2333 coincides with a strong surface gold-in-soil anomaly, part of a 1.5km soil anomaly to the west of Willow Creek. It's worth noting that soil anomalies have been useful in identifying mineralization at Golden Summit since the area was not glaciated.
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 are part of a large-scale intrusive-related gold system on the property with the Dolphin intrusive as the source of the mineralization.