Freegold (TSX: FVL; OTCQX: FGOVF) is focused on exploring for copper and gold in Alaska. It has a strong track record of discovery and resource delineation.
Freegold currently holds two projects in Alaska – Golden Summit and Shorty Creek.
Golden Summit is an advanced-stage gold project located approximately 30km from Fairbanks. The project area includes over 80 documented gold occurrences, including the four highest-grade underground producers in the Fairbanks Mining District (Cleary Hill Mine, Hi-Yu, American Eagle, and Newsboy). Historic placer gold production from streams within the project area exceeds 6.75 million ounces.
A successful resource update in September 2024 increased grade and tonnage, making Golden Summit one of North America's largest undeveloped gold resources.
The current resource at Golden Summit is:
| Cut Off Au g/t | Classification | Au g/t | Tonnes | Ounces |
|---|---|---|---|---|
| OXIDE | ||||
| 0.15 | Indicated | 0.49 | 59,414,000 | 937,000 |
| 0.15 | Inferred | 0.45 | 3,252,000 | 47,000 |
| PRIMARY | ||||
| 0.5 | Indicated | 1.08 | 346,304,000 | 12,050,000 |
| 0.5 | Inferred | 1.04 | 308,311,000 | 10,306,000 |
| UNDER PIT | ||||
| 0.75 | Indicated | 1.29 | 2,867,000 | 119,000 |
| 0.75 | Inferred | 1.34 | 22,900,000 | 986,000 |
Mineral Resources for the primary resources are reported at a cut-off grade of 0.50 g/t gold and constrained within an open pit shell using a gold price of US$1,973/ounce, US$2.50/t mining cost, US$14/t processing cost, US$2.00/t G+A, 72% gold recovery, and a 45° pit slope. Tonnes and ounces rounded to the nearest thousand.
The 2020-2024 programs were strategically designed to delineate higher-grade mineralization, and the results are promising. A total of 83,828 meters was drilled collectively, focusing on defining and further expanding the higher-grade Cleary Vein System (CVS). The CVS is interpreted to be a broader zone of higher-grade mineralization, and drilling successfully demonstrated the potential for more extensive and higher-grade gold mineralization on the project at depth, unlocking exciting possibilities for the future.
The 2023-2024 program confirmed the potential to expand the resource along strike to the west within a 1.5km long gold-in-soil geochemical anomaly in the West of Willow Creek (WOW) Zone. Significant mineralization, including broad zones of higher-grade mineralization, was consistently intersected in the nearly 26,000 meters drilled in 2023. One of the highest-grade intercepts was seen in hole GS2333, located 250m west of the main Dolphin area, which intersected multiple zones with over 2 g/t Au over a significant width (2.12 g/t Au over 197.3m) within a broader interval of 1.76 g/t Au over 276.5 meters. The up-dip projection of GS2333 coincides with a strong surface gold-in-soil anomaly, part of the 1.5km soil anomaly in the WOW Zone. It's worth noting that soil anomalies have been helpful in identifying mineralization in bedrock at Golden Summit since the area was not glaciated.
Drilling in 2023 also tested an extensive vein system mapped on surface in the Saddle Zone, a 3km by 1km area located 4km east of the central Dolphin/Cleary resource, which demonstrated potential further expansion to the east. 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. Further exploration in this area is warranted.
The 2024 program completed 25,708 meters of drilling, with 26 of the 41 holes drilled targeting higher-grade mineralization in the WOW Zone to the west of the existing resource to investigate multiple gold-in-soil anomalies. Vertical hole GS2425 successfully extended mineralization to depth in this area, intersecting several zones with grades exceeding 1 g/t Au (139.9 meters at 2.72 g/t Au, starting from a depth of 401.4m and including 27.1 meters of 11.6 g/t Au).
Additionally, four large-diameter PQ holes were drilled in 2024 for a comprehensive metallurgical study and were strategically located to collect representative material from the deposit while improving infill drilling efforts. This included hole GS2421, which intersected one of the broadest and highest-value gold intercepts in the eastern portion of the resource (115.5 meters at 1.17 g/t Au starting at 197.5m depth and 42 meters at 3.62g/t Au from 361m depth). Results from the 2024 program will be incorporated into an updated mineral resource estimate in 2025.
In addition to drilling and metallurgical testwork, Freegold is committed to conducting comprehensive baseline environmental, cultural resource, and wetland studies. These studies are part of the overall program necessary to advance the project through to potential development.