Freegold (TSX: FVL; OTCQX:FGVOF) is focused on exploring for copper and gold in Alaska.
At Golden Summit, an advanced-stage gold project near Fairbanks, the 2023 diamond drill program is underway following a very successful resource update in February 2023 which saw a tremendous increase in resource growth, making Golden Summit one of North America’s largest undeveloped gold resources.
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 will focus on the areas immediately to the north and west of the 2023 resource as the mineralization remains open in both these directions. 2023 is also expected to see drilling on the Saddle Zone, another vein swarm located within this prospective property that may have potential to host additional resources.
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.