The Golden Summit Property is located a 30 minute drive from the city of Fairbanks, the second largest city in Alaska (population of the greater Fairbanks area is approximately 100,000). Fairbanks serves as a major population and supply center for the interior region of Alaska.

Current Exploration (2020)

In February 2020, a drill program commenced which was designed to test a new interpretation by Freegold that the Cleary Hill vein swarm (CVS) may extend to the southwest toward the Dolphin intrusive. Hole GSDL2001, aimed at testing this hypothesis, returned 188 metres grading 3.69 g/t Au, a second hole GSDL2002 was completed to a depth of only 165m before drilling was shutdown as a result of the COVID 19 pandemic.

Drilling recommenced in mid June and Hole GSDL2002 was completed to at depth of 548 metres. Both GSDL2001 and GSDL2002 intercepted the projected higher grade mineralization. Drilling is continuing on the project and initial results are continuing to confirm Freegold’s revised interpretation, although the orientation of the higher grade zone remains to be determined. Considerable additional drilling will be necessary to further define the orientation. The current program is also testing the Cleary Hill vein system at depth as well as the area to the south of it where early workings included the Wackwitz and Colorado vein zones which have never been tested to depth or along strike to the east.

Drilling is expected to continue until the end of 2021. The current exploration program has multiple objectives:

  • Determining the orientation of the higher-grade mineralization successfully intercepted in GSDL2001, GSDL2002 and GSDL 2005.
  • Expanding the currently known resource and upgrading the resource categories as part of the efforts to further advance the project through pre feasibility, including additional environmental baseline studies, further metallurgical test work, and cultural resource studies.
  • Testing other targets on the project that may have potential to host additional resources.

Early History

Freegold acquired an interest in Golden Summit in mid-1991 and conducted exploration including geologic mapping, soil sampling, trenching, rock sampling, geophysical surveys, core, reverse circulation, and rotary air blast drilling on the project. Drilling completed by Freegold on the Project between 1991 and 2009 totaled 26,902 metres of core and reverse circulation drilling in 214 holes and 26,640 metres of rotary air blast drilling in 2,028 holes before a comprehensive property compilation was completed in 2010. This compilation identified the potential to delineate a resource in the Dolphin area. A ground-based geophysical survey on the Dolphin area was also undertaken which indicated that the alteration in the Dolphin Area is well defined by a low resistivity feature. This resistivity survey in conjunction with soil geochemistry and re-interpretation of previous drill results, provided the guidance for resource definition and expansion in the Dolphin area. In 2011 exploration focused on resource definition commenced.
Access to Golden Summit

Timeline of Resource Delineation At Golden Summit

  • 2011

    • 1st NI 43-101 compliant Mineral Resource was calculated using previous drilling completed in the Dolphin area (77 drill holes 11,802m) Using a 0.3 g/t cut-off grade, Indicated mineral resources totalling 7,790,000 tonnes grading 0.695 g/t (174,000 ounces) and Inferred mineral resources totaling 27,010,000 tonnes grading 0.606 g/t (526,000 ounces) were estimated.
    • 29 core holes (6,329.5 meters) in the Dolphin area and 18 core holes (3,509.9 metres) in the Cleary Hill area were drilled.
    • Updated NI 43-101 was released in December using a 0.3 g/t cut-off resulted in an increase in the Indicated mineral resource category to 17,270,000 tonnes at 0.62 g/t (341,000 contained ounces) and 64,440,000 tonnes at 0.55 g/t (1,135,000 contained ounces) in the Inferred mineral resource category.
  • 2012

    • A further 55 core holes were drilled (16,602.6 meters).
    • October 2012, an updated NI 43-101 resource expanded the Dolphin Resource to encompass the eastern portion of the Cleary Hill area. Using a 0.3 g/t cut-off the indicated mineral resource category increased to 73,580,000 tonnes at 0.67 g/t (1,576,000 contained ounces) and the inferred mineral resource category to 223,300,000 tonnes at 0.62 g/t (4,437,000 contained ounces).
  • 2013

    • An additional thirteen core holes (5,138 meters) were drilled and an updated NI 43-101 compliant gold resource was calculated for the Dolphin/Cleary area based on the ten holes completed during the winter drill program, of which eight were incorporated into the Resource. Using a 0.3 g/t cut-off this resulted in an increase in the Indicated mineral resource category to 79,800,000 tonnes at 0.66 g/t (1,683,000 contained ounces) and 248,060,000 tonnes at 0.61 g/t (4,841,000 contained ounces) in the Inferred mineral resource category. The additional three holes were drilled after the updated resource was completed, and were not included in the mineral resource update.
  • 2016

    • As part of the preliminary economic assessment (“PEA”) a conceptual open pit, based on $1300 Au, was produced by Tetra Tech. As a result only blocks falling within this pit were reported as a mineral resource using a 0.3 g/t cut-off.
Golden Summit Mineral Resource
(US $1300 - Pit Constrained)
Grade (g/t) AuTonnageContained Ounces
Current Indicated Mineral Resource0.6961,460,0001,363,000
Current Inferred Mineral Resource0.6971,500,0001,584,000

Geological Setting

There are three main rock units found throughout the property in particular, Fairbanks Schist, Chatanika Terrane, and intrusive rocks. Both the Fairbanks Schist and Chatanika Terrane have been subjected to one or more periods of regional metamorphism. The intrusive bodies are post-metamorphism. Chatanika Terrane rocks lie structurally above the Fairbanks Schist and north of the Chatanika Thrust fault and comprise the northernmost portion of the property. Intrusive rocks are relatively minor on the Property, and are primarily represented by the Dolphin stock, although small granitic dikes are known in several locations. The Dolphin stock is located on the ridge between Bedrock and Willow Creek. Initial diamond core logging identified five intrusive phases within the Dolphin stock, including: 1) fine- to medium-grained, equigranular to weakly porphyritic biotite granodiorite; 2) fine- to medium-grained, equigranular to weakly porphyritic hornblende-biotite tonalite; 3) fine-grained biotite granite porphyry; 4) fine-grained biotite rhyolite to rhyodacite porphyry; and 5) rare fine-grained, chlorite-altered mafic dike.

Small dikes of granodiorite cutting tonalite have been observed in core, and altered granitic dikes cut both altered and unaltered granodiorite and tonalite. This suggests multiple phases of intrusion and hydrothermal alteration. Two radiometric age dates, including two sericite Ar40/Ar39 plateau age dates (McCoy, 1996), place some constraints on the timing of crystallization and mineralization. The sericite ages were obtained from two different samples representing two distinctly different styles of gold mineralization. One sample, from stockwork style mineralization, was 90.1 Ma. Another sample, from a sericite shear-zone, was 88.3 Ma. These ages are quite similar to ages from Fort Knox (86.3-88.2 Ma). Due to age and chemical similarities, most associate the Dolphin and Fort Knox intrusive rocks with widespread intrusive-related gold deposits in the Tintina Gold Belt.

There are three styles of gold occurrences that have identified on the Property, including: 1) intrusive-hosted sulfide disseminations and sulfide-quartz stockwork veinlets (such as the Dolphin gold deposit); 2) auriferous sulfide-quartz veins; and 3) shear-hosted gold-bearing veinlets. All three types are considered to be part of a large-scale intrusive-related gold system on the Property.

Metallurgical Test Work

Metallurgical testing for the Project was initiated in 2012 with bottle roll tests being performed on 10 different drill samples with a primary objective of obtaining a preliminary indication of the cyanide leaching characteristics of the oxide mineralogy within the deposit. This testwork was performed by Kappes, Cassiday & Associates (KCA). A second set of process testwork started in 2013 and continued into 2014 on five different mineralogical composites. These tests were performed by SGS Canada Inc. (SGS). As part of this testwork SGS received 279 drill core samples that were composited into five different rock types: oxide, transition, hornfels sulfide, intrusive sulfide, and schist sulfide. This testwork primarily focused on investigation of various processing methods for the recovery of gold from sulfide materials. Additional bottle roll and column leach testwork was performed later in 2014 to investigate grind sensitivities on four drill core composites of different mineralogy and to examine heap leach behavior in the oxide material. The different composites were designated as oxide, transition, intrusive sulfide, and hornfels sulfide. These composites were initially subjected to coarse bottle roll tests conducted at five different feed sizes.

Overall gold recoveries from standard 48 hour bottle roll tests and 120 hour bottle roll tests were as follows: Oxide material averaged 88%, transition material averaged 57%, intrusive material averaged 56%, and hornfels-sulphide material averaged 45% . Standard bottle roll testwork was carried out on a variety of grind sizes however recoveries did not increase substantially with finer grinds, with the exception of the transition material which showed recoveries of greater than 70% are achievable at a 75 micron grind size.

One column leach test was performed on the crushed oxide composite to determine heap leaching characteristics of the material. These tests were performed by McClelland Laboratories, Inc with results received in January 2015. Gold extractions over 80% were achieved within 14 days on coarse crushed material (80% -25 mm). The column test was permitted to run for 65 days and final extractions were 85% for gold.

Further metallurgical testwork to date has indicated that optimum treatment of the sulphide portion of the resource is by flotation of the sulphide followed by oxidation whereupon recoveries in excess of 90% are achieved.


The following preliminary economic assessment analysis includes inferred mineral resources, which are considered too speculative geologically to have economic considerations applied to them, and are therefore not categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized.

Project cost estimates and economics are prepared on an annual basis. Based upon design criteria presented in the Tetra Tech Report, the level of accuracy of the estimate is considered ±35%.

NI 43-101 Technical Report Golden Summit Project. Preliminary Economic Assessment Fairbanks North Star Borough, Alaska USA, as amended and restated May 11, 2016.

A Two Phased Project:

Based on a gold price of US$1,300/oz, highlights of the Golden Summit Project PEA include:

  • A post-tax NPV5% and IRR of $188 million and 19.6% respectively;
  • A mine life of 24 years with peak annual gold production of 158,000 ounces and average annual gold production of 96,000 ounces;
  • 2,358,000 ounces of doré produced over life of mine;
  • Total cash cost estimated at US$842/oz Au (including royalties, refining and transport);
  • Ability to execute Phase 1 with low initial capital; initial and sustaining capital costs, including contingency, estimated at $88 million and $348 million respectively;
  • A payback of 3.3 years post-tax; and
  • Favorable geopolitical climate; completion risk is offset through strong legislative and financial support at state and federal levels.
Net Present Value (0%)$533,613$000s
Net Present Value (5%)$187,742$000s

Source : NI 43-101 Technical Report Golden Summit Project. Preliminary Economic Assessment Fairbanks North Star Borough, Alaska USA, as amended and restated May 11, 2016

Gold PriceNPV @ 5%(Millions)

Exploration 2017

A total of 27 holes were drilled in an area 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. 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.

The results of the 2017 program demonstrated the potential for expansion of the current oxide resource at Golden Summit with the majority of the holes returning average grades above the internal cut-off used in the Preliminary Economic Assessment completed in January 2016.

© 2021 Freegold Ventures Limited
All rights reserved.

Subscribe to our Email List