Freegold Ventures drills 2.3 g/t gold over 72.3 metres at Golden Summit, Alaska
Freegold Ventures Ltd. [FVL-TSX] is continuing its success on the Golden Summit project in Alaska as two drill rigs continue to operate. A total of 30 holes have been completed since March. The completed holes are mainly in the west-northwest area of the Dolphin zone, with a focus on expanding mineralization to the north and reducing the strip ratio.
Freegold is testing further expansion potential to the west with one drill operating on the western extension. Currently, one rig is also testing the Saddle zone, which is located 4 km east of the Dolphin/Cleary zone. Several reconnaissance holes will be drilled to assess the historical veins along with their coinciding gold geochemistry to determine their potential to host additional resources.
Drilling highlights included drill hole GS2308 that returned 15 metres of 1.64 g/t gold. GS2309 returned 497.1 metres of 0.75 g/t gold. GS2310 returned 21.4 metres of 1.67 g/t gold, 1.4 metres of 11.75 g/t gold and 11.3 metres of 0.92 g/t gold. GS2311 returned 28.1 metres of 0.68 g/t gold and 127.1 metres of 0.67 g/t gold.
Drilling continues to expand upon the broad, higher-grade zone found within the Cleary Hill vein swarm (CVS), which dips southward and plunges toward the Dolphin intrusive, and which results in a significant amount of higher-grade mineralization at depth. The goal of holes GS2308 to GS2311, located in the northern part of the Dolphin area, is to improve the strip ratio by identifying mineralization closer to the surface and defining even more high-grade mineralization. GS2309 was successful in demonstrating the potential for higher grade up dip (toward the north), intersecting several high-grade intercepts within a broader interval.
An additional hole was drilled from the same pad as GS2309. Hole GS2314 was drilled to the west, and the results are pending. Furthermore, Freegold’s previous westerly hole (GS2241 — which intersected 88.7 metres grading 1.43 grams per tonne gold), combined with strong gold-in-soil geochemistry, has acted as further evidence to support the idea that there remains significant expansion potential to the west.
Additional assay results are pending and will be reported once received.
The current program is designed to test the boundaries as well as expand and infill the current mineral resource estimate (February, 2023), which, using a 0.45 g/t gold cut-off and a $1,792/oz gold price, is 12.01 million ounces at 0.92 g/t gold (407,544,000 tonnes) (indicated) and 7.7 million ounces at 0.85 g/t gold (282,303,000 tonnes) (inferred) in preparation for an anticipated preliminary economic assessment early in 2024.
Freegold operates a full-service camp at Golden Summit.
Freegold is focused on exploration in Alaska and holds the Golden Summit gold project near Fairbanks and the Shorty Creek copper-gold project near Livengood through leases.