VANCOUVER, BC , Oct. 26, 2020 /CNW/ - Freegold Ventures Limited (TSX: FVL) (" Freegold ") is pleased to provide an update on exploration activities at Golden Summit, located near Fairbanks, Alaska . Drilling remains ongoing and is expected to continue until mid-December. Drilling is planned to resume in early February 2021 and continue throughout 2021. The Company is well financed to carry out its proposed programs.
The expanded 2020-2021 drill program has multiple objectives:
- Determine the orientation of the higher-grade mineralization successfully intercepted in GSDL2001 and GSDL2002,
- Expand the currently known resource,
- Upgrade the resource categories as part of the effort to further advance the project, and
- Test other targets on the project that may have potential to host additional resources.
Freegold's concept was that the vein system associated with the historic high-grade Cleary Hill Mine extends west towards the Dolphin intrusive. The initial two holes GSDL2001 and GSDL2002 supported this interpretation and intersected gold values up to 169.5 g/t over 2 metres. The orientation of the higher-grade zones remains to be determined and will require considerable additional drilling.
Holes GSDL2003, 2004, 2005, 2007, 2010 and 2011 lie west of the Cleary workings toward the Dolphin intrusive. Holes GSDL2008, GSDL2009 and GSDL2012 lie to the south and southwest of the Cleary workings. The location of these holes is designed to assist in determining the orientation of the higher-grade mineralization. Setting up on holes GSDL2011 and GSDL2012 is currently in progress. A third drill rig is onsite but awaiting a drill crew. All holes are being drilled with HQ diameter core. Given the large scope of the program, results will be reported as meaningful groups of assays are received rather than on a hole-by-hole basis. Assay reporting remains slow in Alaska as a result of restrictions imposed by the COVID-19 pandemic.
Holes are being drilled to an average depth of 500 metres. The current drilling represents the deepest drilling outside the intrusive and within the schist on the project. A significant portion of the current resource is hosted within the Dolphin intrusive which is likely the source of the gold mineralization and the results of the current drill program are expected to increase the current resource significantly. An updated mineral resource estimate is expected to be completed in 2021.
The Golden Summit project already hosts a significant gold resource. A total of 36,159 metres were drilled and three NI 43-101 compliant resource updates were completed between January 2011 and August 2013 . In January 2016 , a preliminary economic assessment (PEA) was produced by TetraTech (Press release – January 26th, 2016 ). Only blocks falling within the $1,300 conceptual pit are now reported as a Mineral Resource which represents only a portion of the previous overall global mineral resource (Press release – June 25 th , 2013).
| Pit
Constrained | Grade (g/t) Au | Tonnage | Contained
Ounces |
| Indicated | 0.69 | 61,460,000 | 1,363,000 |
| Inferred | 0.69 | 71,500,000 | 1,584,000 |
| |
| US$1,300 Gold |
| Using a 0.3 g/t cut off |
The Dolphin/Cleary area is the only area of the Golden Summit project that has been intensively drilled for resource definition. The current resource remains open to expansion in all directions and to depth. Drilling subsequent to the last resource update has demonstrated the presence of higher-grade zones both within the Dolphin Intrusive and in the adjacent country rock. The resource area at present covers a 500 metre by 1.3km area.
Golden Summit has well-documented placer production of over 6.75 million ounces of placer gold recovered from the streams that drain the project area. Less well known are the over two dozen past producing lode gold mines on the Golden Summit project which produced at least 525,000 ounces of lode gold. These past producers include the district's largest high grade historic underground mines, including the Cleary Hill Mine which produced 281,000 ounces grading 1.3 oz/t, the American Eagle which produced 60,000 ounces grading 1.3 oz/t, the Hi Yu Mine which produced 110,000 ounces grading 1.6 oz/t and the Newsboy Mine which produced 36,000 ounces grading 1.0 oz/t. There are 80 documented but relatively unexplored high-grade lode gold occurrences within the Golden Summit project and represent other significant exploration targets.
In addition to the ongoing drill program, Freegold has also completed the acquisition of 13 federal mining claims by outright purchase within the project area as part of its efforts to further solidify its property position.
A summary of holes completed to date Summer/Fall2020 Program:
| Hole | Dip | Azimuth | Total Depth
(m) |
| GSDL2003 | -70 | 360 | 587.6 |
| GSDL2004* | -70 | 360 | 420 |
| GSDL2005 | -80 | 360 | 645 |
| GSDL2006** | -70 | 360 | 76.5 |
| GSDL2007 | -75 | 360 | 573 |
| GSDL2008 | -70 | 360 | 442.4 |
| GSDL2009 | -70 | 360 | 420.6 |
| GSDL2010*** | -70 | 360 | 518 |
| *Hole was terminated at 420m due to difficult hole conditions |
| ** Hole was terminated at 76.5m due to difficult hole conditions |
| *** Hole was terminated at 518m due to difficult hole conditions |
Drill core is being logged, photographed, and cut in half using a diamond saw with one half placed in bags for subsequent geochemical analysis. All assays are being performed by ALS Global Ltd with sample preparation carried out at the ALS preparatory facility in Fairbanks, Alaska with subsequent analyses performed primarily using its Vancouver or Reno facilities. A sample quality/quality assurance program is in place.
The disclosure of scientific and technical information contained in this news release has been approved by Alvin Jackson , PGeo – Vice President Exploration and Development for Freegold, who is a "Qualified Person" under National Instrument 43-101.
Hole Location Map: https://freegoldventures.com/site/assets/files/2155/fvl_10262020_map.pdf
About Freegold Ventures Limited
Freegold is a TSX listed company focused on exploration in Alaska and holds through leases the Golden Summit Gold Project, near Fairbanks as well the Shorty Creek Copper – Gold Project near Livengood.