Freegold Ventures Limited (TSX:FVL, OTCQX:FGOVF) continues to demonstrate the robust potential of its Golden Summit gold project in Alaska, following a series of compelling assay results from its 2024 drilling campaign. The company’s recent findings reveal significant higher-grade gold mineralization in both the Cleary and WOW Zones, reinforcing the project’s growing resource base and economic prospects.
The 2024 drilling program, which completed 41 holes totaling 25,708 meters, was strategically designed to expand mineralization westward and upgrade inferred resources to the indicated category. This effort supports the company’s goal of advancing toward a Pre-Feasibility Study (PFS) scheduled to commence by year-end. Drilling is set to resume in mid-May 2025, initially deploying two rigs and scaling up to four by early summer, targeting approximately 30,000 meters to further define and expand the resource.
Key drill highlights from the Cleary Zone include Hole GS2441, which intersected multiple high-grade intervals such as 3.3 grams per tonne (g/t) gold over 9.1 meters starting at 50 meters, 2.74 g/t over 30.3 meters from 221.6 meters, and a notable 11.6 g/t over 33.6 meters from 300 meters, including an exceptional 110 g/t gold over 3.1 meters. Additional intercepts include 1.78 g/t over 25 meters from 355.1 meters. Hole GS2421 also delivered strong results with 115.5 meters at 1.17 g/t gold from 197.5 meters and 42 meters at 3.62 g/t gold from 361 meters, confirmed by follow-up holes GS2438 and GS2441.
In the WOW Zone, located west of Willow Creek, drilling revealed continued higher-grade mineralization, extending the resource along a 1.5-kilometer soil anomaly. Hole GS2440 returned 2.07 g/t gold over 54.9 meters from 342.6 meters, 4.16 g/t over 21.3 meters from 438 meters, and a remarkable 128 g/t gold over 3.1 meters at 415.4 meters. Hole GS2439 intercepted 1.28 g/t gold over 27 meters from 441 meters. Other notable intercepts include Hole GS2425, which yielded 2.72 g/t gold over 139.9 meters from 401.4 meters, featuring subintervals of 44.7 g/t over 3 meters and 59.5 g/t over 2.7 meters, and Hole GS2426 with 1.93 g/t gold over 105 meters including 44.1 g/t over 1.2 meters and 65.9 g/t over 1.4 meters.
Freegold is concurrently advancing a metallurgical program focused on sulfide oxidation methods such as BIOX®, POX, and Albion Process™ oxidation ahead of Carbon-in-Leach (CIL) treatment. These tests aim to optimize gold recovery rates while controlling capital and operating costs, critical inputs for the upcoming PFS. The September 2024 mineral resource estimate was based on a flowsheet involving grinding, gravity separation, flotation, regrinding of sulfide concentrate, and CIL treatment, achieving an estimated gold recovery of 72% with operating costs around $14 per tonne.
Additional preparatory work includes hydrological studies, baseline environmental assessments, and archaeological and cultural investigations. The company expects to release final assay results from eight remaining drill holes in the near term, with an updated mineral resource estimate incorporating 2024 results and winter geological modeling targeted for completion by the end of Q2 2025.
Golden Summit benefits from excellent infrastructure, situated just a 30-minute drive from Fairbanks, Alaska, with paved highway access and a high-tension power line located 7 kilometers away. The project has seen over 100,000 meters drilled since 2020, resulting in significant resource growth, particularly in the deeper, higher-grade Cleary Vein System. This system includes the down-dip extent of historic vein zones such as Cleary, Colorado, Wackwitz, and Wyoming, extending westward toward the Dolphin Intrusive.
Freegold’s focused exploration in Alaska also includes the Shorty Creek Copper-Gold Project near Livengood, held under leases. The company’s ongoing efforts at Golden Summit aim to enhance the project’s resource grade and size, supporting its transition from exploration to development.
With the continuation of its aggressive drilling program and metallurgical testing, Freegold Ventures is positioned to advance the Golden Summit project toward a prefeasibility stage.
