- Base case useful resource ounces and grades have elevated materially from our February 2023 estimates
- Indicated Major Mineral Useful resource: 12.1 million ounces at 1.08 g/t Au, up 8% and 9% respectively
- Inferred Major Mineral Useful resource: 10.3 million ounces at 1.04 g/t Au, up 45% and 13%, respectively
- Major Useful resource reported above a 0.50 g/t Au cut-off grade
- As well as, a big oxide useful resource exists – 0.9Moz at 0.49 g/t Au (indicated), up 43% and 23%
- Soil geochem and historic arduous rock mines strongly counsel that Dolphin-Cleary mineralization stays open to the west and southwest one other 1.5 km. The present useful resource footprint is 1.5 km east-west.
- Dolphin/Cleary is simply one of many goal areas throughout the 13km lengthy, road-accessible mission.
- The 2024 drill program at Golden Summit is ongoing with two drills working – further assay outcomes pending
Freegold Ventures Restricted (TSX: FVL) (OTCQX: FGOVF) (“Freegold” or the “Firm”) is happy to announce an up to date mineral useful resource estimate for the Golden Summit Venture. The revised estimate incorporates knowledge from the 2023 drilling program and the preliminary two holes of the 2024 program, representing a big milestone in our exploration and growth actions.
CutOff Au g/t |
Classification |
Au g/t |
Tonnes |
Ounces |
OXIDE |
||||
0.15 |
Indicated |
0.49 |
59,414,000 |
937,000 |
0.15 |
Inferred |
0.45 |
3,252,000 |
47,000 |
PRIMARY |
||||
0.5 |
Indicated |
1.08 |
346,304,000 |
12,050,000 |
0.5 |
Inferred |
1.04 |
308,311,000 |
10,306,000 |
UNDER PIT |
||||
0.75 |
Indicated |
1.29 |
2,867,000 |
119,000 |
0.75 |
Inferred |
1.34 |
22,900,000 |
986,000 |
Mineral Sources for the first sources are reported at a cut-off grade of 0. 5 0 g/t gold and constrained inside an open pit shell utilizing a gold worth of US$1, 973 /ounce, US$2.50/t mining price, US$ 14 /t processing price, US$2.00/t G+A, 72 % gold get better y , and a 45° pit slope. Tonnes and ounces rounded to the closest thousand. |
Comparability Sept 2024 and Feb 2023 Useful resource Estimates
Indicated Major Useful resource – Open Pit |
Inferred Major Useful resource – Open Pit |
Oxide Indicated |
|||||||||||
Moz |
gpT |
Cutoff Grd |
Moz |
gpT |
Cutoff Grd |
Moz |
gpT |
Cutoff Grd |
|||||
Feb-23 |
11.1 |
0.99 |
0.5 |
7.1 |
0.92 |
0.5 |
0.7 |
0.39 |
0.15 |
||||
Sep-24 |
12.1 |
1.08 |
0.5 |
10.3 |
1.04 |
0.5 |
0.9 |
0.49 |
0.15 |
||||
Change |
8 % |
9 % |
45 % |
13 % |
43 % |
26 % |
The up to date useful resource is the results of primarily infill drilling, upgrading areas thought of waste within the February 2023 drill program attributable to lack of drill density. Ounces and grades elevated materially in all classes thought of inside an open pit context. It’s anticipated that additional infill drilling may positively impression stripping ratios when a mine plan is optimized. Freegold’s 2024 drill program is specializing in the west and southwest of the prevailing useful resource the place soil geochemistry, discovered to be a robust indicator, and historic gold mines have outlined two logical corridors that stretch roughly 1.5 km; in context, Golden Summit’s present useful resource occupies a 1.5 km east-west footprint.
The present estimate relies on a gold worth of $1,973 , which displays the three-year trailing common. Though the 2024 useful resource estimate makes use of the next gold worth than the $1,792 in 2023, that is balanced by a decrease restoration price (72% vs. 90%). Beforehand, the 2023 useful resource plan thought of utilizing CIL (carbon-in-leach) and oxidation to course of the sulphide flotation focus for greater recoveries. Nonetheless, constructive take a look at outcomes launched earlier this yr point out that a good portion of the mineralization is non-refractory and might be processed utilizing a lot less expensive gravity and CIL. Though the restoration is projected to be decrease, the general working and capital price financial savings would greater than compensate and simplify the mission considerably. The 72% restoration used for the useful resource is believed to be conservative. The reported take a look at work confirmed restoration charges of as much as 87.5%, with a mean restoration of 77% utilizing gravity and CIL, primarily based on 5,100 kg of fabric and eight composites. Moreover, preliminary indications are that mineralization to the west, the place our 2024 drill program is concentrated, achieves greater recoveries. Further optimization work and metallurgical samples from 4 large-diameter drill holes accomplished might be used for additional metallurgical testwork.
The newest useful resource estimate exhibits a rise within the useful resource measurement and a notable enchancment in grade. The invention price stays exceptionally low at underneath $4.00 per ounce. Golden Summit has a considerable useful resource and presents a wonderful growth alternative attributable to its proximity to sturdy infrastructure – highway accessibility, proximity to a provide centre, and obtainable labour drive, all of that are anticipated to contribute to decrease working prices.
Further drilling will give attention to enhancing the ore high quality and outlining a smaller, higher-grade starter pit throughout the deposit because the mission strikes in the direction of pre-feasibility to cut back working and preliminary capital prices. The up to date useful resource’s outcomes demonstrated this method’s success with its enhance in total useful resource grades on the varied cut-offs. Commerce-off research might be carried out to optimize the general economics and stability improved restoration charges with capital and working prices because the mission progresses. Further metallurgical work can also be in progress, and 4 giant diameter (PQ) boreholes have been drilled this yr. These will bear a complete suite of metallurgical exams to evaluate varied processing strategies to enhance recoveries and additional scale back the mission’s dangers.
Since 2020, Freegold has accomplished over 123,000 meters of drilling and established Golden Summit as considered one of North America’s largest undeveloped gold sources.
The 2023 drill program at Golden Summit found higher-grade mineralization on the western aspect of the prevailing useful resource. In 2024, the plan is to proceed drilling on the portion west of the Dolphin/Cleary deposit and prolong exploration drilling additional to the west. The 2024 drilling program on the Golden Summit mission is progressing effectively; further assay outcomes are anticipated to be reported shortly.
The desk beneath shows the precise cut-off grades inside and beneath the present $1,973 pit.
CutOff Au g/t |
Classification |
Au g/t |
Tonnes |
Ounces |
OXIDE |
||||
1.00 |
Indicated |
1.73 |
4,745,000 |
265,000 |
1.00 |
Inferred |
1.77 |
127,000 |
7,000 |
0.75 |
Indicated |
1.35 |
8,430,000 |
366,000 |
0.75 |
Inferred |
1.17 |
359,000 |
14,000 |
0.50 |
Indicated |
0.97 |
17,324,000 |
541,000 |
0.50 |
Inferred |
0.84 |
919,000 |
25,000 |
0.40 |
Indicated |
0.81 |
24,758,000 |
647,000 |
0.40 |
Inferred |
0.72 |
1,322,000 |
31,000 |
0.15 |
Indicated |
0.49 |
59,414,000 |
937,000 |
0.15 |
Inferred |
0.45 |
3,252,000 |
47,000 |
PRIMARY |
||||
1.00 |
Indicated |
2.07 |
99,704,000 |
6,628,000 |
1.00 |
Inferred |
2.01 |
82,640,000 |
5,352,000 |
0.75 |
Indicated |
1.55 |
174,604,000 |
8,694,000 |
0.75 |
Inferred |
1.49 |
151,918,000 |
7,271,000 |
0.50 |
Indicated |
1.08 |
346,304,000 |
12,050,000 |
0.50 |
Inferred |
1.04 |
308,311,000 |
10,306,000 |
0.40 |
Indicated |
0.92 |
461,582,000 |
13,711,000 |
0.40 |
Inferred |
0.88 |
426,343,000 |
12,003,000 |
0.15 |
Indicated |
0.66 |
778,574,000 |
16,609,000 |
0.15 |
Inferred |
0.62 |
752,540,000 |
14,960,000 |
UNDER PIT |
||||
1.00 |
Indicated |
1.89 |
1,193,000 |
73,000 |
1.00 |
Inferred |
1.82 |
11,605,000 |
677,000 |
0.75 |
Indicated |
1.29 |
2,867,000 |
119,000 |
0.75 |
Inferred |
1.34 |
22,900,000 |
986,000 |
0.50 |
Indicated |
0.84 |
7,958,000 |
216,000 |
0.50 |
Inferred |
0.87 |
61,179,000 |
1,720,000 |
0.40 |
Indicated |
0.66 |
14,765,000 |
313,000 |
0.40 |
Inferred |
0.71 |
100,288,000 |
2,282,000 |
0.15 |
Indicated |
0.35 |
64,264,000 |
720,000 |
0.15 |
Inferred |
0.41 |
290,423,000 |
3,826,000 |
Mineral Sources for the first sources are reported at a cut-off grade of 0. 5 0 g/t gold and constrained inside an open pit shell utilizing a gold worth of US$1, 973 /ounce, US$2.50/t mining price, US$ 14 /t processing price, US$2.00/t G+A, 72 % gold get better y , and a 45° pit slope. Tonnes and ounces rounded to the closest thousand. |
The mineral useful resource estimate (MRE) was carried out utilizing unusual kriging of three-meter composites. The MRE was constrained by two lithological domains, Intrusive and Schist, that had been additional constrained by a 0.2 g/t gold gradeshell. Laborious boundaries had been used for the Intrusive and Schist domains in order that solely composites from every area had been used for the estimation of block grades inside that area. An Oxide area was flagged throughout the higher portion of the Schist area after the estimation course of. Composite grades within the Intrusive area had been capped at 20 g/t gold and people throughout the Schist area had been capped at 90 g/t. Cumulative frequency curves had been used to find out capping ranges. The estimate was carried out in a single go with a minimal of 4 and a most of 12 composites, with a most of two per drill gap, required for a grade to be interpolated right into a block. Blocks had been categorised as Indicated or Inferred. Indicated blocks are primarily based on a minimal of eight and a most of 12 composites inside 100 meters of a block. Inferred blocks are primarily based on a minimal of 4 and a most of 12 composites inside 300 meters of a block. A most of two composites per drill gap was permitted in each classes.
Along with the continuing drill program, metallurgical, baseline environmental, cultural useful resource, and wetland research are underway.
A plan map exhibiting the areas of the 2024 drill holes – exploration and metallurgical holes might be discovered right here:
https://freegoldventures.com/web site/belongings/recordsdata/6287/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf
A pattern high quality management/high quality assurance program has been in place all through this system. Drill cores had been lower in half utilizing a diamond noticed, with one-half positioned in sealed baggage for preparation and subsequent geochemical evaluation by ALS Laboratories. Core samples had been ready in ALS’s facility utilizing the PREP-31BY package deal. Every core pattern is crushed to higher than 70 %, passing a 2 mm (Tyler 9 mesh, US Std. No.10) display. A cut up of 1kg is taken and pulverized to higher than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) display; a portion of this pulverized cut up is digested by 4 Acid and analyzed through ICP-AES (technique code ME-ICP61). Fireplace Assay analyzes all samples with an AAS end, technique code Au-AA23 (30g pattern measurement) and over 10 g/t are mechanically assayed utilizing a FA Grav technique, Au-GRAV21. Further Au screening is carried out utilizing ALS’s Au- SCR24 technique; choose samples are dry-screened to 100 microns. A reproduction 50g fireplace assay is carried out on the fantastic fraction, and an assay is carried out on the complete oversize fraction. Whole Au content material, particular person assays, and weight fractions are reported. Analytical and assay procedures are carried out in ALS’s North Vancouver and Reno amenities.
A QA/QC program included laboratory and subject requirements inserted each ten samples. Blanks are inserted at the beginning of the submittal, and no less than one clean each 25 requirements.
Certified Individual and Technical Info
The MRE, with an efficient date of September 9, 2024 , was ready by Tetra Tech Canada. Greg Mosher, P. Geo and Maurie Marks , P.Eng of Tetra Tech Canada are “Certified Individuals” for the Up to date Mineral Useful resource Estimate as outlined in NI 43-101 and are thought of to be “unbiased” of Freegold for the functions of NI 43-101. Greg Mosher and Maurie Marks have reviewed and permitted the scientific and technical data herein concerning the Golden Summit mission. Greg Mosher visited Golden Summit on November 11 – 12, 2022. Greg Mosher and Maurie Marks visited the mission on September 12, 2023 .
The complete technical report, which is being ready in accordance with NI 43-101 by Tetra Tech Canada, might be obtainable on SEDAR ( www.sedarplus.com ) underneath the Firm’s issuer profile inside 45 days from this information launch.
Alvin Jackson, P.Geo, Vice President of Exploration and Improvement of the Firm and a “Certified Individual” as outlined in NI 43-101, has supervised the preparation of this information launch and has reviewed and permitted the scientific and technical data contained herein.
About Freegold Ventures Restricted
Freegold is a TSX-listed firm centered on exploration in Alaska. By way of leases, it holds the Golden Summit Gold Venture close to Fairbanks and the Shorty Creek Copper-Gold Venture close to Livengood.
Some statements on this information launch comprise forward-looking data, together with, with out limitation, statements as to deliberate expenditures and exploration packages, potential mineralization and sources, exploration outcomes, the completion of an up to date NI 43-101 technical report, and another future plans. These statements tackle future occasions and situations and, as such, contain recognized and unknown dangers, uncertainties, and different elements which can trigger the precise outcomes, efficiency, or achievements to be materially completely different from any future outcomes, efficiency, or achievements expressed or implied by the statements. Such elements embody, with out limitation, the completion of deliberate expenditures, the power to finish exploration packages on schedule, and the success of exploration packages. See Freegold’s Annual Info Type for the yr ended December thirty first, 2023 , filed underneath Freegold’s profile at www.sedar.com , for an in depth dialogue of the danger elements related to Freegold’s operations. On January 30, 2020 , the World Well being Group declared the COVID-19 outbreak a worldwide well being emergency. Reactions to the unfold of COVID-19 proceed to result in, amongst different issues, vital restrictions on journey, enterprise closures, quarantines, and a normal discount in financial exercise. Whereas these results have been diminished in current months, the continuation and re-introduction of serious restrictions, enterprise disruptions, and associated monetary impression, and the length of any such disruptions can’t be moderately estimated. The dangers to Freegold of such public well being crises additionally embody worker well being and security dangers and a slowdown or momentary suspension of operations in geographic areas impacted by an outbreak. Such public well being crises, in addition to world geopolitical crises, can lead to volatility and disruptions within the provide and demand for varied services and products, world provide chains, and monetary markets, in addition to declining commerce and market sentiment and diminished mobility of individuals, all of which may have an effect on rates of interest, credit score scores, credit score threat, and inflation. Because of the COVID-19 outbreak, Freegold has applied a COVID administration program and established a full-service Camp at Golden Summit to try to mitigate dangers to its staff, contractors, and neighborhood. Whereas the extent to which COVID-19 could impression Freegold is unsure, it’s potential that COVID-19 could have a fabric hostile impact on Freegold’s enterprise, outcomes of operations, and monetary situation.
SOURCE Freegold Ventures Restricted
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