Freegold (FVL: TSX) is a Toronto Exchange listed company focused on exploring for copper and gold near Fairbanks, Alaska. Holding both the Golden Summit project, an advanced stage gold asset on which Freegold completed a preliminary economic assessment (PEA) in January 2016, and the Shorty Creek project, an exciting new copper-gold porphyry discovery.
At Golden Summit, a drill program commenced in February 2020 which is designed to test a revised interpretation based on Freegold’s work that higher-grade mineralization may extend to the west of the old Cleary Hill Mine workings in an area of limited previous shallow drilling.
In May 2020 Freegold released the results of hole GSDL2001 which returned 188 metres grading 3.69 g/t gold as part of an initial test to determine if there was potential to establish a higher-grade component to the already sizeable resource delineated by Freegold between 2011 and 2013. This resource formed the basis of a subsequent preliminary economic assessment (PEA) completed in 2016. The PEA was completed at a US $1,300 gold price and contemplated both an oxide (heap leach) and sulphide processing facility but incorporated only a portion of the global resource. Metallurgical testwork done on the oxide portion demonstrated recoveries of 85% in the oxide and sulphide recoveries in excess of 90%. The 2020 drill program was designed to determine if a higher-grade component could be identified to augment the current resource grade, enhance the overall project economics and substantially expand the project. Results to date from the 2020 drilling program are continuing to demonstrate that the current resource can be expanded with broad intercepts above the current resource grade being returned.