President and CEO: Kristina Walcott
Vice President, Exploration
and Development: Alvin Jackson
Freegold Ventures Ltd. focused its 2013 exploration efforts on expanding the 6-million-ounce bulk-tonnage gold deposit at its Golden Summit property located about 20 miles (32 kilometers) northeast of Fairbanks and roughly five miles (nine kilometers) from Kinross Gold Corp.’s Fort Knox Mine. The close proximity to infrastructure and services allows Freegold to conduct both winter and summer drill programs at Golden Summit. A 3,472-meter winter program that began in February focused on upgrading and expanding the Dolphin-Cleary Hill deposit at Golden Summit. Highlights include: GSDL 1301 cut 168.4 meters averaging 0.71 grams per metric ton gold; GSDL 1302 cut 308.9 meters averaging 0.63 g/t gold, including 112 meters averaging 1.03 g/t gold; and GSDL 13-09 cut 30.6 meters averaging 0.96 g/t gold.
A resource that includes eight holes from the winter program was published in June.
At a 0.3 percent cut-off, the Dolphin-Cleary zone at Golden Summit has an indicated resource of 79.8 million tons averaging 0.66 grams per metric ton (1.68 million ounces) gold; and an inferred resource of 248.1 million metric tons averaging 0.61 g/t (4.84 million ounces) gold. In addition, a resource was calculated for the oxide portion of the deposit, which is contained largely within the upper 60 meters of the overall resource. At a 0.2 percent cut-off, the oxide cap of the Dolphin-Cleary zone has an indicated resource of 25 million metric tons averaging 0.55 g/t (439,000 ounces) gold; and an inferred resource of 16.6 million metric tons averaging 0.47 g/t (253,000 ounces) gold.
Freegold’s summer program at Golden Summit consisted of three holes (1,666.8 meters) drilled in the Dolphin deposit area. Hole GSDL1311 averaged 0.82 grams per metric ton gold over 574.5 meters. Holes GSDL 1312 and 1313, aimed at testing the deposit to the north where limited drilling has been done and multi-ounce gold bearing veins crop out at surface, continued to tap higher grade gold. GSDL 1312 cut 552.6 meters averaging 0.68 g/t gold, including 27.13 meters averaging 3 g/t gold and 66.14 meters averaging 1.76 g/t gold. GSDL 1313 cut 520.14 meters averaging 0.68 g/t gold, including 21.79 meters averaging 1.15 g/t gold and 26.82 meters averaging 1.39 g/t gold. Freegold said additional drilling to the north is warranted to expand upon these higher-grade intercepts. The results of a comprehensive metallurgical program being completed for the Dolphin-Cleary area will be incorporated into a preliminary economic assessment. To date resource drilling has been confined to a 300-by-1,500-meter area (roughly 110 acres) of the 11,400-acre Golden Summit property, which hosts a number of promising exploration targets.
Freegold Ventures Ltd. March 13 provided an updated mineral resource estimate for its Vinasale gold project in Southwest Alaska. The estimate outlines an indicated resource of 3.41 million metric tons averaging 1.48 g/t gold for 162,000 ounces, and an inferred resource of 53.25 million metric tons averaging 1.05 g/t gold for 1.8 million ounces of gold. This resource, updated with results from Free gold’s 2012 drill program at Vinasale, resulted in an estimation of indicated material for the first time and also expanded the inferred category. A total of 98 drill holes containing 11,284 gold assays have been completed on the project within three areas: the Central, North East and South zones. No additional exploration was completed at Vinasale project in 2013.
Cash and short-term deposits: C$2.3 million (June 30, 2013)
Working capital: C$2.19 million (June 30, 2013)
Market capitalization: C$24.85 (Sept. 12, 2013)
P.O. Box 10351
888 - 700 West Georgia
Vancouver, British Columbia
Canada V6B 1L8