Freegold Venture Ltd. March 8 announced plans to raise C$10 million (US$7.4 million) to continue exploration at its 20-million-ounce Golden Summit gold project about 25 miles north of Fairbanks, Alaska. The financing is double what was originally proposed, thanks to strong interest from investors.
The Dolphin-Cleary deposit at Golden Summit hosts 407.5 million metric tons of open pit mineable indicated resource averaging 0.92 grams per metric ton (12 million oz) gold and 282.3 million metric tons of inferred resource averaging 0.85 g/t (7.7 million oz) gold.
This resource does not include the results from Freegold’s 2023 drill program, which included 37 resource expansion and upgrade holes at Dolphin-Cleary and seven reconnaissance holes at the Saddle discovery zone about 2.5 miles east of the resource.
Highlights from the 2023 resource Dolphin-Cleary deposit expansion drilling include:
• 113.3 meters averaging 5.42 g/t gold in hole GS2314.
• 164.3 meters averaging 1.05 g/t gold in hole GS2318.
• 444.9 meters averaging 0.75 g/t gold in hole GS2329.
• 276.5 meters averaging 1.76 g/t gold in hole GS2333.
• 147 meters averaging 1.02 g/t gold in hole GS23241.
Freegold plans to update the Dolphin-Cleary resource once it receives assays from the final two 2023 expansion holes.
Freegold Venture Ltd.
Click on image for larger map of 2023 and prior drilling at Golden Summit.
In February, Freegold announced results from the seven exploration holes drilled at Saddle. Highlights include:
• 8.8 meters averaging 1.25 g/t gold and130.2 g/t silver in hole SZ2304.
• 4.7 meters averaging 13.4 g/t gold and 5.24 g/t silver in hole SZ2305.
• 1.9 meters averaging 24.1 g/t gold and 9.6 g/t silver in hole SZ2306.
• 2.3 meters averaging 20 g/t gold and 3.2 g/t silver in hole SZ2307.
The success and future potential at Golden Summit have attracted strong investor interest in a private placement financing that will provide Freegold with funds to continue exploration at the 20-million-oz gold project.
On March 6, the company announced plans to raise C$5 million (US$3.7 million) through a financing that would involve the issuance of 12.5 million units at C40 cents each. Each unit includes one Freegold share and one warrant to purchase an additional share at a price of C52 cents for two years.
Due to strong interest, however, the financing was expanded to C$10 million.
The money raised will help fund a 2024 exploration program that will include the continuation of resource expansion drilling along a 1,500-meter gold-in-soil anomaly west of the Dolphin-Cleary deposit, where mineralization has the potential to be both higher grade and closer to the surface.
The 2024 program will also continue exploring Saddle Zone, with drilling primarily focused on testing the vein zones not explored last year. Freegold says the primary goal of this year’s drilling at Saddle is to locate higher-grade veins and trace them toward the surface.
Freegold Venture Ltd.
Freegold drilled seven widely spaced holes at Saddle Zone in 2023.
The 2024 exploration within the larger Saddle Zone area is expected to include an investigation of American Eagle, which historically produced 60,000 oz gold from ore averaging 1.6 oz per ton; and drilling at Christina Vein, where Freegold encountered 8.69 meters averaging 28.1 g/t gold and 13.8 g/t silver in a hole drilled in 2011.
Author Bio
Shane Lasley, Publisher
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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