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Freegold Ventures Limited, listed on the Toronto Stock Exchange as TSX: FVL and OTC as FGOVF, has announced significant progress regarding its golden summit program. The ongoing drilling effort is prominent, with five active drill rigs currently operating on-site. The primary objective of the current activities has been to convert inferred resources into indicated resources, a critical step for the forthcoming Pre-Feasibility Study (PFS). This conversion is necessary as inferred resources cannot be utilized in the PFS, making this work vital for the project’s future.
Overview of the Program
The current drilling campaign is robust, with five drilling rigs engaged and operational. The key focus areas include:
- Converting inferred resources into indicated resources and conducting additional exploration drilling.
- A total of 37 drill holes have been completed, which equates to approximately 24,000 meters of drilling.
- Five drill holes are still underway, and assay results for many more are pending.
- Ongoing metallurgical work is crucial, as it aims to explore options for processing the resource efficiently, particularly concerning sulphide oxidation.
- The initiation of the Pre-Feasibility Study (PFS) is also underway.
In addition to drilling, there is a concentrated effort to delineate the limits of mineralization within the Dolphin/Cleary area. This includes essential geotechnical drilling and further exploration initiatives.
Drilling Progress and Future Timeline
So far, the team has successfully drilled a total of 37 holes, with around 24,000 meters completed. Currently, five additional drill holes are in progress. The drilling operations are expected to continue until mid-December, after which activities will take a winter hiatus, resuming in the following months. The findings from the current drilling endeavors will be integral to a revised mineral resource estimate, which will support the upcoming PFS.
Enhancing Resources and Preparing for the PFS
To further augment the resource base, the company is conducting both infill and geotechnical drilling alongside geochemical and metallurgical testing. Preparations for the PFS encompass various critical tasks:
- Installation of vibrating wire piezometers (VWPs) for groundwater monitoring.
- Collection of surface water samples for environmental assessment.
- Organization of mammal and habitat surveys to establish baseline environmental data.
- Conducting cultural resource assessments, including studies on paleontological resources, for regulatory review.
- Mapping of wetlands and developing appropriate mitigation strategies.
- Continuing geological mapping and sampling to pinpoint new exploration opportunities.
Metallurgical Testing and Optimization of Processes
Metallurgical testing is actively taking place at BaseMet Labs located in Kamloops, BC. The testing utilizes a master composite sample weighing over 1,500 kilograms, derived from twelve drill holes. The PFS will include several trade-off studies, particularly evaluating the advantages of further sulphide oxidation against a more straightforward Gravity-CIL flowsheet.
Optimizing Oxidation Processes
During this metallurgical testing phase, a sulphide concentrate is generated to refine oxidation processes. Three oxidation methods, each proven effective with Golden Summit materials, are currently under evaluation:
- Pressure Oxidation (POX): Achieved a total gold recovery exceeding 92% in preliminary tests.
- BIOX: Reported a total gold recovery rate of over 91%.
- Albion Process™: Demonstrated a total recovery rate of more than 93%.
Solid residues from these processes have undergone environmental characterization and waste testing as per EPA guidelines. The Toxicity Characteristic Leaching Procedure (TCLP) confirmed that leachate levels for metals remain below regulatory thresholds, ensuring compliance.
Flotation Testing and Environmental Considerations
The flotation testing of the master composite continues, with initial locked-cycle tests revealing gold recovery rates surpassing 95%. This process utilizes gravity and cleaner flotation methods, with the sulphide concentrate making up less than 5% of the total mass, which minimizes the quantity requiring further oxidation. These positive outcomes support plans to establish a small pilot plant at BaseMet to generate a significant quantity of concentrate for subsequent oxidation optimization studies, which will continue over the coming months.
The flotation tailings have also passed the EPA TCLP procedure, affirming that all leachate concentrations for metals are within allowable limits. Ongoing investigations will further characterize the environmental impacts associated with all flowsheet products and tailings.
Project Summary and Future Outlook
As it stands, the Golden Summit project holds an Indicated Primary Mineral Resource of 17.2 million ounces at a grade of 1.24 g/t Au and an Inferred Primary Mineral Resource of 11.9 million ounces at 1.04 g/t Au, based on a 0.5 cut-off grade and a gold price of $2,490.
For those interested in more detailed information regarding the drilling locations and progress, a comprehensive map can be accessed here: Drill Hole Location Map.
The scientific and technical data in this update has been compiled by Alvin Jackson, P.Geo., Vice President of Exploration and Development at Freegold.
Freegold Ventures Limited is primarily focused on mineral exploration within the rich geological landscape of Alaska.
Cautionary Note Regarding Forward-Looking Statements: The content of this update contains forward-looking statements that pertain to planned expenditures, exploration strategies, potential mineralization, and resources. These statements are inherently subject to risks and uncertainties that could cause actual outcomes to differ. For a detailed examination of risk factors, please refer to Freegold’s Annual Information Form, available at www.sedar.com.
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