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Mining Explorers 2014: Freegold Ventures Ltd.

 

Last updated 11/2/2014 at Noon



TSX: FVL

President and CEO: Kristina Walcott

Vice President, Exploration

and Development: Alvin Jackson

Freegold Ventures Ltd. has a portfolio of four gold exploration properties in Alaska.

In recent years, the company has focused its exploration primarily on Golden Summit, a 6-million-ounce bulk-tonnage gold project located roughly 20 miles (32 kilometers) northeast of Fairbanks and four miles (seven kilometers) from Kinross Gold Corp.'s Fort Knox Mine.

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 this 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 oz) gold; and an inferred resource of 16.6 million metric tons averaging 0.47 g/t (253,000 oz) gold.

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, including several high-grade gold occurrences.

In March 2014, Freegold hired Tetra Tech to complete a preliminary economic assessment for Golden Summit.

The PEA will examine potential for a stand-alone heap leach operation and will also complete a comprehensive review of the current sulfide resource using different cut off grades.

The results of metallurgical testing needed for the PEA were released in June.

Overall gold recoveries from standard 48-hour bottle roll tests and 120-hour intermittent agitation leach tests of drill core assay rejects representing the different areas of the resource were: 88 percent recovery for oxide material; 45 percent for hornfels-sulfide material; 56 percent for intrusive-sulfide material and 57 percent for transitional material.

Recoveries of the transitional material improved to greater than 70 percent at a 75 micron grind size.

Other materials did not show appreciable better recoveries with finer grinds.

Metallurgical tests are ongoing.

Other 2014 work at Golden Summit includes baseline studies, cultural resource work and geochemical sampling.

Shorty Creek - a copper-gold porphyry target located 60 miles (100 kilometers) northwest of Fairbanks, Alaska and about 2.5 miles (four kilometers) south of International Tower Hill's Livengood gold project - is the newest project in Freegold's portfolio.

Previous exploration at Shorty Creek has identified mineralization similar to other gold-enriched porphyry copper deposits of Tertiary age found throughout Interior Alaska and the western Yukon.

In addition to the geochemical signature, Freegold said extensive alteration and hornfels metamorphism spatially associated with small bodies of biotite granodiorite, quartz porphyry and aplite are mapped across the property and are suggestive of this deposit type.

Following the acquisition of Shorty Creek in July, Freegold completed a 28.6 line-kilometer induced polarization survey; collected 354 soil geochemical sample; and staked 5,200 acres of additional claims, increasing the project area to 20,920 acres.

The company said this program, along with historical work, has defined significant chargeability anomalies which are coincident with strong copper, gold and bismuth geochemistry.

The company believes Shorty Creek project represents a drill-ready porphyry copper-gold target.

Vinasale and Rob round out Freegold's portfolio of Alaska gold projects. The Vinasale project in Southwest Alaska has 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. Rob is an early-stage high-grade gold property about 20 miles (35 kilometers) east of the Pogo gold mine in Interior Alaska.

Cash and short-term deposits: C$441,008 (June 30, 2014)

Working capital: C$258,717 (June 30, 2014; C$1 million financing closed Sept. 12)

Market capitalization: C$15 million (Sept. 26, 2014)

P.O. Box 10351

888 - 700 West Georgia

Vancouver, British Columbia

Canada V6B 1L8

Tel: 604-662-7307

Fax: 604-662-3791

http://www.freegoldventures.com

 

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