Mining Explorers 2015: Freegold Ventures Ltd.
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Last updated 11/1/2015 at Noon
FVL: TSX
President and CEO: Kristina Walcott
VP, Exploration and Development: Alvin Jackson
In recent years, Freegold Ventures Ltd. 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.
In 2015, the company turned its attention to Shorty Creek, a copper-gold project in the Livengood region of Interior Alaska.
For at least three decades, geologists have known that Shorty Creek is prospective for gold, copper and molybdenum.
With the available data, previous explorers concluded that the mineralization seen at surface comes from two separate sources - an intrusive-related gold system in the southern part of the property and a copper-molybdenum system to the north.
After compiling the historical data, Curt Freeman, president of Fairbanks-based Avalon Development Corp. concluded that a large porphyry was the likely source of the surface mineralization.
Following the acquisition of Shorty Creek in mid-2014, Freegold completed an initial pass of geophysical and geochemical surveys.
This field work provided further indications of a buried porphyry deposit.
In August, Freegold raised C$1.35 million to fund a 3,000- meter drill program aimed at providing definitive evidence that various zones of copper, gold and molybdenum found across the 26,000-acre Shorty Creek land package are pieces of one porphyry copper-gold-molybdenum deposit spanning up to eight miles across.
One of the target areas received limited drilling in 1989 and 1990.
Highlights include 67 meters of 1.22 grams per metric ton gold starting from surface.
The holes, which were only drilled to 150 meters, consistently bottomed in significant copper mineralization.
Additional mapping has confirmed the presence of quartz porphyry in the creek 30 meters below the depth of the historical drilling.
Ground geophysics and soil sampling completed by Freegold in the vicinity of the drilling has expanded this target area.
The second target, located about 2,500 meters to the northwest, was identified with ground geophysics and soil sampling.
This work identified the presence of a strong chargeability anomaly coincident with strong copper values in soils (up to 669 parts-per-million copper) covering a 2,000- by 1,000-meter area.
A strong molybdenum core (up to 235 ppm molybdenum) covers a 1,000- by 800-meter area within the copper geochemical anomaly.
Freegold is also working toward the finalization of a preliminary economic assessment for Golden Summit.
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 oz) gold; and an inferred resource of 248.1 million metric tons averaging 0.61 g/t (4.84 million oz) 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.
The PEA is expected to examine the potential for a standalone heap-leach operation and include a comprehensive review of the current sulfide resource using different cut-off grades.
Cash and short-term deposits: C$261,321 (June 30, 2015)
Working capital: C$106,156 deficit (June 30, 2015; C$1.35 million financing closed Aug. 12)
Market capitalization: C$9.4 million (Sept. 15, 2015)
P.O. Box 10351, 888 - 700 West Georgia St. Vancouver, B.C. Canada V7Y 1G5
Tel: 604-662-7307 Fax: 604-662-3791
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