Freegold Ventures Limited (TSX: FVL | OCTQX: FGOVF) has reported the initial results from its 2024 drill programme. Thirteen holes have been completed, with two more in progress. The 2024 drill programme is targeting the western extension as an area that holds significant promise for higher grades closer to surface and at depth. The presence of this higher-grade material, along with promising ongoing metallurgical testwork, can potentially further enhance the overall project economics.
Freegold’s focus in 2024 will on be on optimization, which will involve additional drilling, including drilling large-diameter holes (PQ) to facilitate additional metallurgical testwork.
Hole GS2401 was a vertical hole drilled to a depth of 946.1m to confirm the south-dipping nature of the mineralization. The portions with higher grades to the west of Willow Creek consistently showed south-dipping characteristics like those within the central portion of the Dolphin-Cleary deposit.
Hole GS2402 was drilled at an azimuth of 315 degrees and with a -50-degree dip. It was intended to refine the orientation of the higher-grade mineralization in the western portion of the Dolphin-Cleary deposit further. It started within the intrusive to a depth of 130m before entering the schist unit, which continued to the bottom of the hole.
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
Work is in progress on the updated mineral resource estimate by an independent third party.
In 2023, the company’s drill programme at Golden Summit successfully discovered higher-grade mineralization on the western side of the existing resource. Building on this success, in 2024, the company’s plan is to continue drilling on the western portion of the Dolphin/Cleary deposit and extend the drilling coverage further to the west. Three distinct geochemical trends have been identified: two south-southwest flanking trends and a clear east-west trend spanning an additional 1.5km.
As Golden Summit is non-glaciated, the surface geochemistry has proven to be an excellent indicator of near-surface gold mineralization. The 2024 drill programme aims to explore these trends to identify higher-grade mineralization to improve the overall resource grade before commencing with economic studies. The current pit-constrained primary mineral resource at Golden Summit (Feb. 2023), using a C$1,792 gold price and a 0.45g/t cut-off, is 12,011,000oz @ 0.92g/t Au (407,544,000t) indicated and 7,736,000oz @ 0.85g/t Au (282,303,000t) inferred.
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