Freegold Ventures
Primary ticker: TSX:FVL, OTCQX:FGOVF
Stage of development: Exploration, Development
Primary minerals: Gold, Copper
Project to promote: Golden Summit
Project location: USA
Website: www.freegoldventures.com
Freegold is currently exploring in Alaska, a stable jurisdiction with a long mining history, strong existing infrastructure, and significant development upside. Our Flagship project, The Golden Summit Project, is an advanced-stage gold asset. The project is based in the prolific Tintina gold belt and is situated near to Kinross Gold’s Fort Knox Project, a large low-grade gold deposit that has produced over 8 million ounces over its +25 year mine life. A preliminary economic assessment of The Golden Summit Project was completed in 2016. Since 2020 we have completed over 83,000 metres of drilling focusing on expanding and identifying a higher-grade corridor to enhance the project economics and aimed at advancing the project through the pre-feasibility stage. In early 2023 we completed an updated mineral resource update.
Golden Summit Pit-Constrained Primary Au g/t – 0.45 cut off
$1,792
Tonnes Au_gpt Au Ounces
407,544,000 0.92 12,011,000 Indicated
282,303,000 0.85 7,736,000 Inferred
For the pit-constrained resource, the mining, processing and G&A costs amount to US$25.70/tonne which results in a cutoff grade of 0.45 g/t Au (25.70/57.61 = 0.446 rounded to 0.45 g/t).
Golden Summit Pit-Constrained Primary Au g/t – 0.45 cut off
$1,792
For the pit-constrained resource, the mining, processing and G&A costs amount to US$25.70/tonne which results in a cutoff grade of 0.45 g/t Au (25.70/57.61 = 0.446 rounded to 0.45 g/t).
Additional financing was obtained in late March 2023, and drilling to expand the resource to the north and west is underway. The resource area represents in only one of the prospective target areas on the project. Additional geophysics and geochemical surveys have been conducted in preparation for drilling on these targets later this year.
Cash: CAD$~$18 Million
Debt: NIL
Major shareholders:
Eric Sprott – ~27%
Financials
Kristina Walcott – President and CEO
Ms. Walcott has worked in various capacities in the mining and mineral exploration industry for the past 20 years. She has been President and CEO of Freegold since September 2009, and a Director since July 2010. Ms. Walcott has held administrative and field positions including General Manager of Orex Laboratories, a diamond sample processing facility and Mines Land Manager for Pacific North West Capital and CanAlaska Uranium Limited, both Vancouver-based mineral exploration companies with extensive land positions in Canada and the United States. In addition she was actively involved in the geophysical contracting industry where she assisted in remote-site field geophysical surveys for major and junior mining firms. Prior to her appointment and President and CEO Ms. Walcott was the the Company’s VP Business Development between March 2005 and September 2009 where she was responsible for identifying and acquiring new business opportunities in the mining sector.
Alvin Jackson – Director
Mr. Jackson has been a Director of Freegold since March 2010, and Vice President Exploration and Development since February 2011. Mr. Jackson is instrumental in the development of EuroZinc Mining Corporation, which acquired the Aljustrel zinc-lead project and the Neves-Corvo copper mine, both located in southern Portugal. As a result of those acquisitions, EuroZinc grew to a market capitalization of over $1.8 billion before merging with Lundin Mining in 2006. Mr. Jackson has over 40 years experience in mineral exploration and mine development and was directly involved in the exploration and development of two major gold deposits and one porphyry copper deposit, all of which subsequently became producers.
To raise investor awareness of the significant progress made at Golden Summit and the updated mineral resource released in February 2023. We also wish to highlight the remaining exploration potential at Golden Summit.
February 2023 – Freegold Announces a Significantly Increased Mineral Resource Estimate for the Golden Summit Project
March 2023 – Freegold Demonstrates Robust Mineral Resource Estimate at Golden Summit Using $1,650 Au 11.9 Moz indicated & 7.5 Moz inferred in Primary Resource
March 2023 – Freegold Announces Closing of $16.5 Million Brokered Private Placement Financing
April 2023 – Freegold Announces Closing Of $4 Million Non-Brokered Private Placement Financing
3 Months:
Continued Exploration drilling focused primarily in the current resource area
Additional metallurgical work
6 Months:
Ongoing drill results
Continued exploration drilling – resource area
Additional exploration in the additional target areas
12 Months:
Completion of an updated Preliminary Economic Assessment
As in any jurisdiction the challenges remain with regards to permitting and development. Freegold is continuing to diligently work with all regulatory agencies and stakeholders in order to mitigate these risks.
Freegold represents one of the premier gold exploration targets in North America. Freegold’s Golden Summit is located in a stable jurisdiction with good infrastructure. Golden Summit is one of the largest undeveloped gold resources in North America with significant additional exploration potential remaining.
1. Golden Summit is significant large gold resource with an incredibly low discovery cost of under $4/oz.
2. Only a small portion of the property has been systematically evaluated for resource potential.
3. Significantly undervalued at this price