The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Now hosts 407.5M metric tons of 0.92 g/t gold in indicated North of 60 Mining News - February 24, 2023
With drills turning year-round, Freegold completed more than 83,000 meters of drilling over the past three years at the world-class gold deposit about 20 miles north of Fairbanks, AK.
Freegold Ventures Ltd. Feb. 23 reported an enormous upgrade to the quality and quantity of the mineral resources at Golden Summit, a now world-class gold project on the northern border of Kinross Gold Corp.'s Fort Knox Mine property in Alaska.
Over the previous three years, Freegold has carried out more than 83,000 meters of systematic resource expansion and upgrade drilling at Golden Summit. With the bulk of the assays from the 2022 season in hand, the company had a new resource calculated that encompasses the already established Dolphin deposit and the high-grade Cleary Hill Mine area to the east.
The new calculation is divided into three parts – at surface oxide resources, main open-pit mineable resources, and underground resources.
At a 0.45 gram per metric ton gold cutoff grade, Golden Summit now hosts 407.54 million metric tons of open pit mineable indicated resource averaging 0.92 g/t (12 million oz) gold, plus 282.3 million metric tons of open pit mineable inferred resource averaging 0.85 g/t (7.7 million oz) gold.
This is a massive increase over the 61.5 million metric tons of indicated resource averaging 0.69 g/t (1.36 million oz) gold, plus 71.5 million metric tons of inferred resource averaging 0.69 g/t (1.58 million oz) gold in the previous calculation.
At a cutoff grade of 0.15 g/t gold, Golden Summit hosts 52.03 million metric tons of open-pit mineable oxide indicated resource averaging 0.39 g/t (657,000 oz) gold, plus 18.19 metric tons of open-pit mineable oxide inferred resource averaging 0.47 g/t (272,000 oz) gold.
In addition, at a 0.75 g/t gold cutoff grade, Golden Summit hosts 1.6 million metric tons of underground indicated resource averaging 1.42 g/t (73,000 oz) gold, plus 15.75 million metric tons of underground indicated resource averaging 1.21 g/t (614,000 oz) gold.
Freegold plans to publish an updated preliminary economic assessment later this year for developing a mine at Golden Summit based on the more than 12-million-oz gold resource now outlined at this highway-accessible project about 20 miles north of Fairbanks, Alaska.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
Reader Comments(1)
Eidolon writes:
Freegold deserves much, much credit for their dedication and vision. Now that a resource even larger than Fort Knox has been defined, the question is: Will several hundred local skiers, hikers, and snowmachiners kill this project? The resource is currently worth over $20B of which, if mined, would return well over $2B to the state in production royalties, mining license tax, and corporate income tax and over $2B to the U.S. Treasury in federal corporate tax and individual income taxes.
02/24/2023, 10:46 am