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Golden Summit, Alaska

Golden Summit Project 2012

The Golden Summit property is located 20 miles northeast of Fairbanks, Alaska. The property consists of a mix of patented and unpatented Federal lode claims and State of Alaska mining claims Freegold controls the claims through lease agreements with several claim owners, and through direct ownership of several patented Federal lode claims in the north central portion of the property. Access to the property is excellent, as is infrastructure support for exploration activities as such year round drilling is possible. Several historic gold mines are located on the property, and open pit gold mining is ongoing at Kinross Gold's nearby Ft Knox gold deposit.

Winter Drilling at Golden Summit

Freegold acquired interest in the Golden Summit property in the early 1990's, and since that time has conducted extensive surface exploration at numerous prospects over much of the property, including reconnaissance rock sampling, mapping, property-wide grid-based soil sampling, and several trenching projects at key prospects. Most of Freegold's drilling efforts have been focused on the west portion of the property. Freegold conducted drilling on the Dolphin gold deposit in 1995-1996, 1998, 2004, 2008. In 2011 resource definition drilling commenced at Dolphin and extensive drill programs were carried out througout 2011 and 2012.

Drilling began again in mid February of 2013 and resulted in an updated NI 43-101 which was released in late June of 2013. A small diamond drill program was undertaken in the summer of 2013. An extensive metallurgical program is currently underway.

Looking towards Cleary Hill

Gold mineralization is the only type of economic mineralization known on the Golden Summit property at this time. Gold mineralization on the property occurs in three main forms, including 1) intrusive-hosted sulfide-quartz stockwork veinlets (such as the Dolphin gold deposit), 2) auriferous sulfide-quartz veins (exploited by historic underground mines), and 3) shear-hosted gold-bearing veinlets. All three types are considered to be part of a large-scale intrusive-related gold system (or "IRGS") on the property. The Dolphin gold deposit is hosted in the Dolphin stock, which consists largely of granodiorite and tonalite, similar to the Pedro Dome pluton. It is the only known large intrusive body known on the property at this time. The Dolphin stock is approximately the same age as the nearby Ft Knox pluton, which hosts the Ft Knox gold deposit. Freegold made the initial discovery of widespread low-grade gold mineralization in the Dolphin stock during the initial drilling campaign on the prospect in 1995.

The deposit remains open in all directions and to depth in the Dolphin/Cleary Hill Area. Approximately 600 metres east of the Dolphin/Cleary Zone lies the Tamarack area. Past reverse circulation drilling in this zone intersected 62 metres grading 0.55 g/t Au in TKR 98-01, and 130 metres grading 0.68 g/t Au in TKR 98-07. The last drilling completed in the Tamarack area was in 1998. Other prospective areas on the project include the Iowa, Too Much Gold, Goose Creek and Christina Area which are located 6km, 5 km, 4km and 2km to the east respectively. All of these prospective areas have an oxide cap in the upper 200 feet (60 metres).

Current Exploration

Over the past 3.5 years Freegold has been systematically exploring the Golden Summit Project area in an effort to define NI-43-101 compliant resources. Since 2011 four NI 43-101 resources have been calculated on the Dolphin Area and now also the Dolphin/Cleary Hill area which is located in the western portion of the project area. Since drilling began on the Dolphin/Cleary Resource area in 2011, Freegold has successfully increased the resource by 867% in the indicated category and 820% in the inferred category

In 2011 and 2012 additional drilling was completed in the Dolphin/Cleary Hill Area.


The most recent NI 43-101 compliant resource was calculated in June 2013. The resource estimate was completed by Giroux Consultants Ltd. of Vancouver, BC, Canada. The indicated and inferred resource using a 0.3 and 0.35 gram/tonne (g/t) cut-off is:

The June 2013 resource also calculated an oxide component for the overall resource. The oxide cap is contained largely within the upper 200 feet (60 metres) of the resource. Resource drilling has been confined to a 300 metre by 1.5 km area (approx. 110 acres) however the entire Golden Summit project area covers an 11,400 acre area and hosts numerous other significant exploration targets with potential to host additional resources, all of which have an oxide cap in the upper 200 feet (60 metres). Preliminary bottle roll tests on the oxide material has indicated recoveries in excess of 85% in 24hrs. An extensive metallurgical programme is currently underway.

The mineralized Dolphin Solid increased in volume by 254 % over the one used in the 2011 Estimate (Adams, Giroux, 2012). It was been deepened and extended to the north east to include the Cleary Hill area. This update of the 43-101 resource reported in January 2012 (Adams and Giroux, 2012) was based on an additional 74 drill holes completed in 2012 and an extension of the mineralized zone to the north and east. As a result the number of holes within the mineralized solid increased from the 77(11,802m) used in the 2011 estimate, to 177 (35,829m) for this update.

The resource was calculated using a block model with blocks measuring 10 by 10 by 5 metres in size that were populated using a combination of ordinary kriging and indicator kriging; blocks within the Dolphin mineralized solid were summed to arrive at the total tonnage and average grade. In tables a 0.30 g/t and 0.35 g/t are highlighted as possible open pit cut offs. No economic parametres were utilized in determining the cutoffs.

Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified."