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
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.
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 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:
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.