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Golden Summit, Alaska

Golden Summit Project 2014
 

The Golden Summit property is located 32 km northeast of Fairbanks, Alaska just off the paved Steese Highway. Access to the property is excellent and offers infrastructure support for exploration activities on a year round basis. 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
 

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. 

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 throughout 2011 and 2012. A limited drill program was undertaken in 2013. Exploration in 2014 has focused on additional metallurgical work, baseline and cultural resources studies as well a preliminary economic assessment (PEA). The PEA is currently being completed by TetraTech. 

The most recent resource estimate prepared in compliance with NI 43-101 was completed in June 2013. The resource estimate was completed by Giroux Consultants Ltd. of Vancouver, BC, Canada.

The 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). 


Looking towards Cleary Hill


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 parameters 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."

Geology

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.

 

 

Exploration Potential 

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).


 

Metallurgical 

Overall gold recoveries from standard 48 hour bottle roll tests and 120 hour intermittent agitation leach tests from the as-received material (F80 850 -- 1550 Ám) were as follows: Oxide material averaged 88%, Transition material averaged 57%, Intrusive material averaged 56%, and Hornfels-Sulphide material averaged 45%. Standard bottle roll testwork was carried out on a variety of grind sizes however recoveries did not increase substantially with finer grinds, with the exception of the transition material which showed recoveries of greater than 70% are achievable at a 75 micron grind size. 

In addition a series of tests which included a variety of methods were completed: direct CIL (carbon-in-leach), Pressure Oxidation (POX) --CIL, Flotation --CIL, and Flotation-POX-CIL were carried out during the course of the program. The highest overall recovery was achieved by POX-CIL with recoveries greater than 94.3%, and averaging 98.1% under best conditions tested. The combination of Flotation-POX-CIL resulted in recoveries of 92%, although lower recovery than Whole Ore POX a significant advantage would be a much smaller quantity of material would need to be treated (approximately 10% would be subject to POX).

Column testwork is currently underway. The program underway is being conducted by McClelland Laboratories of Sparks, Nevada and consists further bottle roll tests and column leach tests. This work augments the previous significant work conducted by SGS Laboratories in Vancouver.