Freegold Ventures (TSX:FVL) Confirms Extension of Mineralization at Golden Summit’s Cleary Vein Zone with New Results

Source: Freegold Ventures

Freegold Ventures (TSX:FVL) has announced the confirmation of the downdip extension of the Cleary Vein Zone, as part of its Golden Summit project located near Fairbanks, Alaska. The company’s recent drilling results have shown promising continuity of mineralization.

Since the commencement of the drill programs between 2020 and 2022, the in-pit resource at Golden Summit has seen a significant increase, with indicated resources rising from 1.35 million ounces to 12.6 million ounces, and inferred resources from 1.58 million ounces to 7.7 million ounces. The latest drill program, spanning 2023-2024, aims to further upgrade these resource estimates through strategic drilling and testing of new higher-grade targets.

Drill hole GS2330 is part of the company’s infill drilling efforts and has recently provided positive results. Three distinct mineralized intervals have been identified in the core samples from this hole, with notable grades exceeding the February 2023 resource estimates. The first interval revealed a grade of 40.5 grams per tonne (gpt) gold over 3 meters, followed by a 100.7-meter interval at 1.00 gpt, and a final intersection of 18.2 meters at 1.03 gpt.

An accompanying geological section indicates an 800-meter mineralized strike within the Cleary Zone that extends 1.5 kilometers along the strike and is open to further exploration to the west. The consistency and dip of the higher-grade mineralization within this zone highlight its potential for future infill drilling.

The ongoing drill campaign also includes operations in the Dolphin Cleary area, with two drill rigs targeting the Tolovana Vein Swarm. Notably, visible gold has been observed in drill hole GS2336, which follows the promising results from GS2335, positioned 30 meters to the north. Several holes (GS2331 – GS2336) west of Willow Creek are currently being assayed, aiming to expand the known high-grade mineralization towards the west.

Exploratory drilling to the north and northwest of the Dolphin Cleary Zones has also intersected the up-dip of the mineralization trend, with assay results from holes GS2320 to GS2328 anticipated. The Saddle Zone drill program is exploratory in nature, with holes SZ2301 to SZ2307 designed to understand mineralization controls. Visible gold in SZ2307 suggests the necessity for further exploration.

The updated mineral resource estimate as of February 2023, using a cut-off grade of 0.45 g/t gold and a gold price of $1,792 per ounce, stands at 12.01 million ounces at 0.92 g/t gold (indicated) and 7.7 million ounces at 0.85 g/t gold (inferred).

Quality assurance and quality control protocols are in place, with the company detailing that core samples have been processed using industry-standard practices at ACT Laboratories. The samples undergo thorough preparation and are assayed using fire assay techniques, with any samples over 10 g/t gold assayed using a gravimetric finish for greater accuracy.

Source: Freegold Ventures

Highlights from the results are as follows:

  • 40.3 g/t Au over 3 metres
  • 1. 0g/t Au over 100.7 metres
  • Including 1.44 g/t Au over 31.4 metres
  • 1.03 g/t Au over 18.8 metres






























The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.­­­­­­­­

Assays are pending for the following holes:


Hole Numbers

Dolphin Cleary North Drilling

GS2320 – GS2328          

Tolovana South Area


Tolovana Vein Swarm west of Willow Creek     

GS2331 – GS2335

Saddle Zone

SZ2301 – SZ2307

Tolovana Area in progress

GS2336 & GS2337

The number of Holes yet to be reported




The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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