It’s certainly exciting news for investors in exploration and mining company Freegold Ventures Ltd (TSXV: FVL). Recently, the company reported a major gold intersection of 1.44 g/t Au over 31.4 m at its Golden Summit gold project in Alaska.
This high-grade mineralization was intersected in the Five Buck zone as part of a 32-hole core-drilling program. The mineralization being discovered is located within the zone of alteration associated with copper and silver mineralization and appears to be extending the mineralized zone to greater depths.
This success with the underground drilling program suggests that the gold mineralization extends to greater depth, making deeper mining feasible, and may be prospective over larger strike lengths.
For context, the Golden Summit project is situated in the Anchorage and Matanuska-Susitna area of south-central Alaska and has been the subject of mineral exploration over the last 15 years. Drilling has been conducted by Freegold and previous owners to define copper-gold-silver, gold-bearing quartz veins, and gold in exhalite and breccia zones.
The most recent round of drilling was conducted in order to confirm the clout of the earlier reconnaissance exploration and to further define the Five Buck zone. Freegold believes that the gold mineralization observed suggests that the zone may be developed into a modest, potentially lower-grade, high-tonnage gold deposit.
Freegold is continuing its assessment of drill results and possible development opportunities, and investors can stay tuned for new updates. This news is sure to keep an eye on as Freegold continues to prospect in the area, seeking additional gold mineralization.