Whats New

  • Updated Model including newly released October 18th drill results
  • Our take on the drill results
  • Thoughts and musings on the regions history and the potential size of Golden Summit 

Well here we are! This morning Freegold released 6 new holes for its Golden Summit property and we are eager to bring you our latest take. We dive into this news release and our updated model numbers and go through our research into the historical production of the region. We hope you enjoy this update and cannot wait to bring more coverage in future!

Todays Update

October 18 2022 Drillhole Intercepts - New Holes Highlighted

This morning Freegold Ventures released drill results for 6 holes from their Alaskan Golden Summit property. The news report is available here for anyone wanting to give it a read. Their last set of results were published back in July when we received 12 holes.

 Lets dive in and take a look. 

Dolphin Zone Drill Holes

In the Dolphin Zone GS2136 and GS2121 extended known mineralization to the southwest along the Tolovana Vein.

GS2122 is clearly showing a continuation of the broad zone of mineralization we have seen so far in the lower Cleary. As well the hole contained several high grade sections within the overall intercept. 

GS2136 is reported as being lost as it entered the target zone which is unfortunate as it had just started to encounter some significant mineralization. GS2122 passed through mineralization and GS2136 could have potentially indicated how grades were trending as the deposit dipped south. We look forward to GS2227’s results which the news release anticipates will let us know how things are looking.

Dolphin Zone looking down and too the South East
Dolphin Zone - Section looking West

Cleary Zone Drill Holes

In the Cleary Zone todays four drill holes have extended mineralization deeper and to the east, returning some significant intercepts underlying the shallow drilling of the 2011 – 2013 drill programs and demonstrating that the eastern edge of the Cleary vein swarm has yet to be found.

Cleary Zone - Full Length Drillholes
Cleary Zone - Ore Intercepts Only

Model Results

Adding todays drill results to our model we have increased our overall estimate of Oz’s found to date from 17,227,758 Oz to 17,799,488 Oz representing an increase of 571,731 Oz. There have been no updates to the underlying methodology of the model since our last release.

Previous Estimate
Latest Estimate

Thoughts and Musings - History Speaks for Itself

While waiting on these latest drill results we took some time to look into historical activity round the Golden Summit project. We were well aware of the amount of the 1,129,650 ounces pulled from Cleary Creek which drains the project (it was one of the main reasons we initially started watching Freegold) and of course the 280,000 Oz pulled from the Cleary Hill Mine. But we had not properly grasped the scale of the workings carried out across the region prior to WW2.  

We were curious how the placer gold producing streams correlated with the mining operations at True North and Fort Knox so we began mapping them out expecting it to be a straightforward exercise. Problem was we kept finding more gold in the records. Well by the time we were done we had mapped out the entire region and moved onto pulling the historical records for hard rock mining activity in the region. Source: Alaska Resource Data File

One of the things we were struck by is that every operation site at the head of a placer gold stream. Fort Knox has dug out the previous channel of Monte Cristo Creek which previously ran down into fish creek all of which saw mining activity. True north is bordered by Dome Creek to the south and the Little Eldorado to the north. As for the Gill deposit they literally parked the dredge at the base of the deposit when they were done mining upto it.

Screenshot from Kinross's announcing development of the Gill prospect

What surprised us most though was the sheer concentration of the regions historical activity within Golden Summits boundaries. The majority of recorded hard rock workings are found on the property, and the property isn’t just at the headwaters of a placer creek. Mapping out the watersheds we can see it’s drained to the north by Cleary (1,129,650 Oz) and Wolf Creeks, to the west by the Little Eldorado (137,000 Oz) and to the East by Fairbanks Creek (380,115 Oz).

Gold Outlines = Placer Workings // Blue Stars = Hardrock Workings // Orange Outlines = Mining Operations // Shaded Orange = Golden Summit Claims

Zooming in onto Golden Summit itself a few more things pop out. To the west the old Newsboy Mine Workings sit in a saddle between peaks drained by placer streams to both sides, in the center of the property the American Eagle / Mcarty Mine workings (27,000Oz-60,000Oz) and on the western edge of the property were the Hi Yu mine workings (~35,721 Oz) which was the second largest producer in the region behind Cleary Hill (280,000 Oz). The Newsboy, American Eagle and Hi Yu mines all operated up to World War Two which is an important detail. We love finding properties that had active operations upto WW2!!! Why?

Because if they are located in the United States or Canada its very likely they didn’t run out of ore! They were ordered closed to redirect machinery and labor towards support the war effort! Something about lead and steel being more useful for frontline combat. 

Source: Order L-208: The Closing of America’s Gold Mines during World War II

Historical Mapping Overlaying Geochem Map from Sept 2022 Corporate Presentation

To wrap it up we overlayed our work onto the geochem map from Freegold’s September 2022 presentation to see how they lined up. Needless to say we were pleased with the results. To the west of the Dolphin/Cleary there’s significant gold showings in the soil, especially overlaying the Newsboy workings, to the east the trend continues across the property. 

We love digging into the history of projects and this was a particular treat. Not only were we pleasantly surprised by the results we found but the sheer amount of history available was a hoot to read through!

 

Early Mining on Cleary Creek (Pre-1908)
Pouring Gold Ingot at Cleary Hill - 1935

Whats next?

We hope you have enjoyed this model update and deep dive into the history and potential of Freegold’s Golden Summit project! Based on the latest plan map we count there are 35 holes still in the pipeline and the news release says 4 drill rigs are still turning. Between those upcoming holes and an updated pit constrained resource estimate expected in Q4 of 2022 there plenty to anticipate ahead in the future. Stay tuned as we continue to add properties to the site and bring you future Freegold updates as drill results are released! 

Thanks for reading and till next time,

Cheers!