Whats New

  • Resource model updated from Version 4.9 to Version 4.95
  • Collected and modeled the drillholes used in the 2013 resource estimate to see how our model compares to the published resource
  • Changes were significant enough to warrant revisiting our previous estimate and walking through the work
  • Further commentary on holes GS2224, GS2210, GS2230 and GS2217 and why we are excited to see them

We have been hard at work improving our model and collecting datasets over the last month. As a result we felt that there has been sufficient change in our model to warrant providing a revised update to our estimates regarding Freegold Ventures Golden Summit project. We hope you enjoy this update and cannot wait to bring more coverage in future.


Model Update From Version 4.9 to 4.95

Over the last month we have carried out some serious work to our resource model and we couldn’t be happier with the results. The new model is much faster and allows us to better capture what is being reported in the drill results but a new approach does mean revisiting our previous work! We will summarize the changes here but if you are interested we encourage you to check out our article on what exactly we have done and why!

Model Upgrade – From Version 4.9 to 4.95

The most significant model change affecting our FVL estimate is how we populate our block model. Previously we only looked at reported drill hole intercepts and this worked well enough when we first started building the model. But we feel we can and must do better. With the latest update we now consider the parts of a drill hole that are empty, not just the intercept.

Before

After

Here we show a horizontal cross section of the model at 65m elevation. Squares represent the block model, spheres the drill hole intercept, and both are coloured by their grade. White squares and blue spheres both represent zero values and the results clearly show how adding in the empty holes affects the end result.

Modelling The 2013 Resource Estimate - How Did We Do?

Since we were revisiting our previous estimate we thought we’d take the opportunity to cross one of our disclaimers off of our list:

Methodology from July 28th Release

When we first started modeling the Golden Summit deposit we believed that the original resource estimate and the new drilling shouldn’t overlap significantly and carried on under that assumption. The old drillholes were proving difficult to collect and we were more focused on assessing what had been found since drilling resumed in 2020. We don’t know if you have ever combed through years of news releases looking for drill results but we don’t recommend it as a hobby….

2013 and Prior Years Drilling
All Drillholes Included in the 2013 Resource Estimate

… but since we really wanted to remove any overlap we buckled down, drank a few gallons of coffee and got the job done. Another advantage of collecting the old dataset was that we can now check how our model compares to what was found in the  2013 Resource Estimate.

We are pleased to report that INCREASING our search range from our previous 75m to 80m gave us a total of 6,382,918 oz, only 141,082 off of the previous estimate, an error of only 2.2%. Now it is entirely possible that this could be blind luck but we feel encouraged by it! Based on these results we feel comfortable increasing our upper search radius from  75m to 80m going forward!

Where are We Now?

So what does this all mean? To recap our 3 big changes and their impacts:

  • The model now takes into account parts of a drillhole which are empty   Oz↓
  •  We can now account for any overlap between the 2013 Resource Estimate and drill results published since 2020 Oz
  • We modeled the 2013 Resource Estimate and based on this will be increasing our search radius from 75m to 80m Oz↑

We don’t like taking Oz’s out of our model any more than the next guy but our main focus is trying to be as accurate as possible in what we are doing. Our model remains a work in progress and changes will happen. Overall we are thrilled that our comparison against the historical model came out so close and feel that we are on the right path moving forward.

What next?

It’s now been over two months since the last news release on July 28th. Its been a long wait but we are still optimistic on the prospects of Freegold’s Golden Summit!

Since we last wrote back in August, it looks like there has been a website revamp and more importantly there is a new (and improved in our opinion) corporate presentation we encourage you to read. Link

We won’t do a play by play assessment of the report but one slide in particular opens up the possibility of elaborating a little deeper on one of the points we made back in August.

Drill Map From FVL Sept 2022 Presentation Pg. 16

It is not the clearest of pictures, but it’s always exciting to see what is coming down the pipe. By our count we should be expecting another 34 holes, but the 4 we are interested in today are GS2224, GS2210, GS2230 and GS2217 which are outlined in red above. The reason we are interested in them is we now have some new ways of looking at them.

FVL Sept 2022 Presentation Pg 23 + Highlights

We wrote back in August that we were excited about the deep holes to the south and wanted to elaborate on that some more. We referred to them as “monster” holes and we stand by that assessment. Based off of the cross section they are at least 247m deeper then any of the holes in the area to date. On top of that 3 of them have arrows suggesting they go deeper!

Using the cross section and counting pixel coordinates we can make a guess at the lengths and dips of the holes, and using the drill map we can geo-reference the collar coordinates. Needless to say this is napkin math at best!

HoleLengthDip
GS22241323.070.0
GS22101265.780.0
GS22301317.870.0
GS22171309.670.0

We can’t determine an azimuth but lets assume they are due north and we now have enough information to take a look at them with some more context.

Model Cross Section @7215255 showing a 50m slice

Plotting the Dolphin drilling with the Cleary drilling has only increased our enthusiasm. Our original rational for calling these 4 holes monsters was their depth and potential to drastically extend the Cleary mineralization. As the deposit deepens, it appears to be growing both more consistent and higher grade (see below) so the prospect of getting a look at what lies a further ~250m down is exciting to say the least! Drilling is expensive and we cant imagine they kept drilling down if they didn’t like what they were seeing coming out of the ground.

Cross section @295m
Cross Section @ 5m

But looking at a section with the Dolphin and Cleary both shown, we are even more fired up to see if and where they might interact! The Dolphin holes all look to have ended in mineralization and all 4 of these holes are well positioned to:

  • Extend the Dolphin mineralization deeper
  • Explore the possibility of the Dolphin and Cleary mineralization meeting
  • Be the first holes to truly plumb the depths and see how far this beast may go

In conclusion, thank you for reading this far! Its been fun to follow this project and cant wait to see where it goes. Page 8 of Freegold’s September presentation states they are anticipating an updated resource estimate  sometime in Q4 of 2022 and we cant wait to see how our model compares!

We would, however, like to see some drill results between now and then…

Cheers!

Past Coverage

Diagram Showing the different classifications that exist within a mineral resource estimate

The Mineral Resource Estimate

The mineral resource estimate is an evaluation of a deposit’s quantity, quality and economic potential accounting for uncertainty, exploration results and economic assumptions.

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