Freegold (TSX: FVL; US-OTC: FGOVF) cut a 213-metre interval grading 1.24 grams gold per tonne at its Golden Summit project in Alaska, where drilling is helping define a smaller initial operation ahead of a prefeasibility study targeted for 2027.
The intercept, starting at 422 metres depth in hole GS2656 of the central Dolphin area, included 21 metres of 5.77 grams gold from 467 metres downhole, Freegold said Thursday in a statement. A 3.1-metre interval in the same hole, starting at 482 metres, graded 32.7 grams gold.
Located 30 minutes by road from Fairbanks, Golden Summit hosts indicated primary resources of 432 million tonnes grading 1.24 grams gold for 17.2 million oz. and inferred primary resources of 358 million tonnes grading 1.04 grams gold for 11.9 million oz., according to a July 2025 estimate.
“Golden Summit advanced on every major front this year, led by the largest drill program in the project’s history, with more than 100 holes completed to date,” CEO Kristina Walcott said in the release.
Smaller pit
The more detailed study will assess an initial smaller pit intended to limit upfront capital requirements and accelerate payback, while preserving the option to expand, the company says. Costs, processing options and power requirements remain under evaluation.
The results were among assays from eight new holes released as Freegold carries out its largest drilling program to date. Crews have drilled more than 58,000 metres at the property this year, and drilling is expected to continue until early December, the company says. Metallurgical testing, infrastructure planning and environmental baseline work are ongoing.
Freegold’s recent work is “laying the technical foundation for a credible 2027 prefeasibility study to define a clear development path and demonstrate the economic potential of a focused first-stage operation,” Walcott added.
Shares of Freegold were unchanged at 94¢ Friday morning in Toronto, valuing the company at about $544 million (US$386 million). The stock has traded between 89¢ and $1.92 in the past year.
Development plan
Vancouver-based Freegold has decided to advance Golden Summit directly to a prefeasibility study without first conducting a preliminary economic assessment.
The currently defined resource occupies only the western portion of Freegold’s 13-km-by-6-km property, within a 2-km-by-1.5-km footprint. That leaves “substantial” room for expansion along trend, the company says.
A separate near-surface oxide resource contains an indicated 63.7 million tonnes grading 0.45 gram gold for 920,000 oz., which Freegold is evaluating as potential early feed for a starter pit, Walcott says.
Improving confidence
Current drilling is aimed at improving confidence in the deposit’s geological model, defining higher-grade mineralized corridors and identifying areas suitable for an initial, smaller-scale mining operation.
Other highlights released Thursday include hole GS2647, which cut 375 metres grading 0.73 gram gold from 367.8 metres downhole.
Hole GS2648, drilled near the transition between the Dolphin and Cleary zones, cut 30.5 metres grading 1.67 grams gold from 63.1 metres depth. That included 10.3 metres at 3.79 grams gold from 68.3 metres downhole.
Recent results support continuity of mineralization and are helping to connect previously isolated higher-grade intercepts into more coherent corridors, Freegold says. Reported intervals are downhole lengths, with true widths undetermined.
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