Freegold Ventures Ltd (TSX:FVL)

Freegold Ventures Limited is a gold exploration company engaged in developing, producing, and acquiring copper and gold properties in North America.

The company’s principal assets include the Golden Summit project and the Shorty Creek project.

The mining company also focuses on expanding its existing resource base and add potential high-grade intercepts to its portfolio.

Gold Summit property

It is located approximately 30 kilometers northeast of Fairbanks, Alaska. The project consisted of several drilling activities during 2011-2013 and a preliminary economic assessment study in 2016. The company recommenced exploration activities on this Alaskan property in February 2020.

The TSX-listed company also focuses on exploring the existing resources and evaluating potential mineral properties.

It further claims that significant resource has been detected at Dolphin intrusive in the Cleary hill area, covering an area of 1400 meters into 500 meters.

The company’s primary activities are based on its hypothesis indicating the presence of a high-grade mineralization corridor, from old Clearly mine to the Dolphin intrusive.

The company is reportedly progressing a diamond drill program at the Golden Summit project, consisting of approximately 80 holes. In addition, the company aims to explore potential high-grade mineralization in the Clearly-Dolphin area.

The company drilled its first hole. GSDL2001, at a depth of 188 meters with 3.69 grams per ton gold, following by the drilling of second hole GSDL2002 at 165 meters.

The Canadian exploration company says that the drilling operations were suspended amid the COVID-19 pandemic, followed by gradual resumption since June 2020. The gold mining firm has reportedly drilled 18 holes till December 2020.

In addition, it claims that drilling activities will be extended to Cleary hill mine, which earlier included Wyoming, Colorado, and Wackwitz vein zones.

Shorty Creek

The gold property is also located in Fairbanks, Alaska. The company acquired the property after completing a review study, which indicated the presence of copper-gold porphyry deposits. The exploration activities comprise geochemical surveys, diamond drilling, and ground geophysics.

In 2014, the company finished the preliminary drill program at this site, wherein copper mineralization was discovered at Hill 1835. In addition, three holes were drilled in the Alaska-based mining project.

In 2019, Freegold inked a pact with its wholly owned subsidiary South32 Limited, where the latter has an option to earn 70 per cent interest in the property. Presently, the company focuses on a 2,500-meter drill program.