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Freegold Suspends Drilling at Golden Summit
Freegold Suspends Drilling at Golden Summit Canada NewsWire VANCOUVER, March 25,...
About this update from Freegold Ventures Limited
[{"type":"text","content":"\n\n\n\nFreegold Suspends Drilling at Golden Summit\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 25, 2020\n\n\n\nVANCOUVER, March 25, 2020 /CNW/ - Freegold Ventures Limited (Freegold) (FVL: TSX) announces that drilling has been suspended on its Golden Summit Project near Fairbanks, Alaska. \nThe program was expected to test a revised interpretation based on Freegold's work that higher-grade mineralization may extend to the west of the old Cleary Hill Mine workings in an area of limited previous drilling. As the district's highest grade historical underground mine Cleary Hill produced 281,000 ounces at an average grade of 1.3 oz. per/t before production ceased in 1942.  The potential for higher grade could potentially increase the overall resource grade.  Hole GSDL2001 was drilled to a depth of 548 metres and GSDL2002 was drilled to a depth of 165 metres before drilling activities were suspended out of concern for the well-being of our employees, contractors, their families, and our communities. In addition, the Company has implemented a work from home policy for its employees in Vancouver.  Assays from the 2020 drilling program will be reported once they are available.\nThe Golden Summit project was the subject of an intensive drill campaign between January 2011 and August 2013. A total of 36,159 metres were drilled and three NI 43-101 compliant resource updates were completed.  In January 2016, a preliminary economic assessment (PEA) was produced by TetraTech (Press release – January 26th, 2016).  Using a $1,300 gold price only a portion of the previous overall global mineral resource falls within the conceptual pit and as a result only blocks falling within the $1,300 pit are now reported as a Mineral Resource. The current Mineral Resource including both oxide and sulphide and using a 0.3 g/t cut-off is 61,460,000 tonnes at 0.69 g/t (1,363,000 contained ounces) in the indicated mineral resource category and 71,500,000 tonnes at 0.69 g/t (1,584,000 contain...