RSS UpdatesCompany Information for Freegold Ventures Ltd
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Company Statement
Freegold is a Canadian gold exploration and development company which has assembled a senior, production-oriented management team over the past two years. Freegold’s team has an excellent track record, having taken 5 companies to production in the past, and having created over $1 billion of new market capitalization in the process. This team has collectively been involved in the start-up, acqui-sition, financial turnaround and operation of 11 separate gold producers, with an aggregate production of 1,535,000 oz gold and 9,600,000 oz silver. With this experience, an excellent portfolio of North American projects, new supportive shareholders including Sprott Asset Management and Rob McEwen, and a sound capital/financial structure, Freegold is well along its own path to sustained gold production. Freegold’s current assets include three advanced-stage gold projects: the Almaden project in Idaho, and the Golden Summit and Vinasale projects in Alaska. In addition Free-gold is actively exploring its Rob project, an early-stage exploration project also in Alaska.
Current Operations
Golden Summit, Alaska
Freegold's 7-mile wide property is located less than 5 miles from the 330,000 oz per year Fort Knox gold mine, outside Fairbanks, Alaska. Exploration, on the property over the past two years, has identified multiple bulk-mineable shear zones similar in size and grade to those being mined at nearby Fort Knox. In addition to the bulk tonnage zones numerous veins and shear zones grading +1oz/ton gold over significant widths were discovered. In September 2007, Freegold took its first steps in transitioning the Company from explorer to producer with the commissioning of a 1,200-ton per day processing plant. Designed to process the high-grade surface veins identified on the property, the plant consists of a mobile crushing facility and three-stage gravity circuit. The plant has been fully permitted to process up to 103,000 tons/year of material. Exploration in 2008 will continue along the open-ended 5,000-foot long mineralized zone within the central part of the property with additional drilling and bulk sampling. Drilling, which includes the first systematic drilling, aimed at resource generation commenced in February.
Almaden Project, Idaho
Located 12 miles east of Weiser, Idaho, Freegold controls 100% of the Almaden gold deposit through long-term lease agreements. A 1997 Feasibility Study on the project contemplated the development of a 95,000 oz/year open-pit, heap leach operation on this one mile long surface deposit. While the project was placed on hold during the subsequent period of low gold prices, Freegold's new management is now aggressively advancing the project. Following the first 43-101 confirmation of the resources, and a technical review by Hatch Limited in 2006, Freegold commenced a 54,000 foot drill program aimed at expanding numerous areas of the deposit that remained open at depth and along strike. This recently completed program has added up to 300 feet of depth to the original 200 foot pit design in the central part of the deposit, has added significant new areas of mineralization by following newly traced feeder zones along strike and to depth and has identified new areas of significant moly mineralization.
An updated resource estimate by Mine Development Associates of Reno is in progress, after which a new preliminary assessment will be undertaken to determine if original the 1997 mine design remains the optimal way in which to develop the deposit.
Rob Project, Alaska
Acquired in 2002, Freegold holds a 100% lease interest in the Rob Property, located 110 miles southeast of Fairbanks and 20 miles east of the 5.6 million ounce Pogo goldmine. Gold mineralization at Rob exhibits many of the same geological and geochemical characteristics to those found at Pogo. Initial work by Freegold consisted of rock and soil auger sampling, which successfully confirmed the presence of numerous drill ready targets.
Additional grab sampling of surface vein material in 2006 and 2007 returned values of 23.5, 46.7, 19,6, 11.5, 31.8 and 49.9 g/tonne. In the summer of 2007 the company undertook a 3,514 foot drill program on two of the target areas. Drilling at Grey Lead confirmed the high grade nature of the mineralization returning 13.5 feet averaging 20.1 g/t and 13 feet averaging 29.0 g/t respectively. All 8 holes drilled at Grey Lead intersected high-grade gold mineralization similar to the being mined at Pogo. Additional drilling and ground geophysics will be undertaken in 2008 to expand on this discovery.
Vinasale Project, Alaska
In March 2007 Freegold signed a Mineral Exploration Agreement with Option to Lease with Doyon, Limited an Alaskan native corporation on their Vinasale project. Vinasale is located in central Alaska within the same mineralized trend that hosts the 33 million oz Donlin Creek deposit and the operating Nixon Fork gold mine. Vinasale hosts a historical, non 43-101 compliant resource of 920,000 oz of gold that was delineated in the early 1990's. Freegold's 2007 program focused on other potential areas within the 140,000 acre property. Drilling for deposit expansion and generation of a 43-101 compliant resource will be completed in 2008.
Geographical Spread
USA - Alaska, Idaho
Board of Directors and Key Management
| Morris Medd | Chairman |
| Steve Manz | President & CEO |
| Robert Jackson | Director |
| Michael Gross | VP Exploration |
| Jeff Woods | VP Project Development |
| Kristina Walcott | VP Business Development |
| Edward Fields | Almaden Project Manager |
Company AddressSuite 507 - 1540 West 2nd Avenue
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Additional Address/Key ContactInvestor Relations Contact: |
CapitalIssued - 62,293,000
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Year EndDecember 31 |
Major Shareholders
| Sprott Asset Management - 10% |
| Rob McEwen - 8% |
Related News
22/01/09 - Can Freegold Ventures Pull A Rabbit Out Of The Proverbial Financial Hat? The Clock Is Ticking, But The Signs Are Hopeful11/07/08 - No Son, That’s Not The Circus Coming To Town, It's The Freegold Gravity Processing Plant Looking For Gold Dumps
Most Recent Statement
26/05/09 - Freegold Contemplates Private Placement08/05/09 - Freegold Management Change
01/04/09 - Tiomin and Freegold Restructure Bridge Loan & Tiomin Notes North American Palladium-Cadiscor Transaction
14/01/09 - Freegold Financing Update
02/10/08 - Freegold Core Drilling Extends Depth of Bulk Tonnage Mineralization at Golden Summit
18/09/08 - Freegold Ships First Gold Concentrates from Golden Summit and Continues to Expand Western Mineralized Zones