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United States
Golden Summit Project

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 Location:
28 km NE from Fairbanks, Alaska, United States

  Project Contacts:
Suite 888 - 700 West Georgia Street
Vancouver
British Columbia, Canada
V7Y 1G5
Phone  ...  Subscription required
Fax+1-604-662-3791
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  • Overview
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life24 years (as of Jan 1, 2016)
New Golden Summit Resource update planned for 2022.
Latest NewsFreegold Intersects 3.83 G/T Au Over 190.8 Metres And 1.71 G/T Au Over 370.1 Metres At Golden Summit     January 23, 2023


Owners

Source: p. 13
CompanyInterestOwnership
Freegold Ventures Ltd. 100 % Direct
The Golden Summit property is controlled by Freegold Ventures Ltd. through long-term lease agreements or outright claim ownership.

Fairbanks Exploration Inc. reserved a 7% working interest which is held in trust for FEI by the Company. Freegold Ventures Ltd. will fund 100% of the costs until commercial production is achieved at which point FEI will be required to contribute 7% of any approved budget.

Contractors

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Deposit Type

  • Breccia pipe / Stockwork
  • Vein / narrow vein


Summary:

There are three styles of gold occurrences identified on the Property, including: 1) intrusive- hosted sulfide disseminations and sulfide-quartz stockwork veinlets (such as the Dolphin gold deposit); 2) auriferous sulfide-quartz veins; and 3) shear-hosted gold-bearing veinlets. All three types are considered to be part of a large-scale intrusive-related gold system on the Property.

Instrusive-Hosted Sulfide-Quartz Veinlets
Intrusive-hosted, auriferous sulfide disseminations and auriferous sulfide-quartz veinlets (0.1-5 mm) within the Dolphin stock are spatially associated with the highest gold grades within the Dolphin gold deposit. Gold also occurs with disseminated euhedral arsenopyrite (1 to 5 mm) which appear to be an earlier, higher temperature mineralization event (McCoy and Olson, 1997). Gold mineralization within the deposit also occurs as mineralized fault gouge enriched with sulfides, sulfide-rich veins, and locally as narrow sulfide-quartz veins <6 inches thick; however, these comprise a relatively small portion of the total gold resource.

Gold within the Dolphin gold deposit occurs largely as inclusions in sulfides, and locally as visible grains, within the sulfide-quartz veinlets. Pyrite and arsenopyrite is the most common sulfide mineral, although stibnite, lead- antimony sulfosalt minerals, tetrahedrite, scheelite, galena and sphalerite occur locally. McCoy and Olson (1997) identified two distinct varieties of arsenopyrite in th ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

Due to the pit containing both sulfide and oxide material, there will be two methods of processing.

Oxide material will be mined and processed exclusively for the first eight years of the mine production. A small amount of sulfide material will be mined before year eight; this sulfide material (approximately 800,000 tonnes) will be stockpiled until the end of mine life. In year nine, the sulfide material comes online for production. Mining of the oxide material will continue through year 14 of the 24-year mine life. Mining of sulfide material will continue from year nine through the end of the 24 -year mine life.

During production, both oxide and sulfide material will be transported from the pit to the primary crusher located near the pit exit. After primary crushing, oxide and sulfide material will be transported by conveyor to its respective process area. The oxide will be leach processed in an area to the southeast of the pit, while the sulfide will be processed northwest of the pit.

Waste will be hauled by truck to the Mine Rock Storage Facility (MRSF). The MRSF has been designed to permanently contain the overburden and waste material associated with the pit. The current MRSF design, located to the northeast of the pits, is built around the hill. The MRSF was designed with a buffer around the nearby creeks. The total MRSF design will contain 100% of the expected waste material planned to be generated - approximately 239 million tonnes o ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal koz 2,308
Gold Metal in doré koz 962,358

Operational Metrics:

Metrics
Stripping / waste ratio 2.45 *
Waste tonnes, LOM 239,170 kt *
Ore tonnes mined, LOM 96,655 kt *
Total tonnes mined, LOM 335,826 kt *
Tonnes processed, LOM 97,483 kt *
Annual processing rate 3,650 kt *
Annual ore mining rate 3,650 kt *
* According to 2016 study.

Reserves at May 11, 2016:
Cut-off grade at 0.30 g/t Au.

CategoryOreTypeTonnage CommodityGradeContained Metal
Indicated Sulphide 45,280,000 t Gold 0.7 g/t 1,018,000 oz
Indicated Oxide 16,180,000 t Gold 0.66 g/t 345,000 oz
Indicated Total 61,460,000 t Gold 0.69 g/t 1,363,000 oz
Inferred Sulphide 61,880,000 t Gold 0.7 g/t 1,401,000 oz
Inferred Oxide 9,620,000 t Gold 0.59 g/t 183,000 oz
Inferred Total 71,500,000 t Gold 0.69 g/t 1,584,000 oz

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold USD 778.13 / oz *  
Total cash costs Gold USD 842 / oz *  
Assumed price Gold USD 1,300 / oz *  
* According to 2016 study / presentation.

Operating Costs:

Units2016
OP mining costs ($/t mined) USD 3.04 *
OP mining costs ($/t milled) USD  ......  Subscription required
Direct operating costs ($/t milled) USD  ......  Subscription required
Crushing costs ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2016 study.
Subscription required - Subscription is required.

2016 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 632.8
Refining costs $M USD  ......  Subscription required
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Mining Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net Operating Income (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of May 11, 2016:
HME TypeModelSizeQuantityLeased or
Contractor
Dozer ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Dec 8, 2021
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2018

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2021
Preliminary Economic Assessment 2016
Subscription required - Subscription is required.

News:

NewsDate
Freegold Intersects 3.83 G/T Au Over 190.8 Metres And 1.71 G/T Au Over 370.1 Metres At Golden Summit January 23, 2023
Freegold Intersects 2.56 G/T Au Over 44 Metres And 1.58 G/T Au Over 128.1 Metres At Golden Summit January 18, 2023
Freegold Intersects 1.43 G/T Au Over 317.8 Metres Including 3.69 G/T Au Over 45m December 7, 2022

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