• Freegold Ventures (TSX:FVL) has more than tripled its market cap, after releasing strong assay results from its Golden Summit Project in Alaska
  • The company intersected 188 metres at 3.96 grams per tonne of gold, west of the site’s historic Cleary Hill Mine
  • Within this result was a further widespread reading of 9.87 grams per tonne of gold across 20 metres, as well as a high-grade reading of 169.5 grams per tonne of gold across two metres
  • Drilling at the site is currently suspended due to the COVID-19 pandemic
  • Freegold Ventures (FVL) is up 212.5 per cent, with shares trading for C$0.24 and a market cap of $55.1 million

Freegold Ventures Limited (TSX:FVL) has more than tripled its market cap, after releasing strong assay results from its Golden Summit Project in Alaska.

The company released the results before the market opened today and its share price quickly shot up, topping a 280 per cent increase.

The company intersected 188 metres at 3.96 grams per tonne of gold. Within this result was a further widespread reading of 9.87 grams per tonne of gold across 20 metres, as well as a higher-grade reading of 169.5 grams per tonne of gold across two metres.

However, the drill program was forced to halt due to COVID-19 protective measures. When the program resumes, Freegold plans to continue drilling this intercept to further outline the resource at depth.

The drill program focused west of the site’s historic Cleary Hill Mine. The mine produced 281,000 ounces of gold during its lifetime and ceased operating in 1943.

Freegold purchased an interest in the property in 1991 and has redoubled its exploration efforts since 2011.

Freegold and TetraTech produced a preliminary economic assessment of the site in 2016, which estimated the indicated resources at Golden Summit to be around 1,363,000 ounces of gold at a grade of 0.69 grams per tonne.

The property is located 30 minutes’ drive from the Alaskan town of Fairbanks and is also close to Freegold’s second property, The Shorty Creek Copper–Gold Project.

Kristina Walcott, President and CEO of Freegold, appears very pleased with the drill programs initial findings.

“Management is tremendously excited with these results. The drill program is testing our interpretation that the high-grade CVS extends to the west and these results are confirming our interpretation,” she said.

Freegold Ventures (FVL) is up 212.5 per cent, with shares trading for C$0.24 at 11:43am EDT.

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