Freegold Limited reports 213m at 1.24 g/t gold in Alaska

Freegold Limited TSEFVL OTCMKTSFGOVF reported on Thursday that hole GS2656 cut 213 metres grading 1.24 grams per tonne gold in the Dolphin area of its Golden Summit project in Alaska. The infill results support work on a smaller starter pit for a 2027 prefeasibility study within a resource containing 17.2 million indicated primary ounces.

Shares fell 3.19 per cent to C$0.91 on the Toronto Stock Exchange at 1:26 p.m. EDT on Friday, according to TSEFVL.

The interval began 422 metres downhole and included 21 metres grading 5.77 grams per tonne gold. Reported intervals are downhole lengths, with true widths undetermined because the geometry of the mineralization remains uncertain.

Freegold has drilled more than 58,000 metres in 2026 against a roughly 50,000-metre campaign outlined in its April program update. The latest batch covers eight holes, including infill drilling in Dolphin and Cleary and holes testing the deposit's margins.

"Golden Summit advanced on every major front this year, led by the largest drill program in the project's history, with more than 100 holes completed to date," chief executive Kristina Walcott said in the release.

Freegold is a Vancouver explorer focused on Alaska that changed its name from Freegold Ventures Limited on July 6, according to its August MD&A.

The study is evaluating a smaller pit to reduce upfront capital requirements and accelerate payback, while retaining the option to expand. Freegold moved directly to prefeasibility to develop more detailed engineering and capital estimates.

Eight planned geotechnical holes are complete, while metallurgical testing and baseline programs continue to support study design and planning.

Closer drill spacing is connecting previously isolated higher-grade intercepts into more coherent corridors, the company said. The results continue to confirm its July 2025 resource model.

Hole GS2647 tested the southern wall of proposed pit shells and continued to greater depth. It returned 375 metres grading 0.73 gram per tonne gold from 367.8 metres downhole.

Nearer surface, hole GS2648 returned 30.5 metres grading 1.67 grams per tonne gold, starting 63.1 metres downhole. Freegold is also assessing near-surface oxide material as potential early feed for the starter pit.

Read more: P2 Gold identifies new gold-copper unit within Sullivan PEA pit shell

At July 2025, primary resources comprised 17.2 million indicated ounces at 1.24 grams per tonne gold. A further 11.9 million inferred ounces graded 1.04 grams per tonne, with a primary resource cutoff of 0.5 grams per tonne.

Freegold reported US$42.4 million in cash and cash equivalents at June 30, compared with US$18.9 million at the end of 2025. Cash spent on property exploration totalled US$10.9 million during the first six months of 2026.

Freegold is targeting delivery of the Golden Summit prefeasibility study in 2027.