06:31 AM EDT, 07/22/2024 (MT Newswires) -- Freegold Ventures ( FGOVF ) on Monday posted initial drill results from the Golden Summit gold project in Alaska at the western extension, which the company says holds significant promise for higher grades closer to surface and at depth to enhance overall project economics.

Highlights of the results include 4.63 grams per tonne (g/t) gold over 65.9 meters, including 85.9 g/t gold over 3 meters.

Work is in progress on the updated mineral resource estimate by an independent third party, the company said.

In 2024, the company plans to continue drilling on the western portion of the Dolphin/Cleary deposit and extend the drilling coverage further to the west. Three distinct geochemical trends have been identified and will be explored to identify higher-grade mineralization to improve the overall resource grade before commencing economic studies.

The company's share price gained 3.6% to $0.53 on Friday.