VANCOUVER, Aug. 24, 2018 /CNW/ - Freegold Ventures
Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold) is pleased
to announce that a limited drill program has commenced at its
Shorty Creek Project, ("Shorty Creek"), located approximately 125
kilometres by paved road north west of Fairbanks, Alaska. A metallurgical
program is currently underway with results expected shortly.
Freegold's first diamond drill program in 2015 discovered
significant copper–gold mineralization after stepping out and
extending the previous shallow reverse circulation drilling
completed by Asarco in 1989-1990. Hole SC 15-03 intersected 91
metres grading 0.55% Cu, 0.14 g/t Au and 7.02 g/t Ag.
Both the 2016 and 2017 programs successfully extended the copper
mineralization intercepted in the 2015 program and confirmed the
presence of a sizeable target at Hill 1835 containing copper, gold,
silver cobalt and tungsten mineralization.
Since our initial discovery hole was announced, Freegold has
completed approximately 4,500 metres of drilling at Hill 1835.
Drilling at Hill 1835 has been largely focussed within the magnetic
anomaly, which covers a 700 metre by 1,000 metre area. Porphyry
style mineralization is associated with potassic and pervasive
sericite alteration, within hornfelsed sedimentary rocks that are
cut by porphyritic dykes and sills. The copper mineralization is
primarily chalcopyrite with subordinate bornite.
Our deepest hole SC 16-01 hole averaged 0.36% Cu, 0.12 g/t
Au, 7.46 g/t Ag, and 141 ppm Co over 434.5 metres, including
45 metres grading 0.57% Cu 0.38 g/t Au, and 9.9 g/t Ag and 303
ppm cobalt.
The 2017 program consisted of several step out holes building on
the success of the 2015 and 2016 programs.. Holes SC 17-01 and SC
17-02 were vertical step out holes located 100 and 200 metres SW of
the 2016 drilling and intercepted copper, gold and silver with
tungsten and cobalt mineralization over significant widths. SC
17-02 intersected 339 metres grading 0.30% Cu, 0.05 g/t Au, 5.72
g/t Ag, 85 ppm Co and averaged 0.06% W03.
Hill 1835 is only one of the several magnetic highs identified
within the Shorty Creek property. Geophysics and surface
geochemical sampling has indicated that the Shorty Creek property
has the potential to host several copper porphyries in addition to
the Hill 1835 target throughout its 100 square kilometer area.
Drill core was cut in half using a diamond saw, with one-half
placed in sealed bags for geochemical analysis. Core samples were
delivered to ALS Chemex at its facility in Fairbanks, Alaska. Quality control/quality
assurance program including the insertion and monitoring of
appropriate reference material (certified standards, blanks and
duplicates) to validate the accuracy and precision of the assay
results was implemented. The Qualified Person for technical
information disclosed in this release is Alvin Jackson, P.Geo – Vice President
Exploration and Development for the Company who is a "Qualified
Person" as defined under National Instrument 43-101.
Without limitation, statements regarding potential
mineralization and resources, exploration results, and future plans
and objectives of the Company are forward looking statements that
involve various risks. Actual results could differ materially from
those projected as a result of the following factors, among others:
changes in the price of mineral market conditions, risks inherent
in mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability and uncertainty of access to additional capital. See
Freegold's Annual Information Form for the year ended December 31st, 2017 filed under Freegold's
profile at www.sedar.com for a detailed discussion of the risk
factors associated with Freegold's operations.Readers are cautioned
not to place undue reliance on forward-looking statements. Except
as required by law, Freegold expressly disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
SOURCE Freegold Ventures Limited