Continues to Define and Expand Mineralization
at Shorty Creek
VANCOUVER, Jan. 16, 2019 /CNW/ - Freegold Ventures
Limited (Freegold) (FVL:TSX), is pleased to report
results from holes SC 18-01 and SC 18-02 drilled during the 2018
program. A total of 1,166 metres were drilled in two holes
within the magnetic high at Hill 1835. Both holes intersected
consistent mineralization over broad widths.
Located 120 km northwest of Fairbanks, the Shorty Creek project was
identified as having significant porphyry potential by Freegold in
late 2014. To date 12 widely spaced holes with average hole depths
of 500 metres have been drilled at the Hill 1835 target, all of
which intersected significant and consistent copper, gold, silver
and tungsten mineralization over broad widths from base of oxide
material (average ~ 90 metres). As a strategic mineral in
high demand the tungsten grades at Shorty Creek are expected to be
a significant by product with the tungsten occurring primarily in
the form of wolframite and recoverable as a gravity product.
Highlights from the Hole SC 18-01 & SC 18-02: 2018
program include:
|
|
|
|
|
|
|
|
|
Hole
Number
|
From
|
To
|
Interval
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
W03
%
|
Cu
EQ
%
|
SC 18-01
|
113
|
555.2
|
442.2
|
0.24
|
0.09
|
4.74
|
0.02
|
0.42
|
Incl
|
194
|
315.15
|
121.15
|
0.45
|
0.15
|
10.5
|
0.045
|
0.80
|
SC 18-02
|
92
|
534.4
|
442.4
|
0.22
|
0.13
|
4.03
|
0.02
|
0.42
|
Incl
|
92
|
407
|
315
|
0.25
|
0.08
|
4.61
|
0.026
|
0.44
|
Incl
|
281
|
407
|
126
|
0.36
|
0.09
|
6.3
|
0.018
|
0.54
|
Freegold has not as yet collected sufficient data to
determine how the downhole drill intervals might relate to the
actual true thickness of mineralization. *Copper equivalent grades
are based on metal prices of: copper US$2.70/lb, gold US$1280 per oz and silver US$16 per oz and tungsten US$220/mtu. Metal recoveries have not been
applied in the copper equivalent calculation. The copper equivalent
calculation is as follows; CuEq=Cu grade+(Au grade x Au
price + Ag grade x Ag price)/(22.0462 x 31.1035 x Cu price) +
tungsten.
Hole SC 18-01 was drilled to a depth of 555.2 metres, and
terminated in a significant fault zone. Hole SC 18-02, located 175
metres south east of Hole SC 18-0,1 was drilled to a depth of
610.85 metres.
Shorty Creek hosts a cluster of magnetic anomalies commonly seen
in porphyry districts. Hill 1835 is only one of the potentially
significant targets within the property area. Drilling has expanded
the mineralized zone to an area over 750 metres x 300 metres. The
target remains open both laterally and to depth.
Two (2) km to the northwest of Hill 1835 is Hill 1710 which
hosts a large copper and molybdenum geochemical anomaly coincident
with a 6 km long broad magnetic anomaly. Initial drill
testing in 2016 consisted of four (4) holes spaced 400 metres apart
and tested 1.6 km of this magnetic high. Each hole intersected
porphyry style mineralization, with copper grades increasing to the
northeast. Follow up rock sampling returned values between 0.11 to
0.39% copper in rhyolite porphyry northeast of the previous
drilling at Hill 1710. The magnetic anomaly extends another 2.5 km
to the northeast from the limits of the 2016 drilling.
Other exploration targets within this promising 100 square
kilometre property include the Quarry target, where oxidized
porphyritic rock with stockwork veining returned values of 500 ppm
copper in rock samples. Quarry lies 3 km north northeast of Hill
1835 at the northern end of an 11 km long magnetic high.
Sampling at Quarry has confirmed both the presence of copper
mineralization and quartz feldspar porphyry outcrops.
Also within the property is the Steel Creek target. Two (2) km
northeast of Hill 1835 this large 2.0 km by 500 metre magnetic
anomaly was tested with one drill hole in 2017. The hole
intersected anomalous copper and a mineral suite similar to that
seen at Hill 1835 and warrants further drill testing.
Additional sampling and mapping has been completed and continues
to identify other target areas that may have the potential to host
additional copper mineralization.
The success of the 2018 program further validates the Shorty
Creek project as an exciting copper porphyry discovery with
significant size potential.
Drill core was logged, photographed and placed in sealed bags
for geochemical analysis. Core samples were picked up at the
logging facility by ALS Chemex and transported to their facility in
Fairbanks, Alaska. ALS Chemex
analyzed core samples via fire assay analysis for gold plus multi
element ICP-AES and ICP-MS analysis using 4 acid-digestion. Quality
control entailed insertion of blanks and standards into the sample
stream, at the rate of approximately one QA/QC sample every tenth
assay. Reported standard and blank assay values were within an
acceptable margin of error.
The Qualified Person for this release is Alvin Jackson, P.Geo – Vice President
Exploration and Development for the Company who has reviewed and
approved the scientific and technical information contained in this
press release.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on exploration in
Alaska and holds the Golden Summit
Gold Project, near Fairbanks as
well as a 100% lease interest on the Shorty Creek Copper –Gold
Project near Livengood.
Some statements in this news release contain forward-looking
information, including without limitation statements as to planned
expenditures and exploration programs. These statements address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include
without limitation the completion of planned expenditures, the
ability to complete exploration programs on schedule and the
success of exploration programs
SOURCE Freegold Ventures Limited