VANCOUVER, Aug. 11,
2014 /CNW/ - Freegold Ventures Limited (TSX: FVL,
Frankfurt: FR4N) ("Freegold") is pleased to announce that a
ground based geophysical survey has commenced on its Shorty Creek
Project, a copper gold porphyry target located 100 km northwest of
Fairbanks, Alaska and
approximately 4 kms to the south of International Tower Hill's
Livengood Project.
Previous exploration on the project identified
significant gold, copper and pathfinder elements associated with
gold-copper porphyry mineralization. Shorty
Creek mineralization has similarities to gold-enriched
porphyry copper deposits of Tertiary age that are found throughout
Interior Alaska and the western Yukon. In addition to the
geochemical signature, extensive alteration and hornfels
metamorphism spatially associated with small bodies of biotite
granodiorite, quartz porphyry and aplite are mapped throughout the
property and are suggestive of this deposit type. An area of
extensive alteration associated with quartz porphyry and
granodiorite porphyry intrusives have been previously identified
over a 4km x 4 km area. The best exposure of the altered intrusive
rocks is reported to be in the middle reaches of Shorty Creek at an elevation of 1000 feet (835
feet below hill 1835 and 335 feet below the bottom of the
deepest drill hole on the property). One stream sediment sample
from this location exceeds 550 ppb Au and a second exceeds 100 ppb
Au.
The last drill campaign completed on the project
was during the 1989-1990 field season. Results from that
program indicated increasing copper values with depth. Maximum
depth of drilling was 500 feet. The only other fieldwork
completed on the project has been small soil and rock sampling
programs.
Some of the more significant drill intercepts are
as follows:
Hole
#
|
From
(ft)
|
To
(ft)
|
Interval
(ft)
|
Au
g/t
|
Ag
g/t
|
Cu
(ppm)
|
RH89-02
|
0
|
90
|
90
|
0.39
|
NA
|
NA
|
RH89-08
|
0
|
220
|
220
|
1.22
|
NA
|
NA
|
incl.
|
0
|
125
|
125
|
1.78
|
NA
|
NA
|
incl.
|
60
|
85
|
25
|
4.59
|
NA
|
NA
|
RH90-09
|
0
|
170
|
170
|
0.35
|
3.17
|
44
|
RH90-14
|
335
|
500
|
165
|
ND
|
NA
|
1243
|
RH90-15
|
0
|
190
|
190
|
0.51
|
4.07
|
62
|
RH90-16
|
0
|
500
|
500
|
0.40
|
3.58
|
138
|
RH90-17
|
0
|
500
|
500
|
0.39
|
2.45
|
80
|
RH90-18
|
15
|
85
|
70
|
0.56
|
4.00
|
94
|
RH90-19
|
15
|
70
|
55
|
1.03
|
5.60
|
19
|
NA – not assayed. These results are historical
in nature and are reported for information purposes only and have
not been verified by the Company and are not to be relied
upon.
Financing
Freegold is pleased to announce a non-brokered
private placement of up to 5,000,000 units at a price of
$0.20 per share for gross proceeds of
up to $1,000,000. Each Unit will
consist of one common share (a "Share") and one common share
purchase warrant (a "Warrant"). Each Warrant will entitle the
holder to acquire an additional Share at a price of $0.25 per Share for a period of 24 months and at
a price of $0.30 per Share for a
period of an additional 12 months for a total of 36 months from the
date of closing. Each Warrant is subject to accelerated expiry
provisions such that if at any time after the expiry of any resale
restriction governing the subscribed Shares, the Corporation's
common shares trade on the TSX at or above a volume weighted
average trading price of $0.50 per
common share for 10 consecutive trading days, the Company may give
notice to the holders that each Warrant will expire 30 days from
the date of providing such notice. The TSX has granted conditional
approval for the placement.
A finder's fee of 8% cash or 7% cash +
7% broker/finder's warrants will be paid on a portion of the
placement.
The Qualified Person who has reviewed the
technical disclosure contained in this release is Alvin Jackson, P.Geo., Vice President,
Exploration and Development for Freegold Ventures Limited.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the
exploration of gold projects in Alaska. It's flagship project is the Golden
Summit Gold Project where a Preliminary Economic Assessment is
currently underway. The Golden Summit project hosts an indicated NI
43-101 compliant resource of 79,800,000 t grading 0.66 g/t for a
total of 1,683,000 oz, and an inferred resource of 248,060,000 t
grading 0.61 g/t for a total of 4,841,000 oz using a 0.3 g/t
cut-off. The indicated oxide resource using a 0.20 g/t cutoff is
25,026,200 t grading 0.55 g/t for a total of 439,000 oz and the
inferred resource is 16,620,510 t grading 0.47 g/t for a total of
253,000 oz. The resource estimate was completed by Qualified Person
Gary Giroux of Giroux Consultants in Month, 2013?. The
Technical Report documenting this estimate can be found on the
Company's website or on SEDAR under the Company's profile.
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