VANCOUVER, Oct. 14, 2014 /CNW/ - Freegold Ventures Limited
(TSX:FVL Frankfurt: FR4N) ("Freegold") is pleased to
announce that it has staked an additional 48 claims on its Shorty
Creek Property, enlarging the property position to 26,087 acres.
Exploration completed over the Shorty Creek project has defined
significant chargeability anomalies which are coincident with
strong copper, molybdenum, gold and bismuth geochemistry.
Additional staking was done to cover extensions to the known
anomalous areas. The Company is extremely pleased with the
results to date and believes Shorty Creek project represents
excellent drill ready porphyry copper-gold and copper molybdenum
targets.
The Shorty Creek Project is located 100 km northwest of
Fairbanks, Alaska and lies
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 style mineralization in limited shallow
drilling. Previous drilling intercepted significant gold
mineralization of up to 220 feet grading 1.22 g/t gold with most of
the drilling intercepting increasing copper grades at depth (up to
0.45% Cu).
Since acquiring the project in July
2014 Freegold's program has consisted of 28.6 line km of
induced polarization surveying and the collection of 354 soil
geochemical samples for multi element analysis.
Results show a strong chargeability anomaly which is over 2km
long and 1km wide in the northwestern area of the grid.
Coincident with the geophysical anomaly strongly anomalous copper
values (up to 669 ppm) with significant molybdenum (up to 150 ppm)
were returned.
In the southern portion of the grid, where previous drilling by
Fairbanks Exploration and Asarco in 1989-1990 was completed, a
significant chargeability zone was identified which correlates very
well with the area of limited previous drilling (maximum hole depth
was 500 feet). Strongly anomalous gold (up to 480 ppb) and bismuth
(up to 276 ppm) are associated with the geophysical
anomaly.
In addition to the geophysical and geochemical anomalies
identified, extensive alteration and hornfels metamorphism
spatially associated with small bodies of biotite granodiorite,
quartz porphyry and aplite have been previously mapped over a 4 km
x 4 km area.
The Qualified Person who has reviewed the technical disclosure
contained in this release is Alvin Jackson, P Geo-- VP
Exploration and Development for the Company. Soil samples were
delivered to ALS Chemex in Fairbanks,
Alaska and were analyzed for multi elements using laboratory
standard methods including checks and standards.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of
gold projects in Alaska. Its
flagship project is the Golden Summit Gold Project where a
Preliminary Economic Assessment is currently underway. The Golden
Summit project hosts an indicated resource of 79,800,000 t
grading 0.66 g/t for a total of 1,683,000 oz gold and an inferred
resource of 248,060,000 t grading 0.61 g/t for a total of 4,841,000
oz gold 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 gold and the inferred resource is 16,620,510 t grading
0.47 g/t for a total of 253,000 oz gold. The resource was
prepared in compliance with NI 43-101. The resource estimate was
completed by Qualified Person Gary Giroux of Giroux Consultants in
June 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