Freegold Acquires Shorty Creek Copper-Gold Project, Alaska

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[{"type":"text","content":"\n\nVANCOUVER, July 17, 2014 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) (\"Freegold\") is pleased to announce that is has acquired the Shorty Creek Project, a copper gold porphyry target located 100 km northwest of Fairbanks, Alaska. Freegold, through its wholly owned US subsidiary Grizzly Bear Gold, Inc. has entered into a 10-year lease with Gold Range, Ltd. Under the terms of the Agreement, Freegold has agreed to issue 750,000 common shares to Gold Range, Ltd. as consideration. Gold Range will be responsible for the annual State of Alaska rents for the first 5 years (approx. US $36,000 per annum) after which point Freegold will be responsible for these payments. Gold Range, Ltd. will retain a 2% NSR.  The foregoing is subject to regulatory approval.  \n\nThe property is located 4 kms to the south of the all-weather paved Elliott Highway and within the Livengood-Tolovana Mining District. Total recorded production from the district through 2007 is approximately 530,000 ounces of placer gold. The Shorty Creek target was originally identified as an antimony prospect in the 1970's. In the mid 1980's, soil sampling identified significant gold, copper and pathfinder elements associated with gold-copper porphyry mineralization. A limited drill program was completed by the Asarco-Fairbanks Exploration Joint Venture in 1989-1990 consisting of 6,843 feet in 20 holes;  maximum hole depth was 500 feet (Table 1).\n\nTable 1: Significant results from the Asarco –Fairbanks Exploration Joint Venture Drill Program.\n\n\n\n\nHole #\n\n\nFrom (ft)\n\n\nTo (ft)\n\n\nInterval (ft)\n\n\nAu g/t\n\n\nAg g/t\n\n\nCu (ppm)\n\n\n\nRH89-02\n\n\n0\n\n\n90\n\n\n90\n\n\n0.39\n\n\nNA\n\n\nNA\n\n\n\nRH89-08\n\n\n0\n\n\n220\n\n\n220\n\n\n1.22\n\n\nNA\n\n\nNA\n\n\n\nincl.\n\n\n0\n\n\n125\n\n\n125\n\n\n1.78\n\n\nNA\n\n\nNA\n\n\n\nincl.\n\n\n60\n\n\n85\n\n\n25\n\n\n4.59\n\n\nNA\n\n\nNA\n\n\n\nRH90-09\n\n\n0\n\n\n170\n\n\n170\n\n\n0.35\n\n\n3.17\n\n\n44\n\n\n\nRH90-15\n\n\n0\n\n\n190\n\n\n190\n\n\n0.51\n\n\n4.07\n\n\n62\n\n\n\nRH90-16\n\n\n0\n\n\n500\n\n\n500\n\n\n0.40\n\n\n3.58\n\n\n138\n\n\n\nRH90-17\n\n\n0\n\n\n500\n\n\n500\n\n\n0.39\n\n\n2.45\n\n\n80\n\n\n\nRH90-18\n\n\n15\n\n\n85\n\n\n70\n\n\n0.56\n\n\n4.00\n\n\n94\n\n\n\nRH90-19\n\n\n15\n\n\n70\n\n\n55\n\n\n1.03\n\n\n5.60\n\n\n19\n\nNA – not assayed. These ...

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