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Freegold Announces South32 to Fund 2020 Exploration at Shorty Creek
Freegold Announces South32 to Fund 2020 Exploration at Shorty Creek Canada NewsWir...
About this update from Freegold Ventures Limited
[{"type":"text","content":"\n\n\n\nFreegold Announces South32 to Fund 2020 Exploration at Shorty Creek\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 19, 2020\n\n\n\nVANCOUVER, Feb. 19, 2020 /CNW/ - Freegold Ventures Limited (Freegold) (FVL: TSX) is pleased to announce that South32 Limited (South32) has committed to fund Year Two exploration which represents a minimum US$2 million expenditure towards further exploration at the Shorty Creek porphyry copper project. The 2020 program is expected to be focused on additional drilling on the Shorty Creek Project; more details on the proposed program will be released over the coming months.  \nDuring the 2019 Year One program, a total of 1,542 metres (5 holes) were drilled and 100 km of induced polarization as well as 98 km of ground magnetic surveys were completed. A further 543 soil samples were collected to expand target areas for future drill programs (Link to the 2019 Shorty Creek Program Results) . The 2019 program was fully funded under an agreement with a wholly owned subsidiary of South32 whereby South32 has the option to earn a 70% interest in the Shorty Creek Project.  To maintain the option in good standing, South32 must contribute minimum exploration funding of US$10 million over a 4-year option period with minimum exploration expenditures of US$2 million in Years 1 and 2 and US$3 million in Years 3 and 4 for an aggregate of US$10 million.  South32 may exercise its option to subscribe for 70% of the shares of a newly formed project company by committing US$30 million to the newly formed company, less the amount of exploration expenditure contributed by South32 during the option period following the completion of each annual program.  Freegold shall act at as the Operator during the option period.  \nLocated 120 km northwest of Fairbanks, the Shorty Creek project was identified as having significant porphyry potential by Freegold in late 2014. Shorty Creek hosts a cluster of magnetic anomalies commonly seen in porphyry...