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Freegold Commences 2019 Drilling Program at Shorty Creek
Freegold Commences 2019 Drilling Program at Shorty Creek Canada NewsWire VANCOUV...
About this update from Freegold Ventures Limited
[{"type":"text","content":"\n\n\n\nFreegold Commences 2019 Drilling Program 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, Aug. 13, 2019\n\n\n\nVANCOUVER, Aug. 13, 2019 /CNW/ - Freegold Ventures Limited (Freegold) (FVL: TSX), is pleased to announce the commencement of the 2019 drilling program at Shorty Creek. The 2019 program is fully funded under the agreement with a wholly owned subsidiary of South32 Limited (South32) whereby South32 has the option to earn a 70% interest in the Shorty Creek property.  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$2million 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.  \nThe 2019 program consisting of induced polarization surveys and geochemical surveys commenced in May.  A severe wildfire fire in the area hampered the start of the drilling program, which was originally anticipated to start mid-July.  The 2019 drill program will consist of 2,000 metres and will be aimed at further expanding the mineralization at Hill 1835 and further testing of the Hill 1710 target area. Total expenditures for 2019 are anticipated to be US $2.3 million. \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 districts. Drilling has been largely concentrated on the Hill 1835 area; however, it is only one of the potentially significant targets within the property area.  Twelve widely spaced historic holes d...