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Freegold Commences 2019 US $2.2 Million Program at Shorty Creek
Freegold Commences 2019 US $2.2 Million Program at Shorty Creek Canada NewsWire ...
About this update from Freegold Ventures Limited
[{"type":"text","content":"\n\n\n\nFreegold Commences 2019 US $2.2 Million 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, May 15, 2019\n\n\n\nVANCOUVER, May 15, 2019 /CNW/ - Freegold Ventures Limited (Freegold) (FVL: TSX), is pleased to announce the commencement of the 2019 exploration 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 will consist of induced polarization surveys, geochemical surveys and a minimum 2,000 metre drill program designed to provide an initial test of the exploration targets outside of the Hill 1835 target area.  Drilling is expected to commence in mid July. \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 space holes with an average depth of 500 metres have expanded the mineralized zone to over a 750 x 400 metre area with each hole intersecting significant and consistent copper, gold, silver and tungsten mineralization o...