International Freegold options metal projects in Alaska
International Freegold Mineral Dev Inc ITF
Shares issued 29,435,058 Apr 25 close $0.45
Wed 26 Apr 2000 News Release
Mr. Harry Barr reports
The company has recently signed an exclusive exploration option agreement
with Ahtna Minerals Company to acquire a development lease on the Tonsina
platinum group metals (PGM) property in south-central Alaska.
The Tonsina prospect is located approximately 70 road miles north of
Valdez. Existing trails connect the property to the paved Richardson
Highway, which sits adjacent to the Trans-Alaska pipeline. The property
consists of 108 State of Alaska mining claims and eight State of Alaska
prospecting sites covering 8.75 square miles, and an additional area in
excess of 36 square miles of native selections owned 100 per cent by Ahtna,
Inc., one of 13 Alaska regional native corporations. Freegold has the
exclusive right to explore the property through Aug. 15, 2000, and the
right to convert its interest to a joint venture agreement to be negotiated
by the parties. Freegold is planning to carry out initial exploration of
the property beginning in May-June.
The Tonsina prospect covers a 10-mile strike length of the Tonsina complex,
which consists of ophiolitic mafic and ultramafic rocks along the north
margin of the Border Ranges fault zone. Heavy mineral concentrates
collected from the property by the U.S. Bureau of Mines returned combined
platinum and palladium values up to 21 grams per tonne (11.9 grams Pd and
8.9 grams Pt) along with trace iridium, osmium, rhodium and ruthenium.
Anomalous copper, nickel and chromium are spatially associated with some
PGM-enriched rocks. No drilling has ever been conducted on the property.
The geologic setting of the Tonsina prospect is similar to other recently
discovered PGM occurrences in North America which have been identified in
terrane not previously believed to have PGM potential.
Freegold management believes the potential is high for the discovery of
other significant PGM prospects in the region, and is evaluating properties
in the area for potential acquisition. Freegold is also expanding its
search for PGM properties into other areas of Alaska, and as previously
announced is negotiating on properties in the Sudbury mining district of
Ontario. Management intends to build a portfolio of PGM properties with
strong potential for discovery, and further press releases on acquisition
and exploration will follow.
As well as the PGM property portfolio, Freegold holds the Golden Summit
project near Fairbanks, Ala., which has a long history of placer and lode
gold production and excellent exploration potential; and the Almaden Gold
project in Idaho, which has a fully completed feasibility study indicating
over 500,000 ounces of recoverable gold. Freegold's mission is to enhance
shareholder value by maintaining and expanding a strong, diversified
precious metals property portfolio.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
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