From: Intl. Freegold Mineral Development Inc. (ITF)
augoldgroup.com
mailto:info@augoldgroup.com
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Re: News Release - Thursday, July 13, 2000
International Freegold Acquires Second Alaskan Platinum - Palladium
Property - Union Bay Project
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International Freegold Mineral Development Inc. (Freegold), announces that
is has acquired an additional Platinum Group Metal (PGM) project in Alaska.
Over the past few months Avalon Development Freegold's prime geological
consultants have been conducting a comprehensive analysis of PGM projects
in Alaska and recommended the acquisition of the Union Bay prospect which
consists of 105 unpatented Federal lode mining claims covering 2,100 acres
in south eastern Alaska.
The Union Bay prospect is located near tidewater on the Cleveland Peninsula
of mainland Southeast Alaska approximately 35 miles northwest of Ketchikan.
The Union Bay prospect is composed of a zoned ultramafic - mafic complex
which ranges from dunite in the core on the southeastern side of the
complex through wehrlite and magnetite-bearing olivine clinopyroxenite to
hornblendite and gabbro on the margins. Previous mapping suggests the Union
Bay complex is a pipe and lopolith complex. Highly anomalous platinum (Pt)
and palladium (Pd) values have been detected from sampling conducted by the
U.S. Geological Survey and the U.S. Bureau of Mines in the 1970's through
1995. Samples collected by these agencies contained values up to 1,600 ppb
Pt and 400 ppb Pd along with anomalous Chromium (Cr), Nickel (Ni) and
Copper (Cu). Heavy mineral concentrates from streams draining the complex
returned values up to 19.7 ppm Pt and 4.9 ppm Au. PGE minerals identified
include PtFe (Platinum Iron) alloy, osmium, osmiridium and hollingworthite
(RhAsS).
Reconnaissance exploration is expected to begin in mid-July. A base camp
will be established on the property to facilitate exploration. Work will
focus on geological mapping, reconnaissance rock sampling, heavy mineral
concentrate sampling and reconnaissance soil sampling.
A Phase I summer exploration program is underway on the previously acquired
Tonsina PGM prospect in southcentral Alaska (see news release dated April
26, 2000). Freegold staked 5,600 acres and acquired an additional 36 square
miles through an option agreement with Ahtna Minerals Inc., a subsidiary of
one of Alaska's 13 regional Native corporations. Field work will
concentrate on defining the extent of PGM mineralization in the vicinity of
previous sampling by various workers which returned significant Pt and Pd
values including 8.9 gpt Pt + 11.9 gpt Pd, 4.5 gpt Pt + 4.6 gpt Pd and 2.4
gpt Pt + 2.1 gpt Pd.
Freegold also wishes to announce that Michael Philpot resigned as a
director of Freegold effective June 6th, 2000. The Management and Directors
of Freegold would like to thank Mr. Philpot for his contributions to the
Company over the past few years.
Freegold is a diversified precious metal company focusing on acquiring and
developing platinum, palladium, rhodium and gold projects in North America.
Freegold has recently acquired eight PGM properties in the Sudbury Mining
District in Ontario (May 15th, 2000 news release) and has working capital
and securities of $1,200,000 and no debt.
Freegold is listed both on The Toronto Stock Exchange and The Canadian
Venture Exchange, and has received 20F clearance in the United States.
On behalf of the Board of Directors
Harry Barr,
Chairman & CEO
Investor Relations: 1-800-667-1870 |
