T.ITF has property near PFN at RV but the following news release relates to a property of theirs in Alaska. They were last trading at .19 today on 126,000 shares. This release was out today after the market closed. Of course you know who heads up ITF. Yup...HB!
Int'l Freegold completes initial fieldwork on Union Bay
International Freegold Mineral Dev Inc ITF
Shares issued 30,295,059 Jan 15 close $0.15
Tue 16 Jan 2001 News Release
Mr. Harry Barr reports
Initial fieldwork on International Freegold Mineral Development's
100-per-cent-owned Union Bay platinum group element (PGM) property in the
Alexander platinum belt in southeastern Alaska has been completed.
Reconaissance scale geologic mapping and rock sampling was carried out in
September and October. The Union Bay complex is one of several zoned Ural
-- Alaska type mafic -- ultramafic complex which stretch over a 350-mile
distance within the Alaska portion of the Alexander platinum belt.
The Union Bay complex ranges from younger dunite in the core of the complex
through wehrlite and magnetite-bearing olivine clinopyroxenite to
hornblendite and gabbro on the margins. Previous work done on the property
indicated the presence of anomalous chromite in dunite and the presence of
up to 19 parts per million Pt in pan concentrates from streams draining the
north side of the property. Freegold staked the property on the
recommendation of Avalon Development Corp., its prime geological consultant
in Alaska.
Broad scale reconnaissance mapping and sampling identified three areas of
the property, the North, South and Core zones, where potential PGM-enriched
mineralization was detected. Rock samples from these areas returned values
ranging up to 18,397 parts per billion Pt (plus) Pd (0.54 ounces per ton)
(18.3 grams per tonne (g/t)) from outcrops on the property. Three
contiguous five-foot chip samples returned 3,449 (3.4 g/t), 6,025, (six
g/t) and 17,307 (17.31 g/t) parts per billion combined Pt (plus) Pd.
Thirty-eight of the 212 rock samples collected during 2000 returned assays
(greater than) 100 parts per billion Pt (plus) Pd and 17 of these samples
returned Pt (plus) Pd values greater than 1,000 parts per billion.
Anomalous PGM mineralization is associated with magnetite and/or
chromite-bearing pyroxenite and olivine pyroxenite units in at least three
areas of the property.
Twelve of the samples containing anomalous Pt (plus) Pd values were
resubmitted for multielement ICP and six-element neutron activation
analysis (NAA). Samples from this subset contain anomalous Cr (to 15,492
parts per million) and Ni (to 675 parts per million) with variable but
generally low Cu (to 52 parts per million). These samples also returned
values up to 233 parts per billion Ir, 700 parts per billion Os and 170
parts per billion Rh. Gold values were uniformly low ((less than) 30 parts
per billion). There was a good correlation between ICP and NAA results.
Following initial sample results, Freegold increased its holdings in the
area to over 2,500 acres. The company currently is reviewing recommended
work programs for the period January through March, 2001. Preliminary
recommendations for future work include airborne magnetic and
electromagnetic surveys, detailed hand mapping and channel sampling and
short hole diamond drilling.
All initial assays as well as subsequent check assays, duplicate assays and
blank standard assays were completed by Bondar Clegg of Vancouver.
As well as the PGM property portfolio in Ontario and Alaska, Freegold holds
the Golden Summit project near Fairbanks, Alaska, 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 upon litigation protection for
"forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
