Hello CLK;*****NEWSRELEASE******
Golden Summit 1997 exploration program under way
International Freegold Mineral Dev Inc ITF
Shares issued 15,921,092 Jul 11 close $0.47
Tue 15 Jul 97 News Release
Mr Harry Barr reports
The 1997 exploration program has commenced on the company's Golden Summit
project, 20 miles north of Fairbanks Alaska. The budget for the 1997
program, approximately $1,500,000, is financed in two tranches of $750,000
each by Barrick Gold. Barrick has the right to earn up to a 70% interest in
the Golden Summit project by making a $10 million equity investment in
Freegold over the next three years, and subsequently bringing the property
into commercial production.
Currently, auger soil sampling is being carried out on the eastern half of
the property, a continuation of the 1996 program which delineated the
massive Goose Creek (5,000 ft) and Northeast (10,000 ft) anomalies. The
Goose Creek and Northeast anomalies are spatially related to the Chatanika
thrust fault in a geological setting analogous to that at the Newmont/La
Teko True North gold deposit three miles to the west. Maximum gold values
exceed 500 ppb at Goose Creek and 1,000 (0.03 opt) ppb at the Northeast
anomaly. These anomalies are now being examined to prioritize drill sites.
The current auger sampling program will be completed in August, at which
time Freegold anticipates that comparable anomalies will have been
delineated on the eastern half of the property. Follow-up work is in
progress on this discovery.
A comprehensive prospecting, mapping, and sampling program is now being
carried out over the entire Golden Summit property. More than 400 rock
samples, many containing significant gold values, have been taken during
examination of the more than 70 recorded gold occurrences known on the
property. This program will provide the data for production of a geological
map showing the various settings of the known showings. The program has
already discovered one new gold occurrence, known as the Kokomo prospect,
which yielded a rock sample of 0.223 opt gold and 1.5 opt silver.
A minimum 20,000 feet of reverse circulation drilling is scheduled for
1997, to test Golden Summit's defined geochemical targets (Wolf Creek,
Goose Creek, Northeast) for bulk tonnage gold mineralization. In addition,
2000 ft of diamond drilling is now complete at the Cleary Hill mine on the
western side of Golden Summit. Current drilling expanded on 1996 reverse
circulation drilling which delineated 100,000 oz at a grade of 0.8 opt and
tested for continuations of the historically high grade (over 1 oz per ton)
ore shoots beneath the previously mined Bankers stope and Rhodes Hall
stope. Assays are pending.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
And this stock is at bargain basement prices!!!! It will be interesting to look back at this in a year from now???
With regards,Frank |
