To All;****NEWSRELEASE****
Fairbanks claims acquired
International Freegold Mineral Dev Inc ITF
Shares issued 17,088,758 Nov 5 close $0.39
Thu 6 Nov 97 News Release
Mr Harry Barr reports
The company has acquired an 18,000 acre block of State of Alaska mining
claims contiguous with and north of its 21,000 acre Golden Summit project,
which is 20 miles northeast of Fairbanks, Alaska in an area serviced by
state-maintained paved roads, and power lines. The new property was
acquired from Placer Dome Inc under a lease agreement with an initial term
of 10 years Placer Dome retains an nsr of 1.5% in all future production
from the property. Under the agreement, no cash or stock payments are to be
made and the company must maintain the claims in good standing during the
tenure of the lease.
The new property is in upper plate eclogite and schist of the Chatanika
Terrane, which is host to La Teko/Newmont's +2 million ounces gold True
North deposit. Preliminary soil, stream sediment, pan concentrate and
biogeochemical sampling completed on portions of the property indicate
favourable host rocks and pathfinder element anomalies requiring detailed
soil auger sampling and geologic mapping to prioritize drill targets.
Several large scale northeast trending faults which control gold
mineralization elsewhere in the district pass through the property, and
these faults will be the focus of the initial work programs. The company's
geological team is currently completing a report recommending a budget and
exploration plans for spring 1998.
On the Golden Summit project, a 10,000 foot phase one reverse circulation
drill program is now under way on the Goose Creek prospect. Exploration of
the Golden Summit project is financed through a share purchase agreement
with Barrick Gold Corp. Results from the drill program, as well as soil
auger sampling and trenching programs recently completed on other areas of
Golden Summit, will be reported when available.
Golden Summit, with historical gold production of over 6 million oz from
placer and lode sources, has current indicated/inferred gold resources of
1.2 million oz and undrilled targets defined by recent sampling programs.
The Freegold/Barrick share purchase agreement provides for a total
investment by Barrick of $10 million, with all funds directed to Golden
Summit exploration.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
With regards,Frank |
