This stock appears ready for a series of upward runs over at least the intermediate term. It was halted on Feb. 26th and when it comes back on it has tremendous potential. I received this information from a Stockwatch bulletin as well as information from Canstock sources. The technical analysis is my own.
Intl Freegold Mineral Dev Inc
ITF VSE
Issued 8,387,258
In Escrow25,675
Fully Diluted
Head Office Mezzanine 626 West Pender Street
Vancouver BC V6B 1V9 Telephone(604) 688-0041 Facsimile(604) 688-2582
Contact Harry Barr Toll-Free E-mail About the Company
International Freegold Mineral Dev Inc - News Release
Barrick commits $1.5m to Golden Summit exploration
International Freegold Mineral Dev Inc ITF
Shares issued 17,088,758 Feb 26 close $0.40
Fri 27 Feb 98 News Release
Mr Harry Barr reports
The management of International Freegold Minineral Development Inc
(Freegold) is pleased to announce Barrick Gold Corp has elected to make an
additional equity investment in Freegold by exercising warrants to purchase
1.2 million Freegold shares at a price of $1.25. Under the terms of the
Freegold/Barrick agreement, 95% of the $1.5 million proceeds will be
directed to exploration of Freegold's +22,000 acre Golden Summit project.
Background
The Golden Summit project is 20 miles by paved road north of Fairbanks,
Alaska in a recently revitalized mining district hosting the largest gold
mine in Alaskan history, Kinross Gold's Fort Knox mine (7.3 million oz)
which produces 350,000 oz/year. Newmont and La Teko's True North deposit
(1.3 million oz) is also nearby. Since 1902, 6.75 million oz of gold have
been produced from the streams which drain the Golden Summit project. In
addition, over 535,000 oz of lode gold was recovered from high grade lode
gold mining on Golden Summit and more than 80 lode gold occurrences are
documented in the project area. Freegold believes that this history
strongly indicates the potential for Golden Summit to host one or more
large tonnage gold deposits that could be economically exploited. To date,
in accordance with the US Bureau of Mines classification system, Freegold
has developed drill indicated, drill inferred and inferred resources on the
Golden Summit project totalling 1.2 million oz of contained gold.
Recent Work
During the 1997 exploration season, Freegold delineated several major gold
in soil anomalies on Golden Summit. The Goose Creek anomaly was extended to
a length of +10,000 ft. Top of bedrock auger sampling over the Cleary Hill
area delineated an extremely high grade gold anomaly with values as high as
2750 ppb (0.08 opt). On the largely unexplored eastern end of the project,
the +5000 ft Creeks and Charles anomalies were discovered.
Freegold recently concluded a phase one reverse circulation drill program
on the Goose Creek prospect. A total of 11 holes, 5,000 ft of drilling,
were completed on a widely spaced (400 ft intervals) grid on an anomaly in
the lower plate rocks of the Fairbanks Schist. Gold mineralization is
hosted in highly sericitized schist cut by 10% to 20% white quartz veins.
All 11 holes returned strong sericitic alteration over substantial widths
with five holes returning significant gold values. The extent and geometry
of the mineralization is currently unknown.
Hole From To ft Au
ft ft opt
GCR 97-1 165 325 160 0.118
including 175 185 10 0.876
and 250 270 20 0.339
including 260 265 05 0.829
and 300 325 25 0.025
GCR 97-2 85 90 05 0.035
and 235 250 15 0.064
GCR 97-4 150 160 10 0.166
GCR 97-5 75 80 05 0.043
GCR-97-8 25 30 05 0.036
and 335 370 35 0.065
including 360 365 05 0.286
including 350 355 05 0.072
1998 Plans
The joint Freegold and Barrick technical committee is recommending an
aggressive 1998 exploration program. Highlights include continued reverse
circulation on the Cleary Hill and Goose Creek prospects and phase one
reverse circulation drilling on the Wolf Creek, Charles and Creeks zones. A
minimum of 30,000 ft of reverse circulation drilling will be undertaken as
well as further extensive soil and geochemical programs.
Vanguard Gold Project, Fairbanks
Through an agreement with Placer Dome, Freegold recently acquired the right
to control a 100% interest, subject to a 1.5% nsr to Placer Dome, in the
18,000 acre Vanguard gold project, due north of and contiguous with Golden
Summit, making Freegold one of the Fairbanks mining district's largest
landholders. Limited exploration of Vanguard to date has outlined four
significant gold anomalies on the project. 1998 exploration plans for the
Vanguard project are currently being finalized and Freegold is negotiating
with several major and well-financed junior mining companies regarding
further development of the Vanguard gold project.
To request 1998 executive summaries of the Golden Summit, Vanguard gold
projects and latest corporate brochure, please call 1-800-667-1870 or email
your request to goldgroup@info-min.com.
Website: www.augoldgroup.com\itf.html
Phone: (604) 685-1870
Fax: (604) 685-8045
Toll free: (800) 667-1870
CURRENT TECHNICAL ANALYSIS:
(Charts courtesy of MetaStock)
A TECHNICAL REVIEW OF INTL FREEGOLD FOR 2/26/98
LAST DAYS TRADING VALUES
Open 0.4200
High 0.4500
Low 0.4000
Close 0.4000
Change -0.0400 (-9.09%)
LAST DAYS VOLUME: 1,040,000 shares.
Immediate Situation
The price trend indicates extreme weakness. Price volatility is above average. Expect the prices to range from 0.38 to 0.42. Watch for immediate price support in the area of 0.40 and 0.40. Immediate price resistance is indicated in the area of 0.52 and 0.45.
Short Term Trend
The short term trend is bearish.
Intermediate Support and Resistance
Expect intermediate price support at 0.28, 0.28, 0.29 and 0.27. Intermediate resistance is predicted in the area of 0.52, 0.57, and 0.57. The intermediate trend is bearish.
Long Term Forecast:
The long term forecast is BULLISH. The positive strength rating is 100.00 percent and the negative strength rating is 0.00.
Other Recent News releases:
February 26, 1998
Halt
INTERNATIONAL FREEGOLD MINERAL DEVELOPMENT INC. ("ITF")
- Halt (Advanced Company)
Effective at 9:43 a.m., trading in the shares of the Company was halted at the request of the Company, pending an announcement.
February 12, 1998
1,100,000 Incentive Stock Options Granted
INTERNATIONAL FREEGOLD MINERAL DEVELOPMENT INC. ("ITF-V;ITFMF-L")
- 1,100,000 Incentive Stock Options Granted
Harry Barr, President of International Freegold Mineral Development Inc., is pleased to announce that the Company has granted 1,100,000 incentive stock options to Directors and Employees of the Company at an exercise price $0.45 per common share for a period of five years subject to director and regulatory approval.
February 11, 1998
Issuance of Shares
INTERNATIONAL FREEGOLD MINERAL DEVELOPMENT INC. ("ITF")
- Issuance of Shares
The Vancouver Stock Exchange has approved the issuance of 100,000 common shares of the Company, pursuant to an Agreement dated May 9, 1997, issuable to Fairbanks Exploration Inc. regarding the Golden Summit Project, located near Fairbanks Alaska. This issuance represents the second tranche.
February 3, 1998
Property Transaction, Agreement Amendment
INTERNATIONAL CANALASKA RESOURCES LTD. ("ICA-V")
INTERNATIONAL FREEGOLD MINERAL DEVELOPMENT INC. ("ITF-V")
CARTAWAY RESOURCES CORP ("CWA-Y")
- Property Transaction, Agreement Amendment
The Vancouver Stock Exchange has accepted for filing documentation pertaining to an Agreement dated December 21, 1997, whereby International CanAlaska Resources Ltd. ('CanAlaska') can acquire from Cartaway Resources Ltd. ('Cartaway'), a 50% interest in mineral claim License Number 3307M (the 'Property') located in Labrador, Newfoundland. In consideration, CanAlaska is obligated to incur an aggregate of $500,000 in exploration expenditures on the Property on or before December 31, 1999, complete a $100,000 private placement purchasing 333,333 units of Cartaway consisting of one common share and one non-transferable share purchase warrant, and exercising $50,000 of Cartaway warrants on or before May 31, 1998. By funding $100,000 in exploration expenditures and completing a geophysical survey on the Property by April 30, 1998, CanAlaska will be the operator and receive a 15% fee for all monies expended on the Property. A 1% net smelter return ('NSR') royalty is retained by Thistle Creek Resources Inc. ('Thistle Creek'). In the event that the Property is purchased, CanAlaska has the right to purchase from Thistle Creek, a 0.5% NSR royalty for $500,000 subject to Exchange acceptance. In addition to the 1% NSR, an additional 1% NSR royalty has been created whereby Cartaway and CanAlaska each own 0.5%.
In addition and further to the VSE Notice of December 12, 1996, CanAlaska, International Freegold Mineral Development Inc. and Cartaway have amended the September 9, 1996 Agreement, whereby Cartaway can earn a 50% interest (reduced from 60%) in mineral claim License Number 5446M (previous License Numbers 1575M and 1576M) by incurring an aggregate of $2,000,000 in exploration expenditures on or before December 31, 1999, on the mineral claim License Number 5446M. |
