Hello Mark;
Yes the news turned out to be good, and yes what we saw was a typical Harry Barr move to dramatise the event as much as possible, ie the halt etc,
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
***************************************************************************
This bulletin is sponsored by the company and has been sent to you for
no charge. This is a service provided by Stockwatch to public companies so
they can disseminate recent significant press releases.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!
To remove yourself from this mailing list, access this URL:
canada-stockwatch.com
For more information about this service please contact the
advertising department at Stockwatch 800.268.NEWS or 604.687.1500
or sales@canada-stockwatch.com
***************************************************************************
Overall good news, how much it will move remains to be seen, the fact that they are exercising at a higher price, is very positive, but it is also a good way to play the stock??
How they will react, we will see on Mon, be fleet footed??
With regards,Frank |
