International CanAlaska and International Freeegold News Release
I just received the following on my email:
Subject:
ITF press release
Date:
Fri, 18 Oct 1996 08:47:26 -0700
From:
CanAlaska/Freegold <canalaska@info-mine.com>
To:
(Recipient list suppressed)
For Immediate Release October 18, 1996
GOLDEN SUMMIT DRILL RESULTS
International Freegold Mineral Development Inc is pleased to announce assay
results from the ongoing 40,000 foot reverse circulation drill program on
its Golden Summit Project 20 miles north of Fairbanks Alaska.
Initial drilling has focused on the Dolphin Zone, where anomalous gold
values have been intersected in intrusive and associated metamorphic rocks
over an area which extends 2000 feet east-west and 1000 feet north-south.
Mineralization is open east, west, and at depth. Following is a chart
detailing the latest results.
Hole Drill intercept Thickness Grade
No. (feet) (feet) (opt Au)
96-12 0-25 25 0.026
and 105-120 15 0.068
and 200-240 40 0.027
96-13 105-125 20 0.017
96-14 60-80 20 0.029
96-15 205-295 90 0.015
96-17 265-315 50 0.016
96-18 405-415 10 0.038
96-19 240-250 10 0.015
96-20 255-290 35 0.026
and 335-360 25 0.029
and 385-410 25 0.027
and 440-450 10 0.034
96-21 150-175 25 0.020
and 195-210 15 0.028
96-26 240-325 85 0.028
and 325-335 10 1.480
and 335-365 30 0.029
and 390-395 5 0.211
The holes drilled to date are located towards the eastern end of an 8000
foot east-west trending gold soil anomaly. Drill intercepts to date on the
Dolphin Zone range between 0.01 and 0.05 opt Au. Higher gold grades,
approaching 0.1 opt Au, occur over narrow (up to 15 feet) intercepts.
Occasional very high grade intercepts have been noted across five foot
intervals, which on fire assay returned values in excess of 1.0 opt Au.
Visible gold has been noted in drill cuttings. Oxidization extends to depths
of 200 feet or more at Dolphin, and bottle roll tests indicate that the
oxidized mineralization leaches extremely well.
Hole 96-26 is situated at the western margin of drilling to date and was
stepped out 350 feet from the nearest adjacent hole. Approximately 6,000
feet of geochemically delineated anomalous gold values lie to the west of
96-26. Results from 96-26 suggest a separate, parallel zone of
mineralization is present south of the previously identified zone.
Additional drilling to expand this reserve base is planned for November.
Reverse circulation drilling has now commenced on the Too Much Gold
Prospect, located three miles east of the Dolphin Zone. Previous trenching
and drilling in this area outlined significant gold values ranging as high
as 25 feet grading 0.158opt and 60 feet of trenching grading 0.070opt in
shallow dipping, heavily sericitized calcareous quartzites and schists. Work
to date indicates gold occurs in three or more of these favourable
calcareous units stacked above each other. The current program will test the
Too Much Gold Prospect with a series of 20 vertical reverse circulation
holes drilled in a 500 foot grid. The program is approximately one-third
completed; assays are pending.
In addition, Freegold will drill test the downward extension of the Cleary
Hill Mine, a part of the Golden Summit Project which produced more than
250,000 ounces of gold grading 1.3 opt before closing in 1946 when flooding
occurred on the sixth level. No exploration has been carried out since that
time.
Concurrent with the present drill programs, Freegold is carrying out an
extensive reconnaissance auger soil sampling program over the eastern half
of the Golden Summit Project, where relatively little exploration has been
conducted. This area is underlain by the prospective Chatanika Thrust Zone
and associated upper and lower plate lithologies. Over four square miles of
this area have been gridded and sampled, with an additional four square
miles currently being sampled. Preliminary geochemical results indicate
significant anomalies associated with the thrust contact zone between the
Chatanika Terrane and lower plate rocks to the south.
For further information: please call our Investor Relations Department at
1-800-667-1870
On behalf of the Board of Directors,
Harry Barr, President
Visit us at : www.info-mine.com
E-mail: goldgroup@info-mine.com
The Vancouver Stock Exchange has neither approved nor disapproved the
contents of this news release. |
