Work programs commence at Fairbanks, Alaska; TSE listing
International Freegold Mineral Dev Inc ITF
Shares issued 24,061,677 Jun 2 close $0.63
Wed 3 Jun 98 News Release
Mr. Harry Barr reports
Exploration programs have commenced on the Golden Summit project, 20 paved
road miles northeast of Fairbanks, Alaska. Exploration of Golden Summit is
financed by Barrick Gold, which has invested a total of $2.5-million in
Freegold equity in 1998.
Grids have been laid and soil auger sampling programs are under way on the
approximately 25 per cent of the 22,000 acre Golden Summit property that
has received no detailed geochemical exploration to date.
The major component of the 1998 exploration consists of reverse circulation
drilling of five currently defined target areas. A total of 12,500 feet of
drilling is scheduled for phase 1, with an additional 17,000 feet of
follow-up holes in phase 2. Drilling programs at Golden Summit will begin
in early June. Drill sites include:
Charles Prospect
Three phase 1 holes are targeted on a true north style setting in and above
the thrust contact between the Chatanika Terrane and the Fairbanks Schist.
Gold geochemistry and airborne magnetic signatures are similar to the
patterns at the La Teko/Newmont true north 1.3 million ounce deposit along
strike to the west.
Iowa
Three phase 1 holes will be drilled in a Fort Knox style intrusive hosted
target in lower plate rocks of the Fairbanks Schist. Limited exposures of
altered intrusives sampled at Iowa have a gold bismuth signature similar to
Fort Knox, and the prospect's magnetic pattern is suggestive of a possible
large mineralized intrusive at depth.
Cleary Hill
A 1997 drill program designed to verify the continuity of previously mined
high grade veins indicated the presence of a bulk tonnage deposit in the
footwall of the high grade vein occurrences. The 1998 target area is a
major structural intersection, which has produced some of the highest soil
geochemical values on Golden Summit. The phase 1 drilling consists of six
holes, with ample contingent finances available for follow-up work.
Wolf Creek
Three initial holes are planned to test for disseminated, intrusive related
mineralization on this target, which was defined by multi-element
geochemical results. The Wolf Creek intrusive is at a structural
intersection of the northeast trending Dolphin/Cleary Hill anomaly and the
northwest trending Goose Creek anomaly.
Creeks
Several large, strong multi-element soild geochemical anomalies are present
at Creeks, which appear to be controlled by intersecting structures. The
target setting is analogous to the 2.4 million ounce Ryan Lode deposit on
Ester Dome. Four holes are planned for the phase 1 program at Creeks.
The company is operator of the Golden Summit project. The drilling programs
will be supervised by Avalon Development, which has worked closely with
Freegold on Golden Summit since 1991, and Barrick will have a full time
representative present. Current programs were outlined by a joint
Freegold/Barrick technical committee. The budget of $1.336-million (U.S.)
($1.9-million (Canadian)) was financed entirely by equity investment from
Barrick, which hold an 18.3 per cent equity interest in Freegold.
As of May 19, 1998, shares of the company are now traded on the Toronto
Stock Exchange. The trade symbol remains as ITF.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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