Freegold Commences 2019 Drilling Program at Shorty Creek
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FOR IMMEDIATE RELEASE
FREEGOLD COMMENCES 2019
DRILLING PROGRAM
AT SHORTY CREEK
VANCOUVER: August 13th, 2019 - Freegold Ventures Limited (Freegold) (FVL: TSX), is pleased
to announce the commencement of the 2019 drilling program at Shorty Creek. The 2019 program is
fully funded under the agreement with a wholly owned subsidiary of South32 Limited (South32)
whereby South32 has the option to earn a 70% interest in the Sh orty Creek property. To maintain
the option in good standing South32 must contribute minimum exp l o r a t i o n f u n d i n g o f U S $ 1 0
m i l l i o n o v e r a 4 - y e a r o p t i o n p e r i o d w i t h m i n i m u m e x p l o r a t i o n e xpenditures of US$2million in
Years 1 and 2 and US$3 million in Years 3 and 4 for an aggregat e of US$10 million. South32 may
e x e r c i s e i t s o p t i o n t o s u b s c r i b e f o r 7 0 % o f t h e s h a r e s o f a n e wly formed project company by
committing US$30 million to the newly formed company, less the amount of exploration
expenditure contributed by South 32 during the option period fol l o w i n g t h e c o m p l e t i o n o f e a c h
annual program. Freegold shall act at as the Operator during the option period.
The 2019 program consisting of induced polarization surveys and geochemical surveys commenced
i n M a y . A s e v e r e w i l d f i r e f i r e i n t h e a r e a h a m p e r e d t h e s t a r t o f t h e d r i l l i n g p r o g r a m , w h i c h w a s
originally anticipated to start mid-July. The 2019 drill program will consist of 2,000 metres and will
be aimed at further expanding the mineralization at Hill 1835 a nd further testing of the Hill 1710
target area. Total expenditures for 2019 are anticipated to be US $2.3 million.
Located 120 km northwest of Fairbanks, the Shorty Creek project was identified as having
significant porphyry potential by Freegold in late 2014. Shorty Creek hosts a cluster of magnetic
anomalies commonly seen in porphyry districts. Drilling has bee n largely concentrated on the Hill
1835 area; however, it is only one of the potentially significant targets within the property area.
Twelve widely spaced historic holes drilled to an average depth of 500 metres have expanded
the mineralized zone to over a 750 x 400 metre area with each h ole intersecting significant and
consistent copper, gold, silver and tungsten mineralization over broad wid ths from base of oxide
material (average depth~ 90 metres). The target remains open both laterally and to depth.
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FREEGOLD COMMENCES 2019 DRILLI NG PROGRAM AT SHORTY CREEK
Two (2) km to the northwest of Hi ll 1835 is Hill 1710, which ho sts a large copper and
molybdenum geochemical anomaly coincident with a 6 km long broad magnetic anomaly. Initial
drill testing in 2016 consisted of four holes testing 1.6 km of this magnetic feature . Drilling
intersected porphyry style miner alization, with copper grades i ncreasing to the northeast. The
magnetic anomaly extends another 2.5 km to the northeast from the limits of the 2016 drilling.
Other exploration targets within this promising 100 square kilo metre property include the Quarry
target, where oxidized porphyritic rock with stockwork veining returned v a l u e s o f 5 0 0 p p m
copper in rock samples. Quarry lies 3 km north northeast of Hill 1835 at the n orthern end of an
11 km long magnetic high. Sampling at Quarry has confirmed both the presence of cop per
mineralization and quartz feldspar porphyry outcrops.
The Qualified Person for this re lease is Alvin Jackson, P.Geo – Vice President Exploration and
Development for the Company who has reviewed and approved the scientific an d technical
information contained in this press release.
About Freegold Ventures Limited
F r e e g o l d i s a T S X l i s t e d c o m p a n y f o c u s e d o n e x p l o r a t i o n i n A l a sk a a n d h o l d s t h r o u g h l e a s e s t h e
Golden Summit Gold Project, near Fairbanks as well the Shorty Creek Copper –Gold P roject near
Livengood.
About South32
South32 is a globally diversified mining and metals company. It p r o d u c e s b a u x i t e , a l u m i n a ,
aluminium, energy and metallurgical coal, manganese, nickel, si lver, lead and zinc at its operations
in Australia, Southern Africa and South America. It is also the owner of a high grade zinc, lead and
s i l v e r d e v e l o p m e n t o p t i o n i n N o r t h A m e r i c a a n d h a s s e v e r a l p a r tnerships with junior explorers
with a focus on base metals.
For further information:
Kristina Walcott
President and CEO
Telephone: 1.604.662.7307
Some statements in this news release contain forward‐looking information, including without limitation statements as to planned
expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or implied by the statements. Such factors include without
limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of
exploration program.
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