Freegold Commences 2019 US $2.2 Million Program at Shorty Creek
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FOR IMMEDIATE RELEASE
FREEGOLD COMMENCES 2019
US $2.2 MILLION PROGRAM
AT SHORTY CREEK
VANCOUVER: May 15th, 2019 Freegold Ventures Limited (Freegold) (FVL: TSX), is pleased to
announce the commencement of the 2019 exploration 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 Shorty Creek property. To maintain
the option in good standing South32 must contribute minimum exploration funding of US$10
million over a 4 year option period with minimum exploration expenditures of US$2million in Years
1 and 2 and US$3 million in Years 3 and 4 for an aggregate of US$10 million. South32 may exercise
its option to subscribe for 70% of the shares of a newly formed project company by committing
US$30 million to the newly formed company, less the amount of exploration expenditure
contributed by South32 during the option period following the completion of each annual program.
Freegold shall act at as the Operator during the option period.
The 2019 program will consist of induced polarization su rveys, geochemical surveys and a
minimum 2,000 metre drill program designed to provide an initial test of the exploration targets
outside of the Hill 1835 target area. Drilling is expected to commence in mid July.
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 been largely concentrated on the Hill
1835 area; however it is only one of the potentially significant targets within the property area.
Twelve widely space holes with an average depth of 500 metres have expanded the
mineralized zone to over a 750 x 400 metre area with each hole intersecting significant and
consistent copper, gold, silver and tungsten mineralization over broad widths from base of oxide
material (average ~ 90 metres). The target remains open both laterally and to depth.
Two (2) km to the northwest of Hill 1835 is Hill 1710, which hosts a large copper and
molybdenum geochemical anomaly coincident with a 6 km long broad magnetic anomaly. Initial
drill testing in 2016 consisted of four (4) holes spaced 400 metres apart testing 1.6 km of this
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FREEGOLD COMMENCES 2019 - US $2.2 MILLION PROGRAM AT SHORTY CREEK
magnetic feature. Drilling intersected porphyry style mineralization, with copper grades increasing
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 kilometre property include the Quarry
target, where oxidized porphyritic rock with stockwork veining returned values of 500 ppm
copper in rock samples. Quarry lies 3 km north northeast of Hill 1835 at the northern end of an
11 km long magnetic high. Sampling at Quarry has confirmed both the presence of copper
mineralization and quartz feldspar porphyry outcrops.
The Qualified Person for this release is Alvin Jackson, P.Geo – Vice President Exploration and
Development for the Company who has reviewed and approved the scientific and technical
information contained in this press release.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on exploration in Alaska and holds through leases the
Golden Summit Gold Project, near Fairbanks as well the Shorty Creek Copper –Gold Project near
Livengood.
About South32
South32 is a globally diversified mining and metals company. It produces bauxite, alumina,
aluminium, energy and metallurgical coal, manganese, nickel, silver, 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
silver development option in North America and has several partnerships 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 programs