VANCOUVER: Freegold Ventures Limited is pleased to provide results from its second drill hole from the Summer 2016 drilling program at its Shorty Creek Project, Alaska, located approximately 125 km by road northwest of Fairbanks, Alaska. A total of 7 holes were completed for a total of 3,038 metres (9,966 feet). Additional assays will be reported as they become available. Assays have been slow to be received due to unexpectedly high sample volumes at the preparatory facility in Fairbanks.
Hole SC 16-02 was collared approximately 120 metres SW of hole SC 16-01. (See attached maps). Hole 16-01 intersected 434.5 metres from the base of oxidation at 86.1 metres to EOH at 520.6 metres and graded 0.57% Cu equivalent. Within this broad intercept a higher-grade interval of 207 metres grading 0.73% Cu equivalent from 138.6 metres to 345 metres was also intersected. Mineralization remains open to depth with the last 12 metres grading 0.82% Cu equivalent. (Cu 0.55%, Au 0.145 g/t) and Ag 9.67 g/t).
Limited drilling in both 2015 and 2016 has demonstrated the copper mineralization is associated with a distinct magnetic high in the Hill 1835 area. The overall magnetic signature at Hill 1835 covers a 750 metre by 1,000 metre area. Mineralization has been intersected to a depth of 520 metres and remains open to depth. Previous holes drilled by Asarco on the project were drilled to a maximum depth of 150 metres. Both the 2015 and 2016 drilling confirmed that the mineralization has significant depth potential.
"We are extremely pleased with the results to date," Kristina Walcott, President and CEO of Freegold commented. "The current drilling at Hill 1835 has already identified a potentially significant porphyry copper deposit with considerable by-product credits."
For complete details, visit www.freegoldventures.com.