Promising copper-gold porphyry tapped at Shorty Creek project

Freegold Ventures Ltd. Nov. 16 reported that the results of the fall 2015 drill program on its Shorty Creek project demonstrate the potential for a significant copper-gold porphyry deposit at this Interior Alaska property. The best intercept of the program was 91.4 meters of 0.71 percent copper-equivalent.

A total of four holes were drilled during the 2015 program, which was hampered by challenging weather, including the second-largest for September snowfall in 102 years.

Despite the challenges, Freegold said the program demonstrates the potential for Shorty Creek to host a significant copper-gold porphyry deposit and is looking forward to continue drilling in 2016.

The first three holes were drilled at Hill 1835, an area in which Asarco tested with shallow drilling in 1989 and 1990.

The presence of quartz feldspar porphyry was noted in all three holes - SC-15-01, SC 15-02, and SC 15-03.

Hole SC 15-04 was abandoned twice due to difficult ground conditions.

Hole 1 cut 35.1 meters of 0.2 percent copper-equivalent from a depth of 3.96 meters, and 152.4 meters of 0.27 copper-equivalent from a depth of 91.74 meters.

Anomalous copper-gold-silver mineralization was cut in hole 2.

Freegold said the results suggest holes one and two were drilled in the pyritic halo of the deposit.

SC15-03 was collared within a distinct magnetic high at Hill 1835 which covers roughly a 750- by 1,000-meter area, and is located some 250 meters to the southwest of any previous drilling. This hole cut 292.6 meters of 0.13 grams per metric ton gold, 3.23 g/t silver and 0.26 percent copper, or 0.38 percent copper-equivalent, including 91.4 meters of 0.14 g/t gold, 7.02 g/t silver and 0.55 percent copper, or 0.71 percent copper-equivalent.

Freegold said the results appear to indicate that the highest grade copper mineralization is associated with the magnetic anomaly. The core of the magnetic high at Hill 1835 is situated roughly 250 meters southwest of hole 3.

Intense alteration consisting of silica flooding, sericite, biotite, and quartz veining with sulfides is present within SC 15-03.

Of particular significance for the size potential of the Shorty Creek Project is the similar magnetic and geochemical signature found at Hill 1710, which lies 2,500 meters northwest of Hill 1835.

The geochemical anomaly there is 2,000 meters long and remains open along strike. It directly correlates with the magnetic anomaly, which is in excess of 6,000 meters in length and up to 1,500 meters in width.

-SHANE LASLEY