Freegold finds tungsten with Shorty Creek copper

Freegold Ventures Ltd. Oct. 26 provided results from the second hole of a summer drill program at its Shorty Creek copper-gold project about 75 road-miles northwest of Fairbanks, Alaska.

Hole SC 16-02 cut 93.5 meters averaging the equivalent of 0.55 percent copper when you factor in the value of the gold and silver in the intercept.

Hole two was drilled at the Hill 1835 prospect about 120 meters southwest of hole SC 16-01, which cut 434.5 meters averaging 0.57 percent copper-equivalent. In addition to the copper, gold and silver, both holes cut significant tungsten.

Hole two cut 93.5 meters of 0.065 percent tungsten trioxide, within a 409.6-meter section averaging 0.03 percent tungsten trioxide.

A 207-meter section of Hole one, reported earlier this year, averaged 0.045 percent tungsten trioxide.

Freegold said early mineralogical work has confirmed that the tungsten present at Hill 1835 is in the form of wolframite, which is typically recovered by gravity concentration.

With tungsten currently selling for roughly US$9 per pound, the presence of this metal within Hill 1835 may represent a significant by-product credit.

"The current drilling at Hill 1835 has already identified a potentially significant porphyry copper deposit with considerable by-product credits," said Freegold President and CEO Kristina Walcott.

The summer 2016 drill program at Shorty Creek included seven holes for 3,038 meters.

Freegold said assays results have been slow this year due to unexpectedly high sample volumes at the preparatory facility in Fairbanks and it will report results from the balance of the holes as they come available.

-SHANE LASLEY