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Freegold Ventures to Begin Geophysical Survey at Shorty Creek Copper-Gold Project
Aug. 12, 2014 09:52AM PST
Base Metals Investing The company also announced a non-brokered private placement of up to 5,000,000 units at a price of $0.20 per share for gross proceeds of up to $1,000,000.
Freegold Ventures Limited (TSX:FVL,FWB:FR4N) reported that a ground based geophysical survey has commenced on its Shorty Creek Projet. Shorty Creek is a copper gold porphyry target that is located 100 kilometers northwest of Fairbanks, Alaska. The company also announced a non-brokered private placement of up to 5,000,000 units at a price of $0.20 per share for gross proceeds of up to $1,000,000.
As quoted in the press release:
Previous exploration on the project identified significant gold, copper and pathfinder elements associated with gold-copper porphyry mineralization.
An area of extensive alteration associated with quartz porphyry and granodiorite porphyry intrusives have been previously identified over a 4km x 4 km area. The best exposure of the altered intrusive rocks is reported to be in the middle reaches of Shorty Creek at an elevation of 1000 feet (835 feet below hill 1835 and 335 feet below the bottom of the deepest drill hole on the property). One stream sediment sample from this location exceeds 550 ppb Au and a second exceeds 100 ppb Au.
Click here to read the Freegold Ventures Limited (TSX:FVL) press release