Overview

Shorty Creek lies approximately 125 road km to northwest of Fairbanks, Alaska (population 100,000) and 4 kms to the south of the abandoned mining town of Livengood and the all-weather paved Elliott Highway.

Originally located as an antimony project – it was subsequently re-evaluated as copper molybdenum project by Earth Resources in 1972 who reportedly drilled in several locations. No data remains from this campaign. In 1984 Fairbanks Exploration staked the ground and from 1985 – 1990 conducted exploration, the last three years under a joint venture with Asarco. A total of 20 holes (6,843.5 feet) were drilled to a maximum depth of 150 metres. During 2015 and 2016 Freegold undertook a limited drill program on Hill 1835. The objective in 2015 was to extend the mineralization encountered by Asarco to depth. Results in 2015 suggested the mineralization was associated with the magnetic high at Hill 1835. Two additional holes were drilled in 2016 to test this hypothesis. Highlights are reported below:

HOLE
NUMBER
HOLE
INCL.
DEPTH
OF
HOLE
(FT)
FROM
(M)
TO
(M)
INTERVAL
(M)
AU
g/t
AG
g/t
CU
%
SC 15-01-9013484.039.035.10.25AN*AN*
SC 15-01-9091.7244.1152.40.181.970.13
SC 15-03-90124878.6371.3292.60.123.230.26
incl279.8371.391.40.147.020.55
SC 16-01-90170886.1520.6434.50.127.460.36
incl138.6345.62070.169.60.45
incl300.6345.6450.389.90.57
SC 16-02-90163288.0497.6409.60.065.660.29
incl88.0209.01210.078.310.33
incl135.5229.093.50.078.960.38

*An - anomalous


Mineralization on this noteworthy target is associated with a magnetic high. The magnetic anomaly on Hill 1835 has dimensions of 700 x 1000 metres. Mineralization has been shown to extend to 500 metres.

Similar to many significant porphyry deposits, a large zone of alteration has been identified on the Shorty Creek Property that covers nearly 10 km in diameter. Within this alteration zone several other target areas have been identified, including the large 6 km long magnetic feature on Hill 1710. With 5 holes drilled on Hill 1710 this summer , only 1,200 km of this large target has been tested. The holes were largely spaced 400 metres apart and 4 of the holes drilled along strike intersected broad zones of copper-molybdenum mineralization with the copper grades appearing to increase to the northeast. The results are a further testament to the size of this highly prospective property.

In addition to the drill ready targets at Hill 1835 and Hill 1710 additional exploration conducted on Shorty Creek this summer has identified two significant new targets, the Quarry and Steel Creek. The Steel Creek is particularly exciting as not only does it appear to be onstrike with Hill 1835 but it has a stronger magnetic signature that than exhibited by Hill 1835.

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