Overview

Shorty Creek lies approximately 125 road km 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 on Hill 1835.

During 2015 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 #

Depth
(m)

From
(m)

To
(m)

Int
(m)

Cu
Eq %*

Cu%

Au g/t

Ag g/t

Co ppm

W03%**

SC 15-01

402.6

3.96

39

35.04

oxide

0.017

0.25

0.58

—-

91.7

244

152.3

0.25

0.13

0.18

1.97

—-

SC 15-02

276

—-

—-

NSV

NSV

—-

SC 15-03

383.4

78.6

371.24

292.64

0.43

0.26

0.12

3.23

62

NSV

221.9

371.24

149.34

0.62

0.4

0.14

5.36

93

NSV

279.8

371.24

91.44

0.81

0.55

0.14

7.02

114

NSV

Hole #

Depth (m)

From
(m)

To
(m)

Int
(m)

Cu
Eq %*

Cu%

Au g/t

Ag g/t

Co ppm

W03%**

SC 16 01

520.6

86.1

520.6

434.5

0.64

0.36

0.12

7.46

141

0.03

Incl

138.6

345.6

207

0.82

0.45

0.16

9.6

190

0.045

Incl

300.6

345.6

45

1.21

0.57

0.38

9.9

303

0.045

SC 16-02

497.6

88

497.6

409.6

0.48

0.29

0.06

5.66

106

0.03

Incl

135.5

229

93.5

0.64

0.38

0.07

8.96

148

0.065

Incl

88

229

141

0.57

0.33

0.07

8.31

130

0.05

*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 and remains open at depth.

Further drilling in 2017 expanded upon the zone of mineralization to an area of 1,000 x 500 metres and remains open.

Hole #

Depth
(m)

From
(m)

To
(m)

Int
(m)

Cu
Eq %*

Cu%

Au g/t

Ag g/t

Co ppm

W03%**

SC 17-01

443

3

83

80

oxide

—-

0.05

5.35

—-

0.02

83

443

360

0.42

0.24

0.07

4.04

100

0.03

200

287

87

0.5

0.3

0.09

5

130

0.06

SC 17-02

485

4.5

77

72.5

oxide

—-

0.07

5.14

—-

0.04

77

485

408

0.42

0.27

0.05

4.97

85

0.05

Incl

95

434

339

0.46

0.3

0.05

5.72

85

0.06

SC 17-03

362.2

20

116

96

oxide

—-

0.06

NSV

—-

116

362.2

246.2

0.36

0.2

0.08

3.82

77

0.02

Incl

257

362.2

105.2

0.47

0.27

0.05

6.75

114

0.02

SC 17-04

500.5

4

308.5

304.5

NSV

NSV

0.04

NSV

NSV

NSV

308.5

500.5

192

0.25

0.11

0.13

1.48

56

NSV

Incl

425.5

500.5

75

0.33

0.15

0.12

2.64

79

NSV

SC17-05A

495.3

0

209

209

oxide

—-

0.08

4.83

—-

NSV

209

495.3

286.3

0.44

0.21

0.15

4.52

99

0.011

Incl

209

374

165

0.6

0.29

0.18

6.81

135

0.017

SC 1707

41

7

41

7

oxide

—-

0.07

1.7

—-

—-

Freegold has not as yet collected sufficient data to determine how the downhole drill intervals might relate to the actual true thickness of mineralization. *Copper equivalent grades are based on metal prices of: copper US$3.20/lb, gold US$1330 per oz and silver US$17 per oz and cobalt US$34/lb. Metal recoveries have not been applied in the copper equivalent calculation. The copper equivalent calculation is as follows; CuEq=Cu grade+(Au grade x Au price + Ag grade x Ag price)/(22.0462 x 31.1035 x Cu price)+ (Co grade x 22.0462 x Co price/Cu price/22.0462). NSV – no significant values. *Tungsten - Tungsten is not included in the copper equivalent.

Ground Magnetics and Drill Hole Locations – Hill 1835

Similar to many significant porphyry districts, a large zone of several other target areas have been identified with an area of nearly 10 km in diameter, including the large 6km long magnetic feature on Hill 1710. Within this alteration zone several other target areas have been identified, including the large 6 km long magnetic feature on Hill 1710.

In addition to the targets at Hill 1835 and Hill 1710, targets that remain to be tested include Quarry and Hill 1890. Further drilling is also warranted on Hill 1835, Hill 1710 and Steel Creek.

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