Although assays are pending, International Freegold Mineral Development (ILF-V) reports that potentially economic mineralization has been uncovered at its Golden Summit project, 20 miles north of Fairbanks, Alaska.
Drilling to date has intersected what the company describes as “extensive areas of quartz-sericite-pyrite alteration with variable secondary quartz veining.”
Similar alteration and sulphide mineralization host significant gold values previously reported on three of Golden Summit’s prospects: Dolphin (330 ft.
grading 0.049 oz. per ton); Goose Creek (160 ft. of 0.119 oz. gold); and Cleary Hill (100 ft. of 0.039 oz. gold).
About half of the 12,000-ft., first phase of reverse-circulation drilling has been completed.
Meanwhile, top-of-bedrock soil auger sampling has generated three new areas anomalous in gold and pathfinder elements. In total, 1,050 soil samples covering 5,000 acres of previously unexplored land were collected. Fort Knox-style intrusive-related geochemical signatures have been identified on the Tamarack and Columbia areas, while True North-style geochemical signatures are present on the so-called Kokomo grid area. Gold values of 0.08 oz. per ton have been collected on these grids.
The second phase of exploration will consist of 17,000 ft. of additional drilling. The 1998 program is being funded by Barrick Gold (ABX-T), which is working toward earning an initial 51% interest in the project.
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