Vancouver- Phase I diamond drilling by Freegold Ventures (ITF-T) on the Cleary Vein on its Golden Summit property in Alaska, shows that the high grade gold continues beyond the old mine workings. The property is situated in the Fairbanks Mining District about 3 miles from Kinross Gold’s (K-T) producing Fort Knox mine.
Freegold’s drilling below the old Cleary Hill mine workings along a 240 metre strike length, intersected several other mineralized veins and structures in the hanging wall.The gold mineralization in the recent drilling was found as fine grains and visible gold associated with various forms of quartz with pyrite, arsenopyrite and jamesonite.
Some of the highlights of the drilling include a 6 foot interval of 0.283 ounce gold per ton from an unknown vein at a downhole depth of 125.5 feet in hole 401 and a 10.5 foot interval grading 0.449 oz. gold from the Cleary Vein itself at a 567 foot depth in hole 403.
Phase 2 exploration is now underway on the Tolovana propsect about 750 metres west of the Cleary Hill mine area. Permit applications have been submitted to allow for trenching and drilling of veins surrounding the old Tolovana underground mine.
The project was joint ventured to Meridian Gold (MNG-T)in January of this year, which allows Meridian to a earn up to a 70% interest by bringing one of the three prospective areas on the 18,000 acre property into production.
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