NewsInternational Freegold Mineral Development Inc. - Union Bay Drill Results
Toronto Stock Exchange Trade Symbol: ITF
VANCOUVER, Oct. 24 /CNW/ - International Freegold Mineral Development
Inc.'s (ITF) joint venture partner Quaterra Resources Inc. announced today
results from an initial drilling program at the Union Bay PGE project in south-
east Alaska. The program consisted of 356 metres of diamond drilling in four
holes on two of the six multi-gram PGE targets on the 21 square mile Union Bay
ultramafic complex. Table one is a summary of significant mineralization from
this drilling.
Angle holes UB01-1 and UB01-2 were scissored under North Zone outcrops
where previous surface sampling and rock saw trenching had returned values up
to 18 grams per tonne (g/t) platinum (Pt) and palladium (Pd). The holes were
designed to test down-dip continuity of a north-west trending PGE-bearing
horizon defined by previous mapping and sampling. Hole UB01-1, drilled to the
west, intersected this horizon at a depth of 19.1 metres, with a 0.5 metre
interval assaying 11.2g/t Pt and Pd. Mineralization is hosted in pyroxenite
with disseminated and vein type magnetite. Hole UB01-2 was drilled to the
north-east and intersected 0.6 metres of lower grade mineralization beginning
at 50.1 metres averaging 0.44g/t Pt and Pd. It is possible that the high-grade
horizon intersected in hole UB01-1 was cut out or diluted by post-mineral
pyroxenite dikes.
Holes UB01-3 and UB01-4 were drilled at Mt. Burnett, about 3.2 kilometres
west of the North Zone, where previous surface sampling returned values up to
11.5 g/t Pt and Pd. Both holes intersected anomalous Pt and Pd in multiple
horizons up to 8.8 metres thick hosted primarily in hornblende pyroxenite
containing disseminated and vein type magnetite. Values ranged up to 1.1 g/t
Pt and Pd over a one-foot interval in holes UB01-4.
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Table 1
Hole From To Interval Pt.(*) Pd.(*) Pt & Pt &
No. (m) Pd(*) Pd g/t
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North Zone 1 19.1 19.6 0.5 10,590 565 11,155 11.2
North
Zone 2 50.1 50.7 0.6 422 21 443 0.44
MT. BURNETT 3 0.6 4.3 3.7 157 122 279 0.28
3 14.2 16.0 1.8 105 177 282 0.28
3 61.4 64.1 2.7 98 109 207 0.21
Mt. Burnett 4 0 8.8 8.8 105 186 291 0.29
Includes 1.4 3.5 2.1 213 382 595 0.59
4 28.4 28.7 0.3 1007 155 1162 1.16
(*) values in parts per billion
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>>
Quaterra is encouraged by these initial results that show the presence of
high grade Pt and Pd below North Zone mineralized outcrops. These results will
allow Quaterra to begin tracing mineralization along the +400 metre
mineralized trend with additional drill holes. Mapping and sampling also
strongly suggest that all Pt-Pd mineralization discovered to date on the
property occurs within a predictive magmatic sequence that can be traced
discontinuously over an area 8 kilometers long and 5 kilometers wide. Quaterra
President, Tom Patton noted that "the discontinuous nature of stratiform PGE
mineralization in occurrences such as the J-M reef in the Stillwater Complex
is well documented. The large size of our target combined with widespread high-
grade surface samples suggests that continued exploration should be successful
in identifying zones with mineable widths and grades".
Quaterra may earn a 50% interest in Union Bay from International Freegold
Mineral Development Inc. by spending US$1.0 million in exploration and
development and making staged cash payments totalling US$100,000 over the next
four years. The qualified person for the project is Tom Patton.
All samples were prepped and analyzed by Bondar Clegg Ltd. for platinum,
palladium and gold using ICP analytical methods and a two acid digestion
procedure.
On behalf of the Board of Directors
"Harry Barr"
Harry Barr, Chairman & CEO
The Toronto Stock Exchange and Canadian Venture Exchange have neither
approved nor disapproved the contents of this news release.
Freegold is listed both on The Toronto Stock Exchange and The Canadian
Venture Exchange, and has received 20F clearance in the United States.
DISCLAIMER
This news release may contain certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the Canadian
Venture Exchange, British Columbia Securities Commission and the United States
Securities & Exchange Commission.