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D E C E M B E R / J A N U A R Y 2 0 1 7 www.resourceworld.com 51 Copper mineralization (chalcopyrite) in the drill core. photos courtesy Freegold Ventures Ltd. Freegold Ventures intersects 93.5 metres of 0.55% CuEq at Shorty Creek FREEGOLD VENTuRES LTD. [FVL-TSX; FGOVF-OTC; FR4N] has received encour- aging assays from its second drill hole from the summer 2016, drilling program at its Shorty Creek Project, Alaska. The project is located four km south of the abandoned mining town of Livengood and the all- weather paved Elliott Highway about 125 road-km northwest of Fairbanks. Seven holes were completed for a total of 3,038 metres (9,966 feet). Additional assays are pending. Hole SC 16-02 was col- lared approximately 120 metres southwest of hole SC 16-01 that returned 0.57% cop- per equivalent (CuEq) over 434.5 metres. Within this intercept, a higher-grade inter- val of 207 metres grading 0.73%t CuEq from 138.6 metres to 345 metres was also intersected. Mineralization has been intersected to a depth of 520 metres and remains open to depth. Previous holes drilled by Asarco on the project were drilled to a maximum depth of 150 metres. Both the 2015 and 2016 drilling confirmed that the mineral- ization has significant depth potential. Hole SC 16-02 from the latest program returned 409.6 metres (1,344 feet) grading 0.41% CuEq, including 141 metres (462.6 feet) of 0.49% CuEq, including 93.5 metres (307 feet) of 0.55% CuEq (0.38% copper, 8.96 g/t silver and 0.07 g/t gold). "We are extremely pleased with the results to date," said Kristina Walcott, President and CEO of Freegold. "The current drilling at Hill 1835 has already identified a potentially significant por- phyry copper deposit with considerable byproduct credits." Freegold has not as yet collected suffi- cient 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 at US $2.15/lb, gold at US $1,260/oz and silver at US $18/oz. Metal recoveries have not been applied in the copper equivalent calcu- lation. The copper equivalent calculation is as follows: CuEq equals Cu grade plus (Au grade x Au price plus Ag grade x Ag price) divided by (22.0462 x 31.1035 x Cu price). In addition to the significant copper, gold and silver min- eralization reported from SC 16-02, it is interesting to note that tungsten (W) values were inter- sected averaging 252 parts per million W (0.03% tungsten trioxide (WO 3 ) over 409.6 metres, with a higher-grade interval of 519 ppm W (0.065% WO 3 ) over 93.5 metres. Significant tungsten was also intersected in hole SC 16-01, which included 359 ppm W (0.045% WO 3 ) over 207 metres. Early mineralogical work has confirmed that the tungsten present at Hill 1835 is in the form of wolframite, which is typi- cally recovered by gravity concentration. Freegold Ventures is of the view that the presence of tungsten within Hill 1835 may represent a significant byproduct credit. The current tungsten price is US $198 per thousand thermal units (10 kilograms) WO 3 or approximately US $9/lb WO 3 . n miNiN g