Freegold Ventures - Shorty Creek potential validated by South32
Freegold Ventures has granted South32 (an A$19.0bn market cap major demerged from BHP in 2015) an option to earn up to a 70% interest in Shorty Creek by investing US$30m, of which at least US$10m will be in the form of exploration expenditure. Freegold will remain the operator. However, South32’s (time deferred) option effectively represents a validation of the exploration potential at Shorty Creek and (significantly) allows it to be further explored and validated with no further share dilution to Freegold investors.Freegold Ventures is engaged in the process of acquiring, exploring and developing precious metal mineral properties in the U.S. and Canada. Co. has not determined whether these properties contain ore reserves that are economically recoverable and Co. is considered to be in the exploration stage. The recoverability of the amounts expended by Co. on acquiring and exploring mineral properties is dependent upon the existence of economically recoverable reserves, the ability of Co. to complete the acquisition and/or development of the properties and upon future profitable production.
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