TSX Venture Exchange: FRI
Shares Issued: 13,476,232
VANCOUVER, April 9 /CNW/ - Freeport Resources Inc. is pleased to give an
overview of its Spanish Mountain Gold, Red Rose tungsten-gold mine, and Q
fluorspar-molybdenum projects, all located in B.C.
Spanish Mountain Gold (SMG)
Freeport's work to date at the Spanish Mountain Gold (SMG) property has
proven an easterly extension of the large mineralized zone on adjacent claims
held by Skygold, less than 0.5 km (0.3 mi) from Freeport's boundary. To
summarize, sampling has returned comparable values to Skygold's bulk mineable,
road accessible deposit, where updated 43-101 estimates released last month
outline 2.58 million ounces gold in the measured and indicated categories,
based on a cut-off grade of 0.50 g/t. Skygold's mineralized zone has been
greatly expanded from previous reports, and now measures about 1.5 km by 2 km
(.9 mi by 1.2 mi). A 2008 B.C. Geological Survey paper on geochemistry of the
Spanish Mountain deposit also shows very similar gold values as found at SMG.
These developments are all very encouraging. An assessment report filed in
March maintains SMG in good standing for 10 years.
Red Rose Mine
The Red Rose, a past-producing tungsten-gold mine in the prolific Rocher
Deboule mining camp, continues to receive international interest. Freeport has
been in recent discussions with parties from Asia, Australia, and Canada,
regarding option agreements to outright sale of the 100% owned crown grants.
Tungsten, a strategic metal, is one of few not significantly impacted by the
market downturn. Red Rose has historical tungsten reserves (not NI43-101
compliant) in the lower levels nearer the valley floor, where gold values of
up to 63.8 g/tonne have also been reported. Only a short segment of the
extensive mineralized structure - over 400 metres (1312') in length - has been
explored or subject to mining.
Q Fluorspar-Molybdenum (formerly Eaglet)
The Q is a complex deposit with several distinct types of mineralization
which may increase the economic potential of the property. Previous work
defined historical reserves (not NI-43-101) of 24 million tonnes with 11.5% of
fluorite (also called fluorspar, or CaF(2)), widespread accessory celestite,
silver (up to 62 g/tonne) and some recoverable galena and sphalerite. Further
exploration has good potential to better outline the available resource. More
recent data shows important molybdenite mineralization notably in Adit 2 and
in many drill holes with up to 1284 ppm Mo locally reached (S111-85, at 28m or
Ongoing laboratory work strongly suggests carbonatite related
mineralization in the deposit. This may partly explain some of its more
unusual aspects, as well as revealing exciting new possibilities for economic
mineralization not previously considered. The studies have determined an
igneous source for celestite (a strontium mineral widespread at the Q), and
significantly elevated niobium (837 ppm or 1197 g/t Nb(2)O(5)) in some
randomly selected samples, and confirmed presence of pyrochlore (a niobium
mineral). Rare earth minerals (such as bastnaesite, a REE carbonate) have also
been found, further reinforcing the possibility of a carbonatite source.
The Q has value as a potentially large source (compared to most deposits)
of acid grade fluorspar (CaF(2)) with co-product silver, lead and molybdenum.
From an economic perspective, world shortages of supplies of acid-grade
fluorspar are anticipated due to a rapid decrease in exports from China in
recent years. As noted at the October Fluorspar08 conference, this is expected
to attract fluorspar mining interests to BC.
Zdenek Hora, M.Sc. P.Geo., is the qualified person who has reviewed this
On an administrative note, the company plans to grant a total of 650,000
stock options to directors, officers, and consultants of the company at an
exercise price of 10 cents, expiring April 9, 2014, under the terms of the
2004 Stock Option Plan. Grant of options is subject to approval by the TSX
Freeport Resources, founded in 1981, is a junior mineral exploration
company listed on the TSX Venture Exchange. Freeport has landholdings in
Labrador and B.C., with a special focus on industrial minerals, precious and
base metals, and gemstones.
For further information:
For further information: Freeport Resources Inc.: Brenda Clark, MAIBC,
President & CEO, 1-888-275-7335 (toll free), (604) 275-7335 (tel.)