TSX Venture Exchange: FRI
Shares Issued: 14,226,232
VANCOUVER, Feb. 16 /CNW/ - Freeport Resources Inc. is pleased to announce new developments at its Q project, where historical reserve estimates of 24 million tonnes of ore averaging 11.5% fluorite with silver, molybdenum and lead by-products were published by Eaglet Mines in 1984 (non NI43-101 compliant). The Q is interesting today as a potentially large source of fluorspar defined by extensive underground workings and drilling. Freeport has identified important molybdenite mineralization with rhenium values in Adit 2, as well as anomalous MoS(2) in 6 of 14 nearby drill holes, which could favourably improve project economics; over 15% of the 3m long rib samples (total 562 samples) range between 0.0167% to 0.191% MoS(2) (100 to 1143 ppm Mo, see map at http://www.freeportresources.com/i/maps/2010-02-15_NRM.jpg). Given the scope of the Q deposit, Freeport seeks an industry partner with suitable expertise and development capabilities to advance the project. A newly filed assessment report concludes a current NI43-101 report should be prepared, as historical estimates have not been currently verified by a Qualified Person, cannot be relied upon, and no current pre-feasibility has been done. To verify Eaglet Mine's theory of horizontal stacked fluorspar lenses, underground drilling from Adit 2 is needed along with 3D modelling showing distribution and grade of fluorite (CaF(2)), moly (MoS(2)), celestite (SrS0(4)) and Ag/Pb/Zn mineralization. This work is very important to assess alternate development options.
Freeport's metallurgical work at BC Mining Research resulted in a commercial-grade moly concentrate. An Eaglet Mines July 1984 press release reported preparation of moly and fluorite concentrates, with respective recovery of 85% and 87-89%. In October 1984, their Preliminary Feasibility concluded a proposed 5000 tpd underground mine was not viable with acidspar below $US167, with fluorspar price the main prerequisite to mine viability. Fluorspar prices are now about $US300/tonne (acid-grade), and world market readjustments are expected due to a rapid decrease in exports from China.
Recent work on deposit mineralogy, origin and mineral distribution is summarized in 2 BCGS Fieldwork Studies on the property. "Niobium-Thorium-Strontium-REE Mineralogy & Preliminary Sulphur Isotope Geochemistry of the Eaglet Property" by ZD Hora et al., published January 2010, is available on-line at: http://www.empr.gov.bc.ca/Mining/Geoscience/PublicationsCatalogue/Fieldwork/Documents/2009/08_Hora_2009.pdf. ZD Hora M.Sc. P.Geo. is the qualified person who has reviewed this release. Please visit our website at www.freeportresources.com for more information on the Q as well as our other properties in Canada.
On an administrative note, the company plans to grant a total of 800,000 stock options to directors, officers, and consultants of the company at an exercise price of 10 cents, expiring February 14, 2015, under the terms of the 2004 Stock Option Plan. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Freeport Resources Inc.
For further information: For further information: Freeport Resources Inc., Brenda Clark, MAIBC, President & CEO, 1-888-275-7335 (toll free), (604) 275-7335 (tel.), firstname.lastname@example.org