TSX Venture Exchange: FRI
Shares Issued: 13,266,232
VANCOUVER, Aug. 13 /CNW/ - FREEPORT RE
SOURCES INC. (TSX-V: FRI) is
pleased to report on field work last month at its Spanish Mountain Gold
property in BC. In July, Freeport conducted soil and stream sampling across
the full width of the property as a follow-up to the airborne geophysical
survey last fall by Skygold Ventures/Wildrose Resources (SKV-WRS). Assay
results are pending. In the course of the work, drill holes by SKV-WRS were
observed on access roads up to 54 metres (177 feet) of Freeport's west
boundary. Outcrops of oxidized pyrite-rich shales with quartz veining were
seen near Spanish Lake, with fragments of similar pyritic rocks in scree of
road cuts on Freeport's claims also sent for assay. Spanish Mountain is a key
gold exploration project in the Cariboo - a historic gold placer district
well-known for rich finds at Cedar and Spanish Creeks in the 1920's.
Freeport's 100%-owned claims (150 hectares, 371 acres) are approximately
600 metres (.37 miles) from Skygold/Wildrose's primary mineralized zone,
reportedly open to the east and to Freeport's ground. Skygold states,
"Drilling, geophysics and soil geochemistry show that gold mineralization at
Spanish Mountain is not restricted to the Main Zone and may be part of a much
larger gold mineralizing system which has not been adequately tested."
According to Skygold's President Doug Fulcher, "Mineralization is associated
with a contact between argillites and greywackes and over 96% of our diamond
drill holes that have penetrated this contact have intersected the zone." (SKV
release of April 16, 2007)
Skygold/Wildrose interpret Spanish Mountain as a Sediment Hosted Vein
Deposit, with excellent potential for an open pit gold mine. These types of
deposits have typically low grade gold but represent some of the largest gold
deposits in the world. They are associated with prolific placer gold fields
and usually occur in groups, with one large and associated satellite deposits.
Skygold/Wildrose have delineated a NW-SE trending mineralized zone of
approximately 1.2 km by 0.8 km (.75 mi by .5 mi), open in all directions. The
zone was outlined based on an extensive 1400 soil sample survey, two
geophysical surveys and an extensive drilling program. Freeport's property is
on strike with that mineralized zone.
Ecole Polytechnique of Montreal will provide an independent review of
airborne mag-em data provided by Skygold/Wildrose (see Freeport's Feb. 20,
2007 release). SKV-WRS interpret the survey results to suggest structural
continuity from the 'Main Zone' across Freeport's block, which coincides with
resistivity lows. As noted by SKV-WRS, "Resistivity data reveals that the
majority of mineralization in the South, Central and North Main Zones is
situated within or on the flanks of NW-SE trending resistivity lows. These
lows are likely outlining broad zones of argillite stratigraphy favourable for
sediment hosted gold mineralization." (from Skygold release, Nov. 9, 2006)
More detailed soil and stream geochemical sampling is planned this month
by Freeport's VP Exploration, Doug Perkins. Follow-up trenching and eventual
drilling of targets produced from the geophysical survey has been recommended.
Zdenek Hora, P.Geo., is the Qualified Person who has reviewed this release.
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
For further information:
For further information: Freeport Resources Inc., Brenda Clark, MAIBC,
President & CEO, 1-888-275-7335 (toll free), (604) 275-7335 (tel.), (604)
275-4664 (fax.), firstname.lastname@example.org