TSX Venture Exchange: FRI
Shares Issued: 14,226,232
VANCOUVER, Oct. 20 /PRNewswire/ - Freeport Resources Inc. is pleased to announce approval of its Hutton work plan, with updates for 3 BC projects prospective for gold, tungsten, fluorspar, moly & rare earth elements (REE).
Hutton Garnet Beaches: The bulk sample program to collect 5000 tonnes was recently released from environmental assessment, with final approvals now received for work next season. Processing of about 100 tonnes will commence shortly. A major update to the Business Plan is nearing completion, based on study of economic factors, especially transportation to high volume markets in northeast North America. Garnet is used for waterjet cutting, blasting and filtration. Findings to date appear favourable and options for advancing the project are being developed.
Red Rose Mine (tungsten-gold): Final geophysical data is expected soon from the airborne geophysical survey (EM/mag/radiometric) flown in August. Red Rose has excellent gold potential, with published values averaging 19.2 g/tonne over 0.7 m width and over 49 m strike length (0.56 oz/ton over 2.1 feet over 160 feet) in Adit # 1. Bonanza grades of 63.8 g/mt over 0.3m (1.86 oz/ton over 1.0 foot) and 49.0 g/mt over 0.7m (1.43 oz/ton over 2.2 feet) were also reported. The Red Rose shear is an important gold target, now largely unexplored north and south of the mine.
The Q (fluorspar, moly, REE): Extensive drilling and underground workings have defined several mineralized fluorspar and molybdenite zones. Elevated niobium values (837 ppm or 1197 g/t Nb2O5) in randomly selected samples and widespread rare earth minerals (i.e. bastnaesite, a REE carbonate) strongly suggest carbonatite-related mineralization. Pyrochlore (a niobium mineral) has been found. Two recent BCGS Fieldwork articles summarize Niobium-Thorium-Strontium-REE Mineralogy. Analytical work on fluorspar, MoS2 and REE is upcoming.
Spanish Mountain Gold: Freeport's property abuts Spanish Mountain Gold's large, bulk minable gold-bearing zone (SMG, or Skygold). SMG's NI 43-101 resource estimate outlines Measured and Indicated Resources of 3.94 million ounces of gold (210 MT at 0.581g/tonne at a cut off grade of 0.3g/tonne, May 09). Freeport's sampling gave comparable gold values to SMG's deposit.
Zdenek Hora, M.Sc., 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. For further information please visit www.freeportresources.com, or email email@example.com.
Freeport Resources Inc.
Brenda Clark, MAIBC
President & CEO
1-888-275-7335 (toll free)
(604) 275-7335 (tel.)
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 relea
SOURCE Freeport Resources Inc.