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
info@freeportresources.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.
Copyright . 20 PR Newswire