VANCOUVER, Nov. 5, 2020 /CNW/ - Freeport Resources Inc.
(TSX-V: FRI) ("Freeport",
or the "Company") is pleased to announce that it has filed
an independent technical report outlining the current resource
estimate for its Star Mountains property located in Papua New Guinea (PNG). A copy of the
report is available under the Company's profile on SEDAR
(www.sedar.com).
"We are pleased to have completed this technical report which
illustrates the current resource at Star Mountains," stated
Freeport Chief Executive Officer,
Gord Friesen. "We are hopeful that pandemic restrictions on
movement both within, as well as to and from, PNG will ease in the
new year. This will allow us to undertake an exploratory
drill program to possibly increase this resource as well as an
infill drill program with the intention of moving the resource from
the inferred category to the measured and indicated
categories".
About the Star Mountains Property
Star Mountains is a large copper & gold porphyry project in
mining friendly, Papua New Guinea
(PNG) comprising 4 tenements located 25km east of the giant Ok Tedi
mine. H&S Consultants Pty. Ltd. ("H&SC") have
completed a maiden mineral resource estimate, in accordance with
National Instrument 43-101, for the Olgal deposit situated on the
EL 1312 tenement. The current inferred resource, using a 0.3%
copper cut-off grade, is 210 million tonnes grading 0.4% copper and
0.4 g/t gold, for 2.9 million ounces of contained gold and 1.9
billion pounds (840,000 tonnes) of contained copper. Using
current prices for gold and copper this is equivalent to
approximately 5.7 million ounces of gold or 3.8 billion pounds
(1,680,000 tonnes) of copper.
About Papua New
Guinea
Papua New Guinea is a country
that occupies the Eastern half of the island of New Guinea in the southwestern Pacific Ocean.
PNG is richly endowed with mineral resources and the geological arc
spanning the island is home to some of the world's largest gold and
copper mines/projects including Grasberg, Porgera, Frieda River, Ok Tedi, Ramu and Lihir. PNG
is considered a stable and mining-friendly jurisdiction and
presents tremendous exploration potential.
About H & S Consultants
The technical report was completed by H&SC in Brisbane, Australia under the direction
of Simon Tear, P.Geo., and Arnold van
der Heyden, MAIG. Both are directors of H&SC and
are qualified persons for the purposes of National Instrument
43-101. Mr. Tear and Mr. van der Heyden have reviewed and
approved the technical content in this disclosure.
H&SC provides a wide range of geological services for all
phases of mineral projects from advanced exploration through
evaluation and bankable feasibility to mine production. H&SC
has offices in Sydney and
Brisbane and is currently engaged
in projects in worldwide.
About Freeport
Freeport is a Canadian junior
exploration company with a diverse portfolio of properties -- the
Red Rose Mine (a past producer of tungsten-gold-copper), Spanish
Mountain Gold (adjacent to a proposed open-pit gold mine), and the
Q (a large, well-known fluorspar deposit), all located in
British Columbia. Freeport
recently acquired Quidum Resources and, through its wholly owned
subsidiary Highlands Pacific Resources Ltd, controls the Star
Mountains project in Papua New
Guinea. Please visit www.freeportresources.com or
contact us for more information.
On behalf of the Board,
Freeport Resources Inc.
Gord Friesen, Chief Executive
Officer
(236) 334-1660 or gord@freeportresources.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain certain "Forward-Looking
Statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws. When or if used in this news release, the
words "anticipate", "believe", "estimate", "expect", "target,
"plan", "forecast", "may", "schedule", "intends" and similar words
or expressions identify forward-looking statements or
information. Such statements represent the Company's current
views with respect to future events and are necessarily based upon
a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social risks,
contingencies and uncertainties. Many factors, both known and
unknown, could cause results, performance or achievements to be
materially different from the results, performance or achievements
that are or may be expressed or implied by such forward-looking
statements. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements or
information to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements and
information other than as required by applicable laws, rules and
regulations.
SOURCE Freeport Resources Inc.
