NEWS RELEASE
AUGUST 13, 2007
Freeport
at Spanish Mountain Gold Property
VANCOUVER,
CANADA
TSX Venture
Exchange: FRI
Shares
Issued: 13,266,232
FREEPORT
RESOURCES 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)
Geochem & Drill Hole Map
Airborne
Geophysical Map
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.
Soil
Sampling at Spanish Mountain
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.
Freeport Resources Inc.
Brenda
Clark, MAIBC
President
& CEO
1-888-275-7335
(toll
free)
(604)
275-7335 (tel.)
freeportresources@shaw.ca
THE TSX VENTURE
EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY
OF THE CONTENT OF THIS NEWS RELEASE.
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Freeport Resources Inc.
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CODE : FRI.V |
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ISIN : CA3567771025 |
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Freeport Res. est une société de production minière d'argent et d'or basée au Canada. Freeport Res. détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont RED ROSE, VOISEY'S BAY AREA et HUTTON au Canada. Freeport Res. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 841 562 CA$ (620 072 US$, 557 879 €). La valeur de son action a atteint son plus haut niveau récent le 09 août 1996 à 1,70 CA$, et son plus bas niveau récent le 01 janvier 2016 à 0,01 CA$. Freeport Res. possède 16 831 232 actions en circulation. |