FREEPORT RESOURCES INC.
JULY 24, 2008
NEWS RELEASE
FREEPORT'S RED ROSE MINE ASSESSED FOR GOLD-TUNGSTEN
VANCOUVER, CANADA
TSX Venture Exchange: FRI
Shares Issued: 13,486,232
FREEPORT RESOURCES INC. (TSX-V: FRI) is evaluating its past-producing Red Rose tungsten mine for gold: Bonanza grades of 49.0 - 63.8 g/tonne (1.43-1.86 oz/ton) were reported, with
samples representing 49 m (160 ft) strike length along Adit No. 1 averaging 19.2 g/tonne over 0.7 m (0.56 oz/ton over 2.1 ft). The Red Rose property consists of 15 crown grants 100% owned by Freeport, accessible by an unimproved road leading to the provincial highway.
The Red Rose was one of the most important mines of the prolific Rocher Deboule mining camp in the Omineca Mining District, BC. It produced over a million kilograms of tungsten with copper, gold and silver by-products from 1942 to 1954. Ore was transported to a mill in the valley below the mine's extensive workings by an aerial tram. The workings included 12 levels and sub levels, multiple raises, 4 access adits and an inclined shaft following the vein from the 600 level down to the lowest level (1100). Importantly, the lower levels were only partially mined (800-1100), with some 57,700 tonnes of ore estimated remaining, including 13,600 tonnes at approximately 1.9% WO3 (BC Government Minfile 093M 067). Although these historical reserves have not been verified by Freeport and are not NI 43-101 compatible, they are of some interest to ongoing exploration efforts. Low tungsten demand in 1954 after WWII prompted closure of Red Rose.
Scheelite is the main tungsten ore, occurring in a pegmatitic vein composed mostly of quartz and feldspar. Molybdenite, chalcopyrite and gold are found locally. The vein fills the Red Rose shear. It was mined over 60 to 120 metres, from the surface down to the 800 level (335 metres). Freeport's two hole drilling program in 1987 intersected the extension of the vein at the 1450 level, proving its continuity well below the known workings. Freeport has recently completed detailed review of historical literature and a compilation report is underway.
Although past work concentrated mainly on tungsten, the Red Rose Shear has known copper-gold and silver-lead-zinc showings. The shear is open both north and south of the mine and remains largely unexplored. Sampling both north and south of the mine is recommended, especially along the shear zone where some of the most interesting gold values have been found.
Zdenek Hora, P.Geo., is the Qualified Person who has reviewed this release. For further information, please visit our website at www.freeportresources.com. 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.)
info@freeportresources.com
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 757 405 CA$ (550 440 US$, 503 267 €). La valeur de son action a atteint son plus haut niveau récent le 09 août 1996 à 1,70 CA$, et son plus bas niveau récent le 01 janvier 2016 à 0,01 CA$. Freeport Res. possède 16 831 232 actions en circulation. |