TSX-V
FRI.V
0.06 CA$
175.00%
ANNOUNCES FLUORITE-MOLY STUDY PUBLISHED
On March 11 2008
March 11, 2008
News Release
FREEPORT ANNOUNCES FLUORITE-MOLY STUDY PUBLISHED
VANCOUVER, CANADA
TSX Venture Exchange: FRI
Shares Issued: 13,486,232
FREEPORT RESOURCES INC. (TSX-V: FRI) is pleased to announce completion
of a detailed mineralogical and petrographic study on its Q claims near
Williams Lake. The work was recently published as a BC Geological
Survey Fieldwork article, “Eaglet Property Revisited: Fluorite-Molybdenite
Porphyry-like Hydrothermal System”, available at: http://www.em.gov.bc.ca/DL/GSBPubs/GeoFldWk/2007/05-Hora-Eaglet19668.pdf
Written by Z.D. Hora, M.Sc., P.Geo., with Dr. Edvin Pivec of the Czech
Republic, the study discusses different types of mineralization at the
Q, as well as relationships of individual minerals of economic
interest. Although evaluated primarily as a fluorspar deposit by
Eaglet Mines Ltd. from 1973-85, molydenite and fluorite are now of
interest given recent prices of molybdenum oxide at US$34/lb and
fluorspar at US$180–280/tonne.
As described in the study, host rock is interpreted as a replacement
product of the interaction of alkali sodium and successive
potassium-bearing fluids with a consolidated orthogneiss series with
metasedimentary intercalations. This process, followed by hydrothermal
activity contributing quartz, molybdenite, fluorite, carbonates and
celestite with few minor minerals, is considered to be an aureole of a
well-differentiated granitic body at depth. Cretaceous in age (by
dating of mica and fluorite), the intrusion is thus within the range of
stocks and dikes with known molybdenum mineralization in the Quesnel
and Kootenay Terrane. The large-scale potassic alteration zone evident
on surface suggests that the intrusion is potentially of a
significant size.
Distribution of fluorspar (calcium fluoride) and celestite (strontium
sulphate) is mainly controlled by mechanical properties of more brittle
host rocks susceptible to fracturing, and percolation by hydrothermal
fluids. Molybdenite has been observed mostly along schistosity and in
quartz-filled veinlets. Recent review of high resolution air photo
imagery confirms a concentration of linear fracture patterns in the
vicinity of Adit 2, near the contact between granitic orthogneisses and
metasedimentary rocks. This zone coincides with an area of significant
fluorspar mineralization at the northeast end of Adit 2. It also
coincides with areas of elevated MoS2 in both Adit 2 and in nearby
drill holes analyzed by Freeport to date. Recent assays of samples
representing the full extent of Adit 2 and 15 drill holes from the
1980’s are currently under review by Freeport and further details will
released shortly.
Mineralogy was investigated at the Institute of Geology, Academy of
Sciences of the Czech Republic in Prague, with optical microscopy,
X-ray powder diffractometry and electron microprobe microanalytical
techniques. Freeport provided logistical support for the study, which
was based on 2007 sampling as well as review of its technical and
historical data. Z.D. Hora, P.Geo. is the Qualified Person who has
reviewed this release. Please see Q releases dated 2007: 08.01 &
01.26, and 2005: 12.15 & 06.29 for more information, and visit our
new website, soon to be launched 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.)
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.
