TSX Venture Exchange: FRI
Shares Issued: 16,831,232
VANCOUVER,
March 14, 2012 /PRNewswire/ -
Freeport Resources Inc. is pleased to announce encouraging
preliminary assays received for its Q fluorspar project in central
BC. Analyses indicate a similar range of CaF2
values to those used to calculate the historical fluorspar resource
(Eaglet Mines, 1984), with about a quarter at 10% CaF2
or above, with values up to 23%. Of about 500 pulp samples
submitted for analysis, representing the full extent of Adit 2 -
some 1200 feet in length, results from about half have been
received. The samples were analyzed for fluorine, and
converted to CaF2. The new results are significant
as no fluorspar data was previously available for the Adit, which
contains several fluorspar zones included in historical non
NI43-101 estimates. It permits a much better understanding of
the 3D spatial distribution of fluorspar and grades in the Adit and
the overall deposit, in comparison to original results from
vertical diamond drill holes only.
Several hundred of the samples were also
analyzed for 55 elements on an exploratory basis. Results to
date confirm presence of minor pyrochlore (Nb) and REE carbonate,
previously identified in several mineralogical studies. Two
recent BCGS Geological Fieldwork papers are available online at
http://www.freeportresources.com/i/pdf/Library/TheQ/BCGeolFieldwork2009-1.pdf
and
http://www.freeportresources.com/i/pdf/Library/TheQ/BCGeolFieldwork2007Paper2008-1.pdf,
summarizing recent work on mineralogy, origin and mineral
distribution. Full evaluation of the analytical results is
underway and will be reported at a later date.
The Q is a potentially large resource of
fluorspar near Williams
Lake. In 1984, Eaglet Mines estimated 24 million
tonnes of 11.5% fluorite ore, including 1.8 million tonnes of 15%
ore, defined by extensive underground workings and drilling.
These non NI43-101 estimates are relevant today to give an idea of
the Q deposit's large scale. Eaglet's Preliminary Feasibility
(completed by Kilborn Engineering Ltd. in 1985) concluded fluorspar
prices below US$167 did not guarantee
mine viability, based on a proposed 5000 tpd underground
mine. Fluorspar prices in 2012 have been as high as
US$600/tonne, warranting
re-evaluation of the deposit and as a possible bulk mineable
development model. Freeport
seeks an industry partner to advance the project.
Zdenek Hora,
M.Sc., P.Geo., is the qualified person who has reviewed this
release.
Freeport Resources, founded in 1981, is a
mineral exploration company with a portfolio of promising,
diversified properties in Canada,
from precious and base metals to industrial minerals. Please visit
our website at www.freeportresources.com, email
info@freeportresources.com, or view our powerpoint presentations at
http://www.freeportresources.com/i/pdf/Hutton2011.pdf and
http://www.freeportresources.com/i/pdf/spanishmt2011.pdf for more
information.
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 release.
Freeport Resources Inc.
Brenda Clark, MAIBC
President & CEO
1-888-275-7335 (toll free)
(604) 275-7335 (tel.)
SOURCE Freeport Resources Inc.
