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TSX Venture Exchange: FRI Shares Issued: 14,226,232
July 25, 2011 /PRNewswire/ - Freeport Resources Inc. is pleased to provide an update on developments at its Spanish Mountain claims, which are largely surrounded by a multi-million ounce gold project held by Spanish Mountain Gold Ltd. ("SMGL") (SPA-TSXV, formerly Skygold). SMGL recently closed a
$20 million financing, and released a Preliminary Economic Assessment (PEA) in
December 2010. Gold mineralization is proven to extend on
Freeport's claims, which are on strike and less than half a mile from the proposed open pit. See map at
http://www.freeportresources.com/i/maps/SMG-pit.gif. Spanish Mountain is road accessible and close to several operating mines.
SMGL's pit is based on
$950/ounce gold. Plans to enlarge it substantially to reflect higher gold prices were discussed at a
June 24, 2011, CIM presentation in Vancouver. Step-out drilling is also planned east and west of the pit to identify extensions of the bulk minable gold-bearing zone.
According to SMGL, broad zones of argillite and greywacke favourable for sediment-hosted gold correspond to IP geophysical targets called 'resistivity lows', seen over the proposed pit and continuing onto
Freeport's claims. See map at
Freeport's sampling returned strongly anomalous gold, with over 400 ppb in soil and up to 0.13 g/t in weathered pyritic argillite and greywacke that appear identical to the mineralized horizon on SMGL's adjacent claims. Gold values could be expected to increase below the weathered surface. The mineralized host rocks identified on
Freeport's property have not been drill tested at depth. SMGL drilling has extended up to
Freeport's boundary in several locations.
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, from precious and base metals to industrial minerals. Please visit our website at
www.freeportresources.com, view our powerpoint presentation at
http://www.freeportresources.com/i/pdf/Hutton2011.pdf, or email
firstname.lastname@example.org 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. The company seeks Safe Harbour.