This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Freeport Outlines Spanish Mountain Gold Developments

TSX Venture Exchange: FRI Shares Issued:    14,226,232

VANCOUVER, 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  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, view our powerpoint presentation at, or email 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.


1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs