Business
Freeport at Spanish Mountain Gold Property
Freeport at Spanish Mountain Gold Property.
About this update from Freeport Resources Inc.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange: FRI\n\n\nShares Issued: 13,266,232\n\n\nVANCOUVER, Aug. 13 /CNW/ - FREEPORT RESOURCES INC. (TSX-V: FRI) is\npleased to report on field work last month at its Spanish Mountain Gold\nproperty in BC. In July, Freeport conducted soil and stream sampling across\nthe full width of the property as a follow-up to the airborne geophysical\nsurvey last fall by Skygold Ventures/Wildrose Resources (SKV-WRS). Assay\nresults are pending. In the course of the work, drill holes by SKV-WRS were\nobserved on access roads up to 54 metres (177 feet) of Freeport's west\nboundary. Outcrops of oxidized pyrite-rich shales with quartz veining were\nseen near Spanish Lake, with fragments of similar pyritic rocks in scree of\nroad cuts on Freeport's claims also sent for assay. Spanish Mountain is a key\ngold exploration project in the Cariboo - a historic gold placer district\nwell-known for rich finds at Cedar and Spanish Creeks in the 1920's.\n\n\nFreeport's 100%-owned claims (150 hectares, 371 acres) are approximately\n600 metres (.37 miles) from Skygold/Wildrose's primary mineralized zone,\nreportedly open to the east and to Freeport's ground. Skygold states,\n"Drilling, geophysics and soil geochemistry show that gold mineralization at\nSpanish Mountain is not restricted to the Main Zone and may be part of a much\nlarger gold mineralizing system which has not been adequately tested."\nAccording to Skygold's President Doug Fulcher, "Mineralization is associated\nwith a contact between argillites and greywackes and over 96% of our diamond\ndrill holes that have penetrated this contact have intersected the zone." (SKV\nrelease of April 16, 2007)\n\n\nSkygold/Wildrose interpret Spanish Mountain as a Sediment Hosted Vein\nDeposit, with excellent potential for an open pit gold mine. These types of\ndeposits have typically low grade gold but represent some of the largest gold\ndeposits in the world. They are associated with prolific placer gold fields\nand usually occur in groups, with one large and associated satellite deposits.\n\n\nSkygold/Wildrose have delineated a NW-SE trending mineralized zone of\napproximately 1.2 km by 0.8 km (.75 mi by .5 mi), open in all directions. The\nzone was outlined based on an extensive 1400 soil sample survey, two\ngeophysical surveys and an extensive drilling program. Free...