Business
Freeport Resources Receives Extension for Star Mountains Tenement EL 1312
VANCOUVER, BC, Aug. 23, 2021 /CNW/ - Freeport Resources Inc. (the "Company") is pleased to announce that its application to extend Exploration License Number EL
About this update from Freeport Resources Inc.
[{"type":"text","content":"VANCOUVER, BC, Aug. 23, 2021 /CNW/ - Freeport Resources Inc. (the \"Company\") is pleased to announce that its application to extend Exploration License Number EL 1312 has been granted by the Papua New Guinea, Minister of Mining with effect from September 20, 2020 for a term of two years. \"We at Freeport cannot overstate the importance of this renewal to the Company…\" says Gord Friesen, Chief Executive officer of the Company. \"It reinforces our belief that Papua New Guinea remains a premier mining destination globally, while providing us with the visibility to conduct our proposed work programs in the coming months. Nong River (EL 1312) is the most important license in the Star Mountains portfolio and will continue to be the main focus for future work at Star Mountains.\" About EL 1312 Nong River EL 1312 is the key tenement within the Star Mountains Property which consists of over 500 square kilometres spread across 4 contiguous Exploration Licenses (ELs) approximately 25 kilometres north of the Ok Tedi mine in western Papua New Guinea. Since being discovered by Kennecott in the early 1960s, exploration work has been carried out by a range of companies, including Highland Pacific Limited and Anglo American Plc, with approximately 80% of historical expenditures being spent on the EL 1312 tenement. The highest priority target, Olgal, has seen approximately half of the historic drill testing thus far. Virtually all the other priority targets, at this juncture, including the Futik, Fune, Kum Kom, Unfin, Bumtin, Tuk and Rattatat, amongst others, all lie within the boundaries of EL 1312. About the Olgal Prospect In 2018, H&S Consultants Pty. Ltd. completed a maiden mineral resource estimate for the Olgal deposit within the tenements. Using a 0.3-per-cent-copper-cut-off grade, the deposit is estimated to contain 210 million tonnes of inferred resource grading 0.4 per cent copper and 0.4 gram per tonne gold, for 2.9 million ounces of contained gold and 1.85 billion pounds of contained copper. Based on current market prices, this is equivalent to approximately 7 million ounces of gold equivalent or 3 billion pounds of copper equivalent. About Freeport Resources Inc. Freeport Resources Inc. is a copper-centric resource co...