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TSX Venture Exchange: FRI
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VANCOUVER, June 16 /CNW/ - FREEPORT RESOURCES INC. is pleased to announce
that work by Inco Limited is recommencing at our 100%-owned Notakwanon
property (23 claims, 575 ha) near Garland Lake, Labrador. An airborne gravity
gradiometry survey will start at Inco's 'Plugger Hill', just to the east of
Freeport's claim boundary and will work directly westward over Notakwanon.
Preliminary data is expected shortly.
Staked in 1995, Freeport's Notakwanon claims are the historical block
located at the heart of Inco's Garland Lake property 30 km southeast of the
Voisey's Bay deposits. They are the longest standing claims in the area -- the
key component of a much larger group of 995 claims subsequently reduced to
keep the most promising ground. The subject of much media attention, Inco
initially over-staked Notakwanon in September 2000 and again in summer 2005.
Notably, Inco has assembled a significant land position from the Voisey's Bay
mine extending well south of Freeport's claims, and has stated it will conduct
an extensive drill program on their property during 2006.
Inco's new airborne survey is intended to delineate the extent of known
troctolitic bodies, the same rock type which hosts the Voisey's Bay deposits.
It has the potential to directly detect large shallowly-buried accumulations
of massive sulphides akin to magmatic nickel-copper-cobalt deposits at
Voisey's Bay. Ecole Polytechnique in Montreal will assess new results in
context of Inco's geophysical data collected at Notakwanon in 2000, as well as
the 1996 airborne magnetic-electromagnetic survey conducted for Freeport.
Based on information to date, Ecole Polytechnique has already identified two
key areas for follow-up, recommending a large loop electro-magnetic (EM)
survey or drill testing to explain the main anomaly, which may reflect a
sulphide zone with sufficient connectivity to be conductive over large areas
(see releases dated May 2, September 1 & 23, 2005, and Jan. 19, 2006).
The AMT anomaly previously identified by Inco about 440 metres inside
Freeport's claims coincides with an area where Freeport's 1996-1997 geological
work identified a gabbroic intrusion appearing to have steep contacts with
host gneisses, possibly representing a portion of a feeder system. Reports
filed by Inco with Government of NL indicate the area surrounding the AMT
anomaly is locally underlain by troctolitic rocks considered favourable for
hosting Voisey's Bay style nickel-sulphide mineralization.
Freeport Resources, founded in 1981, is a junior mineral exploration
company listed on the TSX Venture Exchange. Freeport has landholdings in
Labrador and B.C., with a special focus on industrial minerals, precious
metals, and gemstones.
Respectfully submitted,
"Brenda Clark"
Brenda Clark, MAIBC
President
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