TSX Venture Exchange: FRI
Shares Issued: 12,876,232
VANCOUVER, Jan. 26 /CNW/ - FREEPORT RESOURCES INC. is very pleased to release assay data from its Q Claims (16 units) near William's Lake in the Cariboo region of B.C. These are the first comprehensive analytical results confirming widespread presence of molybdenum (Mo) in Adit No. 2.
Of some 500 pulp samples analyzed by 34 element ICP assay, about a quarter have anomalous molybdenum. Specifically, 86 samples contain Mo ranging from 100 ppm to a maximum of 1143 ppm, and an additional 41 samples range from 70 ppm to 99 ppm. These results are very encouraging and merit further consideration and follow-up, including correlation with previous structural mapping of the Adit by Dr. P. Read. The significance of zones with higher values and their continuity is under study.
It is of note that high silver values do not appear to correlate with high Mo, indicating that it is unlikely that the molybdenum-bearing mineralization is contaminated with galena/sphalerite. The Q assays clearly indicate that the 2 mineralization types are independent.
The Q claims were staked over a large fluorite deposit extensively worked by Eaglet Mines in the 1970-80's. The samples noted above represent the ribs and rounds of Adit No. 2, prepared and stored at the site since that time. Previous work by Eaglet Mines was not made public and the results of their analytical work are not available.
Many of the world's major mines of hydrothermal origin have fluorine zones as a 'halo' around ore bodies of other minerals, such as silver, zinc, lead, molybdenum, tungsten and sometimes gold. At the Q, large-scale potassic feldspar alteration suggests a possible porphyry deposit at depth. Current findings suggest that the Q should be evaluated as a relatively untested porphyry-type molybdenum deposit.
Freeport is now actively seeking the involvement of a major company to an end of further developing the property.
Zdenek Hora, P.Geo., is the Qualified Person who has reviewed this release.
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, MAIBC
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
RELEASE.
%SEDAR: 00006031E