TSX Venture Exchange: FRI
Shares Issued: 11,885,232
Fully Diluted: 14,947,732
VANCOUVER, Jan. 19 /CNW/ - FREEPORT RESOURCES INC. is pleased to announce
an airborne gravity gradiometry survey by Inco Limited has commenced over its
Notakwanon River property (23 claims, 575 ha) in Labrador. Staked in 1995,
Notakwanon is located in the heart of Inco's Garland Lake property and 30 km
southeast of the Voisey's Bay deposits. It represents the key component of a
much larger block of 995 claims which was later reduced to retain the most
promising areas.
The survey is intended to delineate the extents of known troctolitic
bodies, the same rock type which hosts the Voisey's Bay deposits, and also has
the potential to directly detect large shallowly buried accumulations of
massive sulphides akin to magmatic Ni-Cu-Co deposits at Voisey's Bay. Survey
components will include gravity gradiometer, a gravimeter, a magnetic
gradiometer and digital terrain mapping (LIDAR). Freeport will pay a pro-rated
portion of Inco's larger program and will share data with Inco on Notakwanon
and on Inco's contiguous ground. The survey will continue in the spring when
weather conditions improve in Labrador.
As previously released (May 2, 2005, and September 1 & 23, 2005), an
audio-magnetotelluric (AMT) geophysical survey by Inco over the eastern 600m
of Notakwanon showed the primary geophysical anomaly extending well onto
Freeport's claims. The AMT anomaly also 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 the Government of NL indicate the
area surrounding the AMT anomalies is locally underlain by troctolitic rocks
considered favourable for hosting Voisey's Bay style Ni 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. Freeport plans a display at the upcoming Newfoundland
and Labrador rock room at the Cordilleran Roundup in Vancouver on Jan 24 to
26.
Respectfully submitted
on behalf of the Board of Directors,
"Brenda Clark"
Brenda Clark, MAIBC
President
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