TSX Venture Exchange: FRI Shares Issued: 12,966,232
VANCOUVER, Feb. 20 /CNW/ - FREEPORT RESOURCES INC. (TSX-V: FRI) announced completion of an airborne geophysical survey over its Juan A property (150 hectares) at Spanish Mountain, BC. Juan A, 100%-owned by Freeport, is immediately adjacent to claims held by Skygold Ventures Inc. and Wildrose Resources Ltd. (TSX-V: SKV & WRS), and approximately 600 metres from their primary mineralized zone. Results from several SKV-WRS drill holes located within 100 metres of Freeport's claim boundary are pending.
Data from the airborne survey conducted by Skygold-Wildrose received this week suggests structural continuity from the 'Main Zone' - the historic CPW block, where significant gold mineralization was first discovered - extending across Freeport's block. Most importantly, Juan A appears to coincide with resistivity lows as interpreted by SKV-WRS, and favourable for sediment-hosted gold mineralization.
As explained in Skygold-Wildrose's November 9, 2006, news release, "Preliminary data has been received from a Dighem multicoil, multifrequency electromagnetic survey conducted over the Spanish Mountain property. Resistivity data reveals that the majority of mineralization in the South, Central and North Main Zones is situated within or on the flanks of northwest-southeast trending resistivity lows. These lows are likely outlining broad zones of argillite stratigraphy favourable for sediment hosted gold mineralization." Independent interpretation of the airborne data by Freeport will commence shortly.
To date, Skygold-Wildrose have successfully established a "1.2 km north-south corridor of mineralization", with a 450 metre wide east-west component, by regional geochemical sampling, an airborne geophysical survey and an extensive drilling program, defining "numerous exciting new drill targets". Soil sampling has demonstrated "...peak values of up to 985 ppb gold", with "rock sample results greater than 2.0 g/t gold with high grade grab samples returning values of up to 41.0 g/t gold in quartz veins." (Please see Skygold-Wildrose news releases filed on SEDAR July 12, and November 9, 2006, for more complete information.)
Spanish Mountain is road accessible and near the historic placer mining community of Likely, in the Cariboo district. It is also near Williams Lake, which is supported by a regional airport and rail lines. Work in 2007 will be guided by independent review of the airborne data. Freeport has been in discussion with several parties interested in developments at Spanish Mountain.
Zdenek Hora, P.Geo., is the Qualified Person who has reviewed this release.
Freeport Resources, founded in 1981, is a junior 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, & 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.
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