B2Gold Corp. press release
Freeport reports on molybdenum potential of the Q claims
TSX - Toronto Stock Exchange · Gold · Canada
TSX Venture Exchange: FRI Shares Issued: 10,449,232 Fully Diluted: 12,927,732
VANCOUVER, June 29 /CNW/ - Freeport Resources is pleased to provide an update on its Q claims (16 units) in the Cariboo region of B.C. The Q covers a large fluorite deposit where over 22,000 metres of diamond drilling took place twenty years ago, with 126 surface, 9 underground holes and 2 adits completed by Eaglet Mines. That work identified eight distinct flat-lying lenticular zones mineralized with fluorite and accessory silver, molybdenum, and lead, varying in thickness from 3 to 30 metres, with an average of 8 metres. In 1984, Eaglet Mines published mineral reserve estimates of 24,000,000 tonnes of fluorite, averaging 11.5% CaF(2) with silver, molybdenum and lead by-products. These historical estimates have not been verified by Freeport. Freeport Resources is filing an assessment report this month with the BC Ministry of Energy and Mines summarizing work done since staking the Q. The report includes assay results from duplicate samples from drill holes completed in 1983-85, with 426 ICP (31 and 34 elements) as well as fluorine assays. These results, together with 60 detailed lithological drill hole logs completed by structural geologist Dr. P.B. Read, provide a strong basis to re-evaluate the deposit and the mineralization type. At the Q, large-scale potassic feldspar alteration is believed to result from intense hydrothermal activity, suggesting a possible porphyry deposit at depth. Freeport plans to re-analyze material from Adit No. 2, especially samples from the raise in a molybdenite zone reported by Eaglet Mines: A September 24, 1984, press release notes a commercial grade molybdenum concentrate was prepared from Adit No. 2 ore, with calculated recoveries of "one-half pound Mo per ton" for the Feasibility Study. In this context, it should be mentioned that molybdenum prices were US$ 3.40 per pound in 1984. Since the present prices of MoS(2) are almost 9 times higher (US$ 30 per pound), the Q claims have potential to become an attractive Mo prospect. Z.D. Hora, M.Sc., P.Geo., is the Qualified Person who has reviewed this news 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"
Brenda Clark, MAIBC President
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