B2Gold Corp. press release
Freeport Completes Hutton Drilling & Bulk Sample
TSX - Toronto Stock Exchange · Gold · Canada
TSX Venture Exchange: FRI Shares Issued: 10,827,232 Fully Diluted: 12,927,232
VANCOUVER, Oct. 17 /CNW/ - FREEPORT RESOURCES INC. is pleased to report on the successful completion of the 2005 field program at its Hutton garnet beaches in Labrador. Both South and North Beaches were drilled, with the bulk sample completed. Archeological and environmental studies were also undertaken. The Board is very pleased with this year's progress, made possible by a generous grant from the Province of Newfoundland and Labrador under the Mineral Incentive Program - Junior Exploration Assistance. The South Beach is one of the highest grade alluvial garnet deposits known world-wide, averaging over 60% garnet and exceeding 75% locally. North Beach is much larger but lower-grade, averaging about 25% garnet. The Prefeasibility Report and Marketing Summary (see technical report filed on SEDAR, October 14, 2004, by ZD Hora & JD Hansink, for geological information) outlines over a million tonnes of garnet resource at the two beaches and offshore. Based on a one metre depth, the Measured Resource at South Beach alone could sustain a 20,000 tonne per annum operation for over 20 years. Drill Program: In 2005, a total of 98 holes were drilled with a split spoon sampler over the extent of the South and North Beaches. This work will be used to refine tonnage estimates released previously. At South Beach, 72 holes were drilled to an average of 3 metres in depth, mainly to meet the timeframe constraints of the program. The holes were drilled at 100m intervals with side lines at 25m intervals, for a total distance of 1800 metres along the beach. Several deeper holes were attempted, but terminated at 5 metres due to physical limitations of the drill. At North Beach, 26 holes were drilled to an average of 2-3 metres in depth, at an average spacing of 100m intervals along a total beach length of 2350 metres. Garnet content in the 2005 drill cores from South Beach appears quite uniform, in keeping with relatively consistent grades previously reported over the lateral extent of the beach. North Beach generally appears more layered. A variety of analytical and mineral processing work is now commencing. Bulk Sample: The other major component to the program was the bulk sample. A total of 141 bulk bags (one cubic metre each) were filled with sand from South and North Beach, to be used for beneficiation testing and market studies. Several small offshore samples were also taken. The samples will be analyzed at a number of independent facilities with expertise in evaluating and separating heavy mineral sands. Freeport is in discussions with interested parties, both end users and producers, regarding development options for the Hutton. Peter Dimmell, PGEO, is the NL geologist overseeing the Hutton program. Field work was done under the direction of John Archibald, APGO, of Sonic Soil Sampling, a highly regarded Canadian firm with special expertise in drilling of alluvial deposits world-wide. Mr. Archibald and Mr. ZD Hora, PGEO, are the Qualified Persons who have reviewed this release.
Freeport Resources, founded in 1981, is a junior mineral exploration company listed on the TSX Venture Exchange.
Respectfully submitted,
"Brenda Clark"
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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