Freeport Defines Significant Fluorspar Zones at Q (Eaglet), B.C.

TSX Venture Exchange:  FRI
Shares Issued:    16,831,232

VANCOUVER, May 1, 2012 /CNW/ - Freeport Resources Inc. (TSX-V-FRI) is very pleased to announce new fluorspar results from its Q project have confirmed several significant mineralized zones in Adit 2. The most important occurs in a faulted and folded zone, where three generally continuous intervals of fluorspar mineralization with a combined length of 126 metres (410 feet) have an average grade of 8.7% CaF₂ (see Table 1 below). Some higher grade sections include 15 m. (50 ft.) of 10.3% CaF₂ and 30 m. (100 ft.) of 11.1% CaF₂.  The Adit ends in a mineralized zone 369 m. (1210 ft.) from the portal.  These grades and their continuity are encouraging as they suggest the possibility of bulk open pit mining.

Adit 2, Interval (m.)	Length in metres (ft.)	Average CaF2%	Highest CaF2%
Zone A: 93-111 m. (distance from portal)	18 m. (60 ft.)	9.0%	13.9%
Zone B: 225-264 m.	39 m. (128 ft.)	8.7%	18.5%
270-309 m.	39 m. (128 ft.)	8.4%	26.3%
321-369 m. (end of Adit)	48 m. (160 ft.)	9.1%	27.0%

Table 1.  Significant Fluorspar Zones in Adit 2, Q property

About 500 pulp samples were analyzed, including those representing the full extent of Adit 2.  The samples were analyzed for fluorine and converted to CaF₂ (SGS Minerals, Vancouver).  Results are generally consistent with those released March 14, 2012, with slightly higher values towards the end of the Adit where over a third contain over 10% CaF₂, with those averaging about 14.0%, with values up to 27.0% (see Table 2 below).  Importantly, these results confirm some of the undocumented historical work, giving greater credibility to the overall project.

Adit 2 samples	# samples	# over 10%	% over 10%	average CaF2%*	Highest CaF2
Box 1 (portal)	62	9	14.5%	12.3%	15.0%
Box 2-3	55	10	18.2%	12.0%	17.7%
Box 3-4	61	15	24.6%	13.3%	23.0%
Box 4-5	58	16	27.6%	13.2%	18.5%
Box 6	48	10	20.8%	15.5%	21.4%
Box 7-8	62	21	33.9%	13.3%	26.3%
Box 9-10	68	30	44.1%	14.1%	27.0%
Box 11 (end of Adit)	17	7	41.2%	13.0%	18.2%
* Of samples over 10% CaF2	431	118	27.4%	13.3%	26.3%

Table 2.  Summary of 2012 Fluorspar Analyses from Adit 2, Q property

The northeast part of the Adit also has widespread coarse-grained molybdenite, a possible co-product, observed visually along over 70 metres (230 ft.).  Analyses of the same pulp samples previously confirmed that about one quarter had Mo >100 ppm, with values between 500-1100 ppm (0.083%-0.18% MoS₂.) See map at http://www.freeportresources.com/i/maps/2010-02-15_NRM.jpg).

Good Location For Development

The Q is located in BC's Cariboo, in low lying, sloping terrain. It can be accessed from provincial highways and rail line via Prince George or Williams Lake, and barge from Quesnel Lake.  In comparison to other CaF₂ projects in BC, the Q has no known issues preventing its further development and is near a major regional centre.   It is similar in size and grade to some advanced stage deposits under evaluation for development in Europe, such as the Storuman fluorspar project in Sweden, with Indicated Resources of 25 million tonnes of 10.28% CaF₂, with 2.7 million tonnes of 9.57% CaF₂ Inferred (Tertiary Minerals, June 2011).  Fluorspar, or fluorite (calcium fluoride, or CaF₂), is essential for steel and aluminum manufacturing, and to make hydrofluoric acid. Several Asian companies have recently contacted Freeport regarding supply of fluorspar for industrial applications.

Advanced Stage BC deposit

The Q is the best explored fluorspar prospect in British Columbia, with past expenditures reportedly over $7 million, warranting classification as a "Developed Prospect" by the BC government. Eaglet Mines estimated a historical fluorspar resource of 24 million tonnes at 11.5% CaF₂, including 1.8 million tonnes of 15.0% ore (non NI43-101 compliant).  Unfortunately, the past work is insufficiently documented and cannot be relied upon to classify the historical estimate as a current mineral resource.  Freeport is quoting the historical estimate to suggest that the Q is a potentially large source of fluorspar.    Two recent BCGS Geological Fieldwork papers summarizing mineralogy, origin and mineral distribution are available at http://www.freeportresources.com/i/pdf/Library/TheQ/BCGeolFieldwork2009-1.pdf and http://www.freeportresources.com/i/pdf/Library/TheQ/BCGeolFieldwork2007Paper2008-1.pdf .

Recommendations

Recommended work includes upgrading historical estimates to current NI43-101 standards, and to prove continuity of mineralization. Upcoming work will focus on spatial distribution of fluorspar.  The new results will be used to generate 3D models of mineral distribution, to better understand the relationship of fluorspar and molybdenite especially in Adit 2 and the surrounding area.  New mineralogical studies are also underway. Freeport currently seeks an industry partner interested in development of the project.

Zdenek Hora, M.Sc., P.Geo., is the qualified person who has reviewed this release.

Freeport Resources, founded in 1981, is a mineral exploration company with a portfolio of promising, diversified properties in Canada, from precious and base metals to industrial minerals. Please visit our website at www.freeportresources.com, email [email protected], or view our PowerPoint presentations at http://www.freeportresources.com/i/pdf/Hutton2011.pdf and http://www.freeportresources.com/i/pdf/spanishmt2011.pdf for more information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour.

 

 

Freeport Resources Inc.
Brenda Clark, MAIBC
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