Freeport Receives Extension for Star Mountains Tenement EL 1312
VANCOUVER, BC, Aug. 23, 2021 /CNW/ - Freeport Resources Inc. (the "Company") is pleased to announce that its application to extend Exploration License Number EL 1312 has been granted by the Papua New Guinea, Minister of Mining with effect from September 20, 2020 for a term of two years.
"We at Freeport cannot overstate the importance of this renewal to the Company…" says Gord Friesen, Chief Executive officer of the Company. "It reinforces our belief that Papua New Guinea remains a premier mining destination globally, while providing us with the visibility to conduct our proposed work programs in the coming months. Nong River (EL 1312) is the most important license in the Star Mountains portfolio and will continue to be the main focus for future work at Star Mountains."
About EL 1312 Nong River
EL 1312 is the key tenement within the Star Mountains Property which consists of over 500 square kilometres spread across 4 contiguous Exploration Licenses (ELs) approximately 25 kilometres north of the Ok Tedi mine in western Papua New Guinea. Since being discovered by Kennecott in the early 1960s, exploration work has been carried out by a range of companies, including Highland Pacific Limited and Anglo American Plc, with approximately 80% of historical expenditures being spent on the EL 1312 tenement. The highest priority target, Olgal, has seen approximately half of the historic drill testing thus far. Virtually all the other priority targets, at this juncture, including the Futik, Fune, Kum Kom, Unfin, Bumtin, Tuk and Rattatat, amongst others, all lie within the boundaries of EL 1312.
About the Olgal Prospect
In 2018, H&S Consultants Pty. Ltd. completed a maiden mineral resource estimate for the Olgal deposit within the tenements. Using a 0.3-per-cent-copper-cut-off grade, the deposit is estimated to contain 210 million tonnes of inferred resource grading 0.4 per cent copper and 0.4 gram per tonne gold, for 2.9 million ounces of contained gold and 1.85 billion pounds of contained copper. Based on current market prices, this is equivalent to approximately 7 million ounces of gold equivalent or 3 billion pounds of copper equivalent.
About Freeport Resources Inc.
Freeport Resources Inc. is a copper-centric resource company based in Vancouver, BC. It is focused on the development of its copper and gold projects principally located in Papua New Guinea.
Option Grant
The Company also announces that it has granted 3,000,000 incentive stock options to certain directors, officers and consultants of the Company. The options vest immediately and are exercisable to acquire common shares of the Company at a price of $0.20 until August 23rd, 2025.
Dr. Nathan Chutas, Ph.D., CPG, Senior Vice-President of Operations for the Company, is a qualified person for the purposes of National Instrument 43-101. Dr. Chutas has reviewed and approved the technical content in this news release.
Please visit www.freeportresources.com or contact the email address below for more information.
On behalf of the Board,
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
(236) 334-1660 or [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule", "intends" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the intended completion of the Transaction, the Yandera Copper Project, and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance
SOURCE Freeport Resources Inc.
Freeport Resources Inc., Gord Friesen, Chief Executive Officer, (236) 334-1660 or [email protected]
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