|Freeport Resources Inc. (TSX-V: FRI) is a Canadian junior mineral exploration company with a diversified portfolio of garnet, molybdenum, gold and tungsten properties in Newfoundland & Labrador (NL) and British Columbia (BC). Freeport's current focus is to take its Hutton garnet sands discovery to production. The project has just been released from Environmental Assessment.
The Hutton Garnet Beaches have received ongoing international attention due to exceptionally high garnet content: South Beach, clearly red on satellite photos, averages over 60% and exceeds 75% locally. Preliminary resource and reserves estimated over 1.25 million tonnes garnet in 2004. The Hutton is an important Canadian garnet resource, well positioned to supply North America and Europe.
Freeport's Spanish Mountain Gold is adjacent to and on strike with a large mineralized zone held by Spanish Mountain Gold Ltd.(previously Skygold Ventures), with published reserves of 67 MT grading 0.81 g Au/tonne. Drilling has extended within 50 meters of our claim boundary. The mineralized horizon has been traced on Freeport's claims, suggesting an easterly extension of the zone.
Also in BC, the Q claims are a 'Developed Prospect' ("Eaglet"), with 24 millon tonnes of combined probable and inferred historical fluorspar reserves (not NI 43-101 compliant or verified by Freeport). Widespread molybdenite mineralization is present throughout the property, with values up to 0.19% MoS2. Elevated niobium values in random samples strongly suggests carbonatite mineralization at depth.
Our Red Rose Mine is a past tungsten gold producer in northern BC, with average scheelite grade of 1.5%. Red Rose had 12 underground levels, 4 adits, and an aerial tram to transport ore to the mill site. The mine closed in 1954 with substantial ore remaining. Freeport's last drill program intersected the vein extension 100m beneath the lowest level. An airborne survey is underway.