Freeport Resources Ltd.Freeport Resources Ltd.

Spanish Mountain Gold

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Spanish Mountain Area

  • The Cariboo has been known for its placer mining since the mid 1800's with the discovery of gold in Cedar Creek, the Fraser River, and at Barkerville in the 1860's. That sparked the Cariboo Gold Rush - one of the largest that the world has ever known, bringing 33,000 miners, and even camels, from the California gold fields.
  • It is estimated that over 3 million ounces of gold were mined from the Cariboo placers. The Bullion Pit alone produced over 173,000 ounces of gold from 1892-1945: Many now believe Spanish Mountain is its source, as well as for the gold found in Spanish and Cedar Creeks.
  • Gold discovered in Spanish and Cedar creeks draining Spanish Mountain, with values up to 49 ounces per pan (Report of the Minister of Mines, 1926)
  • Thick overburden and forest cover made exploration of in situ deposits challenging.
  • Gold-bearing quartz veins discovered on the northwest slope of Spanish Mountain, after some 70 years of placer gold operations in the area.
  • Two adits driven to follow gold-rich quartz veins.
  • The first drilling program resulted in limited success and Spanish Mountain remained largely unexplored until the 1970's.
  • Exploration for high grade veins recommenced, with intermittent work over the next thirty years.
  • Freeport stakes Spanish Mountain Gold property.
  • 2,100 tonne bulk sample from adjacent Spanish Mountain property (Skygold/Wildrose, now Spanish Mountain Gold Ltd., SMGL) milled at Mount Polley Mine, with average 3 g/t gold returned. Extensive exploration undertaken, followed by drilling.
  • Spanish Mountain interpreted as a Sediment Hosted Vein deposit by Klipfel.
  • Geophysical Mag-EM-Resistivity Airborne Survey flown over Freeport's claims.
  • Freeport's reconnaissance soil and rock sampling survey delineated gold anomalies associated with a geophysical resistivity low identified by the airborne survey, indicating eastern extension of mineralized zone to the west.
  • SMGL/Skygold is now working towards outlining a bulk mineable deposit, with Measured and Indicated Resources of 3.94 million ounces of gold (210 MT at 0.581g/tonne at a cut off grade of 0.3g/tonne) reported in May 2009. Freeport's claims are less than half a mile (600 m) east of the mineralized zone, reportedly open towards the east.