The Q

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British Columbia

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Highlights

The Q is a major fluorite deposit with several distinct types of mineralization including molybdenite, celestite with accessory silver-bearing galena and niobium minerals. It is located near Quesnel Lake in south-central B.C, within a 100 km (62 mi) radius of the Boss Mountain (Mo), Mt. Polley (Cu-Mo) and Gibraltar (Cu-Mo) mines, all part of a well-known northwest trending belt of porphyry deposits.

Classed as a "Developed Prospect" by the BC government (Minfile 093A 046), past expenditures by Eaglet Mines Ltd. in the 1970-80's reportedly exceed $7,000,000. Work includes 21,336 metres (70,000 feet) of diamond drilling, with a total of 126 surface holes in 1973-1984, and an additional 809 metres (2,654 feet) of underground development, including 9 underground holes and 2 adits. Previous work defined historical reserves (not NI-43-101 compliant) of 24 million tonnes with 11.5% fluorite (also called fluorspar, or CaF2), widespread accessory celestite, and some recoverable silver-bearing galena and sphalerite. From an economic perspective, world shortages of supplies of acid-grade fluorspar are anticipated due to a rapid decrease in exports from China in recent years. As noted at the October Fluorspar08 conference, this may attract fluorspar mining interests to BC.

The Q is now being evaluated for widespread molybdenite mineralization, present in both adits and a number of drill holes, reaching values up to 0.19% MoS2. Furthermore, a new development has occurred, with elevated niobium values (837 ppm or 1197 g/t Nb2O5) in some randomly selected samples strongly suggests carbonatite-related mineralization in the deposit. On-going laboratory work confirmed the presence of pyrochlore (a niobium mineral), suggesting an igneous source for celestite (a strontium mineral) and established widespread occurence of rare earth minerals (such as bastnaesite, a REE carbonate) further reinforcing the possibility of a carbonatite source.

Because of favourable molybdenite (MoS2) results, Freeport's current goals are to assess the Q's molybdenum potential, confirm historical fluorite reserves, and investigate elevated niobium values. Although molydenite prices have decreased significantly in the recent economic crisis, fluorite prices remain high. Furthermore, the presence of nobium at the Q adds to its economic potential as this strategic metal remains in great demand.

Location & Access

Quesnel Lake, Cariboo Mining Division The Q claims (56 mineral units, 12 sq km, 4.6 sq mi) are located near Williams Lake in the Cariboo region of BC, near the highly active Horsefly and Spanish Mountain exploration camps and the and Mt. Polley mine.

Situated at the junction of the two main arms of Quesnel Lake, the Q is accessed by all-season gravel road 125 kilometres (78 miles) from Williams Lake to Haggens Point. The lake crossing from the south shore is 8 km (5 mi) to a landing on the property, which has several small access roads and trails across moderate terrain, to 175 m (574') above lake level.

Geology

The Q is located near the contact between granitic gneisses and metasedimentary rocks. Fluorite, molybdenite and celestite are found in both rock units, but mostly in granitic gneiss. The Q was previously evaluated mainly for fluorite content.

Molybdenite

Present work is mainly focussed on molybdenite mineralization observed in both adits (300m, or 984' apart) and mentioned in a number of drill hole logs. Coarse-grained molybdenite has been observed along over 70 metres (230 feet) of Adit 2, confirmed by over 500 recent assays where one quarter had Mo >100 ppm, with values between 500 and 1100 ppm (0.083% and 0.18% MoS2) not uncommon in the northeast section.

Widespread molybdenite and large scale potassic feldspar alteration suggest some similarity to a porphyry type deposit. Freeport's preliminary metallurgical tests successfully produced an encouraging initial molybdenite (MoS2) concentrate with associated rhenium.

Molybdenite is used mainly in alloys with various metals when high strength, hardness, corrosion resistance and tolerance of high temperature ranges is required. Current information on molybdenum can be found at the International Molybdenum Association's Moly Info Center. For analyst John Kaiser's commentary on molybdenum, visit Molymania at www.kaiserbottomfish.com.

Fluorite

Historical fluorite (CaF2) reserves at the Q were reported at 24 million tonnes averaging 11.5% fluorite including 1.8 Mt of 15% ore, as calculated by Eaglet Mines in 1984. Although these are not NI43-101 compliant or to current standards, Freeport believes them relevant to continuing exploration (Minfile 093A 046).

Fluorite is a very important non-metallic mineral, a key component in steel manufacturing as well as aluminum smelting. Prices have increased in recent times due to reduced exports from China, increasing its demand globally.

Conclusion

Because of favourable assay results and widespread molybdenite at the Q, Freeport now actively seeks the involvement of a major company to assist in further developing the property. Importantly, molybdenum and fluorspar prices have increased significantly since 1984, when molybdenum prices were just US$ 3.40 per pound. Since the present price of fluorspar has more than doubled and MoS2 has more than tripled (January 2010), the Q also has potential to become an attractive Mo prospect. In closing, the Q is highly prospective for both molybdenum and fluorspar with possible celestite and silver by-products.