Freeport Resources Inc. Files Technical Report for Star Mountains Gold Project
VANCOUVER, Nov. 5, 2020 - Freeport Resources Inc. (TSX-V: FRI) ("Freeport", or the "Company") is pleased to announce that it has filed an independent technical report outlining the current resource estimate for its Star Mountains property located in Papua New Guinea (PNG). A copy of the report is available under the Company's profile on SEDAR (www.sedar.com). "We are pleased to have completed this technical report which illustrates the current resource at Star Mountains," stated Freeport Chief Executive Officer, Gord Friesen. "We are hopeful that pandemic restrictions on movement both within, as well as to and from, PNG will ease in the new year. This will allow us to undertake an exploratory drill program to possibly increase this resource as well as an infill drill program with the intention of moving the resource from the inferred category to the measured and indicated categories".
About the Star Mountains Property
Star Mountains is a large copper & gold porphyry project in mining friendly, Papua New Guinea (PNG) comprising 4 tenements located 25km east of the giant Ok Tedi mine. H&S Consultants Pty. Ltd. ("H&SC") have completed a maiden mineral resource estimate, in accordance with National Instrument 43-101, for the Olgal deposit situated on the EL 1312 tenement. The current inferred resource, using a 0.3% copper cut-off grade, is 210 million tonnes grading 0.4% copper and 0.4 g/t gold, for 2.9 million ounces of contained gold and 1.9 billion pounds (840,000 tonnes) of contained copper. Using current prices for gold and copper this is equivalent to approximately 5.7 million ounces of gold or 3.8 billion pounds (1,680,000 tonnes) of copper.
About Papua New Guinea
Papua New Guinea is a country that occupies the Eastern half of the island of New Guinea in the southwestern Pacific Ocean. PNG is richly endowed with mineral resources and the geological arc spanning the island is home to some of the world's largest gold and copper mines/projects including Grasberg, Porgera, Frieda River, Ok Tedi, Ramu and Lihir. PNG is considered a stable and mining-friendly jurisdiction and presents tremendous exploration potential.
About H & S Consultants
The technical report was completed by H&SC in Brisbane, Australia under the direction of Simon Tear, P.Geo., and Arnold van der Heyden, MAIG. Both are directors of H&SC and are quali?ed persons for the purposes of National Instrument 43-101. Mr. Tear and Mr. van der Heyden have reviewed and approved the technical content in this disclosure.
H&SC provides a wide range of geological services for all phases of mineral projects from advanced exploration through evaluation and bankable feasibility to mine production. H&SC has offices in Sydney and Brisbane and is currently engaged in projects in worldwide.
About Freeport
Freeport is a Canadian junior exploration company with a diverse portfolio of properties -- the Red Rose Mine (a past producer of tungsten-gold-copper), Spanish Mountain Gold (adjacent to a proposed open-pit gold mine), and the Q (a large, well-known fluorspar deposit), all located in British Columbia. Freeport recently acquired Quidum Resources and, through its wholly owned subsidiary Highlands Paci?c Resources Ltd, controls the Star Mountains project in Papua New Guinea. Please visit www.freeportresources.com or contact us for more information.
On behalf of the Board,
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
(236) 334-1660 or gord@freeportresources.com
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. 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 or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
SOURCE Freeport Resources Inc.
Contact
Gord Friesen, Chief Executive Officer, (236) 334-1660 or gord@freeportresources.com
