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NATURE OF BUSINESS: Overall
Performance & Current Highlights
Freeport Resources Inc.
(TSX-V: FRI) is a Canadian junior mine
ral exploration company with a diversified
portfolio of properties: the Hutton Garnet Beaches
discovery in Labrador, and 3 BC projects -- the Red Rose
Mine
(a past producer of tungsten-gold-copper), Spanish Mountain Gold (
a grass roots property adjacent to
the pit of a proposed gold mine near Williams Lake), and the Q
(a large well known CaF2 deposit with
accessory molybdenite and silver).
HUTTON GARNET BEACHES
: 2016 Bulk sampling permits are approved, including previous release
from Environmental Assessment. A temporary processi
ng facility has been set up with three phase power.
Pilot plant work will include waterjet product devel
opment and marketing studies, based on 100 tonnes of
bulk sample material on hand. A possible plant location
has been identified in a community on the Labrador
coast. Please see
www.freeportresources.c
om/i/pdf/hutton2011.pdf
for our Hutton presentation.
RED ROSE MINE
: This past-producing tungsten
mine also has excellent gold pot
ential, with grades of 63.8
g/mt over 0.3m (1.86 oz/ton over 1.0 ft) & 49.0 g/mt over
0.7m (1.43 oz/ton over 2.2 ft) previously reported.
Red Rose produced tungsten-gold until the 1950's, when
prices fell after the Korean war ended, and when
arson led to the mill burning down. In spring 2016,
Cantung Mine in the Yukon announced it would reopen
due to increased tungsten demand. Detailed eval
uation of gold-rich zones is recommended.
THE Q:
S
ignificant historical fluorite resources include
24,000,000 tonnes averaging 11.5% CaF2 estimated
in 1984 by Eaglet Mines (not verified by Freeport or
NI 43-101 compliant), identified by extensive drilling
(~126 surface and 9 underground holes)
and underground workings (2 adits
- one over 1200’ long, providing
access to mineralized zones). New
analytical work by Freeport outlined a combined length of 126 metres
(410 feet) with an average grade of 8.7% CaF2 in
Adit 2. Re-evaluation of the deposit, possibly bulk
mineable methods, is recommended. (see
www.freeportresources.com/i/pdf/Freeport-Q-2012.pdf
).
SPANISH MOUNTAIN GOLD:
Freeport’s claims are adjacent and on strike with an advanced stage,
multi-million ounce open pit gold project worked by Span
ish Mountain Gold Ltd. (SMGL). Infill drilling on
the east side of SMGL's proposed pit returned some of th
e best assay results to date, with 64.0m grading 3.25
g/t gold, including 41.5m of 4.85 g/t gold, 18.0m of 10.73
g/t gold, and 8.5m of 22.47 g/t gold. Mineralization
is proven to extend on Freeport’s claims, less than half a mile east of the pit. Please see
www.freeportresources.com/i/pdf/spanishmt2011.pdf
for our Spanish Mountain presentation.