NEWS OUT!!!Freeport talks about anomaly in Notakwanon claims
2005-09-23 16:45 ET - News Release
Ms. Brenda Clark reports
FREEPORT ANNOUNCES NOTAKWANON RESULTS
Freeport Resources Inc. has released results from its Notakwanon claims in Labrador. This area has again been the focus of media attention with Inco's large claim block now extending about 25 kilometres south of Notakwanon -- adjacent to Inco's Garland Lake property. Inco has stated it will conduct an extensive drill program on its property during the spring of 2006.
As reported in Stockwatch on May 2 and Sept. 1, 2005, Inco mistakenly conducted an audio magnetotelluric (AMT) survey inside Freeport's claims in the fall of 2000. Freeport became aware of the geophysical survey last spring when Inco's assessment report was publicly released by the NL government. On Freeport's request, Inco has since provided data for 39 stations along two north-south profiles inside Notakwanon to the Ecole Polytechnique (EP) for recalibration and an independent interpretation. EP's work has clearly shown a "particular high phase zone in the middle of the survey area."
A variety of modelling techniques were used to delineate a large V-shaped conductive body about 500 metres inside Freeport's property where the zone is best defined. The body is part of an east-southeast-trending conductive zone with a lateral (north-south) extension of about one kilometre, deepening to the east toward the claim boundary. According to EP's report, although the body is about 500 m below surface, it appears some portions extend closer to surface, though conductivity decreases. Thickness of the body is in the order of 500 m. Michel Chouteau of EP recommends a big loop electromagnetic (EM) survey or drill testing to explain the anomaly, which may reflect a sulphide zone with sufficient connectivity to be conductive over large areas.
The AMT anomaly coincides with an area where Freeport's 1996 to 1997 geological work identified a gabbroic intrusion appearing to have steep contacts with host gneisses, possibly representing a portion of a feeder system. (Elsewhere on the property gabbroic intrusions have relatively flat-lying contacts.) Several rock samples collected from this area in August, 2005, have been sent for petrographic analysis. Surface samples from the vicinity exhibit elevated nickel values to 1,749 parts per million. When recalculated to 100 per cent, sample ND-28-1997, collected near the AMT anomaly, gives values of 2.1 per cent nickel, 6.7 per cent copper and 0.32 per cent cobalt.
At the west of the property, an airborne electromagnetic/magnetic survey conducted for Freeport in 1995 identified a prominent circular magnetic anomaly interpreted as a possible vertical plug-like source. It is believed that the area west of the lake may be a separate phase of the intrusion given a greater percentage of oxide phases. In any case, a gossanous patch near a two-metre-wide-by-20-metre-long disseminated sulphide zone (pyrite, pyrrhotite, trace chalcopyrite) near the anomaly returned an assay of 1,180 parts per million copper, 1,361 parts per million nickel and 526 parts per million cobalt.
Mr. Chouteau is the geophysicist who has reviewed this release. Please refer to previous releases in Stockwatch dated May 25, 2001, May 2 and Sept. 1, 2005, for geological details.