|
MONTREAL,
QUEBEC--(Marketwire
- Oct. 1, 2007) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) (the
"Company") today announces that a compilation of archived
airborne geophysical data has identified a number of high-priority
exploration targets on it's McFaulds property (the
"Property"). The Property consists of 9 mineral claims
comprising 22.7 square kilometres and is favourably located, 4
kilometres east-northeast of the Double Eagle nickel-copper-platinum
group element deposit, recently discovered by Noront Resources Ltd (TSX
VENTURE:NOT).The subject properties are located in the Sachigo
greenstone belt in the James Bay Lowlands of northern Ontario.
The Double Eagle discovery has returned some exceptional grades
including 1.84% nickel, 1.53% copper, 1.14 g/t platinum and 3.49 g/t
palladium over 36.0 metres (NOT-07-01) as well as 5.90% nickel, 3.10%
copper, 2.78 g/t platinum and 9.78 g/t palladium over 68.3 metres in
hole NOT-07-05. The deposit is hosted in rocks described as peridotite
and appears to be situated within the basal, lower-most portion of the
southern limb of the Sachigo greenstone belt that is likely south-east
facing (oldest rocks to the northwest and youngest to the southeast).
It is intimately associated with a discrete magnetic anomaly (magnetic
high) coincident with an electromagnetic anomaly (conductor).
A series of airborne geophysical compilation maps showing the location
of Freewest's McFaulds property in relation to the Double Eagle deposit
accompanies this press release. View maps by clicking here.
Based on the airborne geophysical data and geological evidence,
Freewest's McFaulds property likely covers the north-easterly extension
of the same basal portion of the stratigraphic section that hosts the
Double Eagle deposit. Lending further support to this premise, are a
series of discrete northeast-trending magnetic highs and associated
electromagnetic conductors on the Freewest property that are similar to
the geophysical signature of the Double Eagle deposit. Such geophysical
targets are of immediate exploration interest. Finally, an earlier
drill hole completed by Freewest Resources Canada Inc., Spider
Resources Inc. and KWG Resources Inc. (Spider-KWG JV) on Freewest's
property in 2006, returned high-grade chrome mineralization with
anomalous nickel and platinum-group-element mineralization within a
peridotite host rock. Drill hole FW-06-03, testing one of the
geophysical conductors, returned an intercept of 24.3 % chrome, 0.115%
nickel, 0.185 g/t platinum, 0.210 g/t palladium, 0.320 g/t ruthenium
and 0.049 g/t rhodium. This drill hole demonstrated not only similar
host rocks as at Double Eagle, but also contained anomalous nickel and
platinum-group-element mineralization.
Freewest is currently planning a more detailed higher resolution
airborne geophysical survey to be completed on its McFaulds property.
The survey will involve survey flight lines at 100-metre centres as
opposed to the 300-metre spaced lines in the archived survey.
Additionally, the new survey will involve a helicopter-borne
time-domain system involving higher resolution when compared to the
archived fixed wing survey. It is anticipated that the new survey will
be completed this fall with ground follow-up and diamond drilling of
targets to be completed in the early winter of 2008.
Four (4) of the 9 mineral claims (10 square kilometres) comprising the
McFaulds property are owned outright by Freewest Resources Canada Inc.
The remaining 5 claims or 12.7 kilometres are currently under option to
Spider Resources Inc. and KWG Resources Inc (Spider-KWG JV). On the
latter, the Spider-KWG JV may earn a 50% interest in them by spending
C$3,000,000 on exploration over a 4-year period. The joint-venture may
earn a 60% interest by delivering a bankable feasibility study on any mineralization
identified and a cumulative 65% interest by arranging project financing
to put such mineralization into commercial production.
Donald Hoy, P. Geo. (Ontario), Vice President of Exploration and a
Director of Freewest Resources Canada Inc. is the Qualified Person on
the McFaulds property and is responsible for the preparation of this
news release.
Freewest is a well-financed mineral exploration company exploring for
gold, base-metals and uranium in Eastern Canada.
Corporate information can be accessed on the Internet at www.freewest.com.
Freewest's shares are listed on the TSX Venture Exchange under the
symbol FWR.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release
|