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Freewest Resources Canada Inc.

Publié le 09 juillet 2008

Updates Exploration Activities on Its McFaulds Project in Ontario

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Mots clés associés :   Canada | Chrome | Copper | Nickel | Palladium |
July 9, 2008
Freewest Resources - Press Release


Freewest Updates Exploration Activities on Its McFaulds Project in Ontario and Windfall Project in Quebec


HIGHLIGHTS:

- Diamond drilling to occur on 3 of Freewest's McFaulds Lake area properties this summer

- Numerous high-quality airborne and ground geophysical anomalies to be targeted on Freewest's 100%-owned property at McFaulds, by a 10,000-metre diamond drilling program

- F-17 gold zone accessed by underground ramp at Windfall property reveals impressive visible gold


MONTREAL, QUEBEC-(July 9, 2008) - Mackenzie I. Watson, President and CEO of Freewest Resources Canada Inc. (the "Corporation") (TSX VENTURE:FWR), is pleased to provide the following exploration update on the Corporation's McFaulds project located in northern Ontario and on its Windfall project situated in central Quebec.

MCFAULDS PROPERTIES:

The McFaulds project comprises 3 separate properties situated 3.6 kilometres northeast of the Eagle One nickel-copper-platinum group element deposit held by Noront Resources Ltd. (TSX VENTURE:NOT) in the James Bay Lowlands of northern Ontario. They are known as the 100%-owned property, the Freewest-Spider-KWG JV property and the Freewest-Noront JV property (see Figure 1). Figures 1 and 2 comprise part of this news release and are posted on the Freewest website at http://www.freewest.com .

Eagle One has yielded some exceptional grades including 5.90% nickel, 3.10% copper, 2.87 g/t platinum, 9.78 g/t palladium over 68.3 metres (NOT-07-05) as well as 6.30% nickel, 2.80% copper, 1.90 g/t platinum and 10.20 g/t palladium over 46.2 metres in drill hole NOT-07-27. Noront also recently released a National Instrument 43-101 compliant mineral resource estimate for the Eagle One deposit (See Noront Press Release dated July 4, 2008).

Noront also discovered a second nickel-copper massive sulphide occurrence known as Eagle Two, two kilometres southwest of Eagle One. Several drill holes have intersected deformed semi to massive sulphides over widths of up to 26 metres in a conduit hosted in altered peridotite. Closely associated with Eagle Two mineralization, are several chromitite layers in peridotite yielding assays of up to 39.1% CR2O4 over a core length of 49.4 metres. Both Eagle One and Eagle Two are intimately associated with discrete magnetic anomalies (magnetic highs) and coincident electromagnetic anomalies or conductors.

100%-Owned Property

Over the last 4 months, Freewest has completed airborne geophysical surveys (AeroTEM flown by Aeroquest Ltd. and VTEM flown by Geotech Ltd.) with ground follow-up surveys including magnetics, HLEM (horizontal-loop electromagnetic) and a deep-penetrating electromagnetic survey known as InfiniTEM (TDEM). Collectively, the geophysical surveys have defined several anomalies comprising coincident magnetic highs and conductors, the same geophysical signature that characterizes the Eagle One and Two occurrences. The AeroTEM airborne geophysical survey revealed strong conductors featuring conductance values of up to 53 siemens while the VTEM survey yielded conductance of up to 157 siemens. The deep-penetrating ground InfiniTEM survey revealed a number of coincident conductors that are qualitatively described, as being of high conductance (see figure 2).

Such anomalies are prime targets for nickel-copper-platinum group element mineralization and will be tested in an upcoming diamond drilling program, anticipated to begin in the latter part of July. An initial 5000-metre diamond drilling program is planned to test some of the geophysical targets, with additional drilling slated for the late summer and early fall. Drill results will be released as they become available.

Freewest-Spider-KWG JV Property

A diamond drilling program recently completed by Spider Resources and KWG Resources on the property resulted in the expansion of a new chromite zone hosted in peridotite. To date, high-grade chromite mineralization has been traced by 4 drill holes over a strike length of 200 metres and to a vertical depth of close to 300 metres. Hole FW-08-07 intersected 30.73% CR2O3 over 14.4 metres while FW-09-05 cut 35.6% CR2O3 over a core length of 7.5 metres. Anomalous levels of nickel, copper and platinum-group-elements were obtained in these drill intercepts as well. The chromite zone remains completely open-ended along strike and to depth.

To augment these very positive results, the joint-venture commissioned a chrome marketing study to help provide guidelines for future exploration work on chrome. Such a study will include an initial market review followed by mineralogical and petrographic studies of the chromite that would help determine if the chrome can be upgraded to meet minimum industry specifications.

Diamond drilling will also resume shortly on the property in efforts to expand the chromitite zone and to test other geophysical targets for nickel-copper-platinum group element mineralization. Additional ground geophysical surveys involving HLEM and deep-penetrating electromagnetic surveys (TDEM) may also be completed, to ready certain targets for diamond drilling.

Spider and KWG may earn a 50% interest in the property by spending $3.0 million on exploration over a 4-year period. They may earn a 60% interest by delivering a bankable feasibility study on any mineralization found and a cumulative 65% interest by arranging project financing on behalf of Freewest to place such mineralization into commercial production.

Freewest-Noront JV Property

Freewest Resources Canada Inc. and Noront Resources Ltd. recently agreed to jointly explore a key airborne geophysical anomaly situated near the common boundary of the 100-owned property and adjacent land owned by Noront. Under the agreement terms, Freewest and Noront contributed 68 and 70 acres of their properties respectively, to form the joint-venture property (see Freewest news release of May 14, 2008).

The joint-venture property covers a prominent bulls-eye-shaped magnetic anomaly resembling the magnetic signature associated with the Eagle One deposit. Deep penetrating electromagnetic surveys (TDEM) will be completed over the magnetic anomaly to help prepare this target for diamond drilling.

WINDFALL PROPERTY, QUEBEC:

At Freewest's Windfall property in northern Quebec, Noront Resources Ltd. recently announced that the exploration ramp had accessed the F-17 gold zone (see Noront news release of June 26, 2008). Significant visible gold was reported during the course of the underground work with Noront stating: "gold was found to form a film or mesh, permeating the host rock and exposed on broken surfaces covering areas up to 8 centimetres by 10 centimetres."

In addition, it is expected that a parallel gold zone, the F-11zone will shortly be accessed by the underground ramp. Both of the F-17 and F-11 gold zones are located on a group of 29 claims under option to Noront that are owned equally by Freewest Resources Canada Inc. (50%) and Murgor Resources Inc. (50%). Noront is earning a 50% interest in the 29 mineral claims by incurring exploration expenditures of $4.0 million. Currently, Noront is incurring all of the exploration and development costs on the Windfall project.

Significant historical results obtained from the F-17 gold zone include 10.46 g/t gold over 11.00 metres (hole 05-20) and 9.32 g/t gold over 11.00 metres (hole 05-21) while those from the F-11 gold zone yielded values of 11.91 g/t gold over 17.00 metres (hole 05-30) as well as a channel sample that assayed 40..82 g/t gold over 5.90 metres.

DALHOUSIE MOUNTAIN PROPERTY, QUEBEC:

In other developments, Freewest will shortly embark on a stripping program on its optioned Dalhousie Mountain property. The property comprising 3,730 hectares, is located in the Bell River Complex, 50 kilometres southeast of Mattagami, Quebec. Earlier work completed by Freewest included a time-domain airborne electromagnetic survey (SkyTEM), ground geophysical surveys and prospecting.

Prospecting and blasting of one of the conductors yielded by the geophysical surveys returned copper values of up to 4.5% in limited sampling within layered gabbroic host rocks. The conductor, 200 metres long and 20 to 30 metres wide, will be the initial focus of a mechanical stripping and sampling program to commence next week.

Closely associated with a nearby conductor is an area of vanadium mineralization. Limited work completed by the operator identified a large area of vanadium mineralization, with a potential outcrop area of 1.2 kilometres by 0.2 kilometres, yielding assays of up to 1.27% V2O5 from blasted outcrop samples. This mineralization and associated conductor has never been tested by diamond drilling. Preliminary work on the vanadium zone will include mechanical stripping and detailed sampling.

Freewest may earn a 100% interest in the property from the vendor, EX-IN, by issuing them 500,000 shares of the corporation (Freewest Resources Canada Inc.) and expending $150,000 on exploration over a 2-year period. Additionally, the vendor has the option to purchase an additional 500,000 shares of Freewest at a price of C$0.20 over the same 2-year period.

Donald Hoy, P. Geo. (Ontario), Vice President of Exploration and a Director of Freewest Resources Canada Inc. is the Qualified Person (under National Instrument 43-101) on the McFaulds project and is responsible for the preparation of this news release. Luciano Vendittelli, P. Geo. (Quebec), is the qualified person on-site at the Dalhousie Mountain property in Quebec.

In other news, Freewest announces that on July 7, 2008, its Board of Directors granted stock options in respect of an aggregate of 850,000 common shares to seven of Freewest's directors and senior officers, at an exercise price of $0.30 per share. The closing price of Freewest's shares on the TSX Venture Exchange on July 4, 2008 was $0..28. At the same time, the Board of Directors also granted stock options in respect of an aggregate of 50,000 common shares to one of Freewest's employees, also at an exercise price of $0.30 per share. All of the stock options were granted pursuant to Freewest's incentive stock option plan.

Freewest is a well-financed mineral exploration corporation exploring for gold and base-metals within 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.

CONTACT INFORMATION:
Freewest Resources Canada Inc.
Mackenzie I. Watson
President and CEO
(514) 878-3551 or 1-888-878-3551
Fax: (514) 878-4427
Email: info@freewest.com
Website: http://www.freewest.com

   
   
FEATURED LINKS

Freewest Resources Web Site

Freewest Resources IR HUB


   


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Freewest Resources Canada Inc.

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Freewest Resources est une société d’exploration minière d'or et de cuivre basée au Canada.

Freewest Resources détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont LIZAR, SUNGOLD, LAROSE PROPERTY, GEORGE RIVER, BARRY - URBAN (WINDFALL), DALHOUSIE, CLAW LAKE, GOLDEN RIDGE, VERNEUIL TOWNSHIP, MC FAULD'S LAKE, CLARENCE STREAM, PLASTER ROCK, CROON LAKE et CAN-FER au Canada.

Freewest Resources est cotée au Canada. Sa capitalisation boursière aujourd'hui est 191,3 millions CA$ (190,3 millions US$, 135,2 millions €).

La valeur de son action a atteint son plus bas niveau récent le 05 décembre 2008 à 0,12 CA$, et son plus haut niveau récent le 18 décembre 2009 à 0,99 CA$.

Freewest Resources possède 214 900 000 actions en circulation.

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Rapports annuels de Freewest Resources Canada Inc.
2007 Annual Report
Financements de Freewest Resources Canada Inc.
04/06/2009Completes $5.16 Million Private Placement
26/02/2009Retains Investor-Relations Firm And Proposes To Extend Expir...
31/12/2008Announces Closing of $2,300,000 Private Placement
06/03/2008Announces Closing of $3 Million Private Placement
11/01/2008 Engages PowerOne Capital Markets for Private Placement of U...
07/12/2007Announces Private Placement for a Maximum of $800,000
31/10/2007 Announces Second Closing of $800,000 Private Placement With...
23/10/2007Announces Closing of $500,000 "Flow-Through" Private Placeme...
30/07/2007Announces Closing of $1 Million "Flow-Through" Private Place...
Attributions d'options de Freewest Resources Canada Inc.
21/01/2009Grants Stock Options
02/09/2008Grants Stock Options
Projets de Freewest Resources Canada Inc.
26/10/2009(Mc Fauld's Lake)Commence Drilling of Prospective Airborne Geophysical Anomal...
15/10/2009(Mc Fauld's Lake)Continues to Generate Excellent Drill Results at Black Thor
17/09/2009(Mc Fauld's Lake)Reports Additional Excellent Drill Results From its 100%-Own...
11/08/2009(Mc Fauld's Lake)Diamond Drilling Activity on Its 100%-Owned McFaulds Propert...
30/06/2009(Mc Fauld's Lake)Resumes Diamond Drilling on Its 100%-Owned McFaulds
02/06/2009Intersects 34.1% Cr2O3 Over 174 Metres at Black Thor
05/02/2009Intersects 30.0% Cr2O3 Over 124 Metres at Black Thor
09/01/2009(Clarence Stream)Intersect 8.24 g/t Gold Over 5.00 Metres in Deeper Drilling ...
15/12/2008High-Grade Chromite Intersections Continue To Outline
10/12/2008(Mc Fauld's Lake)Updates Exploration Activities on Its 100%-Owned McFaulds Pr...
26/11/2008(Mc Fauld's Lake)INTERSECTS 40.4% OVER 46.3 METRES AT THE BLACK THOR CHROMIT...
21/11/2008Resume Diamond Drilling on Its 100%-Owned McFaulds Property ...
07/11/2008(Mc Fauld's Lake)Updates Exploration Activity on Its 100%-Owned McFaulds Prop...
06/11/2008(Mc Fauld's Lake)Updates Exploration Activity on Its 100%-Owned McFaulds
29/09/2008Intersects 110 Metres of Chromite
15/09/2008 Intersects 100 Metres Of Chromite Mineralization In First H...
10/09/2008(Mc Fauld's Lake)Commences Diamond Drilling on its 100%-Owned McFaulds Proper...
14/05/2008(Mc Fauld's Lake)Noront and Freewest to Jointly Explore Key Airborne Geophysi...
19/03/2008 Near Surface High Grade Gold Intersected On Noront-Freewest...
06/03/2008(Mc Fauld's Lake)Interpretation of Airborne Geophysical Surveys Completed on ...
29/02/2008(Clarence Stream) Intersects 7.98 G/T Gold Over 12 Metres in Deeper Drilling ...
10/01/2008(Clarence Stream)and Rockport Set to Resume Diamond Drilling at Clarence Stre...
21/12/2007(Sungold)Partners With a Major Mining Company to Further Explore its ...
18/12/2007(Golden Ridge)Explore its Golden Ridge Property in New Brunswick and Maine
03/10/2007(Clarence Stream)Drilling Demonstrates Excellent Potential for Deep Gold Zone...
13/08/2007(Clarence Stream) Intersects 6.59 g/t Gold Over 7.00 Metres in Deeper Drillin...
05/06/2007(Lizar)Options Lizar Gold-Based Metal Property in Northwestern Onta...
28/02/2007Intersects 12.45 g/t Gold Over 4.50 Metres and 12.51 g/t Gol...
Communiqués de Presse de Freewest Resources Canada Inc.
27/01/2010Cliffs Acquisition of Freewest Completed
26/01/2010Obtains Final Order for Arrangement With Cliffs Natural Reso...
25/01/2010To apply for final order from Court on January 26
14/01/2010Reminds Shareholders to Vote for Plan of Arrangement
14/10/2009Attending The World Money Show In Toronto
14/10/2009Finds New Partner in Eagle Hill
12/02/2009CEO Interview February 12, 2009
16/01/2009 Significant Chromite Intersections Returned From Two Additi...
20/11/2008Attending Hard Assets Investment Conference - San Francisco
26/09/2008More Massive Chromitite
20/08/2008Spider and KWG Intersect 45.6 Metres of Massive Chromite
22/07/2008Drilling Resumes on Nickel Chrome Prospect
09/07/2008Updates Exploration Activities on Its McFaulds Project in On...
13/06/2008and Rockport Announce Increase in Mineral Resources
11/06/2008Spider, KWG and Freewest Intersect 30.73% Chrome
30/04/2008and Rockport Continue to Expand Deep Zone and Intersect 17.2...
08/04/2008Spider, KWG and Freewest Provide Drill Update on Freewest Op...
02/04/2008Attend The Calgary Resource Investment Conference April 12 &...
13/03/2008Mackenzie Watson to Appear on BBN TV's Commodities Report
04/02/2008 KWG, Spider and Freewest Start Winter Exploration Program
28/01/2008Freewest Resources Press Release - January 28, 2008
20/12/2007Acquires New Volcanic-Hosted Massive Sulphide Occurrence at ...
01/11/2007New Uranium Corridor on its Thor Property in Northwestern On...
22/10/2007 Spend $7.5 Million to Gold Properties in New Brunswick
09/10/2007Announces Filing of Quest Uranium Corporation Preliminary Pr...
01/10/2007Prioritizes Exploration Targets on its Mcfaulds Property, On...
11/07/2007Acquires Croon Lake Uranium Property in Northwestern Ontario...
23/05/2007Acquires Dalhousie Mountain Nickel-Copper-Vanadium Property ...
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