Freewest Announces Initial Mineral Resource Estimate for the Black Thor Chromite Deposit on Its 100%-Owned McFaulds Property, No
14 Januar 2010 - 6:38PM
Marketwired
Freewest Resources Canada Inc. (TSX VENTURE: FWR) is pleased to
announce the initial National Instrument 43-101 compliant mineral
resource estimate for the Black Thor chromite deposit on its
100%-owned McFaulds property. The 100%-owned McFaulds property,
consisting of 1,036 hectares, comprises one of three properties in
the "Ring of Fire" metals district in northern Ontario that
Freewest is exploring on its own or under joint-venture agreements.
MINERAL RESOURCES:
The Black Thor chromite deposit contains an Inferred Mineral
Resource of 69,554,960 tonnes grading 31.9% Cr2O3. This Inferred
Mineral Resource is based on a 25% cut-off grade for chromite;
utilizing different cut-off grades for chromite yields a range of
tonnes and grades for the Black Thor chromite deposit as set out in
the table below. This initial mineral resource estimate is
compliant with National Instrument 43-101. The details of the
mineral resource estimate are as follows:
-------------------------------------------------------------------------
Classification Tonnes (millions) %Cr2O3 Cut-Off Grade
-------------- ----------------- ------ (% Cr2O3)
--------------
-------------------------------------------------------------------------
Inferred Mineral
Resources 121,883,768 27.8 20
-------------------------------------------------------------------------
Inferred Mineral
Resources 69,554,960 31.9 25
-------------------------------------------------------------------------
Inferred Mineral
Resources 36,062,976 36.1 30
-------------------------------------------------------------------------
Inferred Mineral
Resources 16,710,037 40.46 35
-------------------------------------------------------------------------
1. CIM Definition Standards were followed for classification of Mineral
Resources.
2. The cut-off grade of 25% Cr2O3 is based on a Cr2O3 price of $150 per
tonne for high-grade chromite mineralization (greater than 40% Cr2O3)
and assumed mining costs.
3. The Inferred Mineral Resource estimate utilizes drill-hole data
available as of January 7, 2010 that comprised 54 drill holes
totaling 19,641 metres of drilling.
4. Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
5. All sample preparation and analyses were completed by Activation
Laboratories of Ancaster, Ontario.
The tonnage-grade curve for the Black Thor chromite deposit set
out below helps to illustrate the effect of different cut-off
grades for Cr2O3 on available Inferred Mineral Resources. The
mining and processing methods to be chosen will help determine what
proportion can be upgraded to "mineral reserves", as Inferred
Mineral Resources do not take into account mineability and
dilution.
Freewest contracted Mr. Alan J. Aubut, M. Sc., P. Geo. (Ontario)
of Sibley Basin Group Geological Services to calculate the National
Instrument 43-101 compliant mineral resource estimate for Black
Thor and to write an accompanying technical report. He is currently
a member in good standing in the Association of Professional
Geoscientists of Ontario (Practicing Member 1750). Mr. Aubut has
more than ten years of practical experience in mineral resource
estimation, particularly with orthomagmatic nickel-copper-platinum
group element deposits (Thompson nickel belt, Manitoba) as well as
orthomagmatic chromium-platinum group element deposits.
Mr. Aubut estimated the mineral resource from a block model that
was controlled by constructing a wire frame from the interpretation
of geological cross-sections. The resulting mineral envelope for
Black Thor extends from surface to a vertical depth of about 400
metres below surface. Block model grades were then calculated
geostatistically using ordinary kriging.
Due to the shortage of time and incomplete data, it was not
possible to include platinum, palladium or the chrome-to-iron
ratios (Cr: Fe) in this initial mineral resource estimate. These
parameters will be included in a technical report that is required
to be filed on SEDAR within 45 days of this news release.
Systematic calculation of Cr:Fe ratios for the 54 drill holes
utilized in this mineral resource calculation indicate Cr:Fe ratios
of 1.80 for chromite grades of 30% and greater and Cr:Fe ratios of
2.08 for chromite grades of 40% and greater. In Freewest's view,
based on published ratios for known producing chromite deposits
globally, such ratios are indicative of very good ore quality.
To view the image associated with this release, please visit the
following link:
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ABOUT BLACK THOR:
The Black Thor chromite deposit has been traced on the McFaulds
property over a 2.9 kilometre strike-length, remaining open-ended
along strike and to depth. It is the most extensive
chromite-bearing body on the McFaulds property and, to date, within
the entire Ring of Fire metals district. It strikes southwest to
northeast and has an over-turned sub-vertical dip towards the
northwest ranging between 70 degrees and 85 degrees. The zone
typically contains two chromite layers known as the Lower and Upper
zones that range in thickness from tens of metres to more than 100
metres in thickness. The zones are separated by a horizon of
disseminated chromite hosted within peridotite and dunite.
The goal of an up-coming third phase of diamond drilling at
Black Thor is to upgrade the Inferred Mineral Resource to the
Indicated Mineral Resource category. In this regard, a planned
10,000-metre diamond drilling program is slated to commence late
January, 2010.
Donald Hoy, P. Geo. (Ontario), Vice-President, Exploration and a
Director of Freewest Resources Canada Inc., is the Qualified Person
(under National Instrument 43-101) on the McFaulds property and is
responsible for the preparation and verification of data contained
in this news release.
ABOUT FREEWEST:
Freewest is a mineral exploration company actively exploring for
gold, base-metals and chromite within eastern Canada. Corporate
information can be accessed on the Internet at www.freewest.com.
Freewest's shares are listed on Tier 1 of the TSX Venture Exchange
under the symbol FWR.
Georgeson is acting as Freewest's solicitation agent in
connection with the proposed Plan of Arrangement with Cliffs
Natural Resources Inc. Georgeson may be contacted as follows:
Georgeson
100 University Avenue
11th Floor, South Tower
Toronto, Ontario
M5J 2Y1
North American Toll Free Number: 1-866- 433-7579
Banks and Brokers Collect Number: 1-212-806-6859
Forward-Looking Statements
This news release contains statements that constitute
"forward-looking information" or "forward-looking statements"
within the meaning of applicable securities legislation. This
forward-looking information is subject to numerous risks and
uncertainties, certain of which are beyond the control of Freewest
Resources Canada Inc. ("Freewest"). Actual results or achievements
may differ materially from those expressed in, or implied by, this
forward-looking information. No assurance can be given that any
events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits that
Freewest will derive therefrom. Forward-looking information is
based on the estimates and opinions of Freewest's management at the
time the information is released and Freewest does not undertake
any obligation to update publicly or to revise any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Freewest Resources Canada Inc. Mackenzie I. Watson
President and CEO 514-878-3551 or 1-888-878-3551 514-878-4427 (FAX)
info@freewest.com www.freewest.com
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