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Press Release Source: Freewest Resources Canada Inc.
Freewest Flying Detailed Airborne Geophysical Survey on its McFaulds Property, James Bay Lowlands, Ontario
Monday October 29, 10:25 am ET
MONTREAL, QUEBEC--(Marketwire - Oct. 29, 2007) - Mackenzie I. Watson, President and CEO of Freewest Resources Canada Inc. (the "Company") (TSX VENTURE:FWR - News) is pleased to announce that a detailed airborne geophysical survey is currently being flown over its McFaulds property (the "Property"). The Property consists of 9 mineral claims comprising 22.7 square kilometres and is located 4 kilometres north-east of the Double Eagle nickel-copper-platinum group element deposit, recently discovered by Noront Resources Ltd. (TSX VENTURE:NOT - News). The subject properties are located in the Sachigo greenstone belt approximately 300 kilometres north of the town of Nakina, in the James Bay Lowlands of northern Ontario.
DOUBLE EAGLE NICKEL-COPPER-PGE DEPOSIT:
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 peridotite intrusive rocks situated within the basal, lower-most portion of the southern limb of the Sachigo greenstone belt that is likely southeast-facing (oldest rocks to the north-west and youngest to the south-east). Mineralization is hosted within an ultramafic sub-volcanic intrusion that frequently occur at the base of Archean greenstone belts. It is intimately associated with a discrete magnetic anomaly (magnetic high) coincident with an electromagnetic anomaly (conductor).
FREEWEST'S MCFAULDS PROPERTY:
Based on an archived airborne geophysical survey flown in 2003 and geological evidence, Freewest's McFaulds property likely covers the north-easterly extension of the basal portion of the stratigraphic section or sub-volcanic intrusion that hosts the Double Eagle deposit. Supplementing the favourable geological setting , are a series of strong discrete magnetic highs and associated electromagnetic conductor clusters on the Freewest property that are similar to the geophysical signature of the Double Eagle deposit. These anomalies are prime targets for diamond drilling.
The following images show the coincident conductors and magnetic highs on Freewest's McFaulds property relative to the Double Eagle deposit.
An earlier drill hole completed by Spider Resources Inc. and KWG Resources Inc on the Freewest portion of the property known as the Freewest JV in 2006, returned high-grade chrome mineralization with anomalous nickel, copper and platinum-group-element mineralization within a peridotite host rock. The drill hole in combination with the airborne geophysical anomalies, confirmed that the geological setting of the Company's McFaulds property is very similar to that of the Double Eagle deposit.
Four (4) of the 9 mineral claims (10 square kilometres) comprising the McFaulds property are wholly owned by Freewest Resources Canada Inc. The remaining 5 mineral claims or 12.7 square kilometres, are currently under option to Spider Resources Inc. and KWG Resources Inc (Freewest JV property). On the latter, Spider and KWG may earn a 50% interest in them by spending C$3,000,000 on exploration over a 4-year period. They may earn a 60% interest by delivering a bankable feasibility study on any mineralization identified and a cumulative 65% by arranging project financing on behalf of Freewest to put such mineralization into commercial production.
Spider and KWG recently announced that they intend on spending C$2,000,000 on drilling select airborne and ground geophysical anomalies on the Freewest JV property in the winter of 2008 (see Spider Resources Inc. news release of October 1, 2007).
The Airborne Geophysical Survey:
The current airborne geophysical survey is being flown on flight lines spaced 100 metres apart (as opposed to the 300-metre line spacing in the 2003 survey) allowing for greater definition and resolution of anomalies. It is being completed by Aeroquest International utilizing the AeroTEM II helicopter-borne time domain electromagnetic system. It is anticipated that the preliminary results will be available to the Company in early to mid-December allowing for the completion of a diamond drilling program by Freewest in the early winter of 2008.
Donald Hoy, P. Geo. (Ontario), Vice President of Exploration and a Director is the Company's qualified person on the McFaulds property and is responsible for the preparation o 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.
Contact:
Mackenzie I. Watson
Freewest Resources Canada Inc.
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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Source: Freewest Resources Canada Inc.
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