Freewest Discovers New Uranium Corridor on its Thor Property in Northwestern Ontario
Thursday November 1, 11:11 am ET
HIGHLIGHTS:
- New uranium corridor discovered by prospecting yields assays of up to 0.302% U3O8 (6.0 lbs/ton)
- 140 bedrock samples collected from the 1500 metre-long, 400 metre-wide corridor yield an average assay of 693 parts per million U3O8 (1.4 lbs/ton)
MONTREAL, QUEBEC--(Marketwire - Nov. 1, 2007) - Freewest Resources Canada Inc. (the "Company") (TSX VENTURE:FWR - News) is pleased to announce that a new significant uranium occurrence has been discovered by prospecting on its Thor property (the "Property"). The 100%-owned Property recently acquired by staking, consists of 7 mineral claims comprising 1,036 hectares and is located 55 kilometres north of the City of Kenora, in north-western Ontario. Travel time to the Property from Kenora is 50 minutes, utilizing a network of new wood harvesting roads that access it. Subsequently, mineral exploration activities can essentially be carried out, year-round.
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A preliminary prospecting program completed at Thor resulted in the discovery of uranium in a large east-west-trending mineralized corridor, currently traced over a minimum strike length of 1.5 kilometres and over a width of at least 400 metres. A total of 140 bedrock samples were collected from the corridor, yielding a maximum assay of 3,021 parts per million U3O8 (6.0 lbs/ton) and a minimum assay of 4 parts per million U3O8. Of the total samples collected, 31 of them (22%) yielded assays greater than 1,000 parts per million U3O8 (2.0 lbs/ton), while 79 of the 140 samples or 58% of them, assayed greater than 500 parts per million U3O8 (1.0lbs/ton). The average assay of the total sample population collected from the mineralized corridor is 693 parts per million U3O8 (1.4 lbs/ton).(1)
An initial examination of the corridor indicates that mineralization is hosted within an east-west-trending pegmatite dike complex traced over a minimum strike length of 2500 metres and over a width of 400 metres. The complex intrudes metasedimentary rocks locally containing graphite as well as pyrite and pyrrhotite. Mineralized zones are coarse-grained to very coarse-grained, biotitic and contain prominent yellowish staining likely to be autunite and/or carnotite. Uranium mineralization is closely associated with large digested rafts or inclusions of metasedimentary rocks. Mineralization is completely open-ended along strike and as far as known, has never been tested by diamond drilling.
The mineralized corridor is associated with an extensive east-west-trending airborne radiometric anomaly generated by a survey flown in the Thor property locale, by the Geological Survey of Canada in the early 1970's. Both equivalent uranium and equivalent uranium/equivalent thorium anomalies defined on widely spaced flight lines (5 kilometres), correlate well with the location of uranium mineralization. The radiometric anomalies span a much larger area than mineralization discovered to date, suggestive of a large potential area for uranium mineralization. Follow-up prospecting is currently underway to expand the target area in preparation for planned systematic grid-work, to help define controls on uranium mineralization.
Regionally, uranium mineralization at Thor and at other occurrences in the area are closely associated with a major terrane boundary that separates rocks of the Winnipeg River greenstone belt from metasedimentary and plutonic rocks of the English River gneiss belt. Uranium mineralization is hosted both within potassically altered pegmatitic dikes as well as palingenic granitoids, derived from partial melting of metasedimentary rocks.
Donald Hoy, P. Geo. (Ontario), Vice President of Exploration and a Director of Freewest Resources is the Qualified Person under National Instrument 43-101 on the Thor and Lizar properties. He is also responsible for the preparation of this news release.
Freewest is a well-funded junior 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.
(1) Sample analyses for uranium was completed using the Delayed Neutron Count (DNC) method by Activation Laboratories Ltd. located in Ancaster, Ontario.
Investors are invited to visit the Freewest Hub at www.agoracom/IR/freewest where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to FWR@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Contact:
Mackenzie I. Watson
Freewest Resources Canada Inc.
President and CEO
(514) 878-3551 or 1-888-878-3551
(514) 878-4427 (FAX)
Email: info@freewest.com
Website: www.freewest.com
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Gerüchte : Ausgliederung durch Spin-off
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