PROPERTY HIGHLIGHTS
- Freewest’s McFaulds property is located 3.8 kilometres east-northeast of Noront’s Eagle One and Eagle Two nickel-copper-platinum group element discoveries within the Sachigo greenstone belt of northwestern Ontario. Drill results from Eagle One include 5.90% nickel, 3.10% copper, 2.87 g/t platinum and 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 (NOT-07-27)
- It is also located 6 kilometres west-southwest of the McFaulds #1, #2 and #3 volcanic-hosted massive sulphide deposits, held by Spider Resources Inc. and KWG Resources Inc. Drilling by the joint-venture in 2003 yielded 8.02% copper over 18.8 metres in a hole testing the McFaulds #2 deposit
PROPERTY DESCRIPTION AND LOCATION
The McFaulds property consists of 9 mineral claims (144 claim units) comprising 22.7 square kilometres and is located 300 kilometres north of the town of Nakina, in the James Bay Lowlands of northern Ontario.
It is situated 3.8 kilometres northeast of the Eagle One and Eagle Two nickel-copper-platinum group element (PGE) occurrences of Noront Resources Ltd (Figure 1). Four (4) of the claims are wholly-owned by Freewest (Freewest claims), while the remaining 5 claims are under option to Spider Resources Inc. and KWG Resources Inc. (Freewest JV claims). Spider and KWG may earn a 50% interest in the 5 claims from Freewest by spending $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% interest by arranging project financing for Freewest to place such mineralization into commercial production.
EAGLE ONE AND EAGLE TWO OCCURRENCE OVERVIEWS
The southern limb of the Sachigo greenstone belt has been the focus of considerable recent claim staking and exploration activity, owing to the discovery of 2 new base-metal discoveries. In 2003-2004, the Spider-KWG JV discovered 3 volcanic-hosted massive sulphide (VHMS) deposits known as McFaulds #1, #2 and #3. Drill intersections of up to 8.02 percent copper over a core length of 18.8 metres obtained from the McFaulds #2 deposit; attest to the considerable potential of the Sachigo greenstone belt to host significant VHMS deposits (Figure 2).
In September of 2007, Noront Resources Ltd. announced the discovery of impressive nickel-copper mineralization on their Double Eagle project. The first discovery by Noront, known as Eagle One, yields some exceptional grades including 5.90% nickel, 3.10% copper, 2.87 g/t platinum and 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. The deposit occurs in ultramafic rocks described as peridodite, within the basal lower-most portion of the volcanic pile comprising the greenstone belt.
Noront recently announced the discovery of a second nickel-copper massive sulphide occurrence known as Eagle Two, situated 2 kilometres southwest of Eagle One. To date, 4 drill holes have yielded semi-massive to massive sulphides over widths of 3 to 26 metres in deformed, altered peridotite, containing pyrrhotite, magnetite, chalcopyrite and pentlandite. Significantly, 3 of the 4 drill holes intersected chromitite layers and seams, closely associated with semi-massive and massive sulphide zones of mineralization.
Both of the Eagle One and Eagle Two occurrences are intimately associated with discrete magnetic anomalies (magnetic highs) and coincident electromagnetic anomalies or conductors.
Collectively, the nickel-copper and VHMS mineralization discovered by Noront Resources Ltd. and the Spider-KWG JV respectively are suggestive of a potential new Canadian mining camp in the making.
FREEWEST’S EXPLORATION WORK IN 2007 AND PLANS FOR 2008
Freewest recently completed a compilation and interpretation of two airborne geophysical surveys flown for the Company at McFaulds; the first flown by Fugro Airborne Surveys in 2004 and the second, completed by Aeroquest International Limited Surveys in late 2007.
Based on the airborne geophysical surveys and geological evidence, Freewest’s McFaulds properties cover the northeast extension of the peridodite that hosts the Eagle One and Eagle Two occurrences. Both the Freewest claims, as well as the Freewest JV claims, contain numerous anomalies that are similar to the geophysical signature obtained over the Eagle One occurrence, specifically, a coincident magnetic high and conductor (Figures 3&4). These anomalies are of prime exploration interest and are obvious targets for diamond drilling.
Lending further support to the geophysical anomaly similarities between Eagle One and those on the Property is the geological evidence yielded in drill hole FW-06-03. This drill hole was completed on the Freewest JV claims by the operator in 2006 and intersected 2 chromitite layers, capping a thick section of peridotite. Limited sampling of the chromitites returned high chrome values and anomalous levels of nickel, copper and platinum-group-elements. The drill test clearly demonstrates the presence of magmatic styles of mineralization occurring within peridotite and highlights the importance of the chromitite horizon intersections, particularly in light of the recent results obtained by Noront at Eagle Two.
The Company also completed a detailed interpretation of the preliminary data generated by the Aeroquest survey. The interpretation reveals numerous northeast-trending conductor panels and coincident magnetic anomalies, including 8 on the Freewest JV claims and 5 on the Freewest claims (Figure 5). The location of these anomalies indicates that they are all situated close to the base of the volcanic pile within peridotite, the same geological setting as at Eagle One and Eagle Two.
Freewest is currently completing detailed ground geophysical surveys on the Freewest claims in preparation for diamond drilling. These include ground magnetic, horizontal-loop electromagnetic (HLEM) and high-power deep electromagnetic surveys (TDEM). It is anticipated that some of these surveys will be completed before spring break-up, enabling the completion of an initial diamond drilling program testing some of the targets in the late spring.
Similarly, on the Freewest JV claims, Spider Resources Inc. and KWG Resources Inc. have completed line cutting and subsequent magnetic and HLEM surveys in the locate of the chromitite occurrence (FW-06-03) and on the conductor adjoining drill hole FW-06-03. Drilling is currently in progress.
MAPS
|
