Freewest excited about new gold targets

Vancouver — Results from a second round of drilling on the Clarence Stream property has Freewest Resources Canada (FWR-M) eyeing additional gold targets on the promising project in southwestern New Brunswick.

Following up on an encouraging first bout of drilling (39 holes tested multiple zones of gold-bearing mineralization), the latest results include 10 holes at the Central zone, two holes at the N zone and five at the East zone.

At the Central zone, 22 holes drilled to date have returned an average grade of 7.31 grams gold per tonne over 8.3 metres. Mineralization is hosted in sheared quartz veins in metasedimentary and gabbroic rocks. It has been cut over a 125-metre strike length to vertical depths of 180 metres. Highlights from the latest results include:

• Hole 48 — 9.5 metres grading 4.5 grams gold;
• Hole 49 — 11.5 metres grading 3.9 grams gold; and
• Hole 54 — 11.5 metres grading 3.8 grams gold.

At the N zone, the junior intersected a broad zone of stockwork mineralization in hole 57. It yielded 1.55 grams gold over 21.5 metres.

The only hole to cut significant mineralization at the East zone was hole 62, which returned 4.12 grams gold over 4 metres.

Freewest is busy outlining a 4-by-1-km gold-bismuth-arsenic-antimony-in-soil geochemical anomaly west of the Central zone. The junior plans to drill-test this target in September. It will also test the Central zone at depth and the 700-metre interval that separates the East and Central zones.

In northwestern Ontario, a six-week prospecting program has discovered three new occurrences at Freewest’s newly acquired Lizar property in the western part of the Kabinakagami greenstone belt.

Grab samples from the first showing returned up to 41.6 grams gold, while the second and third yielded 7.4 grams gold and 5.1 grams gold, respectively.

Mineralization occurs in pyritized shear zones.

The junior is earning a 100% stake in the project by paying $305,000 and issuing 300,000 shares over four years. The local prospectors retain a 3% net smelter royalty.