Freegrant Silver gains NB polymetallic deposit

A polymetallic deposit at Sisson Brook, N.B., is now in the hands of Freegrant Silver, a privately owned New Brunswick-based firm.

The property, situated 30 km north of Fredericton, was drilled in the late 1970s and early 1980s by previous owner Texasgulf which delineated drill-indicated resources in three separate deposits:

* 7.5 million tonnes grading 0.21% tungsten oxide and 0.35% copper; * 6 million tonnes grading 0.14% tungsten oxide and 0.09% copper; and * 15 million tonnes grading 0.17% tungsten oxide and 0.09% molybdenum sulphide.

The deposits were left open in all directions when exploration was stopped following a drop in the prices of moly and tungsten in the early 1980s.

Freegrant reports that “thousands of metres” of old, drill core from Texasgulf are available for study, and notes further that the core was apparently never assayed for metals other than copper, moly and tungsten.

Freegrant officials believe the property has potential for bulk-tonnage, low-grade copper-tungsten-moly production from parallel sheeted, mineralized zones traversing the host tuffs and metasediments.

Freegrant is arranging financing to assess the property and intends to seek a joint-venture partner for the project.