Freeport Resources (FRI-V) announcement that it has verified molybdenite in samples from two adits at its Q project in central B.C. sent its share price soaring.
In Toronto on Aug.1 the Richmond, B.C.- based company saw its shares climb 50% or 15 to 47 albeit on very low volume of just 1,000 shares.
Molybdenite had previously been reported only in Adit No. 2 which sits roughly 279 metres east of Adit No.1.
The company says that because of a large-scale potassic alteration zone and the presence of molybdenite, the Q is now being evaluated as a possible molybdenum porphyry.
The Q claims encompass a large fluorite deposit extensively worked by Eaglet Mines from 1973 until 1985.
The area also hosts Lead-zinc, molybdenum and strontium mineralization but the company says the relationship between them is not well understood. It has a mineralogical and petrographic study underway to help it towards that end.
The company is also analyzing samples from past exploration programs. A historic diamond drill hole, S11-81, which was drilled near the mouth of Adit No. 2, is being assayed to see if molybdenite and fluorspar are present.
So far, Freeport says, roughly a quarter of some 500 Adit No. 2 pulp samples have anomalous molybdenum, from 100 to 1143 ppm.
The Q is northeast of Horsefly in B.C.’s Cariboo Mining District and is accessible by barge and logging roads.
The company says it is seeking the support of a major to develop the project.
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