Freewest Acquires Two New Uranium Properties in Eastern Canada
2007-03-01 (provided courtesy of CCNMatthews .)
HIGHLIGHTS:
- Plaster Rock property in New Brunswick contains sediment-hosted uranium
mineralization yielding historical values of 0.236% U3O8 (4.72 pounds) and
selective grab sampling assays of 2.867% U3O8 (57.34 pounds)
- Aerobus property in northwestern Ontario contains granite-related
uranium mineralization with reported historical drill intercepts of up to
0.50% U3O8 (10.00 pounds) over 5.5 feet
MONTREAL, QUEBEC, CANADA--(CCNMatthews - March 1, 2007) - Freewest
Resources Canada Inc. (TSX VENTURE:FWR) (the "Company") is pleased to
announce the acquisition of a 100% interest in two new uranium properties
located in eastern Canada. The properties were acquired by claim staking
and include Plaster Rock, situated in northwestern New Brunswick and
Aerobus located in northwestern Ontario.
PLASTER ROCK PROPERTY, NEW BRUNSWICK:
Uranium metallogenesis in New Brunswick is closely related to late to
post-orogenic Devonian intrusions and related volcanic rocks and younger
sedimentary rocks, in overlying successor basins. In New Brunswick, these
Carboniferous-age basins (collectively known as the Maritimes Basin) formed
through collapse and subsidence of the uplifted Appalachian Orogen and
contain sedimentary-hosted uranium occurrences of various styles. Uranium
mineralization is hosted in alluvial, fluvial and lacustrine sediments,
commonly occurring in close proximity to faults.
The Plaster Rock property is located in one such Carboniferous-age basin,
known as the Plaster Rock basin. The 230 claim property comprises 3723
hectares and straddles a ten kilometre long section of the western margin
of the Plaster Rock basin, in fault contact with Devonian-age felsic
volcanic rocks. The Blue Bell Fault separates pink to red massive rhyolitic
basement rocks of the Cameron Mountain Formation from overlying red
sandstone, conglomerate and mudstone of the Arthurette Redbeds Formation
(Wilson 1987). Previous exploration efforts completed in the 1970's by
Urangesellschaft Ltd. and Lacana Mining Corporation in this locale, were
successful in locating a number of new uranium showings and soil
geochemical anomalies, intimately associated with the Blue Bell Fault.
Lacana Mining Corporation carried out regional well water geochemical
sampling programs in 1978 and 1979 on the current Plaster Rock property.
Follow-up soil sampling, prospecting and trenching located a number of new
showings within the Arthurette Redbeds, immediately adjacent to the Blue
Bell Fault. Assessment reports filed with the New Brunswick Department of
Natural Resources report the best results from Trench B, where 2 out of 7
samples returned greater than 2,000 parts per million uranium or 0.236%
U3O8 (4.72 pounds) and a third sample assayed 1,000 parts per million
uranium or 0.118% U3O8 (2.36 pounds). Selective grab sampling of the
mineralized zone returned an assay of 24,300 parts per million uranium or
2.867% U3O8 (57.34 pounds). Mineralization is associated with radioactive
chalcopyrite nodules in red sandstone.
Urangesellschaft also explored a segment of the Blue Bell Fault
approximately 2.5 kilometres west of the Lacana showings in 1979. A soil
geochemical survey completed on a survey grid straddling the fault,
delineated anomalous uranium in-soil values over a one kilometre strike
length. Soil values within the well-defined anomaly include 71, 50, 49 and
45 parts per million uranium. There is no recorded work performed to
follow-up on any of these most encouraging exploration results.
AEROBUS PROPERTY, ONTARIO:
The Aerobus property was staked to cover a historic uranium occurrence last
explored in the 1950's. It is located 50 kilometres north of Vermillion Bay
in the Kenora Mines and Minerals Division of northwestern Ontario.
Uranium mineralization occurs in medium to coarse-grained quartz monzonite
near the contact with quartz-feldspar paragneiss of Archean age. The
occurrence is located near the boundary of the Wabigoon greenstone belt and
the English River gneiss belt. Yellow staining is reportedly common at the
occurrence. Geological mapping, trenching and the drilling of nine holes
were completed by prospectors in 1955. Recorded assays from two of the
drill holes yielded 0.50% U3O8 (10 pounds) over 5.5 feet and 0.07% U3O8
(1.4 pounds) over 4.5 feet. There is no further recorded exploration work
since that time.
Data compilation completed by Freewest, reveal the presence of extensive
airborne radiometric anomalies and uranium in-lake sediment anomalies
coinciding with the Aerobus occurrence. These extensive anomalies are
suggestive of a potentially large area for uranium mineralization.
Freewest management stated: "Consistent with our strategy of acquiring
quality uranium projects at reasonable cost, we have added two very
prospective projects to our portfolio of uranium properties. Both
properties can be explored year-round and can be advanced to the drilling
stage in a very short period of time. Exploration programs on both
properties will commence in the early spring".
Donald Hoy, P. Geo. (Ontario), Vice President of Exploration and a Director
of Freewest Resources Canada Inc. is responsible for the preparation of
this news release.
Freewest is a well-funded mineral exploration company exploring for gold,
base-metals and uranium within Eastern Canada. Corporate information can be
accessed on the Internet at www.freewest.com. Freewest's shares are listed
on the TSX Venture Exchange.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Freewest Resources Canada Inc.
Mackenzie I. Watson
President and CEO
514-878-3551 or 1-888-878-3551
514-878-4427 (FAX)
info@freewest.com
www.freewest.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
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