PROPERTY HIGHLIGHTS
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FWR-MUG JV recently optioned 29 key mineral claims to Noront Resources Ltd. on the Windfall property
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Noront will spend $4.0 Million on exploration and development at Windfall in order to earn a 50% interest in the 29 claims including an underground exploration program on several of the gold zones by way of a ramp that will be collared on the optioned ground in late 2007
PROPERTY DESCRIPTION AND LOCATION
The Windfall property consists of one of four properties comprising the Barry-Urban project (others include Barry United, Eagle River and Greenshield). The project is a joint-venture equally involving Freewest Resources Canada Inc. and Murgor Resources Inc (FWR-MUG JV). The project area is located approximately 180 kilometres southwest of Chibougamau in the Abitibi greenstone belt of north-western Quebec.
EXPLORATION OVERVIEW
The Windfall property area is currently the major focus of gold exploration by a number of junior mining companies. This is due to Noront Resources Ltd. high-grade drill intercept of 1328 g/t gold over 4.80 metres near the Windfall property boundary in late 2006 and by exploration success generated over the last few years by the Freewest-Murgor JV on this property.
Exploration to date at Windfall has focused on the F-17, F-11 and F-51 zones. All of the zones occur in northeast-trending shear zones dipping steeply to the northwest. Within the shear zones, gold occurs in discrete shoots that have a variable plunge of -10˚ to -45˚ to the northeast. All of the zones remain open down-plunge with excellent potential to expand the gold resource. Some of the better drill intercepts from the F-17 and F-11 zones are as follows:
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F-17 GOLD ZONE
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Hole Number
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Gold (g/t)
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Width (m)
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Zone
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WIN-05-21
WIN-05-22
WIN-05-48
WIN-05-66
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9.99
16.50
8.89
9.10
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4.00
3.00
11.00
2.00
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Upper Shoot
Upper Shoot
Upper Shoot
Upper Shoot
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WIN-04-06
WIN-05-21
WIN-05-28
WIN-05-52
WIN-05-70
WIN-05-79
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5.13
9.32
21.70
7.24
2.89
15.97
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4.70
11.00
2.00
9.00
5.00
7.60
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Lower Shoot
Lower Shoot
Lower Shoot
Lower Shoot
Lower Shoot
Lower Shoot
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F-11 GOLD ZONE
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Hole Number
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Gold (g/t)
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Width (m)
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Zone
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WIN-04-02
WIN-05-30
WIN-05-32
WIN-05-34
Channel Sample
Channel Sample
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8.35
11.91
3.35
8.18
40.60
85.80
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3.50
17.00
3.00
3.00
5.90
4.00
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Main Shoot
Main Shoot
Main Shoot
Main Shoot
Main Shoot
Main Shoot
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The Noront high-grade discovery is believed to be hosted within a northeast-trending structure that extends onto the Windfall property. The joint-venture drill tested this structure with two holes at one locale, approximately 1.5 kilometres to the northeast of the Noront discovery, at an earlier date. Visible gold was obtained within one of the holes and assayed 1.00 g/t gold over 1.00 metre.
The Freewest-Murgor JV recently reached an agreement with Noront Resources Ltd. in which Noront optioned 29 mineral claims from them on the Windfall property. The 29 claims are located immediately to the north of the Noront property and encompass a portion of the northeast-trending structure hosting the Noront high-grade zone and also include the F-11 and F-17 gold zones. The Freewest-Murgor JV will retain a 100% interest on the remaining 184 claims on the Windfall property, including the northeast extension of both the F-11 and F-17 gold zones. Drilling is planned to test these very prospective structures in the spring of 2007.
Under the agreement, Noront can earn a 50% interest in the 29 claims by issuing 750,000 shares to the Freewest-Murgor JV and spend $4.0M on exploration and development. Noront has the right to complete a feasibility study; should the Freewest-Murgor not participate in such study, Noront’s interest would increase to 60%. Thereafter the parties shall operate under a new joint-venture agreement on a 60-40 participating basis (Noront 60% - Freewest-Murgor JV 40%).
Noront’s objective is to test and sample the F-11 and F-17 zones with an underground exploration ramp that will be collared on the newly optioned ground.
MAPS
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