Freewest gold discovery ignites a staking rush

A new gold discovery by Freewest Resources (TSE) on its 100% owned Benoit Twp. property in northern Quebec has buoyed the company’s stock and touched off a staking rush. Shares of Freewest rose to a high of $3.30 before falling back to $3.10 after the company intersected a 186-ft. wide gold zone on its property in Benoit Twp., Que.

The discovery, which occurs in pyritic silicified tuffs, yielded two intersections in a single hole of 53.3 ft. grading 0.18 oz. gold per ton and 19.7 ft. grading 0.23 oz. The values came from down-hole depths of 376.2-429.5 ft. and 485.5-505.2 ft., respectively.

“This is probably the most significant new gold strike to come out of the Benoit Twp. area in several years,” said President Mackenzie Watson.

He said a staking rush is now on in the region as there is still some ground open for staking. Other juniors acquiring claims in the play include: Beaufield Resources (TSE), Beauchamps Exploration (VSE), Golden Tag Resources (VSE), Fancamp Resources (VSE)and Orient Resources (ME). Before the Freewest assays were released, Beaufield Resources traded nearly a million shares to close up 1.5 cents at 9.5 cents.

Freewest is currently drilling about 800 ft. from the shore of Lake Pusticamica in rocks describedas silicified tuffs Th discover i roughl tw township northeas o th well-known Greve zinc-coppe deposi owne b VS Exploratio (TSE an Serem-Quebec.

Watson said Freewest bought its claims from a prospector back in 1988 after gold-bearing float boulders were found on the shores of Pusticamica Lake. The property was later optioned briefly to Mingold, which returned the claims in 1989. Ten of eleven previous holes drilled on the property returned anomalous gold values up to 0.37 oz. over 6.1 ft..

Freewest is continuing to drill stepout holes along strike from the discovery in the hope of extending the mineralized zone. If the company hits more good results in the next two or three holes, a second drill could be added, said Watson.