PNG Mineral Resources Authority to Conduct Technical Site Visit at Freeport's Yandera Copper Project

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  • Freeport Resources to provide an update on the status of the Yandera Copper Project and present plans for future project financing and technical capacity statement.

  • Approximately US$200 million in exploration and development expenditures have been committed since 2005, including 154,600 meters of exploration drilling and completion of a Pre-feasibility Study*.
  • As one of the largest undeveloped copper resources* in the world, Yandera has the potential to become one of PNG's most significant copper mines, supporting local communities and creating skilled jobs.

Vancouver, British Columbia--(Newsfile Corp. - September 19, 2023) - Freeport Resources Inc. (TSXV: FRI) (OTCQB: FEERF) (FSE: 4XH) ("Freeport Resources" or the "Company") is pleased to announce the Mineral Resources Authority ("MRA") of Papua New Guinea ("PNG") is scheduled to conduct a Technical Site Visit for the renewal of Exploration License ("EL") 1335, which covers the 245.5 square kilometer concession comprising the Company's wholly-owned Yandera Copper Project.

Representatives of MRA and the Company are scheduled to carry out compliance and inspection activities during the five-day Technical Site Visit to begin September 25 and conclude September 29, 2023. The Technical Site Visit is part of the EL 1335 renewal process and follows the successful completion of the onsite MRA Wardens Hearing which took place on May 29, 2023, with principal landowners present and supportive of the Company's renewal application. The Company expects the MRA and Mining Advisory Council to conclude their review shortly after the site visit and anticipate EL 1335 will be recommended for renewal to the Minister for Mining which would render the status of the permit current.

The Company's main objectives for Yandera EL 1335 are working toward advancement of a Definitive Feasibility Study to follow the 2017 Pre-Feasibility Study* and continued exploration of prospective targets within the broader license area.

Background

The Yandera Copper Project is within EL 1335 which is administered by the MRA under the Mining Act of 1992 of PNG. Renewals of exploration licenses are two-year terms. The Technical Site Visit is for the renewal of EL 1335 for the term ending November 19, 2023.

Freeport Resources acquired the Yandera Copper Project in 2021. Approximately US$200 million in exploration and development expenditures have been committed to EL 1335 since 2005. Work completed and studies funded to date include approximately 154,600 meters of exploration drilling, the vast majority of which has focused on the Yandera Central deposit, scoping studies, engineering studies, environmental studies, a National Instrument 43-101 Pre-Feasibility Study*, and a number of other infrastructure-related studies.

Freeport Resources remains focused on moving the Yandera Copper Project toward decisions regarding final economics and project financing, as well as plans for a wider exploration program of several targets within the largely underexplored land package. The Company is committed to the responsible development of the Yandera Copper Project, ensuring that all activities are conducted in a safe, ethical, and environmentally sustainable manner.

The Yandera Copper Project is located 95-km southwest of the capital city of Madang Province and 235-km to the northwest of Lae which is the largest port city in PNG and an important industrial center. As one of the largest undeveloped copper resources* in the world, the Yandera Project has the potential to support communities and create jobs along the Yandera Corridor. The Company anticipates the potential economic influence of the Yandera Copper Project could span 5 provinces and create wealth for generations including, but not limited to, strategic road and highway building, power generation and related infrastructure.

About the Yandera Copper Project

The Yandera Copper Project is located in the highly prolific PNG Orogenic Belt in the same geological arc as some of the world's largest gold and copper deposits including Grasberg, Frieda River, Porgera, Lihir, Wafi-Golpu and Kainantu. Yandera is a project of strategic national interest in PNG and has the potential to become one of the country's most significant copper mines.

A Preliminary Feasibility Study titled, Independent Technical Report on the Yandera Project - Pre-Feasibility Study*, prepared by Worley Parsons, with an effective date of November 27, 2017, estimated a historical measured and indicated resources of 728 million tonnes grading 0.39% copper equivalent.

* Independent Technical Report on the Yandera Project - Pre-Feasibility Study, prepared for Era Resources Inc. and dated effective November 27, 2017. The study was prepared prior to the Company acquiring an interest in the Yandera Project, and is derived from historical estimates which the Company is not treating as current. This information is intended to provide readers with context on historical analysis conducted on the Yandera Project, however the Company cautions that a qualified person has not done sufficient work to classify any historical estimates in respect of the Yandera Project as current and any analysis conducted by previous owners of the Project may rely upon assumptions which are no longer reasonable or accurate in the context of the current market.

Qualified Person

Dr. Nathan Chutas, PhD, CPG, Senior Vice-President of Operations for Freeport Resources, is a qualified person for the purposes of National Instrument 43-101. Dr. Chutas has reviewed and approved the technical content in this announcement.

About Freeport Resources Inc.

Freeport Resources is a Canadian mineral exploration company with a primary focus on advancing the development of the Yandera copper-gold-molybdenum project, located in Madang Province, Papua New Guinea. The Yandera project is one of the largest undeveloped copper-gold deposits in the Asia-Pacific region, covering approximately 245.5 square kilometers.

Please visit www.freeportresources.com or contact the email address below for more information.

On behalf of the Board,

Freeport Resources Inc.

Gord Friesen, Chief Executive Officer
T. (236) 334-1660
E. [email protected]
www.freeportresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule", "intends" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180999

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