* Freewest says offer "highly opportunistic"
* Freewest shares rise 19 percent (Adds background, analyst comment, updates shares)
By Cameron French
TORONTO, Oct 5 (Reuters) - Canada's Noront Resources (NOT.V) said on Monday it will make an all-share offer worth about C$90 million for rival metals explorer Freewest Resources Canada Inc (FWR.V) to consolidate its nickel and chrome deposits in northern Ontario.
The unsolicited bid -- Noront will offer one of its shares for each four Freewest shares -- valued each Freewest share at at 39.75 Canadian cents based on Friday's closing prices.
Freewest called the offer "highly opportunistic," and said it significantly undervalues its assets, but said it would consider the offer when it is formally made.
At mid-afternoon on Monday, Freewest had gained 19 percent to 38 Canadian cents on the TSX Venture Exchange.
Noront was down 3 Canadian cents at C$1.56, valuing the offer at 39 Canadian cents.
Noront struck high-grade nickel and copper in the remote area just west of James Bay two years ago, sending its shares up 15-fold and triggering a staking rush as junior miners rushed to the area dubbed the "ring of fire".
Since then, enthusiasm over its nickel and copper finds have waned somewhat, but Noront complemented the original discoveries with two high-grade chromite deposits.
Freewest, meanwhile, has been defining what it calls a "potentially world-class caliber chromite district" at its Black Thor deposit located near Noront's discoveries.
Michael Gray, an analyst at Genuity Capital Markets, said acquiring the Freewest deposit would give Noront extra ammunition to justify the massive investments needed to develop the deposits, which are not accessible by road.
"At the end of the day you want to be developing multiple deposits up there if you want to put in money for the infrastructure," he said.
"There needs to be critical mass for development of this belt.
He doubted Noront would be too eager to acquire other juniors operating in the area, as few have had sustained drilling successes.
Noront said it approached Freewest last week with a friendly offer, but were rebuffed.
Noront also said Freewest has an existing shareholder rights plan, and for the offer to go through, the effect of the plan would need to be terminated.
