Vancouver, British Columbia – September 28, 2017 – Fremont Gold Ltd. (TSX.V: FRE) (“Fremont” or the “Company”) is pleased to announce that it has commenced work on its’ three Nevada properties: Hurricane, Gold Bar and Goldrun.
- Hurricane is located 14km from and directly along trend from Barrick’s Gold Corporations’s Pipeline & Cortez mines, which collectively produced in excess of 1M oz Au in 2016 ― Prior to drilling, trenching is scheduled over historically identified mineralized zones that returned results of up to 150 ft at 1.1 g/t Au1.
- Gold Bar is a former Atlas Gold Mining Inc mine with a historical resource estimate of 1.62 Mt @ 2.57 g/t2 (see Sept 12, 2107 news release). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Fremont is not treating the historical estimate as current mineral resources or reserves. The project is located 5 miles SW of McEwen Mining Inc.’s Gold Bar development project which hosts proven and probable reserves of 13.1Mt @ 1.1g/t Au3.
- Goldrun surrounds the historical Adelaide Crown gold mine complex controlled by Newmont Mining Corporation.
The Hurricane property occurs within the prolific Cortez Mineral Trend which hosts the Pipeline and Cortez Hills mines (proven & probable reserves of 10.6Moz)4 as well as the Goldrush deposit (8.6Moz measured & indicated resource @ 10.6g/t)4. Hurricane is located along the same structural corridor 14 miles NW of Pipeline and was subject to a shallow RC drilling campaign carried out by Pegasus Gold in 1986-87, which included the following drill intercepts: 55ft @ 2.86 g/t Au, 50 ft @ 1.65 g/t, and 40 ft @ 2.32 g/t gold1, as well as the trench results described above. The Company has applied for a permit to conduct trenching over surface mineralized zones last investigated in the mid-1980s. The intent is to expand the formerly trenched area and confirm the historical results prior to drilling. Work will commence upon receipt of the permit, which is expected in early October.
The recently acquired Gold Bar Property occurs within the southern part of the Battle Mountain-Eureka Trend and hosts the historical open-pit Gold Bar mine, which had total cumulative production of 286,354 oz Au from 3,986,000 tons of ore5 (see September12, 2017 news release). The property comprises 108 claim blocks and is located 5 miles southwest of McEwen Mining’s Gold Bar development project, which is scheduled to produce 65,000 oz/annum at a cash cost of $728/oz3. The Company is evaluating voluminous historical drill and geophysical data, and will undertake a ground magnetic survey over the 2,235 hectare property in October. The objective is to identify down-dip extensions and fault offsets of mineralized zones in and around the historical Gold Bar pit, as well as evaluate other known mineralized areas away from the main pit such as the Millsite deposit2. Other important historical data to be processed include a CSAMT (Controlled Source Audio-frequency Magnetotelluric) survey carried out in the 1990s that identified targets away from the open pit, but were never drill tested.
The Gold Run Property (also known as “the Adelaide District”) is located at the intersection of the Battle Mountain-Eureka and Getchell Trends. The Company owns 274 mining claims totaling 2,292 hectares of mineral rights surrounding the historical Adelaide Crown group of mines. The Adelaide Crown, Recovery and Margarite pits are controlled by Newmont Mining and are located adjacent to, and directly north and west of Fremont’s property. Soil geochemical and ground magnetometer surveys are being carried out in order to define drill targets on structural extensions and possible feeder zones associated with the former mines. Geologic/structural mapping and rock chip sampling programs are also in progress. Old copper-zinc-gold skarn workings and surface mineralization also occur within and adjacent to the Company’s land package and are important secondary targets.
Separately, Fremont has granted stock options to directors, officers, and consultants of the Company. The options entitle the holders to purchase 2,350,000 common shares in the capital stock of the Company at a price of $0.15 per common share. The options are exercisable until September 18, 2021 and are subject to vesting over 24 months. A total of 1,900,000 stock options were granted to officers and directors of the Company.
Dennis Moore, the Company’s President and CEO, and a Qualified Person as defined in NI 43-101, has reviewed and approved the technical information in this press release.
- 43-101 Technical Report on Hurricane property, dated June 19, 2017, figure 4, available at www.sedar.com
- Atlas-Granges Joint Venture, 1996, Year End Report, private company report, p.17
- McEwen Mining website: mckewenmining.com
- Barrick Gold Corp website and corporate presentations
- Internal report, Atlas Precious Metals, Mines, December 13, 1995, prepared by Pincock, Allen & Holt
For further information, please contact:
President & Chief Executive Officer
Fremont Gold Ltd.
#1500 – 409 Granville Street, Vancouver
Telephone: (778) 772-9892
Neither the TSX Venture Exchange, not its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include permitting, availability of drill rigs and contractors, market prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.