Vancouver, British Columbia–(Newsfile Corp. – May 9, 2018) – Fremont Gold Ltd. (TSXV: FRE) (FSE: FR2) (OTC Pink: USTDF) (“Fremont” or the “Company“) is pleased to announce that it has commenced a five-hole drill program totalling a minimum 1000m at Gold Bar and Gold Canyon in northern Nevada (see Fremont news release dated March 5, 2018).
- Drilling commenced this past week at the former Gold Bar mine. Hole 1 is targeted on the historical Millsite deposit1 and is intended to infill a previously un-drilled part of the deposit
- Hole 2, also at Gold Bar mine, will target suspected mineralization that may occur beyond the southeast wall of the historical pit
- Holes 3 and 4 (labeled GCR-1 &2 on the image) will be drilled at Gold Canyon, just beyond the NE end of the Gold Canyon pit, where an historical drill hole encountered 18.3m @3.48 g/t Au1. These holes will target the strike extent of an important northeast-trending controlling structure observed in the pit
- Hole 5 (GCR-3) will be drilled west of the Gold Canyon pit where historical drilling suggests a different mineralized zone at depth that is separate and stratigraphically lower than the material previously mined in the open pit. An additional hole/more meters may be drilled at Gold Canyon depending on efficiency of the drilling and cost
- The program is expected to last four to five weeks and initial results should be available by late June
The Gold Bar and Gold Canyon properties are both former mines in the Gold Bar District in Eureka County, Nevada, an active mining area in the Roberts Mountains within the Battle Mountain-Eureka Trend. The district contains several Carlin-style sediment-hosted gold deposits including McEwen Mining Inc.’s (“McEwen”) Gold Bar project, which is scheduled to produce 62,800 oz/annum at $770/oz starting in early 20192.
Fremont’s Gold Bar and Gold Canyon projects are adjacent to and surrounded by (respectively) McEwen’s Gold Bar development project. While McEwen’s development project and Fremont’s property share the same name, the historic Gold Bar mine is held by Fremont and produced 286,354 ounces of gold from 1986 to 19943. Fremont’s Gold Bar property comprises 4,150 hectares, hosts the historical mine and is 5 kms southwest of McEwen’s project. It also contains an historical resource of 147,000 ounces @ 2.57 g/t Au, called the Millsite deposit4 (see Fremont press release dated September 12, 2017) thought to be a faulted off-set of the former Gold Bar ore body located on the northwest side of the old pit.
Clay Newton, Fremont’s VP of states, “At both Gold Bar and Gold Canyon we have substantial opportunities to confirm and expand existing zones of mineralization, as well as target structurally prospective areas that we suspect host mineralization. For example, at Gold Canyon, a lower, mineralized zone is evident in the historical drill data, but surprisingly was not followed up, or noted in subsequent reports.
In the medium term, we will attempt to upgrade this zone to a resource, as well as test the Northwest Gold Ridge and French Trail targets which are located northeast and north of the Gold Canyon pit respectively. Numerous targets within the Gold Canyon property are untested or have been only partially tested; which in addition to the historical resource at Gold Bar gives us a very good start on building a significant resource base.”
M.C. Newton, the Company’s Vice President of Exploration, and a Qualified Person as defined in NI 43-101, has reviewed and approved the technical information in this press release.
On behalf of the Board of Directors,
About Fremont Gold Ltd.
Fremont holds exclusive rights to the Gold Bar-Gold Canyon and Hurricane Projects, located respectively in Eureka County and Lander County, Nevada. Fremont also holds rights to the Goldrun Project in the Adelaide mining district, Humboldt County, Nevada and the North Carlin Project in Elko County. The Company’s strategy is to conduct exploration on its existing projects using the collective exploration expertise of the management team. Further information regarding the Gold Bar, Gold Canyon, Hurricane, Goldrun and North Carlin Projects are available at www.sedar.com.
1 Atlas Corporation, Gold Bar Review, January 1997
2 McEwen Mining website: www.mcewenmining.com
3 Internal report, Atlas Precious Metals, Mines, Dec 13, 1995, prepared by Pincock, Allen & Holt,
4 Atlas-Granges Joint Venture, 1996, Year End Report, private company report, 17p
Neither TSX Venture Exchange nor 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 press release contains “forward-looking information” that is based on the Company’s current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company’s proposed use of proceeds. The word “intends” or other similar words and phrases are intended to identify forward-looking information. There is no guarantee that the Company’s planned drill program will proceed as stated. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.