Vancouver, British Columbia – January 11, 2018 – Fremont Gold Ltd. (TSX.V: FRE OTCMKTS: USTDF) (“Fremont” or the “Company”) is pleased to announce that the Company has received results from recent channel sampling conducted at the Hurricane Project in Lander County of northern Nevada (see press release dated October 25, 2017).
- A total of 101 three-meter channel samples were taken from three separate trench cuts at the top of Fremont’s Hurricane project, located just 3 kms NW of Barrick’s Hilltop deposit and also 24.1 kms directly along trend from Barrick’s Pipeline-Cortez Hills complex which has total historical and current resources of approximately 32M oz,Au and collectively produced 1.06M oz Au in 2016.1
- Fremont’s Trench 2 returned a continuously mineralized 102m interval grading 0.56 g/t Au, including a slightly higher grade zone of 63m @ 0.77 g/t Au. The most elevated results within the mineralized interval are 6m @ 1.61 g/t and 3m @ 4.03 g/t Au.
- The recent work program was carried out to confirm and validate historical Pegasus Gold surface results from 1986 which yielded 45.7m @ 1.2g/t Au. The recent results compare favorably with the previous Pegasus numbers, and increase the surface footprint of the gold-mineralized zone.
The Hurricane project was partially tested by Pegasus Gold Corp. in 1986-1987 through a program of trenching and shallow RC drilling but has received no systematic work since. Nineteen of thirty-five holes drilled by Pegasus intersected near-surface gold mineralization including: 16.8m at 2.86 g/t, 12.2m at 2.32 g/t, 15.2m at 1.65 g/t and 3.1m at 6.91g/t Au. This work defined a NW-SE trending mineralized area which is elongated parallel to the Cortez trend. The zone remains open to both the southeast and northwest and also at depth.
The recent work enlarges the surficial gold-mineralized area identified by Pegasus’s previous work, and mapping reveals that the better grades are centered around a low angle fault that may be a conduit for mineralizing fluids. This fault is possibly the structure associated with the gold mineralized zones intersected in the historic Pegasus RC drill holes. Down-dip projections of this fault may host unrecognized gold-mineralized zones, and can as well be a vector to a feeder structure. Further exploration work to confirm this possibility will be carried out after winter snows recede in the late spring (Hurricane occurs on a relatively high ridge and is subject to seasonal snow cover).
VP Exploration for Fremont, Clay Newton states, “A 102-meter continuously mineralized gold intercept at surface is extremely encouraging and compares favorably with the historical Pegasus Gold work. There are very few non-mine areas in Nevada where one can find a 100m wide, mineralized zone at surface. In addition, Hurricane is in a very, very prospective neighborhood. It is located 15 miles directly on trend from the Barrick’s Pipeline and Cortez Hills projects, and less than 2 miles from Barrick’s 2M oz Au deposit across the valley at Hilltop.”
Plan showing sample results and location of Fremont’s Hurricane project
Dennis Moore, the Company’s CEO and President, and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this press release.1 Barrick Gold Corp. and Newmont Gold Mining Corp. annual reports and corporate information.
About Fremont Gold Ltd.
Fremont holds exclusive leasing rights to the Hurricane and Gold Bar Projects, located respectively in Lander County and Eureka County, Nevada. Fremont also owns the Goldrun Project, in the Adelaide mining district, in Humboldt County, Nevada. The Company’s strategy is to conduct exploration on its existing projects and to build a quality portfolio of gold projects in Nevada using the collective exploration expertise of its management team. Further information regarding the Hurricane, Gold Bar Project and Goldrun Project are described in the filing statement of the Company dated May 29, 2017, available at www.sedar.com.
On Behalf of the Board of Directors,
FREMONT GOLD LTD.
President and Chief Executive Officer
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.