Vancouver, British Columbia – June 9, 2020 – Fremont Gold Ltd. (FRE: TSXV; FRERF: OTCQB; FR2: FSE) ("Fremont" or the "Company") is pleased to announce that road and drill pad construction is underway at the past producing Griffon gold project ("Griffon"), located at the southern end of the Cortez Trend, Nevada (see Figure 1), and that Nevada-based Envirotech Drilling LLC has been selected as the drill contractor.
The fully funded Phase 1 drill program will commence shortly after the roads and drill pads have been constructed, which is expected to take approximately two weeks to complete. The 2,000-metre reverse circulation drill program will consist of a minimum of ten drill holes and will test a number of targets (see Table 1), including gold-in-soil anomalies, an area of unmined mineralization to the southwest of the Hammer Ridge pit, permissive stratigraphic targets, and the jasperoid-bearing Blackrock fault.
"These are exciting times for Fremont's shareholders as we are only weeks away from the first drill program to be conducted at Griffon since the late 1990s" said Blaine Monaghan, CEO of Fremont. "We know that Carlin-style deposits have the potential to be very large systems and we look forward to testing that potential soon."
Fremont webinar on Wednesday, June 17, at 4:05pm EST
The webinar will focus on the upcoming drill program at Griffon and the Company's overall strategy. Fremont welcomes all interested parties to register. The webinar is being hosted by Amvest Capital and is scheduled to last for one hour. Participants will be able to ask questions before and during the webinar. Click on the link below to register:
Figure 1: Griffon gold project location
Figure 2: Permitted drill site locations at Griffon
Table 1: Description of the drill targets
Located at the northern end of a strong thallium-in-soil anomaly (see Drill target notes).
DS-2* and 3
Angled drill holes to the northeast, beneath gold in soil and rock chip anomalies and where gold mineralization was encountered in historic drilling.
Targeting a gold in soil anomaly to the east of the Discovery pit that has never been drilled.
DS-5 and 7
Targeting a strong thallium in soil anomaly between the Discovery and Hammer Ridge pits.
Located in the area of unmined mineralization southwest of the Hammer Ridge Pit. The site is set midway between two historic drill holes that returned broad gold intercepts in the Joana Limestone (see Drill target notes). Importantly, hole DS-6 will be drilled deeper than the two historic holes into the Pilot Shale (see Drill target notes).
DS-8, 9*, 10, 11*
Located along a NW-SE trend that projects through the Discovery and Hammer Ridge pits. These holes will test for the continuation of mineralization southeast of the Hammer Ridge pit.
DS-12* and 13*
Located on a ridge, southwest of the Hammer Ridge pit, that is covered by post-mineral alluvium and volcanics. One historic, shallow drill hole failed to reach bedrock, which is expected to be Joana Limestone with possibly some Chainman Formation and a detachment fault zone of the Blackrock fault (see Drill target notes) system.
DS-14*, 15, 16, 17*
Targeting zones of gold-thallium-arsenic geochemical anomalies along a southeast extension of the Discovery pit structural trend.
An angled drill hole into a gold and thallium soil anomaly in the Chainman Formation that will also penetrate the Blackrock fault and the underlying Joana Limestone.
Vertical hole targeting a thallium and arsenic anomaly in Joana Limestone and Pilot Shale 50 m north of the Discovery Pit.
*Priority drill targets
Drill target notes
Thallium has been recognized as a commonly enriched element in alteration assemblages associated with Carlin-type gold deposits. Several planned drill sites at Griffon are located on coincident thallium and gold soil anomalies which form a NW-SE trend through the Discovery and Hammer Ridge pit areas.
The Joana Limestone was the primary gold host at Griffon and is the main gold host at Fiore Gold Ltd.'s ("Fiore Gold") Gold Rock project (formerly Easy Junior).
The Pilot Shale is the main gold host at Fiore Gold's Pan Mine and several deposits at Kinross Gold Corporation's Bald Mountain Mine complex.
The Blackrock fault is a structural discontinuity marking the contact between the Joana Limestone and the overlying Chainman Formation. This contact is a major gold-bearing zone at Fiore Gold's Gold Rock project. In addition, extensive jasperoid development exists along the Blackrock fault at Griffon (jasperoids are surface alteration features that can indicate the presence of precious metal mineralization at depth). This structural discontinuity was likely to have been a conduit for hydrothermal fluids, making the fault, and the permeable units above and below it, a prospective gold host.
Griffon gold project
Griffon is a past-producing gold mine located at the southern end of the Cortez Trend, approximately 75 km southwest of Ely, and is accessed via paved highway and Forest Service roads. Mineralization at Griffon is Carlin-type and is comparable to the mineralization found at several deposits at the Kinross Bald Mountain Mine complex, approximately 70 km to the north.
Griffon was first drilled in 1988 and a limited amount of shallow pattern drilling (214 drill holes in total) focused on delineating the Discovery Ridge and Hammer Ridge deposits, leaving the remainder of the property essentially untested.
From 1997-1999, Alta Gold Co. ("Alta") produced ~60,000 ounces of gold from Discovery Ridge and Hammer Ridge in an oxide heap-leach operation. Alta reported a number of unmined drill intercepts to the southwest of Hammer Ridge, including drill hole GR97-175 which returned 57.9 metres at 0.86 g/t gold, and proposed expanding Hammer Ridge before operations ceased.
Griffon hosts numerous gravity, soil and stratigraphic drill targets. The Pilot Shale horizon - the primary gold host at Fiore Gold's nearby Pan Mine - has not been adequately tested, and the Joana/Chainman transitional horizon, which hosts gold at Griffon, may be concealed underneath and within the Blackrock fault. Lastly, there is also potential in and around the pits, as demonstrated by drill hole GR97-175.
The content of this news release was reviewed by Dennis Moore, Fremont's President, a qualified person as defined by National Instrument 43-101.
Fremont's mine-finding management team has assembled a portfolio of high-quality Nevada gold projects with the goal of making a new discovery. The Company's flagship project is the past-producing Griffon gold project, located at the southern end of the Cortez Trend. Fremont's other projects include Cobb Creek, North Carlin, Goldrun, and Hurricane.
On behalf of the Board of Directors,
Fremont Gold Ltd.
For further information, contact:
G2 Consultants Corp.
Telephone: +1 778-678-9050
Neither the 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.
Forward looking statements
Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will", "hope", "will be", "expected" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to the potential for the discovery of a Carlin-type deposit, estimated time to complete road and drill pad construction, the anticipated start date of the drill program at Griffon, and the amount of metres and holes to be drilled. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Actual results and future events could differ materially from those anticipated in such statements. Fremont undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.