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Projects

Vardenis Copper-Gold Project

Technical Report Vardenis Project

Vardenis 43-101 Geological Report


Fremont has the right to acquire a 100% interest in Mendia Resources which holds the exploration license over the Vardenis copper-gold property in central Armenia

ARMENIA

GDP: US$20 Billion
Population: 3 Million
GDP/capita: US$7000
Life expectancy: 72.4 years
Stable, westward-looking government
Mining friendly jurisdiction
with 12 operating mines,
Including World-Class Sotk & Amulsar (under construction)

UNDER EXPLORED

Tethyan Belt in Armenia

•One of the world’s largest and most prolific mineral belts, prospective for HS epithermal and porphyry Co-Mo deposits
•12 operating mines, including the world class Sotk gold mine which has produced over 7M ounces
•3M oz Amulsar mine in construction, first production 2024
•Vastly underexplored
•Mineralized areas open for staking
•Fremont has two large exploration permits prospective for world class Cu-Au deposits
•Investor friendly corporate environment
•Established exploration and mining code
•Relatively cheap exploration and operating costs

Vardenis highlights: Dundee Precious Metals Corp property held the exploration license from 2015-2018 and spent over US$2.3M. Their work defined a 8km long gold soil anomaly as well as a 3.6km x 2km copper anomaly

Summary of the terms of the agreement

Fremont can acquire 100% in Mendia Resources by paying making staged option payments totalling US$350,000, issuing 2.2M Fremont common shares and completing specified work commitments over 4.5 years:

  • First stage: US$100,000 and 500,000 Fremont common shares on closing (effective date) and complete specified exploration work including 2500m of drilling over 18 months to earn 51% of Mendia;
  • Second stage: US$150,000 and 700,000 Fremont common shares in December 2024 and complete an addtional 5000m of drilling within 3 years of the effective date to earn another 29% in Mendia;
  • Third stage: US$100,000 and 1M Fremont common shares in June 2025 and complete a Preliminary Economic Assessment within 4.5 years of the effective date to earn another 10% in Mendia;
  • Final stage: After the Company has fulfilled the requirements to earn 90%, the optionor has the right to contribute on a pro-rata basis going forward.  If the optionor does not exercise this right, the Company has a one time option to purchase the remaining 10% of Mendia for US$3.5M.  If the company elects not to exercise this option, the optionor will be diluted via a standard dilution clause.  The optionor's equity converts to a 1% NSR once it reaches 5%. 
The Vardenis option agreement is with the owner of AT Group, a local Armenian drill company.  FRE and AT Group have mutually beneficial interests in completing the drill program on time and under budget.  Our interests are aligned in daylighting value through the drill bit. They are our partners in this venture.

                                                             

 

 

 

Vardenis exploration timeline

• May 2023: Acquisition of Dundee Precious Metals historic data ✓
• June 2023: 1st option payment ($100K), field work begins, house rental etc ✓
• July 2023: Short Wave Infrared (SWIR) survey ✓
• August 2023: Analysis of Dundee data by pophyry copper consultant ✓
• September 2023: Ground magnetometer survey, announcement of data analysis ✓
• Ocotober 2023: Porphyry vein mapping mapping and selection of targets ✓
• Late October 2023: Drilling commences targeting large copper anomaly ✓
• November 2023: 780m drilling completed; Large geochem survey at Urasar (2nd project)✓
• December 2023: Samples processed, sent to lab✓
• January 2024: Initial soil sample and drill results announced
• February 2024: Additional geochemical results announced
• March 2024: Financing for additional drilling, work at Urasar
• May-June 2024: IP Survey, possible drilling at Urasar
• June-July: Second Phase of drilling at Vardenis commences, 2000m
• August 2024: Initial Drilling results announced, IP results announced
• September-November 2024: Drilling results announced
• December 2024: 2nd Option payment ($150K); Decision point

Vardenis Alteration/Mineralization

  • World class porphyry Cu – high sulfidation Au environment
  • Former Dundee Precious Metals project
  • Typical mineral zonation of porphyry-epithermal system
  • 8 km long gold-in-soils anomaly, 10 km2 copper anomaly

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