Fremont’s Gold Bar project is a former mine in the Gold Bar District in Eureka County, Nevada, an active mining district within the Battle Mountain-Eureka Trend. The district contains several Carlin-style sediment-hosted gold deposits, including McEwen Mining Inc.’s (“McEwen”) Gold Bar development project, which is scheduled to produce 62,800 oz Au/annum, at US$770/oz, starting in early 2019.
Gold Bar is part of the original Gold Bar mining complex operated by Atlas Precious Metals Inc., from 1986-94, and produced 286,354 ounces of gold from 3,986,000 tons of ore. In addition, Gold bar hosts the Millsite deposit, which hosts a historic resource totaling 147,700 ounces of gold 1.62 Mt @ 2.57 g/t Au).
Fremont has the option to earn a 100% interest in Gold Bar by making payments totalling US$1,000,000 to Ely Gold Royalties over a five-year period (see news release dated September 12, 2017). The option is subject to a 2% net smelter return royalty, which can be reduced to 1% for US$5,000,000.