Vardenis Copper-Gold Project

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


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)


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 one prospective area under application
•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$2M. 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 ✓
•June 2023: Short Wave Infrared (SWIR) survey; Commence road construction
•July-August: 2023: Airborne radiometric and mag survey
•August 2023: SWIR and airborne survey data announced
•September 2023: Drilling commences, 1500-2000m
•November 2023: Initial drill results announced
•December 2023-January 2024: Additional drill results announced
•February 2024: Financing for additional drilling, work at Urasar (2nd project)
•June 2024: IP Survey
•June-July: Second Phase of drilling 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

© 2023 Fremont Gold Ltd.
All rights reserved.

Subscribe to our Email List

By providing your e-mail address, you are consenting to receive press releases, quarterly and annual reports, presentations and other information concerning Fremont Gold Ltd. and you are able to unsubscribe at any time.