Vancouver, British Columbia–(Newsfile Corp. – March 5, 2018) – Fremont Gold Ltd. (TSXV: FRE) (OTC Pink: USTDF) (“Fremont” or the “Company“) is pleased to announce that it has received drill permits from the US Bureau of Land Management and plans to drill a minimum of 1000m at the Gold Bar and Gold Canyon properties in the spring of 2018.
- Drilling permits were received for both the Gold Bar and Gold Canyon projects which are adjacent and on trend to McEwen Mining’s Gold bar development project
- The Company has awarded a drill contract to DeLong Drill Contractors
- Numerous drill targets are based on historic geochemical, geophysical and structural data compiled by Fremont’s technical team
- The Company plans to drill a minimum of 1000m at the Gold Canyon and Gold Bar properties
- Drilling is planned for the Hurricane project later in the year due to its relatively high elevation and snow levels
The Gold Bar and Gold Canyon properties are both former mines in the Gold Bar District in Eureka County Nevada, an active mining zone in the Roberts Mountains at the southern end of the Cortez Trend. The district contains several Carlin-style sediment-hosted gold deposits including McEwen Mining’s Gold Bar project, which is scheduled to produce 62,800 oz/annum at $770/oz starting in early 20191.
Fremont’s Gold Bar and Gold Canyon projects are adjacent to McEwen’s Gold Bar development project. While McEwen’s development project and Fremont’s property share the same name, the historic Gold Bar mine is held by Fremont and produced 286,354 ounces of gold from 1986 to 1994. Fremont’s Gold Bar property comprises 4150 hectares, hosts the historic mine and is 5kms SW of McEwen’s project. It also contains an historic resource of 147,000 ounces @ 2.57 g/t Au called the Millsite deposit2 thought to be a faulted off-set of the former Gold Bar ore body (see Fremont press release dated Sept 12, 2017) located on the NW side of the old pit.
Figure 1: Location of Fremont’s Gold Bar and Gold Canyon projects
To view an enhanced version of Figure 1, please visit:
McEwen’s Gold Bar project comprises four of the five former satellite pits located 5kms NE of the historic mine. The fifth satellite pit called Gold Canyon, was recently acquired by Fremont. The Gold Canyon property comprises 260 hectares, is surrounded by McEwen Mining and is 800m from McEwen’s nearest pit. The four McEwen pits along with the Gold Canyon pit were formerly satellite pits to the original Gold Bar mine, operated by Atlas Precious Metals Inc. and were active in the early 1990’s. These pits collectively produced approximately 198,846 ounces of gold, including approximately 41,000 oz from Gold Canyon3.
Mineralization at Gold Canyon is controlled by a northeast trending high angle feeder structure. Recent rock chip sampling of this structure from the NE end of the pit returned values of up to 9.15 g/t Au3 (See Fremont news release dated January 16, 2018). This mineralized zone clearly trends to the NE out of the pit and is most likely the mineralized structure intersected in historical Atlas Drill Hole #100-45 which returned 60 feet grading 0.112 oz/ton Au ([email protected] 3.48 g/t Au) within the North Gold Ridge target zone4. Fremont intends to confirm and expand this mineralized zone by drilling the initial holes in this area.
Figure 2: Gold Canyon in relation to McEwen Mining’s Gold Bar development project
To view an enhanced version of Figure 2, please visit:
President and CEO Dennis Moore stated, “We are ready to commence our initial drill program focusing on targets our team has identified at Gold Bar and Gold Canyon. We expect these first drill holes to confirm the historic data and demonstrate that the known gold mineralization at McEwen’s project continues onto our ground. It is a very exciting time for the Company and will be the first step of resource definition on our properties.”
M.C. Newton, the Company’s Vice President of Exploration, and a Qualified Person as defined in NI 43-101, has reviewed and approved the technical information in this press release.
On behalf of the Board of Directors,
President and CEO
About Fremont Gold Ltd.
Fremont holds exclusive leasing rights to the Hurricane and Gold Bar-Gold Canyon 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 increase the gold resources (historic at present) within these projects using the collective exploration expertise of the management team. Further information regarding the Gold Bar, Hurricane, and Goldrun Projects are described in the filing statement of the Company dated May 29, 2017, available at www.sedar.com.
1 McEwen Mining website: www.mcewenmining.com
2 Atlas-Granges Joint Venture, 1996, Year End Report, private company report, 17p
3 Ely Gold Royalties fact sheet based on Telesto 2010
4 Atlas Corporation, Gold Bar Review, January 1997
Neither 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.
This press release contains “forward-looking information” that is based on the Company’s current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.