Vancouver, British Columbia--(Newsfile Corp. - June 27, 2018) - Fremont Gold Ltd. (TSXV: FRE) (FSE:FR2) (OTC Pink: USTDF) ("Fremont" or the "Company") is pleased to announce that it has received all drill results for the previously announced drill program at the Gold Bar project in northern Nevada (see Fremont news releases dated May 9 and June 1, 2018). Two reverse-circulation drill holes were completed at Gold Bar, totalling 492 meters. Results include: 25.9m @ 4.66 g/t Au within a longer interval of 41.2m @ 3.08 g/t in hole GBR-1 and 6.1m @ 1.22 g/t Au in hole GBR-2. Significant mineralized intervals are tabulated in Table 1 and individual mineralized intercepts are included in Table 2.
Results from the Gold Canyon drill program are expected during July.
Dennis Moore, President and CEO of Fremont, stated, "We are very encouraged by the recent drill results at Gold Bar. Hole GBR-1 was drilled within the area of the historical Millsite deposit to confirm the historical results and to define higher-grade zones within Millsite which could support additional stripping or underground extraction methods accessed through the historical pit. The average thickness of the historical Millsite deposit was around ten to eleven meters1 therefore we are excited by our recent 41-meter intercept. Going forward Fremont will conduct additional drilling in order to grow the historical resource of 147,000 ounces gold and shift the resource from an "historical" to current status. Additionally, we plan to test suspected mineralized zones north and southeast of the Gold Bar Pit."
Significant Length Weighted Gold Bar Drill Results
|Hole ID||From (m)||To (m)||Length (m)||Au Grade (g/t)|
Clay Newton, Vice President of Exploration of Fremont, states: "The geometry of the Millsite deposit suggests that, like other Gold Bar District, Carlin-style deposits, it is structurally controlled by north-northwest and northeast faults which channel mineralizing fluids into favorable stratigraphic horizons. Hole GBR-1 has confirmed that higher grade gold mineralization occurs along these structures within the Millsite deposit."
The locations of holes GBR-1 and GBR-2 are shown in the figure below with respect to the historical Gold Bar pit. GBR-1 was drilled at the southern edge of the Millsite deposit while GBR-2 was drilled beside the Gold Bar pit and intersected a mineralized structure in an unmined zone at the southeast edge of the pit.
Image 1: Gold Bar Drill Hole Locations
To view an enhanced version of Image 1, please visit:
|Table 2: |
Mineralized intercepts - Gold Bar Drill results, May 2018
|Hole ID||From |
|Length Weighted Average Grade g/t|
|GBR-1||179.8||181.4||1.52||0.34||25.90m @ 4.66 g/t Au|
|207.3||208.8||1.52||0.43||41.15m @ 3.08 g/t Au|
|GBR-2||128.0||129.5||129.5||0.56||3.05m @ 1.95 g/t Au|
|131.1||132.6||129.5||2.50||6.09m @ 1.22 g/t Au|
|*All lengths are converted from feet to meters|
Background of Gold Bar District
The Gold Bar and Gold Canyon properties are both former mines in the Gold Bar District in Eureka County, Nevada, an active mining area in the Roberts Mountains within the Battle Mountain-Eureka Trend. The district contains several Carlin-style sediment-hosted gold deposits including McEwen Mining Inc.'s ("McEwen") Gold Bar project, which is scheduled to produce 62,800 oz Au/annum at $770/oz starting in early 20192.
Fremont's Gold Bar and Gold Canyon projects are adjacent (west) and immediately north of McEwen's Gold Bar mine development project, which is currently under construction and expected to be completed by early 2019. 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 19943. McEwen's property comprises the former satellite pits to the to the original Gold Bar mine and they adopted the historical mine name. However, the original Gold Bar pit occurs in the south-central portion of Fremont's 10,096-acre (4,086 ha) land package, five km's southwest of McEwen's project as shown in the inset of the image above. Fremont's property hosts an unmined historical resource of 147,000 ounces @ 2.57 g/t Au, called the Millsite deposit3 (see Fremont press release dated September 12, 2017) thought to be a faulted offset of the former Gold Bar ore body located on the northwest side of the old pit.
The Millsite deposit resources are historic resources estimated for the Atlas/Granges Exploration Ltd., joint venture. The resources are described in a 1996 company report titled "Atlas-Granges Joint Venture, 1996, Year End Report," and also mentioned in a 1997 Atlas company report "Gold Bar Review." These historic results executed by a formerly producing American mining company are viewed as reasonably reliable and relevant in terms of guiding future exploration. However, additional exploration work, including confirmation drilling is required to verify the historical estimate. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Fremont is not treating the resource as current mineral resources or mineral reserves.
QA/QC statement by QP
Drilling was conducted by reverse circulation methods by George DeLong Construction and Drilling of Winnemucca, Nevada. Sample intervals were every 1.52 meters (five feet). Care was taken to flush the bottom of the hole thoroughly with water after each sample run. Field duplicates were taken at the rotary splitter about every 30th sample. Samples were assigned a number and no interval numbers were placed on the bags. Sample numbers were completely randomized before submittal to the lab, and the samples were laid out and analyzed by the lab as per the randomized list. Gold standards and blanks were inserted by Fremont into the randomized sample stream around every 30th sample. The lab also frequently inserted its own internal standards and blanks. All standards, blanks and duplicates were checked by the QP and found to be consistent. Examination of the analytical returns in the randomized order indicated no carry-over contamination between samples by the lab. Samples were analyzed by 30g fire assay/ICP finish by American Assay Laboratories of Sparks, Nevada. The program was managed and supervised by Dr. Clay Newton, a qualified person as defined by National Instrument 43-101.
On behalf of the Board of Directors,
About Fremont Gold Ltd.
Fremont holds exclusive rights to the Gold Bar-Gold Canyon and Hurricane Projects, located respectively in Eureka County and Lander County, Nevada. Fremont also holds rights to the Goldrun Project in the Adelaide mining district, Humboldt County, Nevada, and the North Carlin Project in Elko County. The Company's strategy is to conduct exploration on its existing projects using the collective exploration expertise of the management team. Further information regarding the Gold Bar, Gold Canyon, Hurricane, Goldrun and North Carlin Projects are available at www.sedar.com.
1Atlas-Granges Joint Venture, 1996, Year End Report, private company report, 17p
2McEwen Mining website: www.mcewenmining.com
3Internal report, Atlas Precious Metals, Mines, Dec 13, 1995, prepared by Pincock, Allen & Holt
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'sproposed use of proceeds. The word"intends"or other similar words and phrases are intended to identify forward-looking information. There is no guarantee that the Company's planned drill program will proceed as stated. 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.
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