Fremont Gold Discovers Gold-in-Soil Anomalies at Roberts Creek, Nevada; Exploration Update
TSX VENTURE: FRE
Vancouver, British Columbia--(Newsfile Corp. - February 22, 2019) - Fremont Gold Ltd. (TSXV: FRE) (FSE: FR2) (OTC Pink: USTDF) ("Fremont" or the "Company") is pleased to announce that it has discovered several gold-in-soils anomalies that coincide with intersecting multiple faults at the Roberts Creek project, located within the Gold Bar district, Eureka County, Nevada.
Roberts Creek consists of 170 unpatented mining claims, covering approximately 1,400 hectares directly south of McEwen Mining's Gold Bar project. Figure 1 shows the location of Fremont's claim blocks (purple) in relation to McEwen Mining's Gold Bar project areas (blue).
"We are very encouraged by the recent magnetic and soil survey results at Roberts Creek," said Clay Newton, Fremont's Vice President of Exploration. "The geophysical and geochemical anomalies coincide with the intersections of multiple faults projected from the range. The location of these anomalies at the intersection of multiple faults, and within sight of satellite gold deposits in the range, is reminiscent of Pipeline."
- Roberts Creek is located on shallow pediment immediately south of the Roberts Mountains, on a gravity high intersected by multiple probable faults projected from the range;
- Fremont completed a ground magnetic survey late last year (see September 12, 2018, news release) which outlines prospective linear magnetic low zones that coincide with the projected fault intersections on the west side of the project area. Magnetic low areas often reflect "magnetite destruction" caused by acidic mineralizing fluids;
- The recent soil survey has returned anomalous gold and pathfinder elements defining anomalies in the fault intersection area on the west side of the project area and also along Roberts Creek on the east side of the project area (see Figure 2).
- The soil anomaly on the east side follows along Roberts Creek, which is probably controlled by a NNE fault. The NNE fault intersects a NE-trending fault that projects out of McEwen's Gold Bar South resource area into the range. This is an excellent structural trap for mineralization and represents a compelling drill target.
Fremont has completed the reverse circulation drill program at the Gold Bar project (see the February 6, 2019, news release) and the samples are currently being prepared for shipping. The results will be reported as soon as they have been received and approved. Due to extreme winter weather conditions in northern Nevada, the Company has elected not to proceed with the planned 500-metre diamond drill program at Gold Canyon at this time (see the February 6, 2019, news release). Fremont believes that this is a prudent decision not only from a health and safety standpoint but also from a budgetary perspective. The Company is actively monitoring the conditions at Gold Canyon and will provide investors with further updates regarding its drilling plans at Gold Canyon.
Background of the Gold Bar District
Fremont's Gold Bar and Gold Canyon projects are both former mines in the Gold Bar District, 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 project, which is scheduled to begin production in Q1 2019.
Fremont's Gold Bar and Gold Canyon projects are adjacent (west) and immediately north of McEwen's Gold Bar project. While McEwen's project and Fremont's project share the same name, the historic Gold Bar mine is held by Fremont. McEwen's project comprises four of the five satellite pits to the historic Gold Bar mine, whereas Fremont controls the remaining satellite pit, Gold Canyon.
Fremont's Gold Bar project encompasses the historic Gold Bar mine, which produced 286,354 ounces of gold from 1986 to 1994 (1), and the Millsite deposit, which hosts a historic resource of 147,000 ounces of gold (1.62 Mt @ 2.57 g/t gold) (1,2). Millsite is believed to be a faulted offset of the historic Gold Bar mine and is located to the northwest of the open pit.
Gold Canyon is adjacent to and directly northwest of McEwen's project, approximately 800 metres from McEwen's Gold Ridge deposit. Gold Canyon produced approximately 41,000 ounces of gold from 1990-1994(1) and a stockpile of previously mined ore still exists at site.
Description of methodology
Soil samples were taken at 120-metre intervals along E-W lines 300 metres apart. The samples were analyzed by the ionic leach method of ALS Global analytical laboratory in Vancouver, BC, Canada. The data presented here were smoothed by using a 5-point moving average along the soil lines and gridded by a kriging method.
The content of this news release was reviewed by Maury C. Newton, III, Fremont's V.P. Exploration, a qualified person as defined by National Instrument 43-101.
About Fremont Gold
Fremont's mine-finding management team has assembled a portfolio of high-quality gold projects in Nevada with the goal of making a new discovery. Fremont's Gold Bar and Gold Canyon are past producing gold mines adjacent to McEwen's Gold Bar project, where mine construction is underway. Other projects include North Carlin, Goldrun, Hurricane, and Roberts Creek. We are aligned with our shareholders: Insiders own approximately 20% of Fremont.
On behalf of the Board of Directors,
Telephone: +1 604-676-5664
1 Internal report, Atlas Precious Metals, Mines, Dec 13, 1995, prepared by Pincock, Allen & Holt,
2 McEwen Mining website: www.mcewenmining.com
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Forward looking statements
Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will", "hope", "will be", "expected" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to statements and information regarding plans to drill Gold Canyon. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Actual results and future events could differ materially from those anticipated in such statements. Fremont undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.