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Fremont Announces Amendment to Cobb Creek Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - October 9, 2020) -  Fremont Gold Ltd. (TS...
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[{"type":"text","content":"Fremont Announces Amendment to Cobb Creek Option AgreementVancouver, British Columbia--(Newsfile Corp. - October 9, 2020) -  Fremont Gold Ltd. (TSXV: FRE) (OTCQB: FRERF) (FSE: FR2) (\"Fremont\" or the \"Company\") is pleased to announce that it has amended the terms of its option agreement relating to the Cobb Creek gold project (\"Cobb Creek\"), an advanced-stage gold project located in Elko county, Nevada.In September 2019, the Company entered into an option agreement (the \"Option Agreement\") with Clover Nevada II, LLC (\"Clover\"), a wholly owned subsidiary of Contact Gold Corp. (TSXV: C), to acquire a 100% interest in Cobb Creek (see news release dated September 30, 2019). The terms of the Option Agreement included a requirement for the Company to pay US$30,000 to Clover on September 27, 2020 (the \"First Anniversary Payment\"). Clover have agreed to amend the terms of the option agreement as follows:extend the date of payment of the First Anniversary Payment to December 31, 2020; andreduce the amount due under the First Anniversary Payment from US$30,000 to US$15,000.As consideration for this change in the terms of the Option Agreement, Fremont will issue 500,000 common shares to Clover immediately following the Company's receipt of approval from the TSX Venture Exchange (the \"Exchange\") to do so. All other terms of the Option Agreement remain unchanged. The amendment to the Option Agreement, including the issuance of 500,000 Fremont common shares, is subject to approval by the Exchange. The 500,000 Fremont common shares will be subject to a statutory hold period.Cobb Creek highlightsHistorical mineral resource estimate: The McCall deposit, one target area within Cobb Creek, contains a historical mineral resource estimate (not NI 43-101 compliant) which is set out in the table below.ResourceMineralizedCut-OffGradeOuncesClassificationZone(opt)Tons(opt)GoldIndicatedOxide0.011,362,2330.0454,864IndicatedSulphide0.012,378,0000.05118,134 The historical mineral resource estimate (\"Historical Estimate\") was performed by and reported in a technical report prepared by Michael R. Pawlowski for Stacatto Gold Resources Ltd. and dated October 30, 20041. The Historical Estimate is based on a total of 72 drill holes with continuous zones of gold assays above 0.01 opt gold that could be reasonably interpreted to be continuou...