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Fremont Closes $2.0 Million Financing with a Lead Order from Palisades Goldcorp; to Drill North Carlin Later this Month
Vancouver, British Columbia--(Newsfile Corp. - November 3, 2020) - Fremont Gold Ltd. (TSXV: FR...
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[{"type":"text","content":"Fremont Closes $2.0 Million Financing with a Lead Order from Palisades Goldcorp; to Drill North Carlin Later this MonthVancouver, British Columbia--(Newsfile Corp. - November 3, 2020) - Fremont Gold Ltd. (TSXV: FRE) (FSE: FR2) (OTCQB: FRERF) (\"Fremont\" or the \"Company\") is pleased to announce that it has closed the previously announced non-brokered private placement (the \"Private Placement\") through the issuance of 40,000,000 units (\"Units\") at a price of $0.05 per Unit for gross proceeds of $2,000,000. Palisades Goldcorp Ltd. (\"Palisades\") was the lead order in the Private Placement. Net proceeds of the Private Placement will be used for a drill program at the North Carlin gold project later this month, an exploration program at the Cobb Creek gold project this spring, and for general working capital.\"I'd like to thank everyone that participated in the financing, especially Palisades,\" said Blaine Monaghan, CEO of Fremont. \"The financing was well received and has provided Fremont with the resources required to drill North Carlin and to advance Cobb Creek. Permitting is well underway at North Carlin and drilling should be underway later this month. We are excited to get started as we have developed a number of untested drill targets located in the right geological setting for the discovery of a major gold deposit.\"North Carlin highlights:Over 42 km2 in size, North Carlin is a large, underexplored gold project located at the northern end of the Carlin Trend (see Figure 1).The Carlin Trend is one of the richest gold mining districts in the world having produced over 84 million ounces of gold since the early 1960s1; Nevada Gold Mines' Carlin Complex hosts 30 million ounces of gold in the measured and indicated category2.North Carlin is approximately 6 km north of and on-strike of Nevada Gold Mines/Premier Gold Mines' South Arturo mine, where recent drilling intersected 39.6 metres of 17.11 g/t gold3, and 12 km north of Nevada Gold Mines' Goldstrike mine, which hosts 11.1 million ounces gold in the measured and indicated category2. The western edge of North Carlin is approximately 6 km east of Hecla Mining Company's Hollister mine.Situated in the right geological setting for the discovery of a major gold deposit, Fremont has developed several drill targets based on soil geochemistry, gravity and geomagnetic surveys, an...