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Fremont Gold Acquires Option on Carlin Trend Property in Elko County, Nevada
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2018) - Fremont Gold Ltd. ( TSXV: ...
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[{"type":"text","content":"Fremont Gold Acquires Option on Carlin Trend Property in Elko County, NevadaVancouver, British Columbia--(Newsfile Corp. - February 21, 2018) - Fremont Gold Ltd. (TSXV: FRE) (OTC Pink: USTDF) (\"Fremont\" or the \"Company\") is pleased to announce that it has entered into an option agreement with Ely Gold Royalties Inc. and its wholly-owned subsidiary Nevada Select Royalty, Inc. (\"NSR\" also the \"Optionor\"), to acquire the North Carlin Claims (the \"Property\"), consisting of 12 unpatented lode mining claims covering approximately 100 hectares situated in Elko Country, Nevada.Fremont's Acquisition Highlights:These 12 claims, approximately 100 hectares, cover a small gap between Fremont’s Coyote claim (part of Fremont’s North Carlin project) and the formerly producing Rossi mineWith this additional property, Fremont now controls 3350 ha covering a significant portion of the northern Carlin TrendThe Carlin Trend is the second richest gold province in the world, with total historic gold production of greater than 50 million ounces and 3 million ounces production in 2017 Under the terms of the option agreement, the Company can earn a 100% interest in the Property by making payments totalling US$267,500 over five years as follows: an initial payment of US$5,000, and 200,000 Fremont shares, a US$12,500 payment in August 2018, a US$ $25,000 payment in February 2019, a US$37,500 payment in February 2020, a US$37,500 payment in February 2021, a US$50,000 payment in February 2022, and a final payment of US$100,000 in February 2023. The Company can accelerate the exercise of the option and acquire the Property at any time by making all of the above payments.The option is subject to a 2% net smelter return royalty with no area of influence. The Company will have an option to purchase half of the 2% net smelter royalty on the Property by paying to the Optionor US$3,000,000 any time after the option has been fully exercised.The option agreement is subject to TSX Venture Exchange approval.BackgroundIn October 2017 the Company staked a significant land position comprising 3,250 ha in the northern part of the Carlin trend that is home to Barrick Gold Corp.'s Goldstrike mine complex which has Proven and Probable Reserves of 70.7Mt @ 3.55g/t Au for 8.1Moz, and Newmont Mining's North and South Carlin complexes which collective...