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Fremont Gold Increases Financing to $1.47 Million
Vancouver, British Columbia--(Newsfile Corp. - February 7, 2020) - Fremont Gold Ltd. (TSXV: FR...
About this update from Hayasa Metals Inc.
[{"type":"text","content":"Fremont Gold Increases Financing to $1.47 MillionVancouver, British Columbia--(Newsfile Corp. - February 7, 2020) - Fremont Gold Ltd. (TSXV: FRE) (FSE: FR2) (OTC Pink: USTDF) (\"Fremont\" or the \"Company\") is pleased to announce that due to strong demand, the Company is increasing the previously announced non-brokered private placement (the \"Private Placement\") from $1,020,000 (see news release dated January 24, 2020) to $1,470,000. Net proceeds of the Private Placement will be used for general working capital and for a drill campaign at the recently acquired Griffon gold project (see news release dated December 18, 2019). Griffon gold projectGriffon is a past-producing gold mine located at the southern end of the Cortez Trend, approximately 75 kilometres southwest of Ely, and is accessed via paved highway and forest service roads. Mineralization at Griffon is Carlin-style and is comparable to the mineralization found at the Emigrant/Rain mine and the Alligator Ridge mine (incorporated into Kinross Gold Corporation's Bald Mountain mine in the mid-1990s).Griffon was first drilled in 1988 and a limited amount of shallow drilling (214 drill holes in total) focused on delineating the Discovery Ridge and Hammer Ridge deposits, leaving the remainder of the property essentially untested. From 1997-1999, Alta Gold Co. (\"Alta\") produced approximately 90,000 ounces of gold at an average grade of 1.03 grams/tonne gold from Discovery Ridge and Hammer Ridge in an oxide heap-leach operation. Alta reported a number of unmined drill intercepts to the southwest of Hammer Ridge, including drill hole GR97-175 which returned 57.9 metres at 0.86 g/t gold, and proposed expanding Hammer Ridge before operations ceased. Griffon hosts numerous untested geochemical, gravity and stratigraphic targets. The Pilot Shale horizon - the primary gold host at Fiore Gold Ltd.'s nearby Pan Mine - has not been adequately tested, and the Joana/Chainman transitional horizon, which hosts gold at Griffon, may be concealed underneath and within the Blackrock Fault, a regional scale structure that transects the property. Lastly, there is also potential in and around the pits, as demonstrated by drill hole GR97-175. Underexplored and last drilled in the 1990s, Griffon offers multiple opportunities for the discovery of a Carlin-type gold deposit.Private placementThe Pr...