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Fremont Signs Letter of Intent on Vardenis Cu-Au Property in Armenia; Stakes Prospective Lithium Targets in Nevada
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2023) - Fremont Gold Ltd. (TSXV: FRE) (OTCQ...
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[{"type":"text","content":"Fremont Signs Letter of Intent on Vardenis Cu-Au Property in Armenia; Stakes Prospective Lithium Targets in NevadaVancouver, British Columbia--(Newsfile Corp. - May 9, 2023) - Fremont Gold Ltd. (TSXV: FRE) (OTCQB: FRERF) (FSE: FR20) (\"Fremont\" or the \"Company\") is pleased to announce that it has signed a letter of intent pursuant to which it has been granted an option to acquire up to 100% interest in Mendia Resources Corp. (\"Mendia\"), an Armenian corporation, by Mendia's sole shareholder (the \"Optionor\"). Mendia holds the exploration license over the Vardenis copper-gold project in central Armenia.Additionally, the company is pleased to announce the filing of 133 new claims in Nevada for the purpose of potentially advancing a world class Lithium resource. Initial geochemical results are expected before mid-year. Staking of other potential lithium prospects is ongoing. Vardenis Cu-Au PropertyThe Vardenis copper-gold property is a high-sulfidation, possible Cu-porphyry mineralized system formerly held by Dundee Precious Metals Inc. between 2015 and 2018. It occurs 25 kilometers along strike and in the same Eocene volcanic sequences which host the 3-million-ounce Amulsar gold deposit being developed by Orion Mine Finance, Osisko Gold Royalties and Resource Capital Fund.The terms set out in the letter of intent provide Fremont with the exclusive option to acquire up to 100% of Mendia via staged option payments over 4.5 years. The staged payments are as follows:On completion of the definitive agreement (\"Closing\"), the Company shall pay US$100,000 in cash and issue 500,000 Fremont common shares to the Optionor, and initiate specified exploration work on the Vardenis property, including a minimum of 2,500 meters of diamond drilling within 18 months; completion of which will earn the Company a 51% equity ownership interest in Mendia; 18 months following Closing, the Company shall pay an additional US$150,000 in cash, issue 700,000 Fremont common shares to the Optionor, and initiate further exploration work on the Vardenis property, including an additional 5000 meters of drilling within 3 years following Closing; completion of which will earn the Company an additional 29% equity ownership interest in Mendia (for a total of an 80% equity ownership interest);36 months following Closing, the Company shall pay an additional US$10...