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Fremont to Raise $1.0 Million for Drilling at Gold Bar and Gold Canyon Projects in Nevada
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2018) - Fremont Gold Ltd. (TSXV: F...
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[{"type":"text","content":"Fremont to Raise $1.0 Million for Drilling at Gold Bar and Gold Canyon Projects in NevadaVancouver, British Columbia--(Newsfile Corp. - November 13, 2018) - Fremont Gold Ltd. (TSXV: FRE) (FSE: FR2) (OTC Pink: USTDF) (\"Fremont\" or the \"Company\") is pleased to announce the terms of a non-brokered private placement of up to 7,200,000 units (\"Unit\") at a price of $0.14 per Unit for gross proceeds of up to $1,008,000 (the \"Private Placement\"). Net proceeds of the Private Placement will be used to undertake further drilling at Fremont's Gold Bar and Gold Canyon projects located in Eureka County, Nevada, and for general working capital.Gold Bar and Gold Canyon Projects Fremont's Gold Bar and Gold Canyon projects are both former mines in the Gold Bar District in Eureka County, Nevada, an active mining district within the Battle Mountain-Eureka Trend. The district contains several Carlin-style sediment-hosted gold deposits, including McEwen Mining Inc.'s (\"McEwen\") Gold Bar project, which is scheduled to produce 62,800 oz Au/annum, at US$770/oz, starting in early 2019(1).Fremont's Gold Bar and Gold Canyon projects are adjacent (west) and immediately north of McEwen's Gold Bar project. While McEwen's project and Fremont's project share the same name, the historic Gold Bar mine is held by Fremont. McEwen's project comprises four of the five satellite pits to the historic Gold Bar mine, whereas Fremont controls the remaining satellite pit, Gold CanyonFremont's Gold Bar project comprises the historic Gold Bar mine, which produced 286,354 ounces of gold from 1986 to 1994(2), and the Millsite deposit, which hosts a historic resource of 147,000 ounces of gold (1.62 Mt @ 2.57 g/t gold)(2,3). Millsite is believed to be a faulted offset of the historic Gold Bar mine and is located to the northwest of the open pit. Fremont recently completed a soil sampling program based on a new structural interpretation and identified coincident gold and mercury geochemical anomalies to the southeast of the historic Gold Bar mine. This new interpretation and data suggest that gold mineralization related to the historic Gold Bar mine may extend to the southeast (see news release dated October 30, 2018). Part of the Private Placement proceeds will used to drill test these anomalies. Drilling is expected to commence in early 2019 immediately upon completio...