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Fremont to Raise $1.0 Million with a Lead Order from Palisades Goldcorp
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2020) - Fremont Gold Ltd. (TSXV: FR...
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[{"type":"text","content":"Fremont to Raise $1.0 Million with a Lead Order from Palisades GoldcorpVancouver, British Columbia--(Newsfile Corp. - October 16, 2020) - Fremont Gold Ltd. (TSXV: FRE) (FSE: FR2) (OTCQB: FRERF) (\"Fremont\" or the \"Company\") is pleased to announce the offering of a non-brokered private placement of up to 20,000,000 units at a price of $0.05 per unit for gross proceeds of up to $1,000,000 (the \"Private Placement\") with a lead order from Palisades Goldcorp Ltd. (\"Palisades\"). Palisades has agreed to purchase $500,000 of the units as part of a minimum $1,000,000 financing. Net proceeds of the Private Placement will be used for a drill program at the North Carlin gold project (see news release dated October 7), exploration at the Cobb Creek gold project, and for general working capital.\"I am very pleased to welcome Palisades as a new, significant shareholder of Fremont,\" said Blaine Monaghan, CEO of Fremont. \"Palisades' involvement will enable us to drill North Carlin, located at the northern end of the prolific Carlin Trend, later this fall, and conduct exploration at Cobb Creek, which hosts a historic resource, next spring. We are excited to get to work as we believe that there is excellent potential for the discovery of a Carlin-type deposit at both North Carlin and Cobb Creek.\"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, and the projection of key faults that contro...