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Fremont to Raise $3 Million for Drilling Vardenis and Advancing Nevada Assets
Vancouver, British Columbia--(Newsfile Corp. - June 22, 2023) - Fremont Gold Ltd. (TSXV: FRE) (FS...
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[{"type":"text","content":"Fremont to Raise $3 Million for Drilling Vardenis and Advancing Nevada AssetsVancouver, British Columbia--(Newsfile Corp. - June 22, 2023) - Fremont Gold Ltd. (TSXV: FRE) (FSE: FR2) (OTCQB: FRERF) (\"Fremont\" or the \"Company\") is pleased to announce the terms of a non-brokered private placement of up to 25,000,000 units (\"Unit\") at a price of $0.12 per Unit for gross proceeds of up to $3,000,000 (the \"Private Placement\"). Net proceeds of the Private Placement will be used to undertake an initial drill campaign at Fremont's Vardenis project located in central Armenia, for advancing Fremont's lithium assets in Nevada and for general working capital.Vardenis Copper - Gold projectThe Vardenis copper-gold property is a high-sulfidation, possible Cu-porphyry mineralized system formerly held by Dundee Precious Metals Corp (\"DPMC\"). 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 (see news releases dated May 9, 2023 and June 6, 2023). Historic work at Vardenis comprises early Soviet-era trenching and pits from the 1960s followed by more recent exploration undertaken by DPMC from 2015-2018. This recent work includes over 6,000 geochemical samples (soils, rocks and streams), geological mapping, trenching and 1,246m of diamond drilling. This work has defined a seven kilometer long, gold-in-soil anomaly as well as a separate 3.6 x 2.0-kilometer copper anomaly located 1.4 kilometers to the south of the gold anomaly. A recently completed National Instrument 43-101 report on the Vardenis property will be posted to SEDAR in the coming days. Figure 1. Copper soil geochemistryTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3169/170970_57cea6db44e848d4_002full.jpg Initial exploration work has commenced and will include a short-wave infrared (SWIR) alteration survey, other geophysical surveys and road/drill pad construction. Drilling is expected to commence in August. Nevada Lithium targetsThe Company recently staked and filed on some prospective lithium targets in Nevada (see news releases dated May 9, 2023 and May 24, 2023). Part of the proceeds of the Private Placement will be used to stake additional lithium targets ...