Fremont Gold (TSXV:FRE)(“Fremont” or the “Company”) is pleased to announce that it has received the complete drill results for the previously announced drill program at the Gold Canyon Project in northern Nevada (see Fremont news releases dated May 9 and June 1, 2018). Five RC drill holes were completed at Gold Canyon in late May totalling 1,067 meters, out of a total drill program of 1,559m which included the nearby Gold Bar project. Highlights include:
- Hole GCR-3 intersected 2 separate mineralized horizons: 16.8m @1.9 g/t Au from surface and 6.1m @ 1.8 g/t Au from 51.8m to 57.9m
- The deeper intercept revealed a previously unrecognized mineralized zone at depth on the west side of the historical pit about 60m below current pit floor (hereafter called the 2300m level)
- Hole GCR-4 intersected the same mineralized horizon, and while not mineralized to the same tenor, indicates continuity of the mineralization
- Hole GCR-2 intersected 18.3m @ 1.1g/t Au, including 9.2m @ 1.7 g/t Au just beyond the northeast end of the Gold Canyon pit, demonstrating that mineralization continues to the northeast beyond the historical excavations.
Discussion
Clay Newton, Vice President Exploration, states, “We are very encouraged by the recent drill results which revealed three oxide gold zones within the vicinity of the historical Gold Canyon pit. Drilling at Gold Canyon confirmed gold mineralization both northeast and west of the existing pit. Gold is hosted within two Denay Limestone units and is structurally controlled by two faults; a NE-SW normal fault and a west dipping thrust fault. The best mineralization occurs where the two stratigraphic horizons are intersected by these fault structures, which act as feeders for mineralizing fluids.
On the east side of the pit, holes GCR-1, 2 and 5 targeted the NE striking fault zone observed in the northern wall of the Gold Canyon pit. Hole GCR-2 hit the zone, returning a nice 18m intercept. Hole 1 was vertical and clipped the northern edge of the mineralization, while Hole GCR-5 returned anomalous but uneconomic gold values. However, we now have a good handle on the geometry and strike of this important northeast-trending structure and plan to follow-up with drill holes along strike to the northeast.
On the west side of the Gold Canyon pit, Hole GCR-3 intersected 18m @ 1.9 g/t Au from surface, just beyond the current pit boundaries. This is at-surface oxide mineralization that was not exploited by the former operators. In addition, the same hole intersected a deeper zone that returned 6.1m @ 1.8g/t Au at about 2300m elevation. The same 2300m horizon was intersected in hole GCR-4 and while the tenor was less, it does indicate continuity of mineralization and demonstrates the potential for a new mineralized body at relatively shallow depth near the historical pit. This mineralization appears to be controlled by a west-dipping thrust fault creating ample opportunity to discover additional gold mineralization along strike and down dip on this structure — as well as down plunge along structural intersections. Future holes will be drilled from further west and angled towards the east, in order to intersect this thrust fault at the best angle”.
Figure 1: Gold Canyon Drill Hole Locations
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3169/36168_a1532470880811_93.jpg
| MINERALIZED INTERCEPTS | ||||
| Hole ID | From | To | Length-m | Grade g/t |
| GOLD CANYON | ||||
| GCR-1 | 105.1 | 117.3 | 12.2m | 0.35 |
| (includes) | 105.1 | 111.2 | 6.1m | 0.51 |
| GCR-2 | 82.3 | 100.6 | 18.3m | 1.1 |
| (includes) | 82.3 | 91.4 | 9.2m | 1.7 |
| GCR-3 | 0 | 16.8 | 16.8m | 1.9 |
| (includes) | 10.7 | 16.8 | 6.1m | 2.5 |
| and | 51.8 | 57.9 | 6.1m | 1.8 |
| GCR-4 | 35.0 | 45.7 | 10.7m | 0.18 |
| and | 80.8 | 85.3 | 4.5m | 0.36 |
| GCR-5 | 106.7 | 112.8 | 6.1 | 0.17 |
| GOLD BAR – previously announced 27-06-18 | ||||
| GBR-1 | 179.8 | 221 | 41.2m | 3.08 |
| (includes) | 181.4 | 207.3 | 25.9m | 4.66 |
| GBR-2 | 128 | 134.1 | 6.1m | 1.22 |
Dennis Moore, President and CEO of Fremont Gold, added, “I am very pleased with our maiden drill program. The Fremont team has demonstrated the existence of several mineralized zones at both Gold Canyon and Gold Bar, including one that was previously overlooked just west of the Gold Canyon Pit. Additionally, geochemically anomalous zones identified by the previous operators at Gold Canyon, called the French Trail and Northwest Gold Ridge, remain untested but will be drilled in the near future (see Figure 2 below). As we are discovering, the Gold Bar district is an under-explored, target-rich neighborhood. We are optimistic that we will find a lot more gold mineralization in future drill programs.”
Figure 2: Untested Gold Canyon Drill Targets
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3169/36168_a1532470881171_82.jpg
Background of Gold Bar District
The Gold Bar and Gold Canyon properties are both former mines in the Gold Bar District in Eureka County, Nevada, an active mining area in the Roberts Mountains 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 $770/oz starting in early 20191.
Fremont’s Gold Bar and Gold Canyon projects are adjacent (west) and immediately north of McEwen’s Gold Bar mine development project, which is currently under construction and expected to be completed by early 2019. While McEwen’s development project and Fremont’s property share the same name, the historic Gold Bar mine is held by Fremont and produced 286,354 ounces of gold from 1986 to 19942. McEwen’s property comprises the former satellite pits to the original Gold Bar mine and they adopted the historical mine name. However, the original Gold Bar pit occurs in the south-central portion of Fremont’s 10,096-acre (4,086 ha) land package, five kms southwest of McEwen’s project. Fremont’s property hosts an historical resource of 147,000 ounces @ 2.57 g/t Au, called the Millsite deposit2 (see Fremont press release dated September 12, 2017) thought to be a faulted off-set of the former Gold Bar ore body located on the …read more
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