Fredonia Mining Confirms Significant Gold Mineralization at La Herradura
Fredonia Mining Confirms Significant Gold Mineralization at La Herradura
• New drill hole HDDH031 intersected 37m @ 1.04 g/t Au near historic drill hole HDDH013 containing 85.07@
1.02 Au g/t (including 9m @ 7.43 Au g/t)
• Drill results pending from Monserrat West
TORONTO, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. (“Fredonia” or the “Company”) (TSXV: FRED) is
pleased to announce the successful completion of the first of two phases of its drilling program at its flagship Eldorado
Monserrat (“EDM”) property, located in Santa Cruz, Argentina.
On the La Herradura project 1,583.5m of drilling were completed. Additionally, 1,841m was drilled on the Monserrat Oeste
project for which assays are awaited.
Phase one of the La Herradura drilling consisted of six HQ diamond drill holes for a total of 1,583.5m. Over 1,142 samples
(including standards, blanks and duplicates) were submitted for gold fire assays and multielement ICP to Alex Stewart (a
certified laboratory). Not all assays have been return for the last hole, HDDH034 and these will be reported separately.
"We are very excited about the results obtained so far at La Herradura as they confirm the potential we are confident extends
for the entire district at El Dorado Monserrat, adding potential future resources to those known in the Main Veins,” commented
Estanislao Auriemma, CEO of Fredonia. “The new interpretation of the target on La Herradura "hill", following the Montana
Tunnels model, notably increases the potential of the entire district. We are looking forward to the laboratory results for our
drilling at Monserrat Oeste which will be reported shortly and which we believe will confirm the presence of another mineralized
body further increasing the potential of the entire area.”
Table of drill-hole statistics:
Hole ID Coord. Coord. Altitude Azimuth Dip Length
East North
HDDH029 2532502 4632911 193 188 -60 221.0
HDDH030 2532450 4633063 178 188 -60 344.5
HDDH031 2532231 4632990 189 188 -60 246.5
HDDH032 2531732 4632994 194 188 -60 302.5
HDDH033 2532201 4632873 213 188 -60 230.5
HDDH034 2532105 4632877 213 188 -60 238.5
Total 1583.5
The anomalous gold-silver intersections confirm and expand the area of interest identified by historic drilling and demonstrate
wide low grade Au-Ag intersections and ‘included’ higher grade zones, (true widths yet to be determined):
HDDH031 - from 81m, 37m @ 1.04g/t Au and 26g/t Ag
This hole is close to the historic hole HDDH013 containing - from 68m, 85.07m@ 1.02g/t Au and 11g/t Ag, including 9m @
7.43g/t Au and 51g/t Ag.
Other notable intersections from the recent drilling include:
Table of best intersections:
Hole ID From To Interval Au g/t Ag g/t
HDDH029 53.00 74.00 21.00 0.61 9.4
HDDH029 125.00 132.00 7.00 0.61 1.2
HDDH031 161.00 198.00 37.00 1.04 26.1
HDDH033 71.00 91.00 20.00 0.57 7.0
HD034 81.00 incomplete
Table of (selected) historic drill intersections, La Herradura:
Hole ID From To Interval Au g/t Ag g/t
HDDH001 124.00 140.00 16.00 0.61 29.7
HDDH007 83.00 92.00 9.00 1.17 12.7
HDDH012 126.50 128.10 1.60 5.49 3.8
HDDH011 147.70 199.00 51.30 1.11 45.8
HDDH013 68.00 163.70 85.70 1.02 11.0
including 68.00 77.00 9.00 7.43 51.7
and 149.70 180.00 30.30 0.72 32.9
HDDH015 139.00 153.50 14.50 0.86 20.5
HDDH022 150.00 168.00 18.00 1.16 14.7
HDDH026 95.00 135.00 40.00 0.48 16.6
HDDH027 216.00 229.00 13.00 1.38 83.7
The drill holes at La Herradura were drilled to target both the roughly east west mineralised trend including the central diatreme
at La Herradura ‘hill’ and to expand the gold anomalism identified in the historic drilling which extends over 1,100m to depths of
>200m.
Fredonia remains positive about the results of the drilling to date and the continued potential outlined at La Herradura by these
latest drilling results.
The mineralisation model proposed is similar to the Montana Tunnels southwestern Montana bulk tonnage Au-Ag mine centred
on a diatreme hosted in a suite of volcanics. The principal rock type in the diatreme is a matrix-rich breccia containing
fragments of contiguous volcanic wall rocks and intrusive rocks. Sulphide mineralisation occurs as disseminations in the
breccia matrix, as well as in subordinate widely spaced, multidirectional veinlets. The ore zone is overprinted by pervasive
sericitic alteration and weak kaolinization and silicification.
Drill holes have intercepted hydrothermal breccias, veins and stockworks, hosted in a phreatomagmatic breccias, felsic domes
and dikes that intrude the andesite flows which form the country rock.
Gold mineralisation is related to a quartz + sericite alteration and minor bladed calcite and adularia, interpreted as evidence of
a boiling zone in an epithermal system. The shallow and distal zones show a chlorite + hematite + pyrite alteration, while in
the deeper sections there are veins of platy calcite + fluorite. Superimposed on the system is an alteration halo of kaolinite +
alunite and vuggy quartz, occurs in shallow and medium-deep sectors.
The current drilling whilst of limited meters has enhanced the project’s potential and confirmed the presence of wide
intersections of mineralised material with higher grade inclusions. The system is interpreted to remain open in all directions
and Fredonia believes more drilling is warranted.
A recent geophysical program (IP / Res) over the La Herradura area indicates three new anomalies, extending the system
600m to the west. In a district scale context La Herradura lies in a roughly east west mineralisation trend which extends
eastwards to the Beethoven project, (on strike with Cerro Vanguardia – Anglo Gold Ashanti) and westward to Fredonia’s
recently identified Pamala prospect.
Follow-up drilling in planned to commence Q1 2022 with the objective of further delineating the Au-Ag mineralisation.
Quality Assurance/Quality Control:
All core samples were submitted to Alex Stewart Laboratory in San Julián for preparation, and transported by the Laboratory to
their main Laboratory Mendoza for the analysis. All samples were analyzed for Au and Ag by fire assay/ AA finish 50 g, plus a
39-element ICP-AR finish. Fredonia followed industry standard guidelines for the work with a quality assurance/quality control
(QA/QC) program. Blanks and reference material of both high grade/ low grade gold and silver standards were included with all
sample shipments to the Laboratory. ‘Field duplicates’ were made from coarse reject material supplied by the principle
Laboratory for re-analysis as well as checking by a second certified laboratory. Fredonia detected no significant QA/QC issues
during review of the data so far received. QA/QC assessment is ongoing.
Marc J. Sale, Qualified Person, is a competent person as defined by Canadian National Instrument 43-101, has read and
approved the technical contents of this release.
Technical Information
The technical contents of this press release have been reviewed and approved by Marc J. Sale FAustIMM MAIG, a qualified
person pursuant to National Instrument 43-101 (“NI 43-101”). Mr. Sale is qualified as a geologist with a technical background in
mineral exploration, including specifically gold and silver deposits.
ACA Howe’s Senior Associate Geologist, Marc J. Sale (QP), was onsite for several days during Fredonia’s drilling in March
2018. During this period, the drilling, sampling and security procedures were witnessed and all were considered to be in line
with industry best practices. Drill core and sampled drill core were under the continuous supervision by Fredonia. At the drill
site a dedicated assistant supervised drill core quality control, including observing the removal from the core barrel, placement
in the core box, cleaning and correct insertion of the ‘core block’. There were very frequent visits by geological staff during both
day and night drill shifts. Drill core, having been correctly orientated, was cleaned and then in sealed wooden boxes before
being transported to the core logging area; a secure area removed for the main camp and cordoned off with restricted access
signs. Once core was logged and ‘marked’ up for sampling it was moved to the core cutting shed which was kept locked when
not operational. The half core in the designated sample intervals was bagged, labelled and sealed. Prior to transport to the
laboratory all samples were kept in a secure shed which was locked by the supervising geologist. Samples were periodically
transported by 4WD to the laboratory by Fredonia field staff in secured hessian bags. The bags were checked for any signs of
damage when delivered before being handed into the custody of the laboratory for sample preparation.
All drill core sampled by Fredonia, as well as verification samples collected by Marc J. Sale (QP), were assayed by Alex
Stewart Laboratories in Mendoza. Samples were prepared in their laboratory in San Julian some 155 km east-southeast of the
EDM property. Alex Stewart Laboratories is accredited to ISO standards and has ISO 9001:2015 and ISO 14001:2015
certification for its facility in Mendoza where all analyses were conducted. Alex Stewart Laboratories is independent of
Fredonia and acts as a service provider as and when required. On receipt at the laboratory the samples were logged in and
ascribed a unique bar code. Samples were then weighed and dried at 40°C, before being crushed to #10 mesh. The bulk of the
coarse sample was stored. The ~600 g sub-sample was pulverised until 95% passed #140 mesh. Gold was assayed by Fire
Assay using a precise 50g charge, fused at 1050°C with flux, then smelted and refined to produce a lead alloy. This was
followed by cupellation of the lead alloy, before dissolving in Aqua Regia from which 10 ml was analysed by an Atomic
Absorption Spectrometer to determine the gold assay value. For silver assays the process is similar, although the finish is by
10 ml being dissolved in HNO3 but also with an AA spectrometer finish. All samples were also analysed by ICP for a suite of
39 elements.
QA/QC comprised of blanks and certified reference material (CRM) being inserted into the sample stream, on average 10% of
material analysed was either a blank or CRM. Blanks were derived from a mixture of laboratory sources and white quartz of
unknown origin. CRM was bought from a certified source – GeoLabs of Australia. All blanks were reported in assay as being
below detection limit for both gold and silver. This indicates that contamination is not present in any significant quantity.
Analysis of CRM samples indicates that the laboratory accuracy is generally acceptable, with 95% CRM analyses within three
standard deviations of the mean.
As well as the QA/QC reported above, for the 2018 drilling programme, 31 pulps and coarse rejects were re-assayed by Alex
Stewart Laboratories (ASL). In addition, a 50% split of the 31 coarse rejects were sent to Bureau Veritas Minerals (ACME
Labs) in Canada for further re-analysis. Comparison of results with the original assays for both gold and silver shows a strong
positive correlation, providing confidence in the original assays.
About the Project
The Deseado massif is a tectonic block which comprises Jurassic and Cretaceous volcanic outpouring, containing two
important geological groups: the Bajo Pobre and Chon Aike both of which are prospective for low sulphidation epithermal style
gold-silver mineralisation, such as being exploited at Anglo Gold Ashanti’s Cerro Vanguardia gold – silver mine located
approximately 17 kms from Fredonia’s properties.
The Company’s property contains other prospects which are interpreted as prospective on the basis of drilling so far
conducted, and several other prospects with identified structures containing significant gold-silver values in rock chip, channel
and drill samples.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation
relating to the Company and the EDM project, including statements regarding the prospectivity of the EDM project for gold and
silver mineralization and the Company’s future exploration plans. Words such as “might”, “will”, “should”, “anticipate”, “plan”,
“expect”, “believe”, “estimate”, “forecast” and similar terminology are used to identify forward looking statements and forward-
looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by
the Company in light of its experience, current conditions and its expectations of future developments as well as other factors
which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks,
uncertainties and other factors, including, without limitation, the factors described in the Company’s filing statement dated
June 22, 2021 available on SEDAR at www.sedar.com under the heading “Risk Factors” that may cause actual results to differ
materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should
not place undue reliance on such statements and information and the Company can give no assurance that they will prove to
be correct. The statements in this press release are made as of the date of this release. The Company undertakes no
obligation to update forward-looking statement made herein, or comment on analyses, expectations or statements made by
third parties in respect of the Company or its securities, other than as required by law.
For further information: Please visit the Company website www.fredoniamanagement.com or contact: Carlos Espinosa,
Chief Financial Officer, Direct: +1-647-401-9292, Email: [email protected]