Fremont Gold Ltd. Acquires Option on Jarbidge District Property in Northeast Nevada
Fremont Gold Ltd. Acquires Option on Jarbidge District
Property in Northeast Nevada
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2017) - Fremont Gold Ltd.
(
TSXV: FRE
) (the "
Company
") is
pleased to announce that it has entered into an option agreement with Mr. John Bernt, a Wyoming-based geologist who controls
48 unpatented and 4 patented mining claims (the "Property").
The Property
comprises approximately 389 hectares and is
located in Elko County
104 miles
by road north of Elko City in Northeast Nevada.
The Property is in the historic Jarbidge mining
district
which produced 355,000 oz of gold and 1,600,000 oz of silver from approximately 800,000 tons of ore between 1918
and 1932.
1
Under the terms of the option agreement, the Company can earn a 100% interest in the Property, subject to 2% Net Smelter
Return Royalty in favour of Mr. Bernt, by making an initial payment of US$50,000, a subsequent US$25,000 payment in
December 2018, and
then quarterly cash payments beginning July 31, 2018.
The quarterly payments start at US$20,000 and
increase by US$2,000 per quarter for a period of 5 years, for total consideration of US$635,000 A final
payment of US$5M (2/3
of which is payable in shares) is due at the end of 5 years, but can be deferred for an additional 18 months, by payment of
US$1,000,000.
In addition to the payments, the Company must complete the following work in order to exercise the option on the Property:
1
.
1500 m of drilling in year 1;
2
.
2500 m of drilling in year 2;
3
.
5,000 m of drilling year 3; and
4
.
10,000 m of drilling or equivalent underground access work in year 4.
The Company can accelerate the exercise of the option and acquire 100% of the Property at any time, by making the final $5
million payment, in which case the payments and work commitments not yet due will be waived.
The option agreement is subject to prior TSXV acceptance and further details on the Property will be contained in a NI 43-101
compliant report, which is currently being prepared for the Company.
CEO Dennis Moore stated, "The Jarbidge district in Nevada is one of the last low-sulfidation, epithermal districts not being
actively explored in the state.
This type of mineralization has the potential to host what have been termed "bonanza-grade"
deposits, which makes the Property a compelling acquisition for the Company.
The best examples of this style of mineralization
are the Midas mine in Elko County and the former Sleeper mine located in Humboldt County, both in northern Nevada."
About Fremont
Gold Ltd.
Fremont Gold Ltd. holds exclusive leasing rights to the Hurricane Project, a gold exploration project located in Lander County,
Nevada, and owns the Goldrun Project in Humboldt County, Nevada. The Company's strategy is to conduct exploration on its
existing projects and to build a quality portfolio of gold projects in Nevada using the collective exploration expertise of the new
management team. Further information regarding the Hurricane Project and Goldrun Project are described in the filing statement
of the Company dated May 29, 2017, available at
www.sedar.com
.
For further information
, please contact:
Dennis Moore
President & Chief Executive Officer
Fremont Gold Ltd.
#1500 — 409 Granville Street, Vancouver
Telephone: (778) 772-9892
Telephone: +351-9250-62196
Email:
Neither the TSX Venture Exchange, not its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within,
other than statements of historical fact, are to be considered forward looking. Although
the Company
believes the
expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ materially from those in forward-looking
statements. Factors that could cause actual results to differ materially from those in forward-looking statements include
market prices, exploration successes, continued availability of capital and financing, and general economic, market or
business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are
advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking
statements except as required under the applicable laws.
1
.
"MIneral Resources of Elko County
"
by Daphne DeLapointe of the Nevada Bureau of Mines and Geology, 1991.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY
FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.