Fremont to Raise $3 Million for Drilling Vardenis and Advancing Nevada Assets
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) (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 project
The 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 geochemistry
To view an enhanced version of this graphic, please visit:
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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 targets
The 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 in Nevada.
The Units
Each Unit will be comprised of one common share of the Company and one half of one share purchase
warrant. Each whole share purchase warrant ("
Warrant
") will entitle the holder to purchase one common
share at a purchase price of $0.20 per for a period of 24 months following the closing of the Private
Placement.
Fremont may pay a finder's fee of up to 5% of the gross proceeds raised in connection with the Private
Placement.
Closing of the Private Placement and the payment of any finder's fees will be subject to the approval of
the TSX Venture Exchange.
The securities offered will not be registered under the U.S. Securities Act of 1933, as amended, or any
state securities laws, and may not be offered or sold in the United States absent registration or an
exemption from the registration requirements.
All securities issued pursuant to the Private Placement will be subject to a four-month hold period under
Canadian securities laws and the policies of the TSX Venture Exchange, as applicable.
About Fremont Gold
Fremont's mine-finding management team has assembled a portfolio of high-quality Nevada lithium and
gold projects with the goal of making a new discovery.
The Company has also been seeking world-class
mineral opportunities within the central Tethyan belt of Armenia and Georgia and recently signed an
option agreement over the Vardenis property and applied for an exploration license over the Urasar
mineral district, which are located in central and northern Armenia respectively.
On behalf of the Board of Directors,
Dennis Moore
President and CEO, interim Chairman
Telephone:
+351 9250 62196
Email:
www.fremontgold.net
https://twitter.com/GoldFremont
https://www.linkedin.com/company/fremont-gold/
Neither the TSX Venture Exchange nor 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.
Forward looking statements
This news release contains forward-looking statements. All statements other than statements of
historical fact included in this news release, including, without limitation, statements regarding the
completion of the Consolidation, are forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's expectations including the risks
detailed from time to time in the filings made by the Company with securities regulations. As regards
the current financing, such risks and uncertainties may cause the completion of the Private
Placement or the actual use of proceeds to differ materially from those anticipated in such forward-
looking information which could adversely impact the Company's ability to explore (including drill) the
Vardenis project and advance the Company's lithium targets.
The reader is cautioned not to place
undue reliance on any forward-looking information. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news release and the Company will
update or revise publicly any of the included forward-looking statements only as expressly required by
Canadian securities law.
Not for distribution to United States newswire services or for dissemination in the United States
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