Frontline provides Corporate Update Quebec and Ontario Properties and on its Red Lake Net Smelter Royalties Frontline Gold Corporation (TSX-V:FGC) (“Frontline” or the “Company”) is pleased to provide an update on corporate developments. Since April 2020, the Company has acquired 4 significant property groups – 2 in the Province of Ontario and 2 in the Province of Quebec. Each of the properties and work done to date are summarized further below. In addition, the Company has had active conversations regarding its Red Lake Option Agreements and its Red Lake Net Smelter Royalties (“NSRs”) arising from the optioning of four Red Lake Property groups to Pacton Gold Inc. (“Pacton”), which are summarized below.
Quebec Properties - Summaries: - Route 109 – On September 21, 2020 (see www.frontlinegold.com/news/tag/Route+109). The Company acquired its second strategically located Gold Property in Quebec. The 100% interest in the property consists of 100 mining claims covering 5,588 hectares.
Aptly named, the Route 109 Property straddles Highway 109 which leads to the mining camp of Matagami providing excellent access and infrastructure. The property lies in the same volcanic-sedimentary rock package as the Casa Beradi Deposit 75km to the west. The same belt also hosts the Douay Gold Project owned by Maple Gold Mines, The Vezza Gold Project currently operated by Nottaway Resources and the N2 Gold Project under Wallbridge Mining. These three gold projects lie in close proximity to the property. Numerous gold occurrences and drill hole intersections are located just north of the property boundary along linear east-west magnetic signatures. The Route 109 property has the same magnetic signatures, similar rocks, yet has received little drilling.
To date the company has had discussions with a number of service providers to complete a high resolution heli-borne magnetic survey to cover the entire Property. The program will comprise of 50-metre flight line spacings for a total of 1,859 line kilometres (km). The airborne magnetic survey is scheduled to be completed in October. Combining a high-resolution magnetic survey and an October field program (ie. ground mapping and sampling), Frontline will be in an advanced position to identify those targets that warrant diamond drilling.
- Portage River – On May 5, 2020 (see https://www.frontlinegold.com/news/frontline-announces-acquisition-of-strategically-located-gold-property-in-quebec). The Company acquired its first strategically located Quebec Gold Property. The 100% interest in the property consists of 28 adjacent claims covering a total area of approximately 1,983 hectares and is located approx. 10 kilometers to the southwest of the village of Normetal and Normetal mine, and approximately 110 kilometers North of the town of Rouyn-Noranda in the Abitibi region of Quebec . The property has road access year-round and is located just southeast of Amex Exploration Inc.'s Perron Gold Property. The acquired property is within the Archean Greenstone Belt of the Lac Superieur structural province. The area is associated with the regional NW-SE trending Normetal and Perron fault. The Normetal fault is along a stratigraphic horizon known as host of massive sulphide deposits such as the nearby now closed polymetallic (Cu-Zn-Au-Ag) Normetal mine and the Zn Normetmar deposit and also related to a few epigenetic gold-bearing veins showing.
To acquire a 100% interest in the Quebec claims, Frontline must pay a total of $61,000 over 4 years.
On September 29 2020, Generic Gold Corp announced that it had acquired a large block of claims, consisting of 4,415 hectares, contiguous with its Belvais project which is in the vicinity of the Amex Exploration Inc.’s neighbouring Perron project and the past-producing Normtal mine. The cost of the acquisition was $200,000 and the issuing of 2.5 MM shares (see Generic Gold press release).
In late October, Frontline will look to complete a high resolution heli-borne magnetic survey to cover the entire Portage River property. The program will comprise of 50-metre flight line spacings for a total of 710 line kilometres to achieve high quality definition of geological units and associated structural features.
Ontario Properties - Summaries - Crooked Pine Property– On July 9, 2020 (see www.frontlinegold.com/news/frontline-announces-acquisition-of-large-gold-exploration-property-strategically-located-in-northwestern-ontario) the Company announced that it has entered into an option to earn up to 100% interest in 164 claim units, approx. 38 square kms, located in Northwestern Ontario within the Thunder Bay Mining District of Ontario. The Crooked Pine Property is approximately 135 km west of Thunder Bay, Ontario.
The Crooked Pine Property is located within the Marmion batholith, between Agnico Eagle's Hammond Reef Deposit of approx. 4.5 M oz Au,
(Source:
www.agnicoeagle.com) and Wesdome's indicated resource of 1.4 M oz Au at its Moss Lake Deposit (
Source:
www.wesdome.com).
On Aug 31, 2020 (see
www.frontlinegold.com/news/frontline-announces-2020-work-program-overview-at-its-x656-shear-zone-at-its-crooked-pine-lake-property) the Company announced the highlights from it July 2020 sampling program:
- grab samples of 19.2 g/t Au and 6.26 g/t Au from a silicified and pyrite bearing shear zone;
- the sampling results extended the X656 Zone an additional 100m to the southwest from an earlier July sampling program. Anomalous gold samples were also recorded in similar bearing rocks 2.2km to the northeast;
- the July field sampling program was extremely successful in not only delineating the X656 Zone further along strike, but also confirming a possible width of the gold-bearing shear zone. Grab sampling across the strike of the zone where exposed has indicated an apparent width of 11.6m thus far. (see Frontline's press release dated August 17, 2020). The X656 Zone lies along a northeast trending shear which splays from the Quetico Fault. There are no recorded assessment reports along the X656 Zone.
A fall exploration program for Crooked Pine has been scheduled and it will include additional mapping and prospecting, the compilation and reinterpretation of all available historical data on the Property and the completion of a high resolution airborne magnetic survey in early October. The objectives of the work programs will aid in vectoring a drill program towards those areas of high potential later in the year, pending permitting.
- Paint Lake Road Property – On April 30, 2020 Frontline announced (https://themarketherald.ca/frontline-gold-announces-joint-venture-with-talisker-resources-2020-04-30/) that it had acquired and joint ventured a 50% interest in 178 claim units primarily within the Mishibishu Lake and Abbie Lake Townships of Ontario. The Paint Lake Road Property covers a total area of approximately 3,700 hectares and surround and west from Wesdome Dome Gold Mines Ltd's Eagle River Mining Complex which includes both the Eagle River Gold Mine and the Mishi Gold Mine. In addition, Angus Gold is in the vicinity with its Golden Sky Project, a land package of 205 square kms which has been under-explored land within the prolific Mishibishu Lake Greenstone Belt (source: www.angusgold.com).
Red Lake Options and NSR’s In summary, the 4 option agreements to purchase entered into between Pacton and Frontline cover 262 mineral claims totaling approximately 4,900 Ha. Frontline retains net smelter return royalties ranging from 0.25% to 2.25% on all of the Red Lake properties optioned. The 4 option agreements, (summarized see Frontline press release dated May 21, 2020
https://www.stockwatch.com/News/Item?bid=Z-C%3aFGC-2909339&symbol=FGC®ion=C) are all in good standing with all scheduled cash and share payments per the option agreements’ terms have been made. Pacton has confirmed that they making their scheduled October and November 2020 option payments which amounts to $65,000 in cash and 22,500 Pacton shares.
Note that on Pacton announced on May 27
th, 2020 (see press release
www.stockwatch.com/News/Item?bid=Z-C%3aPAC-2911830&symbol=PAC®ion=C) that it had entered into a $2.16 MM financing package with Sandstorm Gold Ltd. which includes the purchase of royalties by Sandstorm on all of Pacton's mineral properties in Red Lake an
Commentary
"We will be continuing to provide more detailed information along with a corporate update in the very near term on all our properties, existing option agreements, and new option agreements entered into. The Pacton Gold option payments provide Frontline with working capital and funds to complete additional property acquisitions and work on the above properties.” said Walter Henry, CEO and President of Frontline.
Frontline in is discussions with various parties regarding property acquisitions and net smelter return royalties and news will be forthcoming.