Not saying to buy or sell..
Mr. Estanislao Auriemma reports
FREDONIA MINING INC. RECEIVES ENVIRONMENTAL PERMIT AND BEGINS 6,000 METRE DRILLING PROGRAM AT ITS EL DORADO-MONSERRAT GOLD PROJECT
Fredonia Mining Inc. has obtained an environmental permit to complete its planned initial 6,000-metre drilling program at its El Dorado-Monserrat (EDM) gold project in Santa Cruz, Argentina.
Estanislao Auriemma, chief executive officer and a director of Fredonia Mining, commented, "We are very pleased to be able to rehab the roads and the camp while we obtained the environmental permit on time to begin our 6,000 m drilling program last week."
Fredonia rehabilitated the camp and roads while working with the authorities toward permitting. Drilling commenced at Monserrat Oeste on Oct. 6, 2021, and the company will continue to work toward having initial results during the fourth quarter of 2021.
An initial 13 drill holes are planned to depths of up to 320 metres.
The drilling at both project areas is designed to increase potential by demonstrating depth and along-strike continuity. A second tranche of drilling, once results are received, will focus on: (i) further expanding the extent of the known mineralization as well as scout drilling on other adjacent prospects; and (ii) increasing confidence in the in-house resource defined at main veins.
Exploration program
Fredonia has initiated a comprehensive exploration program to enable the further assessment of the potential of the El Dorado-Monserrat property. Initially, improvement to access and re-establishing the camp at the Monserrat homestead enabled the completion of the environmental impact assessment required before commencement of exploration drilling.
The EDM project area is considered to contain significant potential, and the drilling, trenching and surface exploration conducted on the prospects by prior operators are adequate to demonstrate the overall potential of the property.
The planned exploration program includes mapping, surface sampling, trenching and geophysics. However, the near-term emphasis of future exploration will be drill focused at both Monserrat Oeste and La Herradura. Additional drilling as well as resampling of historical drill core will be required to fully assess the potential and to enable the reporting of a mineral resource for the main vein area. Outside of the three primary prospect areas (main vein area, Monserrat Oeste and La Herradura), there is also considerable potential for additional mineralized zones to be identified. Follow-up drilling at Abanico and Bajo Pedernal as well as initial drilling at Monserrat Este will enable an improved understanding of the geometry and extent of the mineralized zones in these areas. Further to this, additional exploration at Anita, Vanina, Pamela and Juan Luis to the north of the main veins will determine the potential for additional significant mineralized zones.
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. Mr. Sale is qualified as a geologist with a technical background in mineral exploration, including gold and silver deposits. Mr. Sale was on site for several days during Fredonia's drilling in March, 2018.
About Fredonia Mining Inc.
Fredonia owns, directly or indirectly, a 100-per-cent interest in certain licence areas (totalling approximately 18,300 hectares) within the Deseado Massif geological region in the province of Santa Cruz, Argentina, including the following principal areas: El Aguila, covering approximately 9,100 hectares; Petrificados, covering approximately 3,000 hectares; and El Dorado-Monserrat, covering approximately 6,200 hectares, located close to Anglo Gold Ashanti's Cerro Vanguardia mine, subject to a 1.5-per-cent net smelter return royalty on the EDM project and a 0.5-per-cent net profit interest on Winki II, El Aguila I, El Aguila II and Petrificados.