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Frontline Gold Corp V.FGC.H

Alternate Symbol(s):  FLDPF

Frontline Gold Corporation is a Canada-based junior mineral exploration company. The Company's properties include the optioned gold projects in the Red Lake area of Ontario, Cameron Lake Gold Project (Ontario), the Portage River Gold Project in the Abitibi Region of Quebec, the Confederation Lake Project which is approximately 60 kms east of the Red Area and the Menderes gold project in the Izmir province of Western Turkey. The Company’s other Canadian exploration properties include other gold property groups in Ontario and include the Whitehorse Island Mining Patents. In addition, the Company has a large NSR package on about four separate gold property groups in Red Lake, which are presently under option for Pacton Gold. The Cameron Lake/Flint Lake Property is located in the Rainy River area, Ontario. The Copperlode Property lies within the Confederation Lake Greenstone Belt 40 to 60 kilometers southeast of Red Lake, Ontario.


TSXV:FGC.H - Post by User

Post by Opportunity1967on Dec 08, 2020 9:28am
126 Views
Post# 32056784

FGC sells its Portfolio of Royalties in Red Lake, Ontario

FGC sells its Portfolio of Royalties in Red Lake, Ontario

 Frontline Gold Corporation (TSXV:FGC) (“Frontline” or the “Company”) is pleased to announce that it ha s executed a purchase agreement to sell its portfolio of Red Lake Net Smelter Royalties ("NSRs") to EMX Royalties Corporation (“EMX”) for a total purchase of $800,000, which will be paid 50% in cash and 50% in shares of EMX.   The transaction is subject to EMX receiving both TSX Venture Exchange and New York Stock Exchange approvals.

 

Frontline’s NSRs in Red Lake arose from the optioning of four Red Lake Property groups to Pacton Gold Inc. ("Pacton"), between November 2018 and October 2019.  In summary, 4 option agreements (“Red Lake Options”) to purchase were entered into between Pacton and Frontline consisting of 41 legacy claims (totaling ~6,100 hectares), distributed over four properties (Gullrock Lake, Duchess, Red Lake, Tilly ) in the heart of the Red Lake mining district, Ontario, all of which are currently optioned to, or operated by, Pacton Gold Inc.  As part of these Red Lake Options Frontline retained net smelter return royalties ranging from 0.25% to 2.25% on all of the Red Lake properties optioned.  The Red Lake Options which were summarized in a Frontline May 28, 2020 press release ( https://www.frontlinegold.com/news/frontline-provides-update-on-its-red-lake-net-smelter-royalties ) are all in good standing.

 

The sale of the NSRs from these 4 Red Lake Property groups does not include other gold properties that Frontline owns 100% within the Red Lake Mining Division, Ontario.

 

The net proceeds from the royalty sale will be used to fund continued exploration and development activities at the Company's Ontario and Quebec properties, drilling at it Menderes Gold property in Turkey, funds to complete additional property acquisitions and for general working capital.

 

Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.

  

About Frontline Gold Corporation

 

Frontline is a Canadian junior mineral exploration company. The Company's properties include the optioned gold projects in Red Lake area of Ontario, Crooked Pine Gold Project (Ontario), Paint Lake Road Gold Project (Ontario) Cameron Lake Gold Project (Ontario), the Route 109 Gold Project and the Portage River Gold Project both in the Abitibi Region of Quebec, the Confederation Lake Project which is approx. 60 kms east of the Red Area and the Menderes gold project in the Izmir province of Western Turkey. Other Canadian exploration properties include other gold property groups in Ontario and include the Whitehorse Island Mining Patents.

 

Frontline continues to actively seek projects, and additional investor/partner(s) in order to continue to build upon its properties and net smelter return royalties.

 

Further information about the Company is available on the Company’s website, www.frontlinegold.com , or our social media sites listed below:

Facebook: https://www.facebook.com/Frontline Gold Corp./

Twitter: https://twitter.com/frontlinegold

Linkedin: https://www.linkedin.com/company/6925052/admin/

 

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control.  These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made.  The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

  ------------------------------------------------------------------------- |“Walter Henry” | |Contact: Walter Henry | |  | |Phone: (416) 861-9090 | |Walter Henry, President&CEO| |Email:             info@frontlinegold.com| |FRONTLINE GOLD CORP. | |Website:         www.frontlinegold.com | | | |Frontline Gold Corp. (TSX-V: FGC) | | | |372 Bay Street, Suite 301 | | | |Toronto, Ontario M5H 2W9 | | | |  | ------------------------------------------------------------------------- 
 

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Copyright (c) 2020 TheNewswire - All rights reserved.

© 2020 Canjex Publishing Ltd. All rights reserved.

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