- Fremont Gold (FRE) will finalize a non-brokered private placement of 25,000,000 units for $3 million
- Net proceeds will be used for an initial drill campaign at Fremont’s Vardenis project in central Armenia
- Drilling is expected to start in August
- Fremont Gold Stocks (TSXV:FRE) is trading at C$0.12 at 1:37 EDT
Tri-listed company Fremont Gold (TSXV:FRE) plans to finalize a non-brokered private placement of 25,000,000 units at $0.12 per unit for $3 million to use on a drilling project in Armenia.
Fremont will raise $3 million and net proceeds will be used for an initial drill campaign. Drilling will take place at Fremont’s Vardenis project in central Armenia.
While on-site, the company plans to conduct work on its lithium assets in Nevada while adding funds to general working capital purposes.
Fremont has also been busy seeking world-class mineral opportunities within the central Tethyan belt of Armenia and Georgia.
Most recently, Fremont signed an option agreement over the Vardenis property in the central and north Armenia area. The company has applied for an exploration license in the Urasar mineral district.
Other Armenia gold projects
The Vardenis copper-gold property is a high-sulfidation, possible Cu-porphyry mineralized system formerly held by Dundee Precious Metals Corp.
It occurs 25 kilometres along strike and in the same Eocene volcanic sequences that host the 3-million-ounce Amulsar gold deposit being developed by Orion Mine Finance, Osisko Gold Royalties and Resource Capital Fund.
Historic work at Vardenis goes back to the 1960s. There has also been more recent exploration by DPMC from 2015 to 2018.
This recent work includes more than 6,000 geochemical samples (soils, rocks and streams), geological mapping, trenching and more than 1,200 meters of diamond drilling.
On-site was a seven kilometer long, gold-in-soil anomaly as well as a separate 3.6 by 2.0-kilometer copper anomaly 1.4 kilometers to the south of the gold anomaly.
In the coming days, the company will have a report on the Vardenis property posted to System for Electronic Document Analysis and Retrieval’s site.
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 start in August.
Fremont has an option to acquire up to 100 per cent of the Vardenis copper-gold project in central Armenia.
Fremont Gold (FRE) is trading at C$0.12 at 1:37 ET.
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