(TheNewswire)
Toronto, Ontario – TheNewswire - July 27, 2021 –Frontline Gold Corporation (TSXV:FGC) (OTC:FLDPF) (“Frontline” or the“Company”) is pleased to announce that ithas signed an option agreement to acquire an 80% interest in the high-grade Cu-Zn-Ag Epworth Project (the‘Property’) located in Nunavut. The Epworth Project is located85km south of the village of Kugluktuk (Coppermine), consisting of 5claims totaling 1,313 hectares (Figure 1). The Epworth Projectcontains three areas of high-grade polymetallic mineralization from1-25m wide occurring for more than 15km along strike (Figure 2).Surface grab samples have reported spectacular high-grademineralization including:
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- 61.2% Cu and 5600 gpt Ag
- 19.22% Zn (with 810 gpt Au, 3% Cuand 1.86 gpt Au)
- 0.96% Pb (with 5.43% Zn)
Figure1 . Regional location of theEpworth Project.
To exercise its option and acquire up to an 80%interest in the Property, Frontline must complete $2.0 million intotal exploration expenditures over 4 years and issue 1 million commonshares of Frontline, and issue 1,000,000 common shares ofFrontline.
Work commitment toearn 70% in the property: | Shares to beIssued |
On Signing: $25,000 in exploration expenses (paid) | Nil |
Year 1: $225,000 | 100,000 |
Year 2: $500,000 | 400,000 |
Year 3: $750,000 | 500,000 |
Sub-Total:$1,500,000 | 1,000,000 |
Work commitment to earn an additional 10% for a totalof 80%: | |
Year 4: $500,000 | Nil |
Total ExplorationExpense: $2,000,000 | 1,000,000 |
The Optionor will retain a 2.0% net smelter returnsroyalty. Frontline may repurchase one-half of the 2.0% royalty for$1,000,000. The transaction is subject to TSX Venture Exchange("TSX-V") approval
Epworth Project Proposed 2021 Budget– August 2021
The proposed budget anticipates 10-14-days, 2-manprogram of soil sampling and prospecting to follow up on historicalsampling as well as test some new ideas to lay the groundwork for apotential Phase 2 exploration program. The exploration program is tobegin on August 7 th , 2021 and will be conducted by EmeraldGeological Services (“EGS”).
The proposed soil sampling program would consist of two~250m lines at 25m sample spacing, totaling approximately 22 samples,across the Metallic Zone, which returned grabs up to 19.22% Zn, 3% Cu,810gpt Ag & 1.86gpt Au from dolomite-hosted veins. This is amaximum estimate depending on the amount of soil cover in the area. Afew ~200m lines are proposed across a prominent NE-trending faultsouth of the Metallic Zone as well, for an additional ~30 samples at25m spacing.
The current budget allows for approximately 200 rock grab samples tobe collected.
The Property
The Epworth Project is part of abroad platform-type clastic carbonate sequence belonging to the earlyProterozoic Coronation Supergroup that extends from the north shore ofTakijuq Lake to the Coronation Gulf for over 130 km. Polymetallicsulphide mineralization occurs as disseminations in the matrix ofcoarse clastic quartzites or as concordant zones of chertyreplacements within permeable dolomite (Rees and Petrie, 1995). Thestratigraphy, diagenetic evolution and rift-related tectonic settingof the Coronation Supergroup compares favourably to the AfricanCopperbelt where large (>100mt) high-grade (3-4% Cu)sediment-hosted stratiform copper deposits are frequent. TheKamoa-Kakula Copper Project currently being developed by Ivanhoe Minesin the Democratic Republic of Congo contains an Indicated resource of1.387 billion tonnes of material grading 2.74% Cu covering 77 squarekilometres ( https://www.ivanhoemines.com/site/assets/files/4697/20004kn20resupd200326rev0.pdf ).
Figure2. Sampling locations of thehigh-grade polymetallic mineralization at the Epworth Project.
The Epworth Project was explored by Noranda Mining andExploration in the mid-1990’s. Surface sampling and one drill holein the Payback South showing confirmed the high-grade nature of thepolymetallic stratiform mineralization. Two holes were drilled at thePayback North showing where hole 95-1 intersected 8.3m of 0.303% Cu atshallow depths with subordinate sphalerite-galena mineralization. Noranda concluded that the 1995 drilling may have intersected theleading edge of a mineralizing system, however never returned forfollow-up drilling. The property was returned to Rhonda Mining whichhad optioned them the ground. One hole PS96-001 was drilled by Rhondaon the current property which reported 18.4% Cu, 302 g/t Ag and 0.06% Zn over0.3m . The Epworth Project has not been drilledsince.
Commentary
Frontline’s President and CEO, Mr.Walter Henry, said, “Frontline is very excited with the agreement toacquire the high-grade polymetallic Epworth Project. The Property ishosted within a recognized large aerial sediment-hosted stratiformcopper belt that has seen little systematic exploration over the last25 years utilizing modern day exploration models. We areexcited to have the EGS field crew undertaking this explorationprogram. We look forward to integrating geology and geophysics withknown mineralization trends to vector Frontline towards those areas ofhigh merit and chance of success”.
Mike Kilbourne, P. Geo, an independentqualified person as defined in NationalInstrument 43-101, has reviewed and approved the technical contents ofthis news release on behalf of the Company. The QP and the Company hasnot completed sufficient work to verify the historic information onthe property comprising the Epworth Project, particularly regardinghistorical exploration, neighbouring companies, and governmentgeological work. Grab samples are selectedsamples and not necessarily representative of the mineralizationhosted on the property.
About Frontline GoldCorporation
Frontline is a Canadian junior mineral explorationcompany. The Company's properties include the optioned gold projectsin 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, the NE Bachelor Lake GoldProject and the Portage River Gold Project all in the Abitibi Regionof Quebec, the Copperlode Project which lies 60 kms east of the RedLake Area and the Menderes gold project in the Izmir province ofWestern Turkey. Other Canadian exploration properties include othergold property groups in Ontario and include the Whitehorse IslandMining Patents.
Frontline continues to actively seek projects, andadditional investor/partner(s) in order to continue to build upon itsproperties and net smelter return royalties.
Further information about the Company is available onthe Company’s website, www.frontlinegold.com , or oursocial media sites listed below:
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This news release containsforward-looking statements, which address future events andconditions, which are subject to various risks and uncertainties. TheCompany’s actual results, programs and financial position coulddiffer materially from those anticipated in such forward-lookingstatements as a result of numerous factors, some of which may bebeyond the Company’s control. These factors include: theavailability of funds; the timing and content of work programs;results of exploration activities and development of mineralproperties, the interpretation of drilling results and othergeological data, the uncertainties of resource and reserveestimations, receipt and security of mineral property titles; projectcost overruns or unanticipated costs and expenses, fluctuations inmetal prices; currency fluctuations; and general market and industryconditions.
Forward-looking statements are based on the expectations and opinionsof the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, undue reliance should not be placed onforward-looking statements.
“Walter Henry” Walter Henry, President & CEO FRONTLINE GOLD CORP. | Contact: Walter Henry Phone: (416) 861-9090 Email: info@frontlinegold.com Website: www.frontlinegold.com Frontline Gold Corp. (TSX-V: FGC) 372 Bay Street, Suite 301 Toronto, Ontario M5H 2W9 |
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