(TheNewswire)
Toronto, Ontario – TheNewswire - July 27, 2022 –Frontline Gold Corporation (TSXV:FGC) (“Frontline” or the“Company”) is pleased to announce thefollowing:
1) It has made the third option payment, $40,000, as requiredunder the Crooked Pine option agreement dated July 9, 2020 (referto July 9,2020 press release for further details). To date the Company hasincurred approximately $220,000 in exploration expenditures on theCrooked Pine Project since July 2020; and
2 ) It has completed the second optionpayment as required under the Epworth option agreement datedJuly 27, 2021 (refer to July 27,2020 press release for further details),which included, in part, the issuance of 100,000 common shares at adeemed price of $0.05 to the optionor. As required by applicablesecurities law and the policies of the TSX Venture Exchange, theshares are subject to a hold period expiring November 29, 2022
Crooked Pine Gold Project Highlights
Crooked Pine Lake gold property (the “Property”)located 35 km east of Atikokan, Ontario.
The Crooked Pine Property Permit has been issued toFrontline for an initial three (3)-year term. This permit allowsFrontline to undertake various surface exploration activities on theproperty including potential trenching on up to 17 identifiedlocations and over 65 diamond drilling hole locations
The limited soil sampling program announced (see pressrelease August 3, 2021) was successful in extending gold-bearingtrends where grab samples were reported up to 19.2 g/t Au from 2020summer sampling (press release August 17, 2020), up to 7.03 g/t Au from 2020fall sampling (press release Feb 11, 2021) and 3.06 g/t Au fromspring 2021 sampling programs (see press release July 20, 2021).
The highlighted results reflect the gold-bearing shearzones in the southern mafic volcanic belt along the Pothole LakeDeformation Zone. These shear zones contain quartz veining in excessof 1m, iron carbonate alteration, potassic alteration and variablecontents of pyrite, chalcopyrite and arsenopyrite. The soil sampleresults also reflect that the northeast trending X656 Shear Zone canbe traced in areas of low outcrop exposure. The X656 Shear Zone is oneof many northeast trending gold-bearing structures in the Atikokanregion that are important hosts for gold mineralization.
The Property is located within the Marmion Subprovinceof northwestern Ontario, home to the Agnico Eagle Hammond Reef golddeposit which hosts 4.5M oz. of gold in the Measured and Indicatedcategory. The Hammond Reef gold deposit is located on the Hammond ReefShear Zone, a northeast trending deformation corridor hosted withinthe granitoid suite of the Marmion batholith. Of significance withinthe Marmion batholith are multiple, parallel, northeast-trendinggold-bearing shear zones that contain historic gold mines andoccurrences). These northeast trending shear zones are consideredsplays off of the Quetico Fault, a subprovince boundary faultseparating the Marmion and Quetico subprovinces.
To exercise its option and acquire a 100% interest inthe Crooked Pine property claims, Frontline must pay the Optionor atotal of $150,000 ( Frontlineto date has paid $100,000 ) and issuing 1,000,000common shares of Frontline ( these shares have been previously issued ). TheOptionor will retain a 2.0% net smelter returns royalty. Frontline mayrepurchase one-half of the 2.0% royalty for $1,000,000.
The Epworth Property
The Epworth Project is located 85km south of thevillage of Kugluktuk (Coppermine), containing three main previouslyknown areas of high-grade polymetallic mineralization from 1-25m wideoccurring for more than 15km along strike. Historical surface grabsamples have reported spectacular high-grade mineralizationincluding:
- 61.2% Cu & 5600 gpt Ag (Payback Showings)
- 19.22% Zn with 810gpt Ag , 3% Cu & 1.86 gpt Au (Metallic Showing)
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 and veins within permeable dolomite (Rees and Petrie,1995). The stratigraphy, diagenetic evolution and rift-relatedtectonic setting of the Coronation Supergroup compare favourably tothe African Copperbelt where large (>100mt) high-grade (3-4% Cu)sediment-hosted stratiform Cu-Co-Ag deposits are frequent, and tostratabound Mississippi Valley Type (MVT) sediment-hosted Pb-Zndeposits worldwide. The gold-rich nature of the system furtherincreases the economic potential of this area.
The Epworth Project was explored by Noranda Mining andExploration and Rhonda Mining Corporation in the mid-1990’s. Surfacesampling and one drill hole in the Payback South showing confirmed thehigh-grade nature of the polymetallic stratiform mineralization. Twoholes were drilled at the Payback North showing where hole 95-1intersected 8.3m of 0.303%Cu at shallow depths with subordinatesphalerite-galena mineralization. Noranda concluded that the 1995drilling may have intersected the leading edge of a mineralizingsystem, however never returned for follow-up drilling.
Frontline can acquire an 80% interest in the 306-miningcell-units from the vendor with the issuance of 1 million commonshares of FGC over 3-years and total exploration expenditures of $2million over 4-years. The vendor retains a 2% NSR with a 1% buybackfor $1 million.
About Frontline GoldCorporation
Frontline is a Canadian junior mineral explorationcompany. The Company's core properties include the Crooked Pine GoldProject (Ontario), Copperlode Project (Ontario), the Flint Lake andKakagi Lake Gold Project (Ontario), and the Route 109 Gold Project andthe NE Bachelor Lake Gold Project which are both in the Abitibi Regionof Quebec, and the Menderes gold project in the Izmir province of Western Turkey. Other Canadian explorationproperties include other gold property groups in Ontario and includethe Whitehorse Island Mining 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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