(TheNewswire)
A JOINT VENTURE PARTNER WITH FUNDSTO HELP ADVANCE THIS PROJECT WITH SEVERAL VMS-STYLE DEPOSITS – THATARE DRILL READY
Toronto, Ontario – TheNewswire - September 9, 2021 –Frontline Gold Corporation (TSXV:FGC) (OTC:FLDPF) (“Frontline” or the“Company”) and Alturas Minerals Corp. (TSXV:ALT) (OTC:ALTSF) (“Alturas”) are pleased to announcethat it has collectively signed the Definitive Agreement(“Agreement”) on August 31, 2021, on the joint venturing ofFrontline’s 100% owned the Copperlode Property (“Copperlode”)( see press release datedFebruary 4, 2021 ).
The issuance of this press release and the receipt ofthe signed Agreement were the final conditions required by the TSXVenture Exchange in its conditional approval of the previouslyannounced a 50/50 Joint Venture Letter of Intent (“JV LOI”)( see press release datedAugust 25, 2021).
Copperlode is strategicallylocated 65 km east of Red Lake and contained within the ConfederationGreenstone Belt which hosts the former South Bay Cu-Zn mine andseveral VMS-style occurrences and deposits ( see Figure 1below ). Trillium Gold recently acquired alarge land package contiguous to Frontline’s Copperlode Property.
Figure1. Regional property locationmap and Trillium Gold claim groups.
Summary of principal JV AgreementTerms
Alturas and Frontline entered into a 50:50 JointVenture to explore the Copperlode Property.
Alturas agrees to following initial payment terms toacquire a 50% interest in the Copperlode Property fromFrontline:
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i. A money cash payment ofC$40,000;
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ii. The issuance of 750,000 sharesof Alturas, which is subject to receiving TSX-V exchange approval. Note the shares issued to Frontline by Alturas would be subject to aregulatory required hold period of four months; and
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iii. The agreement to fund 50% ofthe Orix Geoscience Inc. – Scope of Work – Copperlode Proposal(“Proposal”) entered into by Frontline, details of which wereannounced on January 26 th , 2021 (see www.frontlinegold.com/news ) . Orix will undertake and provide tothe Company, a compilation of the approximately82 drillholes that have been drilled on the Copperlodeproperty. This compilation will allow for the interpretation of assay data in a longitudinalsection to provide preliminary drillhole target recommendations forthe Company as it prepares for an inauguraldrilling program at Copperlode in the spring of 2021.
The Agreement includes additional terms and conditionsthat are customary for this type of transaction.
Copperlode Project
Summary:
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- The Property is strategically located 65 km east of Red Lake and 45km northeast of Ear Falls, Ontario. The South Bay mine road andlogging roads provide excellent access.
- The claims are contained within the Confederation Greenstone Beltwhich hosts the former South Bay Cu-Zn mine (1.6Mt grading 2.3% Cu and14.7% Zn) and several VMS-style occurrences and deposits (Figure 2).
- The Cycle III volcanic sequence of the Confederation Greenstone beltunderlies the property and is the only volcanic cycle to hostsignificant Cu-Zn deposits. Litho-geochemical sampling of alteredvolcanics indicates widespread Na-depletion and Mg-enrichment typicalof VMS footwall hydrothermal alteration.
- The Copperlode Property contains 6 parallel en-echelon VMS horizonswhich have undergone very limited drilling. Of note is the Copperlode‘E’ Zone with tonnage estimates of 300,000 tonnes grading 0.60%Cu, 4.36% Zn and 0.40 g/t Ag.
Cautionary Statement : The above tonnage estimates on theCopperlode ‘E’ Zone are historical in nature and non-compliant andhave been taken from Ontario Ministry of Energy, Northern Developmentand Mines (MNDM) and Ontario Geological Survey (OGS) online database(Assessment Work Reports) AFRI 52K15NW0019. The Company has not verified theinformation regarding sampling, analytical methods, and test data underlying theinformation. The Companybelieves that the information is relevant to an appraisal of themerits of the property and forms a reliable basis upon which todevelop future exploration programs. The Company will need to conductfurther exploration which will include drill testing and sampling toverify historical data, and there is no guarantee that the resultsobtained will reflect the historical results. The mineralizationreported on the adjacent properties may not be indicative of themineralization on the Property.
Figure2 . Regional geology of the Confederationgreenstone belt with VMS-style deposits.
About Alturas Minerals
Alturas is a Canadian corporation, and is the indirect parent of thePeruvian company, Alturas Minerals S.A. (“Alturas Peru”) and ofthe Chilean company, Alturas Chile Limitada (“Alturas Chile”).Alturas Peru has been exploring various mineral projects in Peru sinceJanuary 2004. Alturas interrupted its exploration activities in Chileand is focused in new business opportunities. Alturas hasapproximately $2.1 million in cash and cash equivalents andapproximately $0.1 million in other securities, as of June 30 , 2021.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified personas defined in National Instrument 43-101, has reviewed, and approvedthe technical contents of this news release on behalf of the Company.The QP has not completed sufficient work to verify the historicinformation on the properties comprising the Copperlode Property,particularly regarding historical exploration, neighbouring companies,and government geological work.
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 and the Portage River GoldProject both in the Abitibi Region of Quebec, the Confederation LakeProject which is approx. 60 kms east of the Red Area and the Menderesgold project in the Izmir province of Western Turkey. Other Canadianexploration properties include other gold property groups in Ontario,the Whitehorse Island Mining Patents (Red Lake) including NSR’swithin the Pickle Lake Mining Camp.
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 , orour social 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 basedon the expectations and opinions of the Company’s management on thedate the statements are made. The assumptions used in thepreparation of such statements, although considered reasonable at thetime of preparation, may prove to be imprecise and, as such, unduereliance should not be placed on forward-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 |
ALTURAS MINERALS CORP. “Miguel Cardozo” Chief Executive Officer | Contact: Mario Miranda Phone: (416) 363-4900 Alturas Minerals Corp. (TSX-V: ALT) 372 Bay Street, Suite 301 Toronto, Ontario M5H 2W9 |
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