Toronto, Ontario – TheNewswire – December 1, 2020 – Frontline Gold Corporation (TSX-V:FGC) ("Frontline" or the "Company") is pleased to announce that it has acquired a 100% interest in the NE Bachelor Property, which consists of 62 mining claims in the Province of Quebec covering 3,454 hectares. The NE Bachelor Project is contiguous to Midland Exploration’s Lewis Gold project which recently reported the discovery of a new gold-bearing corridor (TSX-V:MD press release dated October 15, 2020).
The NE Bachelor is located approximately 90 kilometres northwest of the Nelligan deposit, jointly held by Iamgold Corporation (51%) and Vanstar Mining Resources (49%), where inferred resources total 96.99 million tonnes at 1.02 g/t Au for 3.19 million ounces of gold (Source: Iamgold Corporation website; as at December 31, 2019). The Property is also 5 kilometres northeast of the former Lac Shortt mine which historically produced 2.7 million tonnes at a grade of 4.6 g/t Au (Source: MERN-SIGEOM). The Bachelor Mill owned by Bonterra Resources is strategically located 30km to the southwest. The above information provides an indication of the exploration potential of the property and may not be representative of expected results.
The NE Bachelor property occurs at the junction of two gold-trending deformation zones/corridors, the Guercheville Deformation Zone and the Lamark Corridor (Figure 1). Both of these structural features are host to numerous gold showings, former gold producers and undeveloped potential deposits.
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Figure 1. Regional location of the NE Bachelor Property within structural corridors.
To exercise its option and to acquire a 100% interest, from Gravel Ridge Resources Ltd., in the NE Bachelor claim group, Frontline must pay Gravel Ridge Resources Ltd and 1544230 Ontario Inc. (a private company owned by Perry English) ("Optionors") a total of $85,000 (of which a total of $85,000 is due in years 2-4 of the option agreement), with $15,000 due on signing and grant the Optionors a 1.5% net smelter returns royalty. Frontline may repurchase zero point seven five percent (0.75%) of the royalty for $500,000.
Commentary
Frontline’s President and CEO, Mr. Walter Henry, said, "This was a low acquisition cost of a large land package within the past producing Bachelor Lake greenstone belt. The property has good access, limited exploration to date and is just down the road from an operating mill. The acquisition has no minimal property expenditure requirements on the property which affords us the flexibility to evaluate the gold mineralization potential at favourable pace.
NE Bachelor Property Highlights
The NE Bachelor Property is located approximately 5 km east of Highway 113 which links the Chapais-Chibougamau mining camps to central Quebec. Numerous logging roads form the Lac Shortt mine provide easy access.
The property hosts metabasalts of the Obatogamau Formation with subordinate intermediate tuffaceous volcanics, metasediments and gabbroic to ultra-mafic sequences. The lithological sequence appears to be folded along a D2 structure which appears to be a second order structural splay off of the Guercheville deformation zone (Figure 2). Frontline feels the geological and structural features are conducive to orogenic gold deposits but may not be representative of expected results.
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Figure 2. Claim fabric of the NE Bachelor property with geology and structure and gold showings.
The Company will arrange to have a detailed compilation of all previous work which will aid Frontline for follow-up groundwork for the 2021 field season.
The QP has not completed sufficient work to verify the historic information on the properties comprising the NE Bachelor Property, particularly regarding historical exploration, neighbouring companies, and government geological work.
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. In addition, Frontline has a large NSR package on four separate gold property groups in Red Lake, which are currently under option to the Pacton Gold.
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.
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"Walter Henry" Walter Henry, President & CEO FRONTLINE GOLD CORP. |
Contact: Walter Henry Phone: (416) 861-9090 Email: [email protected] Website: www.frontlinegold.com Frontline Gold Corp. (TSX-V: FGC) 372 Bay Street, Suite 301 Toronto, Ontario M5H 2W9 |
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