Source: Streetwise Reports 08/04/2020
Fremont’s Griffon project in Nevada’s prolific Cortez Trend is being drilled for the first time since the 1990s.
Fremont Gold Ltd. (FRE:TSX.V; FRERF:OTCQB; FR2:FSE) went public in 2017 with the goal of making a new gold discovery in Nevada. Founded by geologists that have a track record of making multi-million-ounce gold discoveries, Fremont believes that the drill program underway at the Griffon property could help them realize that goal. Griffon is a past producing gold mine located in Nevada’s Cortez Trend, an area known for large gold mines such as Nevada Gold Mines’ Cortez Mine, which saw nearly 1 million ounces of gold production in 2019.
Fremont launched a phase I drill program at Griffon in June and has completed nine drill holes so far. The company reported the results from the first three drill holes several weeks ago and expects to release the next set of drill results sometime this month.
Although Fremont isn’t a well-known gold exploration company, the results from the first three holes have attracted the attention of several industry analysts, including Thibaut Lepouttre of Caesars Report and James Kwantes of Resource Opportunities.
“Hole three is clearly the best hole as it intersected just over 50 meters containing 1.05 g/t gold starting at a depth of just 29 meters; that’s excellent,” said Lepouttre. “We don’t have to wait long for news and as the remaining holes were located close to known mineralization, one could expect them to contain gold.”
Lepouttre added, “Fremont acquired Griffon just six or seven months ago, and this is the first time it is being drilled in about two decades. There are still plenty of drill targets and drill sites that have been permitted or will be permitted in the future. Fremont is really just getting started. This is the first time that anyone is giving it a really good look.”
“With gold at almost $2,000 an ounce, Nevada has become a hotbed of drilling activity and some stocks are already moving hard,” said James Kwantes of Resource Opportunities. “Shares of Resource Opportunities portfolio company Fremont Gold have not, despite some stellar drill results in the first three holes at their Griffon oxide gold project in Nevada. That spells opportunity at these price levels.”
A little background history on the property. “Griffon is a past producing Carlin gold mine that was last in production in 1999, when the price of gold was less than US$300 an ounce,” CEO Blaine Monaghan told Streetwise Reports. “Alta Gold, the previous operator, produced approximately 60,000 ounces gold from Griffon in 1998 and 1999. The Griffon mine was a very simple open-pit, heap-leach operation with cash costs below $200 an ounce of gold. Unfortunately, Alta Gold ran into operational issues at another mine, the gold price collapsed, and it went bankrupt. Although it hasn’t been drilled since that time, recent exploration work has …read more
Source:: The Gold Report