Toronto, Ontario – TheNewswire - July 27, 2021 – Frontline Gold Corporation (TSXV:FGC) (OTC:FLDPF) (“Frontline” or the “Company”) is pleased to announce that it has 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 located 85km south of the village of Kugluktuk (Coppermine), consisting of 5 claims totaling 1,313 hectares (Figure 1). The Epworth Project contains three areas of high-grade polymetallic mineralization from 1-25m wide occurring for more than 15km along strike (Figure 2). Surface grab samples have reported spectacular high-grade mineralization including:
- 61.2% Cu and 5600 gpt Ag
- 19.22% Zn (with 810 gpt Au, 3% Cu and 1.86 gpt Au)
- 0.96% Pb (with 5.43% Zn)
Click Image To View Full Size
Figure 1. Regional location of the Epworth Project.
To exercise its option and acquire up to an 80% interest in the Property, Frontline must complete $2.0 million in total exploration expenditures over 4 years and issue 1 million common shares of Frontline, and issue 1,000,000 common shares of Frontline.
Work commitment to earn 70% in the property: | Shares to be Issued |
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 total of 80%: | |
Year 4: $500,000 | Nil |
Total Exploration Expense: $2,000,000 | 1,000,000 |
The Optionor will retain a 2.0% net smelter returns royalty. 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-man program of soil sampling and prospecting to follow up on historical sampling as well as test some new ideas to lay the groundwork for a potential Phase 2 exploration program. The exploration program is to begin on August 7th, 2021 and will be conducted by Emerald Geological 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 a maximum estimate depending on the amount of soil cover in the area. A few ~200m lines are proposed across a prominent NE-trending fault south of the Metallic Zone as well, for an additional ~30 samples at 25m spacing.
The current budget allows for approximately 200 rock grab samples to be collected.
The Property
The Epworth Project is part of a broad platform-type clastic carbonate sequence belonging to the early Proterozoic Coronation Supergroup that extends from the north shore of Takijuq Lake to the Coronation Gulf for over 130 km. Polymetallic sulphide mineralization occurs as disseminations in the matrix of coarse clastic quartzites or as concordant zones of cherty replacements within permeable dolomite (Rees and Petrie, 1995). The stratigraphy, diagenetic evolution and rift-related tectonic setting of the Coronation Supergroup compares favourably to the African Copperbelt where large (>100mt) high-grade (3-4% Cu) sediment-hosted stratiform copper deposits are frequent. The Kamoa-Kakula Copper Project currently being developed by Ivanhoe Mines in the Democratic Republic of Congo contains an Indicated resource of 1.387 billion tonnes of material grading 2.74% Cu covering 77 square kilometres (https://www.ivanhoemines.com/site/assets/files/4697/20004kn20resupd200326rev0.pdf).
Click Image To View Full Size
Figure 2. Sampling locations of the high-grade polymetallic mineralization at the Epworth Project.
The Epworth Project was explored by Noranda Mining and Exploration in the mid-1990’s. Surface sampling and one drill hole in the Payback South showing confirmed the high-grade nature of the polymetallic stratiform mineralization. Two holes were drilled at the Payback North showing where hole 95-1 intersected 8.3m of 0.303% Cu at shallow depths with subordinate sphalerite-galena mineralization. Noranda concluded that the 1995 drilling may have intersected the leading edge of a mineralizing system, however never returned for follow-up drilling. The property was returned to Rhonda Mining which had optioned them the ground. One hole PS96-001 was drilled by Rhonda on the current property which reported 18.4% Cu, 302 g/t Ag and 0.06% Zn over 0.3m. The Epworth Project has not been drilled since.
Commentary
Frontline’s President and CEO, Mr. Walter Henry, said, “Frontline is very excited with the agreement to acquire the high-grade polymetallic Epworth Project. The Property is hosted within a recognized large aerial sediment-hosted stratiform copper belt that has seen little systematic exploration over the last 25 years utilizing modern day exploration models. We are excited to have the EGS field crew undertaking this exploration program. We look forward to integrating geology and geophysics with known mineralization trends to vector Frontline towards those areas of high merit and chance of success”.
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. The QP and the Company has not completed sufficient work to verify the historic information on the property comprising the Epworth Project, particularly regarding historical exploration, neighbouring companies, and government geological work. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.
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, the NE Bachelor Lake Gold Project and the Portage River Gold Project all in the Abitibi Region of Quebec, the Copperlode Project which lies 60 kms east of the Red Lake 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.
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/frontline-gold-corp-fgc-
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.
“Walter Henry” Walter Henry, President & CEO FRONTLINE GOLD CORP. | Contact: Walter Henry Phone: (416) 861-9090 Website: www.frontlinegold.com Frontline Gold Corp. (TSX-V: FGC) 372 Bay Street, Suite 301 Toronto, Ontario M5H 2W9 |
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2021 TheNewswire - All rights reserved.
