Fremont Gold (FRE.V) has released the assay results from the first two holes of its Nevada drill program. Both holes were drilled on the Gold Bar project (which is part of Fremont’s land package close to McEwen Mining’s Gold Bar mine). One hole was drilled on the eastern side of the historic open pit, whilst the other hole was drilled towards the west, to drill-test the previously known Millsite deposit.
The Millsite hole was definitely the most important one, as it encountered just over 41 meters at 3.08 g/t gold, including almost 26 meters at a higher grade of 4.66 g/t gold. This wasn’t entirely unexpected as Fremont specifically drilled this hole to confirm the historical data (keep in mind the Millsite deposit hosts a historical resource estimate of almost 150,000 ounces at 2.57 g/t gold), and the company definitely succeeded in doing so. Not only does the average grade appear to be higher, the mineralized zone seems to be thicker than expected (the existing data on the Millsite deposits mentions an average thickness of 10-11 meters). Although the press release didn’t specify, we would assume the entire interval in Hole 1 was drilled in sulphide mineralization.
A good start for Fremont’s summer drill campaign, and the company expects to release the remaining assay results (from the Gold Canyon holes) in July. Once all results are in, we will be able to release a more comprehensive overview.