Fremont Gold Ltd. announced that it has bee granted an exploration permit comprising 33.8 km2 over the Urasar mineral district in northern Armenia. Historical Soviet data reveals a non-NI43-101 compliant resource totaling approximately 344K oz Au in the Russian C1+C2 category and 649K oz Au in the P category1 in two separate zones. The area was first visited by Fremont management in September 2021, when Urasar was one of ten
prospects evaluated and sampled. It was ranked the highest priority due to wide-spread surface alteration/mineralization and encouraging geochemical results that comprised eight surface rock chip and channel samples, ranging from a minimum of 0.123 g/t Au to a maximum of 12.5 g/t and averaging 2.65 g/t Au. Thirty follow-up rock chip samples were collected in November 2021 from other parts of the license area and returned an average of 0.75g/t Au and 6,285 ppm Cu. Previous exploration work at Urasar was carried out mostly from 1956 to 1960 by Soviet government exploration teams. The district was explored for copper, base metals and to a lesser extent gold, within a 250-300m wide, 7.5 km long quartz-sericite-pyrite alteration zone along the Chibukhlu fault. Their exploration comprised 16 shallow trenches, six adits and several drill holes (the latter not currently located). They defined three polymetallic precious metal deposits based on Soviet-style, non-NI 43-101 compliant resource estimates, named the Black River, Chibukhlu and Hanqakutak deposits. Other similarly mineralised areas that constitute additional targets within the Urasar licence property were also
identified as part of this historic work. Figure 3 below shows the location of two of these deposits and several prospects defined by this work, while the historic non-NI 43-101 compliant resources estimates are discussed below. PATANY ERKRABAN LLC based in Yerevan, Armenia, completed a mineral resource estimate for the three deposits in 2008 based on the Russian C1, C2 and P mineral resource categories1 using the Soviet historical data and including several duplicate drill holes. They estimated that the Black River deposit hosts 209,000 ounces Au in the C1+C2 categories and 334,000 ounces Au in the P category. The Chibukhlu deposit was reported to have good potential for Cu with up to 20,000 tonnes of Cu in the P category as well as 135,000 ounces Au in the C1+C2 categories and 315,000 ounces Au in the P category. The Hanqakutak deposit, which lies mostly outside of the Urasar license boundary, is estimated to host more than 500,000 ounces Au in the C1+C2 and P categories (Ounces and tonnes have been rounded to the nearest 1,000). A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve and Fremont is not treating the historical estimate as a current mineral resource or mineral reserve. The historic estimate cannot be relied on for the purpose of calculating an updated resource as most of the data was collected during the Soviet era over 60 years ago, and the
location of the drill holes and drill core is unknown. However, the information is certainly relevant in that it reveals which areas within the license were defined as being mineralized and will help guide the Company in their exploration work. Fremont's exploration programs will essentially be starting from scratch beginning with surface geochemical and geophysical surveys followed by trenching and a diamond drilling program. Any future resource calculations will be based on the contemporary work program.