Fredonia Mining Inc. announced the successful completion of its phase III drilling program, consisting of 6 HQ diamond drill holes totaling 1,812.00 m. at Herradura Hill, and 6 HQ diamond drill holes totaling 1,143.00 m. at the Monserrat sector, for an aggregate of 12 holes and 2,955 m. HDDH045 intercepted the stockwork deeper than prior holes, while at the same time intercepted the previously defined veins at shallower depths. The drill hole included an intercept of 84 m @ 0.82 g/t Au Eq.; including high grade gold mineralization in veins and hydrothermal breccia with 0.50 m @ 4.80 g/t Au Eq.; 0.97 m @ 5.49 g/t Au Eq., 1.00 m @ 4.46 g/t Au Eq. The sulfide-rich hydrothermal breccias show mineralization both in the matrix and vein clasts, and the system remains open to the west and at depth.

HDDH047 also intercepted the stockwork deeper than previously drilled, extending its magnitude at depth. The drill hole intercepted wide hydrothermal breccias with fine sulfides vein clasts, with 6 m @ 1.36 g/t Au Eq.; and multiple high-grade veins including 8 m @ 6.00 g/t Au Eq. HDDH048 confirms the larger size of the stockwork to the east of HDDH047 and also at depth, consistent with structures seen deeper in HDDH040.

The drill hole intercepted 12 m @ 1.10 g/t Au Eq., including high grade gold mineralization in veins and hydrothermal breccia including 0.4 m @ 5.04 g/t Au Eq.,0.5 m @ 5.19 g/t Au Eq.; and 9.60 m @ 1.04 g/t Au Eq., including 0.6 m @ 4.27 g/t Au Eq., and 1.2 m @ 3.42 g/t Au Eq. Gold and silver mineralized hosted in colloform-crustiform banded vein related to Adularia and bladed calcite from 233.00 m, indicates that the system is open at depth. HDDH049 intercepted a huge colloform banded vein at 42.00 m, 5.6 m@ 2.26 g/t Au Eq.

Additionally, at the bottom of the drill hole it intercepted a hydrothermal breccia with sulfides clasts at 253.65 m, 0.75 m@ 1.03 g/t Au Eq., which extends the system to the east, beyond HDDH029. HDDH050 intercepted the down-deep continuity and increases the size of the stockworks defined in HDDH033. The hydrothermal breccias present again rich sulfides both in the matrix and in the vein clasts, showing that the system is open at depth.

However, the oriented core of the drill hole indicates that some veins dip to the north, and require evaluation with a new drill hole. HDDH046 was designed as a step back of HDDH037; drilling was located on a block that has been displaced by a fault and shows unmineralized andesite.