Fremont Gold (FRE.V) has published the assay results of the first three holes it drilled on its newly acquired Griffon gold project in Nevada after completing the purchase from Liberty Gold (LGD.TO). Hole three is clearly the best hole as that hole intersected just over 50 meters containing 1.05 g/t gold starting at a depth of just 29 meters. That’s excellent.
The two first holes are a different story. Hole 1 did not encounter any gold values while Hole 2 encountered 30 meters of 0.3 g/t gold including 8 meters of 0.71 g/t gold. 0.3 g/t gold is low-grade (but above cutoff values) and considering the mineralization starts close to surface (at just 15 meters), that interval would very likely be mineable and economical.
Looking at the drill map we see the two first holes were drilled towards the northeast of the past producing pit and it’s interesting to see the hole closest to the old pit came up empty while hole 2 which is a bit further away did contain some anomalous gold values. Perhaps the angle in hole 1 was wrong (it was a vertical hole while hole 2 was angled), and CEO Monaghan confirmed ‘they are not done to the north by any stretch’. A fair comment and considering Fremont Gold has two permitted drill holes directly adjacent to hole 2 and further north along the road it should be easy enough to do so for Fremont.
Drilling has restarted again after a July 4th break and drillers are now completing hole 8. We should see more assay results from Fremont Gold reported in August.
Disclosure: The author has a long position in Fremont Gold. Fremont is a sponsor of the website.
