Fremont Gold (FRE.V) has selected eight drill sites on the Cobb Creek property and has initiated the permitting process for a drill permit. Once the company has received the permits, it plans to drill a minimum of five holes at Cobb Creek after selecting the high-priority drill targets from the eight targets. The holes could be relatively ‘deep’ as Fremont has budgeted for 1,500 meter drill program for those five holes.
This drill program will follow up on the sampling program completed in the fourth quarter of last year which confirmed the presence of gold-in-soil anomalies which have piqued the company’s interest in these specific zones. These are new targets as they have never been drilled in the past and as the anomalies seem to be lining up pretty well with the structural interpretation of the trends around the McCall resource (a historical resource of 160,000 ounces), Fremont’s technical team seems to be keen on testing the anomalies.
Fremont is currently raising C$1.5M in a non-brokered placement priced at C$0.12 for a straight share (no warrants will be issued). The use of proceeds mentions the Cobb Creek drill program as well as general working capital as the company is looking at prospects and projects outside of North America, citing the cost of doing business and acquiring assets in North America.
Disclosure: The author has no position in Fremont Gold. Please read our disclaimer.
