At the request of TSXV, an additional 10,138,837 shares issued in 2017 pursuant to the acquisition of the El Dorado project will be subject to Tier 2 value escrow.
'In parallel with the completion of our listing process, our team in
The Company's immediate drilling program will encompass a total of 6,000 meters of drilling in two tranches, with the initial 3,000 meters commencing as early as
This press release is intended for distribution in
About Fredonia
Fredonia, incorporated under the laws of the
The EDM property is located in an area of low rolling hills in the Deseado Massif of
The nearest major centres to the Fredonia licences are Puerto Deseado (population 10,000),
There is reasonable access to the region, with numerous tracks accessible to four-wheel drive vehicles. However, apart from the major paved north-south highway 3 in the east of the province and the east-west highway 43 in the northern part of the Massif, highways are unpaved and may be in poor condition though are readily accessible. Tracks may become temporarily impassable after rain, but work can continue throughout the year.
The Deseado Massif is a large tectonic block in
Extensive low sulphidation epithermal vein style mineralisation, including a significant north-south trending system termed the Main Vein zone, was initially discovered in the early 1980s on the EDM Property during a survey conducted by Government geologists for barite. The Main Vein and Abanico areas extend in a north-south direction and carry significant gold and silver values, their total strike length, from trench intercepts in the south-southwest to drill hole intercepts in the north-northeast, is approximately 2.8 km and mineralised zones vary in thickness from less than 1 m to over 10 m. The veins occupy a north striking, sinistral shear zone. In the south, the system swells to around 1 km in width, hosted by andesitic Bajo Pobre Formation rocks. The Main Veins area was the focus of a NI-43101 Exploration Target report in 2018 and updated in 2021.
The Monserrat Oeste area is located 2 km west of the Main Vein zone in a northwest oriented dilational corridor. At surface, a silica cap, secondary oxidation, leaching, breccia and residual quartz textures are reported by Fredonia. Surface mapping by previous owners
Fredonia geologists note that two phases of the mineralisation have been recognised. The first is dominated by barite, silver, pyrite, sphalerite, galena, iron oxides, limonite and clays. The second is characterized by silica-rich fluids, partially or completely replacing barite. It is thought that this phase was the main contributor for the gold mineralisation, either bringing in additional silver or remobilising silver from the first phase. Reinterpretation of the available data suggests that the Monserrat Oeste prospect is analogous to the Cerro Negro model of a buried epithermal system.
La Herradura and
Mineralisation at the La Herradura prospect is hosted by veins and veinlets of massive quartz with iron oxide staining. Hydrothermal breccias composed of sub-angluar clasts up to 1 cm are also present. Fredonia reports that the veins have an azimuth of around 300-degree and a dip of 65 to 75-degree to the northeast. It is reported that average vein lengths are 120 to 250 m, with thicknesses from 0.15 to 0.5 m. Depths of mineralised zones at La Herradura vary from surface to around 220 m below surface. The footprint of the main mineralised area is approximately 480 m in length and 70 to 130 m wide, though mapping indicates the structure continues to 1400m and remains open.
At the
Other prospect areas in the Property include Bajo Pedernal,
Exploration Programme
Fredonia plans to conduct a comprehensive exploration programme to enable the further assessment of the potential of the El Dorado-Monserrat Property. Initially improvement to access and re-establishing the camp at the Monserrat homestead will enable completion of the Environmental Impact Assessment report ahead of exploration drilling.
The exploration programme planned includes mapping, surface sampling, trenching and geophysics. However, the near term emphasise of future exploration will be drill focussed at both
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain 'Forward-Looking Statements' within the meaning of applicable securities legislation relating to the Resulting Issuer and the El Dorado Monserrat project, including statements regarding the commencement of trading the Resulting Issuer shares, and the business of the Company following completion of the Qualifying Transaction. Words such as 'might', 'will', 'should', 'anticipate', 'plan', 'expect', 'believe', 'estimate', 'forecast' and similar terminology are used to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by the Company in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information. The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, Fredonia, their respective securities or their respective financial or operating results (as applicable).
Contact:
Carlos Espinosa
Tel: +1-647-401-9292
Email: cespinosa@slgmexico.com
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