Fremont Gold Ltd. announced that encouraging historic drill data from the late 1950s pertaining to the Company's Urasar property in Armenia has been identified. Additionally, results from the Company's maiden drill program at the Vardenis project in central Armenia have been received. Urasar was last worked by Soviet government teams in the 1950s and 1960s resulting in the identification of three mineralized zones and four geochemically anomalous zones along a 14 km strike length.

At the end of 2023, the Company completed a soil geochemical survey comprising 744 C-horizon soil samples which display a continuous gold-copper/base metal anomaly over a 15 km strike length, as shown in the figure presented below. Gold values ranged up to 449 ppb with a mean of 142 ppb. The visibly mineralized intervals from the two holes were submitted for fire assay and multi-element analysis comprising approximately half the drilled core.

Both drill holes intersected geochemically anomalous gold and copper values, ranging up to 1.82 g/t Au in VARD-01 and up to 1,365 ppm Cu in VARD-02. The zones hosting significant sulfide mineralization that were processed from VARD-01 comprise 59m to 111m, 154m to 222m and 313m to 357m depth. From hole VARD-02, the zones sent for assay and multi-element analysis include the intervals 29m to 68m, 145m to 161m and 280m to 357m depth.

In total, 141 two-meter sample lengths were sent for geochemical analysis to the ALS laboratory in Romania. In addition, 39 samples were collected at 20m intervals from both holes for spectral short- wave infrared investigation which characterizes alteration assemblages used as vectors in copper porphyry exploration. VARD-01 and VARD-02 intersected anomalous gold and copper geochemistry, ubiquitous sericitic and argillic alteration, and significant porphyry-style quartz veining/brecciation (particularly in VARD-02), but did not penetrate to the potassic-altered, mineralized center of the system.

Despite the lack of ore-grade values of copper and gold, these holes are the first step in the exploration of a large, mineralized porphyry system. Additional and deeper drilling will be necessary along with systematic sampling and spectral analysis of the existing and future drill holes. The important insights from this maiden drill program at Vardenis are the following: Significant copper and precious metal mineralization are typically absent in the transition zone from advanced argillic to mineralized potassic alteration environment.

VARD-01 and VARD-02 were both drilled within this transition zone, but the depth and geometry of this transition zone are still to be determined; As shown in Figure 4, VARD-01 displays multiple geochemical anomalies high in the hole, near the surface limit of B-type veinlets. This coincides with a logged lithological contact and indicates the presence of a favourable hydrothermal feeder; This feeder/contact may conduit to high sulfidation mineralization associated with advanced argillic alteration and vuggy silica as occurs at high elevations at Vardenis --where Dundee drilled seven shallow holes exploring for gold (see TSX qualifying report, "Technical Geological Report for the Vardenis Property: Armenia, July 25, 2023, on the Company website); Spectral data from VARD-01 and VARD-02 show dominance of white mica with minor amounts of kaolinite, dickite, and chlorite, which reinforces the Company's belief that the Razmik SE and Razmik NW zones are in the center of the copper porphyry environment; VARD-02 displays an encouraging trend of increasing copper towards the end of the hole as well as anomalous Na, Mg, Ca, with increasing quartz veining. These are good indications of increasing hydrothermal temperature and approaching mineralization; Additional detailed logging of both holes is necessary to verify vein classification, mapping of intrusive phases and review of alteration features.