Fremont Gold Ltd. announced that the initial drill program at Vardenis has been completed for this field season. The Company drilled a total of 770 meters in two holes at the Vardenis property during October and early November. The program was halted due to significant snow fall and frigid temperatures at the 2,700m elevation drill sites.

Diamond drill hole VARD-01 was cored at the Razmik NW anomaly to 393.5m at an azimuth of 215° and inclination of -60°, centered on high molybdenum geochemistry and porphyry-style veining and alteration. Diamond drill hole VARD-02, located approximately 1,600m SE of VARD-01, within the Razmik SE anomaly, was completed to 376.9m total depth at an azimuth of 230° and inclination of -65°. It was also positioned over porphyry style veining and anomalous surface geochemistry (see news release dated October 30, 2023).

Both holes encountered strongly altered, veined and brecciated volcanic host rock containing between 1% and 5% total sulfide mineralization over nearly their entire lengths. Observed sulfide mineralization comprises pyrite, enargite, chalcopyrite and molybdenite, more or less in that order, and is indicative of a fertile porphyry system. The core is currently being cut, logged and prepared for transport.

The samples will be prepared (dried, crushed and split) in a local laboratory in Yerevan with a portion of the sample sent for geochemical analysis at the ALS laboratory in Romania. Results are expected in January and early February 2024. A preliminary ground magnetometer survey was carried out at Vardenis from early September until late October, concentrating on the Razmik copper anomaly.

The purpose of the survey is to better understand the subsurface geology and guide further drilling at Vardenis. The data is being processed by a geophysical consultant based in Scotland U.K. Results are expected within the next four weeks. Fremont is also pleased to announce the commencement of a geochemical soil sample survey at the Company's other Armenian property, the Urasar Mineral District in northern Armenia, which is at a lower elevation than Vardenis.

Urasar was worked by Soviet government teams in the 1950s and 1960s, resulting in the identification of three mineralized zones and four geochemically anomalous zones for follow-up work. The Company's Griffon project in White Pine County, Nevada will be returned to Pilot Gold (USA) Inc. ("Pilot"), a wholly owned subsidiary of Liberty Gold Corp., in November. The termination of the option agreement with Pilot follows from the Company's decision to shift focus from its Nevada projects to its copper-gold projects in the central Tethyan belt of Armenia.

Fremont is seeking strategic alternatives for its two other Nevada gold projects, Cobb Creek and Hurricane.