Frontline Completes Cash and Share Option payments for its Crooked Pine Property, Ontario and its Epworth Property, Nunavut

 

(TheNewswire)

 

Toronto, Ontario – TheNewswire - July 27, 2022 – Frontline Gold Corporation (TSXV:FGC)  (“Frontline” or the “Company”) is pleased to announce the following:

        1)  It has made the third option payment, $40,000, as required under the Crooked Pine option agreement dated July 9, 2020 (refer to July 9, 2020 press release for further details).  To date the Company has incurred approximately $220,000 in exploration expenditures on the Crooked Pine Project since July 2020; and

        2)  It has completed the second option payment as required under the Epworth option agreement dated July 27, 2021 (refer to July 27, 2020 press release for further details), which included, in part, the issuance of 100,000 common shares at a deemed price of $0.05 to the optionor.  As required by applicable securities law and the policies of the TSX Venture Exchange, the shares are subject to a hold period expiring November 29, 2022

 

Crooked Pine Gold Project Highlights

Crooked Pine Lake gold property (the “Property”) located 35 km east of Atikokan, Ontario.

The Crooked Pine Property Permit has been issued to Frontline for an initial three (3)-year term. This permit allows Frontline to undertake various surface exploration activities on the property including potential trenching on up to 17 identified locations and over 65 diamond drilling hole locations

The limited soil sampling program announced (see press release August 3, 2021) was successful in extending gold-bearing trends where grab samples were reported up to 19.2 g/t Au from 2020 summer sampling (press release August 17, 2020), up to 7.03 g/t Au from 2020 fall sampling (press release Feb 11, 2021) and 3.06 g/t Au from spring 2021 sampling programs (see press release July 20, 2021).

The highlighted results reflect the gold-bearing shear zones in the southern mafic volcanic belt along the Pothole Lake Deformation Zone. These shear zones contain quartz veining in excess of 1m, iron carbonate alteration, potassic alteration and variable contents of pyrite, chalcopyrite and arsenopyrite. The soil sample results also reflect that the northeast trending X656 Shear Zone can be traced in areas of low outcrop exposure. The X656 Shear Zone is one of many northeast trending gold-bearing structures in the Atikokan region that are important hosts for gold mineralization.

The Property is located within the Marmion Subprovince of northwestern Ontario, home to the Agnico Eagle Hammond Reef gold deposit which hosts 4.5M oz. of gold in the Measured and Indicated category. The Hammond Reef gold deposit is located on the Hammond Reef Shear Zone, a northeast trending deformation corridor hosted within the granitoid suite of the Marmion batholith. Of significance within the Marmion batholith are multiple, parallel, northeast-trending gold-bearing shear zones that contain historic gold mines and occurrences). These northeast trending shear zones are considered splays off of the Quetico Fault, a subprovince boundary fault separating the Marmion and Quetico subprovinces.

To exercise its option and acquire a 100% interest in the Crooked Pine property claims, Frontline must pay the Optionor a total of $150,000 (Frontline to date has paid $100,000) and issuing 1,000,000 common shares of Frontline (these shares have been previously issued). The Optionor will retain a 2.0% net smelter returns royalty. Frontline may repurchase one-half of the 2.0% royalty for $1,000,000.

 

The Epworth Property

 

The Epworth Project is located 85km south of the village of Kugluktuk (Coppermine), containing three main previously known areas of high-grade polymetallic mineralization from 1-25m wide occurring for more than 15km along strike. Historical surface grab samples have reported spectacular high-grade mineralization including:

 

- 61.2% Cu & 5600 gpt Ag (Payback Showings)

- 19.22% Zn with 810 gpt Ag, 3% Cu & 1.86 gpt Au (Metallic Showing)

 

The Epworth Project is part of a broad platform-type clastic-carbonate sequence belonging to the early Proterozoic Coronation Supergroup that extends from the north shore of Takijuq Lake to the Coronation Gulf for over 130 km. Polymetallic sulphide mineralization occurs as disseminations in the matrix of coarse clastic quartzites or as concordant zones of cherty replacements and veins within permeable dolomite (Rees and Petrie, 1995). The stratigraphy, diagenetic evolution and rift-related tectonic setting of the Coronation Supergroup compare favourably to the African Copperbelt where large (>100mt) high-grade (3-4% Cu) sediment-hosted stratiform Cu-Co-Ag deposits are frequent, and to stratabound Mississippi Valley Type (MVT) sediment-hosted Pb-Zn deposits worldwide. The gold-rich nature of the system further increases the economic potential of this area.

 

The Epworth Project was explored by Noranda Mining and Exploration and Rhonda Mining Corporation in the mid-1990’s. Surface sampling and one drill hole in the Payback South showing confirmed the high-grade nature of the polymetallic stratiform mineralization. Two holes were drilled at the Payback North showing where hole 95-1 intersected 8.3m of 0.303% Cu at shallow depths with subordinate sphalerite-galena mineralization. Noranda concluded that the 1995 drilling may have intersected the leading edge of a mineralizing system, however never returned for follow-up drilling.

 

Frontline can acquire an 80% interest in the 306-mining cell-units from the vendor with the issuance of 1 million common shares of FGC over 3-years and total exploration expenditures of $2 million over 4-years. The vendor retains a 2% NSR with a 1% buyback for $1 million.

 

About Frontline Gold Corporation

 

Frontline is a Canadian junior mineral exploration company. The Company's core properties include the Crooked Pine Gold Project (Ontario), Copperlode Project (Ontario), the Flint Lake and Kakagi Lake Gold Project (Ontario), and the Route 109 Gold Project and the NE Bachelor Lake Gold Project which are both in the Abitibi Region of Quebec, and the Menderes gold project in the Izmir province of Western Turkey. Other Canadian exploration properties include other gold property groups in Ontario and include the Whitehorse Island Mining Patents.

 

Frontline continues to actively seek projects, and additional investor/partner(s) in order to continue to build upon its properties and net smelter return royalties.

 

Further information about the Company is available on the Company’s website, www.frontlinegold.com, or our social media sites listed below:

 

Facebook: https://www.facebook.com/Frontline Gold Corp./

Twitter: https://twitter.com/frontlinegold

Linkedin:https://www.linkedin.com/company/frontline-gold-corp-fgc-

 

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control.  These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made.  The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

“Walter Henry”   Walter Henry, President & CEO FRONTLINE GOLD CORP.

Contact: Walter Henry Phone: (416) 861-9090 Email:               info@frontlinegold.com Website:          www.frontlinegold.com Frontline Gold Corp. (TSX-V: FGC) 372 Bay Street, Suite 301 Toronto, Ontario M5H 2W9

 

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