2023 PEA Highlights for Fremont Gold Project:
11 Year Mine Life with average annual production of 118,000 Gold Ounces
AISC of US$1,162/oz
After-Tax NPV5% of US$217M

Excellent access to key infrastructure 

  • Highway 49 transects property
  • Electric substation on property (connected to grid)
  • Good access to water with private well on site (access to two others) and nearby the Merced River
  • Covers 4 km of the 200 km long Mother Lode Gold Belt
  • Over 50M oz of lode gold production across this prolific belt


Brownfield project that hosts the historic Pine Tree-Josephine mines

  • Intermittent mining (1850s to 1944) produced 126K oz of gold (~540K tonnes mined at ~8.0 g/t Au)
  • Includes two former, connected producing mines with two shafts, multiple adits and extensive underground workings that extend for 800m

Pine Tree - Josephine Deposit

Gold is primarily hosted in oxide-heap leach, high-grade quartz veins low-grade sulphide replacement styles.

  • Extends over 950 m strike and 350 m depth
  • Remains open along strike and at depth
  • Based on 162 drill holes (25,970 m) completed by California Gold from 2013 to 2016
  • 49 diamond drill holes (9,630 m)
  • 113 reverse circulation drill holes (16,340 m)
  • Envisioned as a combined open pit and bulk underground mining operations
  • PEA-level metallurgical testing completed by California Gold
  • 94% gravity + flotation concentrate recoveries for quartz-hosted sulphide zone (40% of tonnage)
  • 86% gravity + flotation recoveries for sulphide replacement zone (~50% of tonnage)
  • Up to 93% leach recoveries over 10 days for oxide cap zone (10% of tonnage)

Significant Exploration Upside

Queen Specimen Zone

  • Discovered following first exploratory drill program in 2016
  • ~10,000 m of resource drilling completed through 2018
  • Similar mineralization as Pine Tree-Josephine deposit
  • Traced by drilling over 750 m strike and to depths of over 240 m

Chicken Gulch Zone

  • 9-holes, 1,500 m drilled in 1985/86
  • Extends over 1 km strike to depths of at least 250 m

Next Steps & Strategy

  • “Path to Production”
  • PEA to follow the resource update
  • Accelerating development of Fremont into a producing gold mine
  • Envisioning the development of a low-cost, high-grade “starter” pit that could be producing within two years
  • Development of a bulk extraction underground mine in the later years of the open pit mine
  • Increased regional exploration across the 3,351 acres of private land