Frontline Announces Acquisition of Strategically Located Gold Property in Quebec
Toronto, May 5, 2020 - Frontline Gold Corp. (TSXV:FGC) ("Frontline" or the "Company") is pleased to announce that it has acquired a 100% interest in twenty-eight (28) claim units the property consists of 28 adjacent claims covering a total area of approximately 1983 hectares and is located approx. 10 kilometers to the southwest of the village of Normetal and Normetal mine, and approximately 110 kilometers North of the town of Rouyn-Noranda in the Abitibi region of Quebec (see attached maps). The property has road access year-round and is located just southeast of Amex Exploration Inc.'s Perron Gold Property. The acquired property is within the Archean Greenstone Belt of the Lac Superieur structural province. The area is associated with the regional NW-SE trending Normetal and Perron fault. The Normetal fault is along a stratigraphic horizon known as host of massive sulphide deposits such as the nearby now closed polymetallic (Cu-Zn-Au-Ag) Normetal mine and the Zn Normetmar deposit and also related to a few epigenetic gold-bearing veins showing.
To exercise its option and to acquire a 100% interest in the Quebec claims, Frontline must pay the Optionor a total of $61,000 (of which a total of $41,000 is due in years 2 and 3 of the option agreement), with $8,000 due on signing and $20,000 due on the first anniversary, and grant the Optionor a 1.5% net smelter returns royalty. Frontline may repurchase one-half of the 1.5% royalty for $400,000.
Commentary
Frontline's President and CEO, Mr. Walter Henry, said, "The low acquisition cost of the land package combined with the fact that there is no minimal property expenditure requirements on the property affords us the flexibility to evaluate the exploration potential of the Archean Greenstone Belt and whether to grow further our position in this area of Quebec. Lastly we have begun preparing compilations of the extensive work done in the past on the property."
Frontline has not completed any work required to verify the historical mining estimates noted above and is not treating these historical estimates as being compliant with current standards under NI 43-101 and as such these historical estimates should not be relied upon. Caution should be used when evaluating these resources as they were calculated prior to NI 43-101 existing and a qualified person has not done work to classify the historical estimate as a current mineral resource.
"We will be providing more detailed information along with a corporate update in the very near term on all our properties, existing option agreements, and new option agreements entered into," said Walter Henry, CEO and President of Frontline.
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.
About Frontline Gold Corporation
Frontline is a Canadian junior mineral exploration company. The Company's properties include the optioned gold projects in Red Lake area of Ontario, and 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.
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
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" | Contact: Walter Henry Telephone: (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 | |
| Walter Henry, President & CEO |
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