Fremont Announces Detailed Mapping and Additional Soil Geochemistry Results from Urasar Mineral District, Armenia

Vancouver, September 24, 2024 - Fremont Gold Ltd. (TSXV: FRE) (OTCQB: FRERF) (FSE: FR2) ("Fremont" or the "Company) is pleased to announce the results of detailed geological and structural mapping, as well as an expanded geochemical soil survey at the Company's Urasar Mineral District exploration permit in northern Armenia. This work underscores a major expansion in both the geological understanding and the mineral potential of the area.

Figure 1. Copper soil geochemistry at Urasar

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Recent Mapping Observations

The Company engaged senior consulting geologist L.J. Karr to conduct detailed geological mapping and surface rock chip sampling in mineralized zones within the Urasar District. Mr. Karr stated, "The 2024 fieldwork reveals that the mineralized system is larger than previously believed -- and our work has identified numerous high-quality drill targets indicative of both epithermal gold and porphyry copper-style mineralization."

Key Findings from the Mapping Efforts Include:

• Yellow River Area: Hosts high sulfidation alteration extending over 4 km, characterized by vuggy silica, hydrothermally altered white clays, and mineralized veins. These features are consistent with an advanced argillic cap overlying a potential porphyry copper system. Alteration, geochemical, and magnetic data indicate the system's potential scale could be larger than initially thought. It includes the Copper Creek and Golden Vein prospects and hosts approximately 10 historic adits as well as a 1960 Soviet drill hole which bottomed in 25m @ 1.67% Cu (see Company news release dated March 1, 2024).
  
  
• Black River Area: Identified as an epithermal precious metal system (high-sulfidation style) associated with dacite intrusives. Geophysical data and geochemical results suggest additional mineralization potential along strike, offering further exploration opportunities.
  
  
• Brick House Zone: Located in the eastern part of the district, this area hosts gold and base metal soil anomalies as well as base metal sulfide mineralization observed in the creeks. It appears to be an intermediate-sulfidation epithermal vein system but the full the extent and characterization is yet to be determined. The ground mag data and particularly recent soil geochemistry results, indicate that this mineralized area could be much larger than previously assumed (See Figures 1 and 2).

Figure 2. Urasar ground mag data showing mineralized zones discussed in text

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Figure 3. Historic mineralized zones (yellow ovals) ̶ Yellow River on left, Black River center-east

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Expanded Urasar Geochemical Soil Survey

Fremont has completed an expanded geochemical soil survey, collecting 691 additional C-horizon soil samples from previously unsampled northern and eastern portions of the license, bringing the total to 1,435 samples across the 15 km-long district (see Figure 4). The survey was conducted on a 200m x 100m grid and analyzed for gold and 36 other metallic and pathfinder elements. Laboratory analysis was conducted by ALS Laboratories near Bucharest, Romania, using a 30g fire assay method for gold and standard ICP spectroscopy (Inductively Coupled Plasma) for all other elements. Quality assurance/quality control (QA/QC) comprised a mix of standards, duplicates and blanks inserted every 20 samples.

As seen in Figures 1 and 5, the copper anomalies generally correlate with the gold anomalies but exhibit a more coherent distribution across three distinct zones in the west, center, and east of the permit area. The most prominent copper-gold anomaly spans over 5 km in the western zone, an area of intense historic exploration with multiple collapsed adits and one historic drill hole (see Figures 1 and 3). Recent mapping has revealed mineralized veins and extensive advanced argillic alteration, indicating strong exploration potential.

In the far eastern portion of the license, the recent geochemical survey has significantly expanded the copper/base metal and gold anomalies revealed in the previous survey (Figure 1). The eastern gold-base metal anomaly covers a 2.5 by 2 km area, located just east of the Brick House mineralized zone. This newly identified zone, previously unexplored by Soviet or historic workers, presents a fresh, very prospective exploration target.

CEO comments

CEO Joel Sutherland remarked, "The Company has two properties in Armenia, Vardenis and Urasar that continue to surprise in terms of exceeding expectations. The recent results confirm our belief that Urasar is a district-scale, multi-target system with significant potential for both gold and copper porphyry mineralization. We are optimistic that we are on the verge of a major discovery."

Figure 4. 2024 soil geochemical sampling points (light blue); previous 2023 survey (dark blue)

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Figure 5. Gold in C-horizon soil samples at Urasar

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Historical Context and Exploration Outlook

The Urasar district was last explored by Soviet teams in the 1950s and 1960s, identifying three mineralized zones and four anomalous areas along a crustal-scale fault system that hosts other significant deposits in the country. This historic work was compiled in 2008 to calculate a non 43-101 compliant resource of over 850,000 ounces of gold in the C1, C2 and P^* Russian resource categories^[1] in two separate areas (see Company news release dated October 10, 2023). Fremont's work corroborates Soviet findings, while also indicating that the mineralization system is larger, extending across a 14 km-long structure.

Fremont is now preparing for a follow-up drill program to test the priority targets identified in the latest surveys. Drilling will commence in the beginning of October.

About Fremont Gold

The Company's mine-finding management team has a track record of creating shareholder value. Current exploration efforts are centered on two key properties: Urasar and Vardenis, both of which have shown encouraging results and significant potential for tier one mineral discoveries in the Central Tethyan Mineral Belt in Armenia. The Tethyan Belt is one of the world's most prolific gold, copper and polymetallic mineral belts, yet the Armenian portion of the belt is vastly underexplored.

Qualified person

The content of this news release was reviewed by Dennis Moore, Fremont's President, and interim Chairman, a qualified person as defined by National Instrument 43-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward looking statements

This news release contains forward-looking statements. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements including, without limitation, statements regarding future exploration programs at Urasar. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by Canadian securities law.

^[1] A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve and Fremont is not treating the historical estimate as a current mineral resource or mineral reserve. The historic estimate cannot be relied on for the purpose of calculating an updated resource as most of the data was collected during the Soviet era over 60 years ago, and the exact location of the drill holes and drill core is unknown. *C1 and C2 are roughly equivalent to CIM's (Canadian Institute of Mining Metallurgy and Petroleum) "indicated" category, while P is roughly equivalent to CIM's "inferred" category.

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