Fredonia Mining begins maiden resource estimation at El Dorado Monserrat Project, Argentina

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Fredonia Mining Inc. [TSXV-FRED] reported that it has commissioned the preparation of an initial mineral resource estimate at the El Dorado Monserret Project (EDM), targeted for Q3, 2024. The work is being undertaken by the independent geologist Mario Alfaro and the independent engineer Marco Alfaro.

The wholly owned EDM gold and silver project comprises 5,793ha located in the prolific Deseado Massif in Patagonia, Argentina.

The EDM project has two large mineralized sectors – the northern and southern sectors – that have been only partly explored to date.

The northern Monserrat sector comprises an area 3.5 km long by 3.2 km wide, made up of mineralized corridors hosted in andesitic lavas that form country rock, and contains more than 20 km of epithermal veins, not all of which have been explored or drilled. This sector contains a series of mineralized target areas, including Main Veins, Bajo Pedernal, Monserrat West, Abanico, Gladys, and Monserrat East, among others.

Some significant drill results include: 6.0 metres at 14.43 g/t AuEq (gold equivalent) at Main Veins; 2.4 metres at 18.05 g/t AuEq. at Monserrat West; 4.0 metyres at 2.42 g/t AuEq at Bajo Pedernal.

The southern Mineralized Corridor sector comprises an area 6.0 km long by 1.0 km wide and including the advanced Herradura Hill target area; Beethoven horst-epithermal veins (only scout drilling done so far); and Pamela target area (not yet drilled).

The Herradura Hill target area consists of a maar-volcano-diatreme surrounded by an extensive brecciated domes and dykes host system, the dimensions of which are yet undefined – being geologically open in all directions.

The latest work has shown a new metallogenic interpretation at the Herradura Hill target area, defined as flow domes and an epithermal veins complex with disseminated Au-Ag mineralization with dimensions open in all directions. Drill holes confirm very broad stockworks, wide hydrothermal breccias and veins hosted in a phreatomagmatic breccias, felsic domes and dykes that intrude the andesite flows that form the country rock. Some significant drill intercepts include 8.00 metres at 6.00 g/t AuEq, including 3.00 metres at 12.65 g/t AuEq at the Herradura Hill target. All of these target areas remain open along strike and dip.

Following the release of its maiden mineral resource estimate, future drilling at the EDM project would contemplate three objectives: shallow drilling designed to expand mineralized zones; deep drilling to test high grade feeders; and additional drilling to test new target areas at the project.

Estanislao Auriemma, CEO of Fredonia Mining, expressed: “After extensive drilling campaigns over only a portion of the EDM project over the past three years, we are very pleased with the scope and size of the mineralized target areas so far discovered, and very much look forward to the project’s maiden resource estimate, which we believe will confirm the excellent potential of our flagship project.”

Fredonia Mining appointed Carlos Espinosa as Chief Financial Officer of the company, succeeding Omar Salas, who will remain with Fredonia in an advisory role to ensure a smooth transition.

Fredonia holds gold and silver license areas totaling approximately 18,000 ha. in the prolific Deseado Massif geological region in the Province of Santa Cruz, Argentina, including its flagship advanced El Dorado-Monserrat project (approx. 5,793 ha.) located close to AngloGold Ashanti’s 300,000 oz./yr Au-Ag Cerro Vanguardia mine, the El Aguila project (approx. 9,100 ha.), and the Petrificados project (approx. 3,000 ha).

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