Announcement • Jul 14
Fredonia Mining Reports First Assay Results from 10,000-Metre Drill Program At El Dorado-Monserrat Project
Fredonia Mining Inc. reported the first assay results from its ongoing 10,000-metre diamond drill program at the El Dorado-Monserrat Project in Santa Cruz Province, Argentina. The results from drill hole HDDH051 at Herradura Hill continue to demonstrate the significant growth potential of the Company’s South Deposit, confirming existing resources and expanding zones of gold and silver mineralization that reinforce a second pathway for resource expansion alongside the larger and more advanced EDM North Deposit. Approximately 4,000 metres of the planned 10,000-metre program have been completed, and a substantial number of drill core samples are currently awaiting laboratory analysis results. The broad mineralized interval intersected in HDDH051, together with several higher-grade zones and additional mineralization below the main intercept, supports the Company’s geological model and reinforces the potential for further growth as drilling continues. Table 1: Significant Drill Intercepts, Hole HDDH051, Herradura Hill Sector, South Deposit: HDDH051, From 52.5 m to 63.0 m, Interval 10.5 m, Au Eq 2.78 g/t, Au 0.99 g/t, Ag 120.20 g/t; HDDH051, From 111.0 m to 112.85 m, Interval 1.85 m, Au Eq 0.38 g/t, Au 0.32 g/t, Ag 4.28 g/t; HDDH051, From 120.5 m to 134.0 m, Interval 13.5 m, Au Eq 0.35 g/t, Au 0.23 g/t, Ag 8.05 g/t; HDDH051, From 145.25 m to 216.0 m, Interval 70.75 m, Au Eq 1.29 g/t, Au 0.97 g/t, Ag 21.64 g/t; including 172.0 m to 178.4 m, Interval 6.4 m, Au Eq 2.16 g/t, Au 1.68 g/t, Ag 32.11 g/t; and 193.5 m to 195.9 m, Interval 2.4 m, Au Eq 2.38 g/t, Au 1.46 g/t, Ag 61.62 g/t; and 197.7 m to 200.8 m, Interval 3.1 m, Au Eq 2.73 g/t, Au 2.34 g/t, Ag 26.34 g/t; and 201.5 m to 204.0 m, Interval 2.5 m, Au Eq 2.06 g/t, Au 0.86 g/t, Ag 80.68 g/t; and 208.5 m to 215.0 m, Interval 6.5 m, Au Eq 4.39 g/t, Au 3.95 g/t, Ag 29.33 g/t; HDDH051, From 219.0 m to 219.8 m, Interval 0.8 m, Au Eq 3.85 g/t, Au 3.05 g/t, Ag 53.65 g/t; HDDH051, From 229.5 m to 232.7 m, Interval 3.2 m, Au Eq 1.04 g/t, Au 0.71 g/t, Ag 21.89 g/t; HDDH051, From 247.0 m to 247.9 m, Interval 0.9 m, Au Eq 3.51 g/t, Au 3.37 g/t, Ag 9.18 g/t. Reported interval length are down hole widths and not true widths. Gold equivalent (“Au Eq”) is calculated using metal prices of USD 4,000 /oz for Au and USD 60/oz for Ag. The equation used is: Au Eq (g/t) = Au (g/t) + [Ag (g/t) × (USD 60/oz Ag ÷ USD 4,000/oz Au)]. Au Eq assumes Au recovery of 90%. The limited metallurgical studies by Fredonia (selective Bottle rolls from Main Veins material) have indicated high (>90%) recovery of gold in oxide material. The Cerro Vanguardia mine to the east of EDM with similar mineralization reports recoveries in the high 90% for Au. Herradura Hill forms the core of EDM’s South Deposit and was included in the Company’s Maiden Mineral Resource Estimate announced in November 2024. The North Deposit has been tested by 164 drill holes totaling 27,504 metres, compared with 55 holes totaling 12,968 metres at the South Deposit. HDDH051 is one of a planned series of infill and step-out holes designed to better define and expand mineralization at Herradura Hill. Results from Herradura Hill will be incorporated into the geological and resource models supporting the Company’s Preliminary Economic Assessment, while ongoing infill drilling at the North Deposit continues to improve confidence in the existing resource. As additional assay results are received, Fredonia expects to continue refining its understanding of the South Deposit and its contribution to the overall development potential of the EDM Project.
