Fredonia Mining Commences Maiden Mineral Resource Estimation on its El Dorado Monserrat Gold and Silver Project, Argentina

• The Company is preparing an initial mineral resource estimate at the El Dorado Monserrat (“EDM”) project, targeted for release in Q3 of this year.
  
  
• The mineral resource estimate will be based on three drilling campaigns carried out over the past three years, representing a total of 10,982.7 meters of diamond drilling, plus historical drillings of the project.

TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. (“Fredonia” or the “Company”) (TSXV:FRED) announces that it has commissioned the preparation of an initial mineral resource estimate at the EDM project, 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 (Figure 1).

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 kilometers of epithermal veins, not all of which have been explored or drilled (Figure 2). 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 m @ 14.43 g/t Au Eq. at Main Veins; 2.4 m @ 18.05 g/t Au Eq. at Monserrat West; 4.0 m @ 2.42 g/t Au Eq. at Bajo Pedernal (see Fredonia news release, dated February 13th, 2023).

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 (Figure 3). 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 m @ 6.00 g/t Au Eq., including 3.00 m @ 12.65 g/t Au Eq. (Figure 4) at the Herradura Hill target (see Fredonia news release, dated January 31, 2023).