An agreement with a South American company sets the stage for Fremont Gold (FGLD-Q) to acquire an 8,000-ha property in the Maricunga district of northern Chile.
Most of the property lies between the Aldebaran property, where a large gold-copper resource has been identified by partners Bema Gold and Arizona Star Resources, and the producing Refugio gold mine.
Fremont says its newly acquired ground is prospective for precious metal deposits as it covers an extension of the same geological environment hosting Refugio, Aldebaran and other porphyry deposits. The junior can earn its interest by spending US$1 million on exploration and paying US$4 million in cash and shares by the end of the year 2000. Geological work is scheduled to begin shortly.
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