Lode Gold Advances Fremont Gold Mine with New Resource Model Incorporating Historical Data

Lode Gold Resources Inc has begun work on a new Mineral Resource Estimation block model for its Fremont Gold Project in Mariposa, California. The model incorporates over 7,000 historical underground channel samples recently recovered and digitized from original mine maps, data that was previously unavailable digitally and significantly increases information density in the historically mined areas.

The updated model will reinterpret the Fremont deposit as a continuous mineralized body instead of discrete vein-only domains. It will also evaluate the resource using a lower cut-off grade, supported by updated underground mining cost assumptions from local contractors. This approach aligns with the company’s strategic focus on bulk underground mining, as outlined in recent technical studies. The additional data is expected to enhance geological continuity, improve confidence in grade distribution, and support evaluation of wider mining widths suitable for bulk underground operations.

Jonathan Hill, Director and Chair of the Technical Committee at Lode Gold, stated that this new block model represents an important evolution in interpreting the Fremont deposit. By modeling the system as a continuous mineralized body and integrating thousands of newly digitized historical samples, the geological model now better reflects the scale, continuity and mining potential of the system for bulk underground mining.

The Fremont Gold Mine is an advanced exploration and early development brownfield project that was previously mined at an average grade of 10.7 grams per tonne gold. Production halted in 1942 during World War II when gold mining was prohibited. The property has seven deposits along a 4-kilometer strike on the prolific 190-kilometer Mother Lode Belt, with only two of the seven deposits having seen exploitation. According to the 2025 mineral resource estimate, only 8% of the resource has been mined, leaving 92% available for future extraction.

The project has substantial existing infrastructure with 42,717.3 meters drilled, 8,593 underground channel samples, 23 kilometers of underground workings, 20 adits, 16 levels and 5 shafts. It sits on 3,351 acres of patented private land with 100% ownership of surface and mineral rights, and has road access, electricity, and proximity to rail and airport facilities. The company recently completed an internal scoping study evaluating the potential to resume operations at Fremont based entirely on underground mining. Previously, in March 2023, the company completed a Preliminary Economic Assessment that evaluated a mix of open pit and underground mining.

The new Mineral Resource Estimation is being conducted in accordance with NI 43-101 standards. Further updates, including results of the revised resource estimate, will be provided once the work is finalized and reviewed by Qualified Persons. Technical reports on the company’s properties are available on the Company’s profile on SEDAR+ and the Company’s website at https://www.lode-gold.com.

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