According to Mining News Pro - It intends to follow up by diamond drilling 500 metres at its nearby Gold Canyon gold project. Both properties are part of the Battle Mountain-Eureka trend and are under option from Ely Gold Royalties. They’re also both very close to McEwen Mining’s (TSX: MUX; NYSE: MUX) Gold Bar gold mine construction project. Gold Canyon, in particular, sits on inlying claims next to McEwen’s Gold Bar mine.

To earn a 100% interest in its own Gold Bar project, Fremont will pay Ely US$1 million over five years. Ely keeps a 2% net smelter return royalty that Fremont can halve for US$5 million.