Fredonia Mining Inc. announced the successful completion of the first of two phases of its drilling program at its Eldorado Monserrat property, located in Santa Cruz, Argentina. On the La Herradura project 1,583.5m of drilling were completed. Additionally, 1,841m was drilled on the Monserrat Oeste project for which assays are awaited. Phase one of the La Herradura drilling consisted of six HQ diamond drill holes for a total of 1,583.5m. Over 1,142 samples (including standards, blanks and duplicates) were submitted for gold fire assays and multielement ICP to Alex Stewart (a certified laboratory). Not all assays have been return for the last hole, HDDH034 and these will be reported separately. The anomalous gold-silver intersections confirm and expand the area of interest identified by historic drilling and demonstrate wide low grade Au-Ag intersections and ‘included’ higher grade zones, (true widths yet to be determined): HDDH031 - from 81m, 37m @ 1.04g/t Au and 26g/t Ag This hole is close to the historic hole HDDH013 containing - from 68m, 85.07m@ 1.02g/t Au and 11g/t Ag, including 9m @ 7.43g/t Au and 51g/t Ag. The drill holes at La Herradura were drilled to target both the roughly east west mineralised trend including the central diatreme at La Herradura ‘hill’ and to expand the gold anomalism identified in the historic drilling which extends over 1,100m to depths of >200m. Fredonia remains positive about the results of the drilling to date and the continued potential outlined at La Herradura by these latest drilling results. The mineralisation model proposed is similar to the Montana Tunnels southwestern Montana bulk tonnage Au-Ag mine centred on a diatreme hosted in a suite of volcanics. The principal rock type in the diatreme is a matrix-rich breccia containing fragments of contiguous volcanic wall rocks and intrusive rocks. Sulphide mineralisation occurs as disseminations in the breccia matrix, as well as in subordinate widely spaced, multidirectional veinlets. The ore zone is overprinted by pervasive sericitic alteration and weak kaolinization and silicification. Drill holes have intercepted hydrothermal breccias, veins and stockworks, hosted in a phreatomagmatic breccias, felsic domes and dikes that intrude the andesite flows which form the country rock. Gold mineralisation is related to a quartz + sericite alteration and minor bladed calcite and adularia, interpreted as evidence of a boiling zone in an epithermal system. The shallow and distal zones show a chlorite + hematite + pyrite alteration, while in the deeper sections there are veins of platy calcite + fluorite. Superimposed on the system is an alteration halo of kaolinite + alunite and vuggy quartz, occurs in shallow and medium-deep sectors. The current drilling whilst of limited meters has enhanced the project’s potential and confirmed the presence of wide intersections of mineralised material with higher grade inclusions. The system is interpreted to remain open in all directions and Fredonia believes more drilling is warranted. A recent geophysical program (IP /Res) over the La Herradura area indicates three new anomalies, extending the system 600m to the west. In a district scale context La Herradura lies in a roughly east west mineralisation trend which extends eastwards to the Beethoven project, (on strike with Cerro Vanguardia – Anglo Gold Ashanti) and westward to Fredonia’s recently identified Pamala prospect. Follow-up drilling in planned to commence First Quarter 2022 with the objective of further delineating the Au-Ag mineralisation.