10:50 AM EST, 11/11/2024 (MT Newswires) -- Fredonia Mining ( FREDF ) was edging up early on Monday after it reported a maiden mineral resource estimate at El Dorado Monserrat project in Argentina.

The company reported an in-pit measured and indicated estimate of 2.248 million ounces gold equivalent (1.593 million ounces of gold and 49.067 million ounces of silver). The estimate is based on 40,473 meters of drilling and 5,305 meters of trenches.

Fredonia said significant areas of mineralization were not able to be included in this maiden resource estimate and all targets remain open in all directions as well as at depth.

Shares were last seen up 5.3% to $0.10, on the TSX Venture Exchange.

Price: 0.10, Change: +0.01, Percent Change: +5.26