Fremont Gold Ltd. entered an asset purchase agreement to sell its rights and interest in the Gold Canyon project in Nevada to McEwen Mining Inc. in exchange for 300,000 shares.

The agreement is expected to close by Aug. 23.

Fremont added Aug. 16 that it is evaluating opportunities to acquire an advanced-stage gold project with the potential to host an economic deposit with a minimum of 1.0 million gold ounces in the western U.S.

The company entered an option deal to acquire the Gold Canyon property from Ely Gold Royalties Inc. in January 2018.