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Freeman Extends Lemhi Shallow Oxide Gold Mineralization to the South

  • Expansion and infill drilling successfully extends known mineralization at Lemhi 350 metres south and southwest of previous drilling by Freeman
  • Phase 2 diamond drill holes continue to intersect shallow oxide gold mineralization within existing resource pit boundaries both along strike and at depth
  • FG22-022C returned 5.95 g/t Au over 9.14m
  • FG22-061R returned 2.4 g/t Au over 13.72m
  • FG22-050C returned 1.22 g/t Au over 38.59m, including 2.73 g/t Au over 10m
  • FG22-048C returned 0.98 g/t Au over 17m, including 2.1 g/t Au over 5m

 

 VANCOUVER, BRITISH COLUMBIA – January 17, 2023 – Freeman Gold Corp. (TSXV: FMAN, OTCQX: FMANF, FSE: 3WU) (“Freeman” or the “Company”) is pleased to report results for an additional 15 diamond drill holes from the Company’s 12,000m Phase II resource expansion and infill drill program at its 100% owned Lemhi Gold Deposit (“Lemhi”), Idaho, USA. These drill holes were designed to test mineralization on strike to the south and southwest of the known deposit (expansion and infill holes) to improve the resource confidence in zones with historical drill holes and expand mineralization (Figure 1 and Table 1).

The infill and expansion holes represent drilling up to 350 metres to the south and southwest of previous drilling by Freeman where mineralization was open and untested by drilling. Many of these areas are modelled as unmineralized due to lack of drilling in the initial maiden mineral resource estimate (“MRE”). The current MRE comprises an Indicated Mineral Resource of 22.94 million tonnes at 1.02 g/t Au for 749,800 oz of gold and an Inferred Mineral Resource of 7.68 million tonnes at 1.01 g/t Au for 250,300 oz of gold (refer to press release dated July 8, 2021). The MRE covers a surface area of 400 by 500 metres and extends down to a depth of 180 metres below surface. The resource expansion holes that form the bulk of the current Phase II drill program are designed to extend this current resource both along strike and at depth.

Paul Matysek, Executive Chairman, commented, “We have very encouraging and more positive results from the latest assays from the recent drilling. The results to date clearly show gold mineralization is now known to extend east, west and south at Lehmi. The Lemhi gold deposit is expanding in all directions and we are confident that it will positively impact the updated Mineral Resource which will be underway once all assays have been received.”

All holes drilled to date have intersected shallow oxide gold. Selected highlighted results from the 15 holes are: 5.95 g/t Au over 9.14m (FG22-022C); 0.9 g/t Au over 23m, including 1.39 g/t Au over 13m (FG22-037C); 0.54 g/t Au over 19m, including 1.0 g/t over 8.0m (FG22-038C); 0.59 g/t Au over 19m (FG21-045C); 0.98 g/t Au over 17m, including 2.1 g/t Au over 5m (FG22-048C); 1.22 g/t Au over 38.59m, including 2.73 g/t Au over 10m (FG22-050C), and 2.4 g/t Au over 13.72m (FG22-061R).

 

Table 1 – Significant Drill Results – Lemhi South*

DRILL HOLE DEPTH

(METRES)

DIP AZIMUTH FROM TO HIGHLIGHT
FG22-022C 159.26 -80 90 52 53 1m @ 0.7 g/t Au
 Expansion 84 87 3m @ 0.22 g/t Au
121.31 130.45 9.14 @ 5.95 g/t Au
FG22-037C 244.75 -90 360 16 18 2m @ 0.82 g/t Au
 Expansion 85 108 23m @ 0.9 g/t Au
  Including
  93 106 13m @ 1.39 g/t Au
  137 163 26m @ 0.55 g/t Au
  173 176 3m @ 0.5 g/t Au
  192 193 1m @ 0.21 g/t Au
  201 216 15m @ 0.53 g/t Au
  226 229 3m @ 1.5 g/t Au
FG22-038C 226.92 -59 270 29 31 2m @ 0.41 g/t Au
Infill  34 39 5m @ 0.34 g/t Au
  60 79 19m @ 0.54 g/t Au
  including
  60 68 8m @ 1 g/t Au
  145 147 2m @ 0.22 g/t Au
  194 205 11m @ 0.25 g/t Au
  213 214 1m @ 1.06 g/t Au
FG22-039C 226.02 -90 360 44 54 10m @ 0.21 g/t Au
 Infill 113 123 10m @ 0.35 g/t Au
  143 144
FG22-040C 222.35 -65 90 101 104 3m @ 0.42 g/t Au
 Expansion 136 139.2 3.2m @ 0.65 g/t Au
  142.76 144 1.24m @ 0.35 g/t Au
  171.3 174 2.7m @ 0.2 g/t Au
FG22-041C 163.68 -85 270 0.77 15 14.23m @ 0.61 g/t Au
 Expansion 32 33.22 1.22m @ 0.42 g/t Au
  36 37 1m @ 0.21 g/t Au
  60 65 5m @ 0.58 g/t Au
  114 115 1m @ 0.29 g/t Au
  116 117 1m @ 0.24 g/t Au
FG22-043C 172.52 -90 360 62 65 3m @ 0.47 g/t Au
 Expansion 80 84 4m @ 0.62 g/t Au
  131.64 138 6.36m @ 0.61 g/t Au
  152 157 5m @ 1.14 g/t Au
FG22-045C 218.54 -90 360 34 43 9m @ 0.16 g/t Au
 Infill 87 106 19m @ 0.59 g/t Au
  134.18 140 5.82m @ 0.22 g/t Au
  179 183 4m @ 0.44 g/t Au
  189 194 5m @ 0.29 g/t Au
FG22-047C 165.2 -90 360 114 123 9m @ 0.46 g/t Au
 Infill including
  118.87 122 3.13m @ 1.04 g/t Au
  134 135 1m @ 0.26 g/t Au
  140 148 8m @ 1.99 g/t Au
FG22-048C 221.44 -90 360 19 21 2m @ 0.24 g/t Au
 Infill 63 65 2m @ 0.94 g/t Au
  77 94 17m @ 0.98 g/t Au
  including
  87 92 5m @ 2.1 g/t Au
  115 116 1m @ 0.21 g/t Au
  139 142 3m @ 1.38 g/t Au
  178 179 1m @ 1.01 g/t Au
  207 209 2m @ 0.21 g/t Au
  217 217 2m @ 0.27 g/t Au
FG22-049C 200.71 -80 270 23 57 34m @ 0.33 g/t Au
 Infill 71 72 1m @ 1.4 g/t Au
  76 79 3m @ 0.24 g/t Au
  89 91 2m @ 0.28 g/t Au
  125 126 1m @ 0.33 g/t Au
FG22-050C 222.35 -90 360 28 31 3m @ 0.33 g/t Au
 Infill 37 44 7m @ 0.21 g/t Au
  48 51 3m @ 1.08 g/t Au
  64 65 1m @ 0.29 g/t Au
  69 73 4m @ 0.22 g/t Au
  78 116.59 38.59m @ 1.22 g/t Au
  Including
  94 103 10m @ 2.73 g/t Au
  114 116 2m @ 4.21 g/t Au
  137 138.58 1.58m @ 0.5 g/t Au
  169.84 172 2.16m @ 0.35 g/t Au
  175.04 180 4.96m @ 0.75 g/t Au
  201 204 3m @ 0.41 g/t Au
  220 221 1m @ 0.23 g/t Au
FG22-052C 9.6 -90 360 LOST HOLE
FG22-053C 221.89 -90 360 6 12 6m @ 0.18 g/t Au
 Expansion 15 16 1m @ 0.23 g/t Au
  21 23 2m @ 0.34 g/t Au
  46.97 49 2.03m @ 0.24 g/t Au
  58 61 3m @ 0.31 g/t Au
  81 82 1m @ 0.67 g/t Au
  90 91 1m @ 0.28 g/t Au
  107 120 13m @ 0.8 g/t Au
  including
  107 114 7m @ 1.28 g/t Au
  132 135 3m @ 0.5 g/t Au
  149 150 1m @ 0.25 g/t Au
  174 186 12m @ 0.81 g/t Au
FG22-061R 161.54 -90 360 18.288 19.812 1.52m @ 0.2 g/t Au
 Infill 21.34 24.38 3.05m @ 0.22 g/t Au
  42.67 60.96 18.29m @ 0.29 g/t Au
  74.68 88.39 13.72m @ 2.4 g/t Au
  118.87 129.54 10.67m @ 0.37 g/t Au

*Intervals are core-length. True width is estimated between 90-95 percent (“%”) of core length.  Using 0.2 g/t Au cut-off.  ‘C’ denotes core hole; ‘R’ denotes RC (Reverse Circulation) hole.

 

Lemhi Gold Deposit:

As of December 2022 a total of 50 new core drill holes for a total of 12,168 metres as well as 10 reverse circulation holes totalling 1,621.5m were completed at Lemhi. These holes have been primarily designed to test on strike extensions of the known resource as well as infill in certain parts of the gold deposit. In particular, the drill program has focused on areas currently modelled as pit waste because of no or sparse drill data. All ounces added in these areas, even if close to the cut-off grade, will add value to the project as they come from zones in the resource shell that can now be upgraded to resources (Figures 1 and Table 1). This marks the completion of the Phase 3 RC drill program which was concluded in December due to inclement weather and drilling issues.

All drill holes from the project have been logged, sampled and sent to the laboratory. Analytical results are pending.

Figure 1. Lemhi 2021-22 Drilling – Southern Expansion

All drill core samples are sent to ALS Global Laboratories (Geochemistry Division), an independent and fully accredited laboratory (ISO 9001:2008), in Vancouver, Canada, for analysis for gold by Fire Assay and multi-element Induction Coupled Plasma Spectroscopy (select drill holes).  Freeman has a regimented Quality Assurance, Quality Control (QA/QC) program where at least 10% duplicates, blanks and standards are inserted into each sample shipment.

 

About the Company and Project

Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned Lemhi Gold property (the “Project”). The Project comprises 30 square kilometres of highly prospective land, hosting a near-surface oxide gold resource. The pit constrained National Instrument 43-101 (“NI 43- 101”) compliant mineral resource estimate is comprised of 749,800 oz gold (“Au”) at 1.02 grams per tonne (“g/t”) in 22.94 million tonnes (Indicated) and 250,300 oz Au at 1.01 g/t Au in 7.83 million tonnes (Inferred). See the NI 43-101 technical report titled “Maiden Resource Technical Report for the Lemhi Gold Project, Lemhi County, Idaho, USA” with an effective date of June 1, 2021, and signing date of July 30, 2021, as prepared by APEX Geoscience Ltd. and F. Wright Consulting Inc. available under the Company’s profile on SEDAR (www.sedar.com). The Company is focused on growing and advancing the Project towards a production decision. The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geo., VP Exploration of the Company and a Qualified Person as defined by NI 43- 101.

 

On Behalf of the Company

William Randall

President and Chief Executive Officer

 

For further information, please visit the Company’s website at www.freemangoldcorp.com or contact Mr. Tom Panoulias at 416-294-5649 or by email at: tom@freemangoldcorp.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Forward-Looking Statements: This press release contains “forward‐looking information or statements” within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to exploration, results therefrom, and the Company’s future business plans. All statements in this release, other than statements of historical facts that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties, and assumptions. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

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