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*

*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.