Freeman Finalizes Option Payment, Acquires 46 Unpatented Mining Claims, Secures 100% Ownership of the Lemhi GOLD Project
FREEMAN FINALIZES OPTION PAYMENT,
ACQUIRES 46 UNPATENTED MINING CLAIMS,
SECURES 100% OWNERSHIP OF THE LEMHI
GOLD PROJECT
VANCOUVER, BC
,
Aug. 26, 2025
/CNW/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF)
(FSE: 3WU) ("
Freeman
" or the "
Company
") is pleased to announce it has amended the Option
Agreement with BHLK-2 LLC, a limited liability company (the "
Option
"). Freeman now has made all
the necessary payments to exercise the Option to purchase 46 unpatented claims (see Figure 1).
These claims surround the central core of patented claims and contain a portion of the
Lemhi
resource. This acquisition is part of the Company's strategy to accelerate development and
consolidate ownership of the Lemhi Project. Additionally, the 2023 Lemhi Preliminary Economic
Assessment envisages using some of these claims in connection with the tailings storage facility.
On
August 19, 2019
, the Company entered into an option agreement to acquire a 100% interest in
an additional 46 unpatented mining claims located in
Lemhi County, Idaho
. To exercise the Option,
the Company was required to pay an aggregate of
US$1,000,000
over a period of seven years with
the final payment of
US$550,000
due on
August 19, 2026
. The Company has negotiated a final
payment of US
$525,000
and made the payment fulfilling the terms of the agreement.
Figure 1: Map showing the newly acquired BHLK claims, existing unpatented claims, patented
claims, and area encompassed by 2023 Mineral Resource Estimate. (CNW Group/Freeman Gold
Corp.)
The Company also announces the appointment of
Julie Van Baarsen
as interim Chief Financial
Officer effective
September 1, 2025
. Ms.
Van Baarsen
will succeed
Bassam Moubarak
who has
acted as both Chief Executive Officer and Chief Financial Officer of the Company while the Company
conducted a search. Mr. Moubarak remains Chief Executive Officer and Director of the Company.
Ms.
Van Baarsen
is a Chartered Professional Accountant with over 30 years of experience. She has
held various senior financial positions as Chief Financial Officer, Vice President - Finance, Director of
Finance, and Controller at several public companies in the telecom and mining sectors, including
companies with operating mines in
Central America
and British Columbia. She obtained her
Chartered Accountant designation in 1993 while working at Grant Thornton LLP.
About the Company and Project
Freeman Gold Corp. is a mineral exploration company focused on the development of its 100%
owned Lemhi Gold project (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 988,100
ounces gold (
"oz Au"
) at 1.0 gram per tonne (
"g/t"
) in 30.02 million tonnes (4.7 million tonnes
Measured (168,800 oz) & 25.5 million tonnes Indicated (819,300 oz)) and 256,000 oz Au at 1.04 g/t
Au in 7.63 million tonnes (Inferred). The Company is focused on growing and advancing the Project
towards a production decision. To date, 525 drill holes and
92,696 m
of drilling has historically been
completed (Murray K., Elfen, S.C., Mehrfert, P., Millard, J., Cooper, Schulte, M.,
Dufresne
, M., NI
43-101 Technical Report and Preliminary Economic Assessment, dated
November 20, 2023
;
www.sedarplus.ca
).
The recently updated price sensitivity analysis (see Freeman's news release dated
April 9, 2025
)
shows a PEA with an after-tax net present value (5%) of
US$329 million
and an internal rate of
return of 28.2% using a base case gold price of
US$2,200
/oz; Average annual gold production of
75,900 oz Au for a total life-of-mine of 11.2 years payable output of 851,900 oz Au; life-of-
mine cash costs of US$925/oz Au; and, all-in sustaining costs of
US$1,105
/oz Au using an initial
capital expenditure of
US$215 million
*
.
*
Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The preliminary economic assessment is preliminary in nature, that it includes inferred mineral
resources that are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves, and there is no
certainty that the preliminary economic assessment will be realized.
The technical content of this release has been reviewed and approved by
Dean Besserer
, P. Geo.,
VP Exploration of the Company and a Qualified Person as defined by the NI 43-101.
On Behalf of the Company
Bassam Moubarak
Chief Executive Officer
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.
Cautionary Statements Regarding Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements"
(collectively "forward-looking statements") within the meaning of applicable securities legislation.
All statements, other than statements of historical fact, included herein, without limitation,
statements relating to the future operations and activities of Freeman, are forward-looking
statements. Forward-looking statements are frequently, but not always, identified by words such as
"expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar
expressions, or statements that events, conditions, or results "will", "may", "could", or "should"
occur or be achieved. Forward-looking statements in this news release relate to, among other
things, the use of some of the newly acquired claims in connection with the tailings storage facility,
and the transition with regard to the Chief Financial Officer role on
September 1, 2025
. There can
be no assurance that such statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such statements. Forward-looking
statements reflect beliefs, opinions and projections on the date the statements are made and are
based upon a number of assumptions and estimates that, while considered reasonable by
Freeman, are inherently subject to significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different from the results, performance or
achievements that are or may be expressed or implied by such forward-looking statements and the
parties have made assumptions and estimates based on or related to many of these factors. Such
factors include, without limitation, continued availability of capital and changes in general
economic, market and business conditions. The reader is urged to refer to the Company's reports,
publicly available on SEDAR+ at
www.sedarplus.ca
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.
SOURCE
Freeman Gold Corp.
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For further information:
For further information, please visit the Company's website at
www.freemangoldcorp.com or contact Mr. Bassam Moubarak at by email at
CO: Freeman Gold Corp.
CNW 18:00e 26-AUG-25