Freeman GOLD Commences Feasibility Level Geotechnical Work Program at the Lemhi GOLD Project
FREEMAN GOLD COMMENCES FEASIBILITY
LEVEL GEOTECHNICAL WORK PROGRAM AT
THE LEMHI GOLD PROJECT
VANCOUVER, BC
,
May 20, 2025
/CNW/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF)
(FSE: 3WU) ("
Freeman
" or the "
Company
") is pleased to announce that it has commenced its 2025
geotechnical work program that includes borehole drilling, test pit excavation, in-situ materials
testing, and geophysical surveys at the Lemhi Gold Project ("
Lemhi
", the "
Project
", or the
"
Property
"). Results from this work will be incorporated in to a feasibility study of the Project,
currently being prepared by Ausenco (see Freeman's news release dated
February 10, 2025
).
The geotechnical work program aims to:
Gather subsurface data to evaluate mine infrastructure foundations conditions and support
feasibility study-level design of the co-placement storage facilities, open pit, and process plant;
Assess soil and groundwater conditions through geotechnical drilling, sampling, and in-situ
testing;
Characterize rock mass properties along the open pit walls with geomechanical drilling;
Identify geotechnical and geological risks, such as weak soils, fault zones, groundwater
challenges, or other unstable conditions that could impact the Project;
Perform laboratory testing to evaluate the physical and mechanical properties of soil and rock;
and
Prepare an independent engineering report to document the subsurface investigation.
The field exploration program is being undertaken within the proposed facility footprint, guided by
prior preliminary economic assessment design layouts, and are limited to the patented claim
boundaries. Only non-intrusive exploration methods, such as geophysics, will be conducted outside
the patented area. Laboratory testing will encompass a comprehensive suite of tests to classify
soils/rock and the physical and mechanical properties of both materials. These tests will provide
data to inform the engineering and designs included in the feasibility study.
Lemhi
is comprised of 10 patented mining claims (placer and lode), one patented mill site claim, and
332 unpatented mining claims, totaling 2,727 hectares of mineral rights and 249 hectares of surface
rights. Freeman controls a 100% interest in all 11 patented claims and all 332 unpatented mining
claims outright or through its wholly-owned subsidiary company. The Project is located in
Lemhi
County, Idaho
, USA.
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 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.,
the VP Exploration for 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 Company's 2025 geotechnical work program, and the results therefrom, including the
incorporation of such results into the feasibility study and the impact thereon. 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, the ability to complete proposed exploration work, the results of
exploration, continued availability of capital, and changes in general economic, market and
business conditions. Readers should not place undue reliance on the forward-looking statements
and information contained in this news release concerning these items. Freeman does not assume
any obligation to update the forward-looking statements or beliefs, opinions, projections, or other
factors, should they change, except as required by applicable securities laws.
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 07:30e 20-MAY-25