Freeman GOLD Commences 34 Hole 3,000 M Resource Upgrade and Expansion Drill Program at the Lemhi GOLD Project
FREEMAN GOLD COMMENCES 34 HOLE
3,000 M RESOURCE UPGRADE AND
EXPANSION DRILL PROGRAM AT THE LEMHI
GOLD PROJECT
VANCOUVER, BC
,
May 15, 2025
/CNW/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF)
(FSE: 3WU) ("
Freeman
" or the "
Company
") is pleased to announce that it has commenced
resource upgrade and expansion drilling at the Lemhi Gold Project ("
Lemhi
", the "
Project
", or the
"
Property
").
The 2025 reverse circulation ("
RC
") drill program is targeting 3,000 metres (approximately 34 holes)
of drilling designed to:
1
.
Convert the inferred ounces from the current mineral resource estimate ("
MRE
") to measured or
indicated (approximately 1,740 metres over 24 holes). This portion will increase the drill density
within the inferred resource that is contained within the pit shell as designed as part of
Freeman's Preliminary Economic Assessment ("
PEA
") (see Freeman's news release dated
October 16, 2023
); and
2
.
Complete further exploration at the open north and south extensions of the main Lemhi deposit
and at the Beauty zone (approximately 1,300 metres over 10 holes). These areas give the
Company the greatest chance to add near surface ounces to the existing mineral resource
within and/or near the existing pit designed as part of the PEA.
There is an additional exploration target to the west, however, the high-grade mineralized zones are
known to dip shallowly that direction. These targets are thus deeper than those being assessed now
and will likely be part of a subsequent program that will also explore numerous regional exploration
targets that are part of a filed plan of operations.
Figure 1: Map of Lemhi Project showing Infill and potential exploration holes for 2025 drill program.
Note that the majority of the 2023 MRE and Beauty Zone lie within Patented claims. (CNW
Group/Freeman Gold Corp.)
Bassam Moubarak, CEO, stated, "The 2025 RC drill program aims to both upgrade the confidence
of the pit constrained resource and expand it with high-confidence exploration holes. Accomplishing
these two objectives will further improve the scale and economics of the feasibility study currently
being prepared by Ausenco. We will report results as they become available."
The Project 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.
The 2025 drilling campaign aims to upgrade and increase the existing 2023 MRE (see Table 1). The
underlying database contains a total of 525 drill holes with collar information, and assays covering
92,696m
of drilling with 64,299 drill hole sample intervals. The sample database contains a total of
62,670 samples assayed for gold. The 2023 Lemhi MRE utilized 442 drill holes that intersected the
estimation domains of which 284 drill holes were completed between 1983 and 1995, and 158 drill
holes were completed between 2012 and 2022. Inside the mineralized domains, there is a total of
16,234 samples analyzed for gold. Freeman has incurred approximately
$26 million
on drilling and
drilling related costs since 2019.
The 2023 Lemhi PEA outlined a high-grade, low-cost, open pit operation with an average annual
production of 80,100 ounces ("
oz
") of gold ("
Au
") in the first eight years. The production strategy
envisions a phased development with an increase in throughput during the fifth year of operation,
with a flowsheet utilizing a carbon-in-leach processing facility.
Table 1: 2023 Lemhi Gold Project Mineral Resource Estimate
Au
Cutoff
(g/t)
Zone
Open Pit (OP) /
Underground (UG)
Metric
Tonnes
Contained
Ounces
Grade Au
(grams per
tonne)
Category
0.35
Lemhi & Beauty
OP
4,469,000
168,800
1.15
Measured
0.35
Lemhi & Beauty
OP
25,553,000
819,300
0.98
Indicated
0.35
Lemhi & Beauty
OP
30,022,000
988,100
1.0
M&I
0.35
Lemhi & Beauty
OP
7,338,000
234,700
1.01
Inferred
1.5
Lemhi
UG
296,000
21,300
2.27
Inferred
0.35/1.5
Lemhi & Beauty
Combined
30,022,000
988,100
1.0
M&I
0.35/1.5
Lemhi & Beauty
Combined
7,634,000
256,000
1.04
Inferred
Notes:
1.
The constraining pit optimization parameters assumed US$1,750/oz Au sale price, NSR Royalty of 1%, US$2.10/t mineralized and US$2.00/t waste material mining cost, 50° pit
slopes, a VAT process cost of US$8.00/t, HL process cost of US$2.40/t and a general and administration (G&A) cost of US$2.00/t.
2.
The effective date of the mineral resources estimate is March 15, 2023.
3.
See "Lemhi Gold Project NI 43-101 Technical Report and Preliminary Economic Assessment – Effective Date October 13, 2023" (
https://freemangoldcorp.com/wp-content/uploads/2024/07/Preliminary-Economic-Assessment_24.08.15.pdf
) for additional information.
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.,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 Company's 2025 drill program, and the results therefrom, including the Company's
ability to upgrade inferred resources to the measured and indicated category and potentially
expand mineral resources 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 by email at
CO: Freeman Gold Corp.
CNW 07:30e 15-MAY-25