Freeman Enters into Contract FOR Expansion and Infill Drilling FOR Lemhi GOLD Feasibility Study
FREEMAN ENTERS INTO CONTRACT FOR
EXPANSION AND INFILL DRILLING FOR
LEMHI GOLD FEASIBILITY STUDY
VANCOUVER, BC
,
March 24, 2025
/CNW/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQB:
FMANF) (FSE: 3WU) ("
Freeman
" or the "
Company
") is pleased to announce that it has awarded
the reverse circulation ("
RC
") drill program to Major Drilling America Inc. ("
Major
") for the upcoming
field season at the 100% owned Lemhi Gold Project (the "
Project
" or "
Property
") in
Idaho
. Drilling
will commence at the end of
April 2025
and is expected to be completed in four weeks. The results
will be used to update the existing 2023 Mineral Resource Estimate which will form part of the
recently commissioned feasibility study being completed (see Freeman's news release dated
February 10, 2025
).
The drill program consists of approximately 3,000 metres of drilling and is designed to:
1
.
Convert the inferred ounces from the current mineral resource estimate ("
MRE
") (see
Freeman's news release dated
April 10, 2023
) to either measured or indicated for those
resources which are contained within the pit shell as per Freeman's Preliminary Economic
Assessment ("
PEA
") (see Freeman's news release dated
October 16, 2023
); and
2
.
Complete further exploration at both the northern extent of the current pit shell and at the
Beauty Zone.
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.
Au Cutoff (g/t)
Zone
Open Pit (OP) / Underground (UG)
Metric Tonnes
Contained Ounces
Grade Au (grams per tonne)
Category
Table
1
: 2023 Lemhi Gold Project Mineral Resource Estimate
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 oz Au at 1.0 g/t in 30.02 million
tonnes (Measured & Indicated) and 256,000 oz Au at 1.04 grams per tonne ("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
92,696m
of drilling has historically been completed.
The recently completed PEA shows: an after-tax net present value ("NPV")(5%) of
US$212.4 million
and an internal rate of return ("IRR") of 22.8% using a base case gold price of
US$1,750
/oz;
Average annual gold production of 75,900 oz Au for a total life-of-mine ("LOM") of 11.2 years
payable output of 851,900 oz Au; LOM cash costs of
US$809
/oz Au; and, all-in sustaining cash
costs ("AISC") of
US$957
/oz Au using an initial capital expenditure ("CAPEX") of
US$190 million
.
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.
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' SEDAR+ electronic
filing and data access platform 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 07:30e 24-MAR-25