Freeman Completes Maiden High-Grade Oxide GOLD Resource Estimate FOR Lemhi Deposit, Idaho
FREEMAN COMPLETES MAIDEN HIGH-GRADE OXIDE GOLD
RESOURCE ESTIMATE FOR LEMHI DEPOSIT, IDAHO
• The Lemhi Mineral Resource Estimated (“MRE”) was constructed with 64,391 m
of drilling in 364 holes completed between 1983 and 2020;
• The resource is modelled as amenable to open pit mining using standard , low cost
gold leaching technologies, including carbon in leach and heap leach processing;
• The pit constrained MRE using a 0.5 g.t cut off and a gold price of US$1 ,550 per
troy ounce (oz) is comprised of:
o Indicated MRE of 749,800 oz gold (“Au”) at 1.02 grams per tonne ( “g/t”) in
22.94 million tonnes
o Inferred MRE of 250,300 oz Au at 1.01 g/t Au in 7.83 million tonnes;
• Over ninety percent of the MRE is contained within Freeman’s 100% own ed
patented claims; and
• The resource remains open on strike to the north, south and west as well as at depth.
CANADIAN SECURITIES EXCHANGE: FMAN FOR IMMEDIATE RELEASE
SALMON, IDAHO– July 8, 2021 – Freeman Gold Corp. (CSE: FMAN) (FSE: 3WU) (“Freeman” or the
“Company”) is pleased to announce results of the maiden Mineral Resource Estimate (“MRE”) conducted
on its 100% % owned Lemhi Gold Project located in Idaho. The MRE was completed by APEX Geoscience
Ltd. (“APEX”), Edmonton, Alberta.
All reported mineral resources occur within a pit shell optimized using values of US $1,550 per ounce of
gold (“Au”). The Indicated and Inferred MRE are undiluted and constrained within an optimized pit shell,
at a 0.5 gram per tonne (“g/t”) lower cut-off. The MRE comprises an Indicated Mineral Resource of 22.94
million tonnes at 1.02 g/t Au for 749,800 oz of gold, and a n Inferred Mineral Resource of 7.68 million
tonnes at 1.01 g/t Au for 250,300 oz of gold (Table 1). The MRE covers a surface area of 400 by 500 metres,
extends down to a depth of 180 metres below surface, and remains open on strike to the north, south and
west as well as at depth.
Commenting on these results, Will Randall, President and CEO of Freeman, stated, “This maiden resource
estimate for Lemhi establis hes the Lemhi Project as one of the few remaining undeveloped large, high-
grade oxide gold deposits in the United States. The estimate exceeds our expectations, bringing several
decades of work together, and setting the foundation for further drilling and engineering to both expand the
resource and move it closer to the ultimate goal of establishing a low cost producer in a top ranked
jurisdiction.”
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Table 1: Lemhi Gold Project Mineral Resource Estimate
Constrained with US $1,550 per ounce of gold Pit Shell at
various Cut-Off Grades (effective as of June 1, 2021)
Au Cut-
off
(grams
per tonne)
Tonnes
(1,000 kg)
Avg Au
(grams
per
tonne)
Au
(troy
ounces)
Class
0.2 35,970,000 0.78 900,200
Indicated
0.3 32,341,000 0.84 870,000
0.4 27,490,000 0.92 815,500
0.5 22,939,000 1.02 749,800
0.6 18,683,000 1.12 674,700
0.8 12,038,000 1.36 526,500
1 7,812,000 1.61 405,300
0.2 13,952,000 0.72 322,600
Inferred
0.3 12,233,000 0.78 308,700
0.4 9,875,000 0.89 282,100
0.5 7,683,000 1.01 250,300
0.6 5,823,000 1.16 217,600
0.8 3,528,000 1.47 166,900
1 2,348,000 1.76 133,200
1. Contained tonnes and ounces may not add due to rounding.
2. Mineral resources are not mineral reserves and do not have
demonstrated economic viability. The Indicated and Inferred MRE is
undiluted and constrained within an optimized pit shell constructed
using a gold price of US$1 ,550 per oz. The estimate of Mineral
Resources may be materially affected by environmental, permitting,
legal, title, taxation, socio -political, marketing, or other relevant
issues. There is no certainty that Mineral Resources will be converted
to Mineral Reserves.
3. The Inferred Mineral Resource in this estimate has a lower level of
confidence than that applied to the Indicated Mineral Resource and
must not be converted to a Mineral Reserve. It is reasonably expected
that the majority of the Inferred Mineral Resource could b e upgraded
to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources in this news release were estimated in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), CIM Standards on Mineral Resources and
Reserves, Definitions (2014) and Best Practices Guidelines (2019)
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by the CIM Council.
5. The constraining pit optimization parameters were US$2.1/t
mineralized and US$2/t waste material m ining cost, CIL processing
cost of US$8/t, US$2.4/t HL processing cost, US$2/t G&A, 50 -degree
pit slopes with a 0.50 g/t Au lower cut-off.
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A cross section of the Lemhi gold deposit /2021 block model and a plan view of the Lemhi Project are
shown below as Figures 1 and 2, respectively.
Figure 1 – East-West schematic cross section of the Lemhi gold project, looking North,
showing drilling and the 2021 block model with estimated gold grades.
Figure 2 – Plan view of the Lemhi Project with drill collars, grade estimation boundaries and
US$1,550/oz Au pit boundaries.
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Estimation Methodology
The Lemhi Project database contains a total of 444 drill holes with 50,712 sample intervals in a sample
database with 49,313 samples assayed for gold. The Lemhi Pro ject MRE utilized 364 drill holes (64,391
m) with 277 drill holes completed between 1983 and 1995, and 87 drill holes completed between 2012 and
2020. Inside the mineralized domains there is a total of 15,555 samples analyzed for gold. Standard
statistical treatments were conducted on the raw and composite samples resulting in a capping limit of 27.1
g/t gold applied to the composites. The current drill hole database is deemed to be in good condition and
suitable for use in ongoing MRE studies. Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo ., President of
APEX, is an independent qualified person (QP) and is responsible for the MRE.
Modeling was conducted in the Universal Transverse Mercator (UTM) coordinate space relative to the
North American Datum (NAD) 1983, National Spatial Reference System 2011, and State Plane Idaho
Central, (EPSG:6448). The mineral resource block model utilized a block size of 3 m (X) x 3 m (Y) x 3 m
(Z) in order to hono ur the mineralization wireframes. The percentage of the volume of each block within
each mineralization domain was calculated and used in the MRE. The gold estimation was completed using
ordinary kriging (OK) utilizing 7,565 composited samples within the interpreted mineralization wireframes.
The search ellipsoid size used to estimate the gold grades was defined by modelled variograms. Block grade
estimation employed locally varying anisotropy, which allows structural complexities to be reproduced in
the estimated block model.
There are two dominant styles of gold mineralization at the Lemhi Gold Project. The primary mineralization
occurs as a halo around an intrusion with secondary mineralization along shallow dipping foliation and
faults. Both styles of mineralization generally occur as stacked parallel sub-horizontal sheets.
A total of 8,015 specific gravity samples were available and utilized to determine the bulk density . No
significant variation of the density was observed between the geological units o r mineralized versus un -
mineralized zones. The overall average bulk density was 2.62 g/cm 3 and was applied to all blocks for the
Lemhi Gold Project MRE.
The resource is classified according to the CIM “Estimation of Mineral Resources and Mineral Reserves
Best Practice Guidelines” dated November 29, 2019, and CIM “Definition Standards for Mineral Resources
and Mineral Reserves” dated May 10, 2014. A National Instrument 43-101 (“NI 43-101”) technical report
disclosing the Lemhi Gold Project MRE will be filed on SEDAR within 45 days. APEX believes the Lemhi
Gold Project has the potential for future economic extraction.
About the Lemhi Gold Project
The Lemhi Gold Project lies within the Idaho -Montana porphyry belt, a northeast-trending alignment of
metallic ore deposits related to granitic porphyry intrusions that extend north-easterly across Idaho related
to the Trans -Challis fault system, a broad (20 -30 km wide) system of en -echelon northeast -trending
structures extending from Boise Basin more than 270 km into Montana. At Lemhi, gold mineralization is
hosted in Mesoproterozoic quartzites and phyllites within a series of relatively flat -lying lodes consisting
of quartz veins, quartz stockwork and breccias. The mineralized lodes are associated with low angle faults,
folding and shear zone(s). The mineralized zones have varying amounts of sulphides (pyrite, chalcopyrite,
bornite, molybdenum, and occasionally arsenopyrite) and free gold is common. The mineralization remains
open at depth and in multiple directions.
All rock samples were sent to ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada ,
an independent and fully accredited laboratory (ISO 9001:2008) 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.
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The technical c ontent of this release has been reviewed and approved by Dean Besserer, P. Geol., VP
Exploration of the Company and a Qualified Person as defined by NI 43-101.
About the Company
Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned
Lemhi Gold project (the “Lemhi Project”). The Lemhi Project comprises 30 square kilometers of highly
prospective land. The mineralization at the Lemhi Project consists of shallow, near surface primarily oxide
gold mineralization that has seen over 444 drill holes but remains open at depth and in multiple directions.
On Behalf of the Company
William Randall, President & CEO
For further information, please visit the Company’s website at www.freemangoldcorp.com or contact
Mr. Tom Panoulias 416-294-5649 or by email at: [email protected]
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 the filing of an NI 43-101 technical report within 45 days and to other 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 “w ill”, “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
Company does not undertake to update forward‐looking statements or forward‐looking information, except
as required by law.
Neither Canadian Securities Exchange nor its regulation services provider accepts responsibility for the
adequacy or accuracy of this release.