FREEMAN REPORTS ON FINAL DRILL RESULTS FROM 2021-2022 DRILL PROGRAM All 71 drill holes from the Phase 2 diamond drill program and Phase 3 reverse circulation drill program intersected shallow oxide gold mineralization within existing resource pit boundaries both along strike and at
FREEMAN REPORTS ON FINAL DRILL RESULTS FROM
2021-2022 DRILL PROGRAM
All 71 drill holes from the Phase 2 diamond drill program and Phase 3 reverse circulation drill program
intersected shallow oxide gold mineralization within existing resource pit boundaries both along strike and at
depth.
Highlights from new results (see Figure 1 and Tables 1 and 2):
North
Expansion drilling successfully extended known mineralization at
Lemhi
250 metres ("m") north of previous
drilling by Freeman
FG22-034C returned 1.23 g/t Au over
36m
, including 5.16 g/t Au over
7m
FG22-030C returned 9.7 g/t Au over
3m
FG22-063R returned 1.7 g/t Au over
12.19m
Infill
0.47
g/t Au over
224m
(infill hole to test depth of mineralization; FG22-017C)
East
0.28 g/t Au over
60m
, including 0.92 g/t over
9m
(eastern
65m
step out; FG22-024C)
West
0.56 g/t Au over 50.29
m (western expansion infill between 2020 drilling and FG21-004C; FG22-055R)
South
0.47 g/t Au over 7.62
m (southern infill hole; FG22-065R)
All drill results have now been received and a new mineral resource estimate (Q1 2023) and maiden Preliminary
Feasibility Study ("PFS") (Q2 2023) are underway.
Highlights from previous results:
East
Eastern expansion drilling successfully extended known mineralization 80 metres
Expansion hole FG22-014C returned 0.94 g/t Au over
41m
, including 1.67 g/t Au over
17m
; Expansion hole FG22-
016C returned 2.1 g/t Au over
16m
West
Western expansion drilling successfully extended known mineralization 90 metres
Expansion hole FG22-011C - 0.61 g/t Au over
66m
, including 3.1 g/t Au over
5m
; Expansion hole FG22-001C 0.55
g/t Au over
55m
, including 1.1 g/t Au over
18.5m
; Expansion hole FG21-004C 0.24 g/t Au over
156.6m
, including
2.1 g/t Au over
7.4m
South
Southern expansion drilling successfully extends known mineralization 350 metres
Expansion hole FG22-022C returned 5.95 g/t Au over
9.14m
;
Expansion hole FG22-061R returned 2.4 g/t Au over
13.72m
;
Expansion hole FG22-050C returned 1.22 g/t Au over
38.59m
, including 2.73 g/t Au over
10m
Infill
Infill hole FG21-009C returned 0.61 g/t Au over
90m
, including 0.92 g/t Au over
15.97m
Toronto Venture Stock Exchange: FMAN
VANCOUVER, BC
,
Feb. 14, 2023
/CNW/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQX: FMANF) (FSE: 3WU) ("
Freeman
" or
the "
Company
") is pleased to report results for the final 19 drill holes from the Company's 12,000 metre Phase 2 and 3
resource expansion and infill drill program at its 100% owned Lemhi Gold Deposit,
Idaho, USA
. Of the 19 new drill holes, 10
were designed to test mineralization to the west, east and south of the known deposit to expand mineralization and eight holes
north of the known deposit. Also, one infill hole (FG22-017C) was designed to test mineralization at depth (see Figure 1 and
Tables 1 and 2).
Previously results were announced from the 2021-2022 drill program at
Lemhi
and the newly discovered Beauty zone on
March 22, 2022
,
October 12, 2022
,
November 9, 2022
,
January 17, 2023
and
January 31, 2023
. Highlights from these news
releases are highlighted above and all holes from the Phase 2 diamond drill holes and Phase 3 reverse circulation ("
RC
") holes
intersected shallow oxide gold mineralization both along strike and at depth from known mineralization.
Paul Matysek
, Executive Chairman, commented, "The northern extent of
Lemhi
has had very little recent or historic drilling.
Although we know little about this area,
Lemhi
continues to deliver encouraging results. The northern extents of the deposit are
open and the area is an excellent target to quickly add more ounces." He continued, "It is exceptional that every drill hole from
Lemhi
within the 2021-2022 drill campaign intersected gold mineralization. After having received all our drill results, we are now
turning our focus to our new mineral resource estimate and a maiden PFS."
All holes drilled to date have intersected shallow oxide gold. Selected highlighted results from the most recent 19 holes are:
1.23
g/t Au over
36m
, including 5.16 g/t Au over
7m
(FG22-034C; North);
9.7 g/t Au over
3m
(FG22-030C; North);
1.7 g/t
Au over 12.19
m
(FG22-063R; North);
0.47
g/t Au over
224m
(infill hole to test depth of mineralization; FG22-017C);
0.28 g/t
Au over
60m
, including 0.92 g/t over
9m
(Eastern
65m
step out; FG22-024C);
0.56 g/t Au over 50.29
m
(Western expansion
infill between 2020 drilling and FG21-004C; FG22-055R);
0.47 g/t Au over 7.62
m
(Southern infill hole; FG22-065R) (see
Figure 1 and Tables 1 and 2).
Table 1 – Significant Drill Results – All Remaining Drill Holes (East, West, South and Infill)*
DRILL
HOLE
DEPTH
(METRES)
DIP
AZIMUTH
FROM
TO
HIGHLIGHT
FG22-017C
409.19
-90
360
19
243
224m @0.47 g/t Au
Infill Deep
Including
20.27
24
3.73m @ 10.24 g/t Au
122.95
124.97
2.02 m @ 10 g/t Au
FG22-024C
297.03
-90
360
137
197
60m @ 0.28 g/t Au
East
including
137
164
26m @ 0.44 g/t Au
149
158
9m @ 0.92 g/t Au
FG22-046C
229.51
-90
360
West
170
201
31m @ 0.31 g/t Au
FG22-054R
198.12
-90
360
3.05
6.1
3.05m @ 0.29 g/t Au
West
112.78
117.35
4.57 @ 0.37 g/t Au
126.49
141.73
15.24m @ 0.87 g/t Au
170.69
173.74
3.05m @ 0.23 g/t Au
179.83
198.12
18.29m @ 0.18 g/t Au
FG22-055R
204.22
-90
360
30.48
47.24
16.76m @ 0.44 g/t Au
West
96.01
99.06
3.05m @ 3.72 g/t Au
114.3
120.4
6.1m @ 0.24 g/t Au
124.97
132.59
7.62m @ 0.24 g/t Au
153.92
204.21
50.29m @ 0.56 g/t Au
FG22-059R
82.3
-90
360
4.57
15.24
10.69m @ 0.2 g/t Au
West
64.008
65.532
1.52m @ 0.47 g/t Au
FG22-060R
167.64
-80
270
3.05
7.62
4.57m @ 0.4 g/t Au
West
57.91
62.48
4.57m @ 0.43 g/t Au
132.59
138.68
6.1m @ 0.62 g/t Au
155.49
164.59
9.14m @ 0.83 g/t Au
FG22-062R
161.54
-90
360
27.43
28.96
1.52m @ 2.14 g/t Au
West
FG22-064R
195.1
-90
360
48.77
52.34
4.57m @ 0.3 g/t Au
West
164.59
195.07
30.48m @ 0.5 g/t Au
including
181.36
188.98
7.62m @ 1.05 g/t Au
FG22-065R
176.8
-90
360
80.77
83.82
3.05m @ 0.64 g/t Au
South
126.49
131.06
4.57m @ 0.65 g/t Au
137.16
140.21
3.05m @ 0.6 g/t Au
163.07
170.69
7.62m @ 0.47 g/t Au
FG22-066R
121.92
-90
360
27.432
28.956
1.52m @ 0.83 g/t Au
West
45.72
82.3
35.58m @ 0.3 g/t Au
Lost Hole
including
73.15
79.25
6.1m @ 0.78 g/t Au
*Intervals are core-length. True width is estimated between 90-95 percent ("%") of core length. Using 0.15 g/t Au cut-off. 'C' denotes core hole; 'R' denotes RC (Reverse Circulation) hole.
Table 2– Significant Drill Results – Lemhi North*
DRILL HOLE
DEPTH
(METRES)
DIP
AZIMUTH
FROM
TO
HIGHLIGHT
FG22-027C
222.66
-90
360
18
29
11m @ 0.3 g/t Au
Including
18
20
2m @ 0.89 g/t Au
102
103
1m @ 0.82 g/t Au
111.2
112
0.8m @ 1.8 g/t Au
FG22-030C
226.47
-90
360
22
23
1m @ 0.87 g/t Au
30
32
2m @ 0.36 g/t Au
35
43
8m @ 0.3 g/t Au
48
49
1m @ 0.63 g/t Au
54
59
5m @ 0.31 g/t Au
75.13
78
2.87m @ 0.55 g/t Au
95.67
104
8.33m @ 0.32 g/t Au
110
113
3m @ 0.3 g/t Au
134.35
136
1.65m @ 1.15 g/t Au
146.98
148
1.02m @ 5.21 g/t Au
161
164
3m @ 9.7 g/t Au
192.62
193.7
1.08m @ 1.49 g/t Au
FG22-032C
221.89
-90
360
12
13
1m @ 4.34 g/t Au
30
31
1m @ 0.81 g/t Au
64.05
68
3.95m @ 0.53 g/t Au
84
88.5
4.5 m @ 0.28 g/t Au
101
102
1m @ 0.84 g/t Au
110
111
1m @ 0.91g/t Au
138
139
1m @ 1.32 g/t Au
146
149
3m @ 0.76 g/t Au
184
186
2m @ 0.52 g/t Au
FG22-034C
221.89
-90
360
133
135
2m @ 3.6 g/t Au
159
195
36m @ 1.23 g/t Au
including
169
176
7m @ 5.16 g/t Au
FG22-042C
192.63
-90
360
53
54
1m @ 0.54 g/t Au
72
81
9m @ 0.4 g/t Au
92
96
4m @ 0.32 g/t Au
117
121
4m @ 0.27 g/t Au
126
128
2m @ 0.38 g/t Au
137
143
6m @ 0.44 g/t Au
146
147
1m @ 0.48 g/t Au
162
164.74
2.74m @ 0.59 g/t Au
FG22-044C
203.3
-90
360
124
126
2m @ 0.57 g/t Au
158
161
3m @ 3.26 g/t Au
178
185
7m @ 0.4 g/t Au
FG22-051C
214.12
-90
360
28
33
5m @ 0.15 g/t Au
38
44
6m @ 0.22 g/t Au
FG22-063R
152.4
-60
270
27.432
28.956
1.52m @ 0.71 g/t Au
123.44
135.63
12.19m @ 1.7 g/t Au
*Intervals are core-length. True width is estimated between 90-95 percent ("%") of core length. Using 0.15 g/t Au cut-off. 'C' denotes core hole; 'R' denotes RC (Reverse Circulation) hole.
Many of these areas are modelled as unmineralized due to lack of drilling in the initial maiden mineral resource estimate
("
MRE
"). The current MRE comprises an Indicated Mineral Resource of 22.94 million tonnes at 1.02 g/t Au for 749,800 oz of
gold, and an Inferred Mineral Resource of 7.68 million tonnes at 1.01 g/t Au for 250,300 oz of gold (refer to press release
dated
July 8, 2021
). The MRE covers a surface area of 400 by 500 metres and extends down to a depth of 180 metres below
surface. The resource expansion holes that form the bulk of the Phase 2 and 3 drill program were designed to extend the
current resource both along strike and at depth.
Lemhi Gold Deposit:
As of
December 2022
a total of 50 new core drill holes for a total of 12,168 metres as well as 10 RC holes totalling 1,621.5
metres were completed at
Lemhi
. These holes have been primarily designed to test on strike extensions of the known resource
as well as infill in certain parts of the gold deposit. In particular, the drill program has focused on areas currently modelled as pit
waste because of no or sparse drill data. All ounces added in these areas, even if close to the cut-off grade, will add value to
the project as they come from zones in the resource shell that now be upgraded to resources (see Figure 1 and Table 1). In
addition, a total of 11 drill holes were completed at the Beauty Zone Target totaling 1,559 metres. This marks the completion of
the Phase 3 RC drill program which was concluded in December due to inclement weather and drilling issues.
All drill holes from the project have been logged, sampled and sent to the laboratory. All analytical results have now been
received.
All drill core samples are sent to ALS Global Laboratories (Geochemistry Division), an independent and fully accredited
laboratory (ISO 9001:2008) ), in
Vancouver, Canada
, 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.
Figure 1.
Lemhi 2021-22 Drilling – Final Drill Results (CNW Group/Freeman Gold Corp.)
Freeman also announces that it has granted stock options to certain directors and officers of the Company to acquire an
aggregate of 2,325,000 common shares in the capital of the Company (the "
Shares
") at an exercise price of
$0.25
(the "
Stock
Options
") per Share, in accordance with the terms and conditions of the Company's stock option plan. The Stock Options fully
vest on the date of the grant and are exercisable for a five-year term expiring
February 10, 2028
.
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
"). 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
749,800 oz gold ("
Au
") at 1.02 grams per tonne ("
g/t
") in 22.94 million tonnes (Indicated) and 250,300 oz Au at 1.01 g/t Au in
7.83 million tonnes (Inferred). See the NI 43-101 technical report titled "Maiden Resource Technical Report for the Lemhi Gold
Project,
Lemhi County, Idaho
, USA" with an effective date of
June 1, 2021
, and signing date of
July 30, 2021
, as prepared by
APEX Geoscience Ltd. and F. Wright Consulting Inc. available under the Company's profile on SEDAR (
www.sedar.com
). The
Company is focused on growing and advancing the Project towards a production decision. The technical content of this news
release has been reviewed and approved by
Dean Besserer
, P.Geo., VP Exploration of the Company and a Qualified Person
as defined by NI 43-101.
On Behalf of the Company
William Randall
President and 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' System for Electronic
Document Analysis and Retrieval (SEDAR) at
www.sedar.com
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.
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Freeman Gold Corp.
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For further information:
please visit the Company's website at www.freemangoldcorp.com or contact Mr. Tom Panoulias at
416-294-5649 or by email at: [email protected].
CO: Freeman Gold Corp.
CNW 07:30e 14-FEB-23