Freeman Submits Application FOR Land Interchange Under Small Tracts Act with the US Forest Service
FREEMAN SUBMITS APPLICATION FOR LAND
INTERCHANGE UNDER SMALL TRACTS ACT
WITH THE US FOREST SERVICE
VANCOUVER, BC
,
Dec. 10, 2024
/CNW/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF)
(FSE: 3WU) ("
Freeman
" or the "
Company
") is pleased to announce that it has submitted an
application for a land interchange as part of the Small Tracts Act ("
STA
") with the US Forest Service
("
USFS
") at the 100% owned Lemhi Gold Project in
Idaho
.
Currently, there are several slivers of National Forest Land that lie within the 30 km
2
(7,400 acre)
Lemhi Gold Project area. Freeman has now submitted a STA application to the USFS to exchange
approximately 40 acres of this land for parcels of equal value outside of the project area without a
formal appraisal. Upon successfully completing the transfer, the Project area will be unencumbered
by conflicting land use classifications simplifying mine permitting and development.
All parcels to be acquired by Freeman through the interchange are "mineral survey fractions" as
defined in 36 CFR § 254.31, i.e., they are "small parcels" of National Forest System Lands
interspersed with or adjacent to lands transferred out of Federal Ownership under the mining laws.
The claims under application are either surrounded by, or intrude into adjacent patented claims,
adversely affecting the efficient development of the mineral resource in Freeman's patented claims.
Interchange of the parcels would facilitate the orderly and efficient development of the mineral
resource in the patented claims.
The USFS has both encouraged the application and has acknowledged the receipt of the
submission.
Mr. Moubarak commented, "We appreciate the help of the US Forest Service in consolidating our
land position. As we advance our project forward, this will certainly help simplify our permitting
process."
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 988,100 oz
gold ("
Au
") at 1.0 grams per tonne ("
g/t
") in 30.02 million tonnes (Measured & Indicated) 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.
The recently completed PEA shows: an after-tax NPV(5%) of
US$212.4 million
and IRR of 22.8%
using a base case gold price of
US$1,750
/oz; and after-tax NPV (5%) of
US$ 345.7 million
and IRR
of 31.9% using spot gold price of
$2,042.60
US$/oz; Average annual gold production of 75,900 oz
Au for a total life-of-mine ("
LOM
") 11.2 years payable output of 851,900 oz Au; LOM cash costs of
US$809
/oz Au; and, all-in sustaining cash costs of
US$957
/oz Au using an initial 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 National Instrument
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' System for Electronic
Document Analysis and Retrieval (SEDAR+) 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 10-DEC-24