Freeman estimates Lemhi M&I resource at 988,100 oz gold, Idaho

Freeman Gold Corp. [FMAN-TSXV; FMANF-OTCQB; 3WU-FSE] reported results of the updated mineral resource estimate (MRE) conducted on its 100%-owned Lemhi gold deposit, Idaho. The MRE was completed by APEX Geoscience Ltd., Edmonton, Alberta.

Highlights: The pit constrained MRE using a 0.35 g/t gold cut-off and a gold price of US$1750/oz is comprised of Measured and Indicated MRE of 988,100 oz gold at 1.00 g/t in 30.02 million tonnes. Inferred MRE of 234,700 oz gold at 1.01 g/t in 7.34 million tonnes.

Current MRE was constructed from a total of 81,497 metres of drilling and 442 drillholes completed between 1983 and 2022. The resource is modelled as primarily amenable to open pit mining using standard, low-cost gold leaching technologies, including carbon in leach and heap leach processing.

Over 90% of the MRE contained within 100%-owned patented claims. The underground MRE (inferred) resource contains 21,300 oz at 2.27 g/t goild. The resource remains open on strike to the north, south and west as well as at depth. Resource assumes gold recoveries of 96.7% using traditional CIL/CIP based on recent metallurgy completed by Freeman.

Paul Matysek, Executive Chairman, stated, “Our new MRE for Lemhi firmly establishes this Project as one of the few remaining large, high-grade oxide gold deposits in the USA. We have successfully increased the size of the deposit by 24% while maintaining an approximate 1 g/t Au average grade. In addition to the increased size, we have continued de-risking the deposit by substantially improving the resource category with almost 1 million ounces in the Measured and Indicated category. We now look forward to incorporating this resource update into a maiden economic study for Lemhi.”

The updated MRE represents a 32% increase in Measured and Indicated (M&I) ounces as well as a 24% increase in size and 16% increase in grade over the maiden resource released just 20 months ago. The significant increases can be attributed to: infill drilling in previously defined areas of inferred mineralization; expansion drilling to the north, south, east and west; and, the discovery of the Beauty zone. The deposit remains open to the north (1.23 g/t over 36m; FG22-034C), south (1.22 g/t over 38.59m; FG22-050C and 5.95 g/t over 9.14m; FG22-022C), and west (0.61 g/t Au over 66m; FG22-011C).

All reported mineral resources occur within a pit shell optimized using values of US$1,750/oz gold and a potential underground economic shell that utilized a minimum mineralization thickness of 1 metre and a cutoff grade of 1.5 g/t lower cut-off. The Open Pit Measured, Indicated and Inferred MRE are undiluted and constrained within an optimized pit shell, at a 0.35 g/t lower cut-off. The Open Pit MRE comprises a Measured Mineral Resource of 4.47 million tonnes at 1.15 g/t gold for 168,800 oz of gold, an Indicated Mineral Resource of 25.55 million tonnes at 0.98 g/t gold for 819,300 oz of gold, and an Inferred Mineral Resource of 7.34 million tonnes at 1.01 g/t Au for 234,700 oz of gold. The potential underground Inferred MRE is undiluted and was manually constrained to shells that showed a minimum thickness of at least 1 metre at a lower cutoff grade of 1.5 g/t and showed continuity of mineralization. The underground MRE comprises an Inferred Mineral Resource of 296,000 tonnes at 2.27 g/t gold for 21,300 oz of gold.

The company is focused on growing and advancing the project towards a production decision.