Freeman Gold conducting feasibility level geotechnical work at Lemhi Project, Idaho
Freeman Gold Corp. [TSXV: FMAN; OTCQB: FMANF; FSE: 3WU] has begun its 2025 geotechnical work program that includes borehole drilling, test pit excavation, in-situ materials testing, and geophysical surveys at the Lemhi Gold Project, Lemhi County, Idaho. Results from this work will be incorporated into a feasibility study of the project, currently being prepared by Ausenco.
The geotechnical work program aims to gather subsurface data to evaluate mine infrastructure foundations conditions and support feasibility study-level design of the co-placement storage facilities, open pit, and process plant; assess soil and groundwater conditions through geotechnical drilling, sampling, and in-situ testing; characterize rock mass properties along the open pit walls with geomechanical drilling; identify geotechnical and geological risks, such as weak soils, fault zones, groundwater challenges, or other unstable conditions that could impact the project; perform laboratory testing to evaluate the physical and mechanical properties of soil and rock; and prepare an independent engineering report to document the subsurface investigation.
The field exploration program is being undertaken within the proposed facility footprint, guided by prior preliminary economic assessment design layouts, and are limited to the patented claim boundaries. Only non-intrusive exploration methods, such as geophysics, will be conducted outside the patented area. Laboratory testing will encompass a comprehensive suite of tests to classify soils/rock and the physical and mechanical properties of both materials. These tests will provide data to inform the engineering and designs included in the feasibility study.
Lemhi 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.
Freeman Gold Corp. is a mineral exploration company focused on the development of its 100%-owned Lemhi Gold property. The Project comprises 30 km2 of prospective land, hosting a near-surface oxide gold resource. The pit constrained NI 43-101 compliant mineral resource estimate is comprised of 988,100 ounces gold at 1.0 g/t in 30.02 million tonnes (4.7 million tonnes Measured (168,800 oz) and 25.5 million tonnes Indicated (819,300 oz)) and 256,000 oz Au at 1.04 g/t gold 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 92,696 meytres of drilling has historically been completed.
The recently updated price sensitivity analysis shows a PEA with an after-tax net present value (5%) of US$329 million and an internal rate of return of 28.2% using a base case gold price of US$2,200/oz; Average annual gold production of 75,900 oz Au for a total life-of-mine of 11.2 years payable output of 851,900 oz Au; life-of-mine cash costs of US$925/oz Au; and, all-in sustaining costs of US$1,105/oz Au using an initial capital expenditure of US$215 million.