FREEMAN PROVIDES UPDATE ON PROJECT LEMHI GOLD
- Completion of 50 holes of infill drilling and resource expansion at Lemhi totaling 12,168 meters;
- Lehmi drill program designed to extend known mineralization, typically high-grade lenses into a broad low-grade zone;
- Five additional diamond drill holes completed in the Beauty Zone totaling 721 meters;
- Engaged Ausenco Engineering Canada Inc., a Tier 1 engineering company, to complete a preliminary economic assessment (“PEA”) specific to the Lemhi gold deposit;
- Securing a Reverse Circulation (“RC”) Drill from Specialized Drilling Corp. to complete a 6,000 meter Phase III resource classification and expansion drilling program at the Lemhi gold deposit with additional drilling at the Beauty Zone; and
- Completion of quarterly surface water and groundwater sampling and flow measurements.
Toronto Stock Exchange: FMAN
VANCOUVER, BC, September 12, 2022 /PRNewswire/ – Freeman Gold Corp. (TSXV: FMAN) (OTCQX: FMANF) (FSE: 3WU) (“Free man“or the”Company“) is pleased to announce that it has successfully completed the Phase II diamond drilling program consisting of 12,168 meters in 50 holes as part of a resource expansion program at its Lemhi gold deposit. , 100% owned, Idaho, United States. A total of 46 of these drill holes were designed to test mineralization on strike to the east and west of the known deposit (expansion holes) and four were fill holes in areas known to improve resource confidence in areas where only historical drill holes exist. Five additional holes totaling 721 meters were drilled in the newly discovered Beauty Zone (see Figure 1).
The expansion holes ranged from 40 to 90 meters east or west of existing drilling where gold mineralization was intersected. These particular zones were previously modeled as unmineralized due to the lack of drill density in the first initial mineral resource estimate (“ERMThe current MRE includes 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 (see press release of July 8, 2021). The MRE covers an area of 400 meters by 500 meters and extends to a depth of 180 meters below the surface. The resource expansion holes that form the bulk of the current Phase II drilling program are designed to expand this current resource both laterally and at depth.
Paul MatysekExecutive Chairman, said, “The diamond drill program was designed to confirm the continuity and increase the size of the Lemhi gold deposit. The planned drill holes extended up to 90 meters along strike, adding approximately 20% to the known mineralized strike length. The intersection of gold mineralization in these zones will have a direct impact on increasing gold resources in the pit. Additionally, many of these zones that have been drilled are within the final shell of the pit, which means that any ounces added in these zones will be accretive. to the global resource.”
Lemhi gold deposit
From August 31, 2022a total of 50 new drill holes were completed at Lemhi for a total of 12,168 meters. These holes were primarily designed to test the lateral extensions of the known resource as well as the filling in parts of the gold deposit. In particular, the drill program focused on areas currently modeled as barren due to a lack of drill data. Any ounces added in these areas, even if they are close to the cut-off grade, will add value to the project because they come from areas of the resource shell that would drive resource upgrading. An additional 25 holes or approximately 5,000 meters have been planned as part of the Phase 3 RC drill program.
Currently, 45 project boreholes have been logged, sampled and sent to the laboratory. It is estimated that samples for all 50 holes will be in the lab by the end of the month and analytical results are currently pending for several of the holes. It is expected that the full set of assay results will be received by the end of the fourth quarter.
All drill core samples are sent to ALS Global Laboratories (Geochemistry Division), an independent and fully accredited (ISO 9001:2008) laboratory for gold analysis by fire assay and multi-induction coupled plasma spectroscopy. -elements (some drill holes), at Vancouver, Canada. Freeman has a strict quality assurance and quality control (QA/QC) program in which at least 10% duplicates, blanks and standards are inserted into each sample shipment. The Company also collects RQ and SG and complete geological logs.
About the company and the project
Freeman Gold Corp. is a mining exploration company focused on the development of its 100% owned Lemhi Gold property (the “Project“). The project comprises 30 square kilometers of highly prospective land, hosting a near-surface oxidized gold resource. The pit was constrained by National Instrument 43-101 (“NI 43-101“) the conforming mineral resource estimate includes 749,800 ounces of gold (“At“) to 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 NI 43-101 Maiden Resource Technical Report for the Lemhi Gold Project, Lemhi County, IdahoUSA” with an effective date of June 1, 2021and the date of signature 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 press release has been reviewed and approved by Dean BessererP.Geo., VP Exploration of the Company and a Qualified Person as defined by NI 43-101.
On behalf of the company
President and CEO
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 continued exploration and development plans. future business of the Company. All statements in this release, other than statements of historical fact 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”, “could”, “might” or “should” occur. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results may differ from those contained in the forward-looking statements. This forward-looking information reflects the Company’s beliefs with respect to future events and is subject to risks, uncertainties and assumptions. Readers are encouraged to consult the Company’s reports, which are publicly available through the Canadian Securities Administrators’ Electronic Document Retrieval System (SEDAR) at www.sedar.com for an more comprehensive analysis of these risk factors and their potential effects. The Company does not undertake to update any forward-looking statements or forward-looking information, except as required by law.
SOURCE Freeman Gold Corp.