Freeman Gold Corp Files NI 43-101 Technical Report for Maiden High-Grade Oxide Gold Resource Estimate for Lemhi Deposit
SALMON, Aug. 11, 2021 - Freeman Gold Corp. (CSE: FMAN) (OTCQB: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce that it has filed on SEDAR a National Instrument 43-101 ("NI 43-101") compliant, independent technical report (the "Report") on its 100% owned Lemhi Gold Project located in Idaho. The Report summarizes the results of the maiden Mineral Resource Estimate ("MRE") conducted on the Lemhi Gold Project. The MRE was completed by APEX Geoscience Ltd. ("APEX") of Edmonton, Alberta. Highlights of the filed Report include:
- The pit constrained MRE using a 0.5 g.t cut-off and a gold price of US$1,550 per troy ounce (oz) is comprised of:
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- Indicated MRE of 749,800 oz gold ("Au") at 1.02 grams per tonne ("g/t") in 22.94 million tonnes
- Inferred MRE of 250,300 oz Au at 1.01 g/t Au in 7.83 million tonnes;
- The resource is modelled as 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 is contained within Freeman's 100% owned patented claims; and
- The resource remains open on strike to the north, south and west as well as at depth.
There are no material differences in the Report from those results disclosed in the Company's press release dated July 8, 2021.
The Report was filed on August 10, 2021, with an effective date of June 1, 2021, and is entitled "Maiden Resource Independent Technical Report for the Lemhi Gold Project, Lemhi County, Idaho, USA". The Report, prepared in accordance with NI 43-101 - Standards of Disclosure for Mineral Projects - is available for review on SEDAR (www.sedar.com) and on the Company's website (www.freemangoldcorp.com).
The Report was prepared for Freeman by APEX and the mineral resource estimate contained in the Report was completed by Michael Dufresne M.Sc., P. Geol., P.Geo.
Table 1: Lemhi Gold Project Mineral Resource Estimate Constrained with US$1,550 per ounce of gold Pit Shell at various Cut-Off Grades (effective as of June 1, 2021)
| Au Cutoff | Tonnes | Avg Au | Au | Class |
| 0.2 | 35,970,000 | 0.78 | 900,200 | Indicated |
| 0.3 | 32,341,000 | 0.84 | 870,000 | |
| 0.4 | 27,490,000 | 0.92 | 815,500 | |
| 0.5 | 22,939,000 | 1.02 | 749,800 | |
| 0.6 | 18,683,000 | 1.12 | 674,700 | |
| 0.8 | 12,038,000 | 1.36 | 526,500 | |
| 1 | 7,812,000 | 1.61 | 405,300 | |
| 0.2 | 13,952,000 | 0.72 | 322,600 | Inferred |
| 0.3 | 12,233,000 | 0.78 | 308,700 | |
| 0.4 | 9,875,000 | 0.89 | 282,100 | |
| 0.5 | 7,683,000 | 1.01 | 250,300 | |
| 0.6 | 5,823,000 | 1.16 | 217,600 | |
| 0.8 | 3,528,000 | 1.47 | 166,900 | |
| 1 | 2,348,000 | 1.76 | 133,200 |
| 1. | Contained tonnes and ounces may not add due to rounding. |
| 2. | Mineral resources are not mineral reserves and do not have demonstrated economic viability. The Indicated, and Inferred MRE is undiluted and constrained within an optimized pit shell constructed using a gold price of US$1,550 per oz. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves. |
| 3. | The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to the Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. |
| 4. | The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. |
| 5. | The constraining pit optimization parameters were US$2.1/t mineralized and US$2/t waste material mining cost, CIL processing cost of US$8/t, US$2.4/t HL processing cost, US$2/t G&A, 50-degree pit slopes with a 0.50 g/t Au lower cut-off. |
The resource is classified according to the CIM "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" dated November 29, 2019, and CIM "Definition Standards for Mineral Resources and Mineral Reserves" dated May 10, 2014. APEX believes the Lemhi Gold Project has the potential for future economic extraction. For further details please refer to press release dated July 8, 2021.
The technical content of this release has been reviewed and approved by Dean Besserer, P. Geol., VP Exploration for the Company and a Qualified Person as defined by NI 43-101.
About the Company
Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned Lemhi Gold project (the "Lemhi Project"). The Lemhi Project comprises 30 square kilometres of highly prospective land. The mineralization at the Lemhi Project consists of high grade, shallow, near surface primarily oxide gold mineralization that has seen over 444 drill holes but remains open at depth and in multiple directions.
On Behalf of the Company
William Randall, President & CEO
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 its 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 Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Freeman Gold Corp.
Contact
please visit the Company's website at www.freemangoldcorp.com or contact Mr. Tom Panoulias at 416-294-5649 or by email at: tom@freemangoldcorp.com
