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Freeman Gold Corp
Symbol FMAN
Shares Issued 55,780,181
Close 2020-08-18 C$ 0.57
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Freeman to start Lemhi drill program in September

2020-08-19 07:22 ET - News Release

Mr. William Randall reports

FREEMAN GOLD INITIATES 5000 METRE DIAMOND DRILL PROGRAM FOR RESOURCE ESTIMATE AT LEMHI

The board of directors of Freeman Gold Corp. has approved a comprehensive exploration program for its 100-per-cent-owned Lemhi gold project located in Idaho. The approved exploration program consists of 5,000 metres of diamond drilling, metallurgical testwork and extensive groundwork designed to:

  1. Twin a portion of historical drill holes within the known mineralized material. This is intended to confirm historical data and allow the use of over 355 historical drill holes in a National Instrument resource estimate. Some of the historical drill hole results are detailed in the associated table and include results such as 1.80 grams per tonne gold over 193 metres, 3.94 g/t Au over 56 metres and 1.81 g/t Au over 179.83 metres.
  2. Infill drilling within the known mineralized orebody to increase confidence and maximize the ounce count.
  3. Drill results will be used to complete a maiden National Instrument 43-101 resource estimate for Lemhi, scheduled to be released after the completion of the drill program.
  4. Groundwork is to consist of geophysics, including technologies designed to identify possible high-grade feeder zones, soil geochemistry, mapping and prospecting. The groundwork will use results from the known mineralized areas to identify further satellite deposits along strike within the 30-square-kilometre package.

Will Randall, president and chief executive officer of Freeman Gold, commented: "We intend to commence drilling during the first week of September with the goal of completing the twin and infill program by November, 2020, and the maiden resource estimate before year-end. We are looking forward to drilling off this near-surface, primarily oxide portion of the known mineralization, in what is our first phase of work at Lemhi. Subsequent work programs will focus on expanding the mineralization both on strike and at depth, which remain open in most directions.

"We are pleased to provide investors with a recap of the Lemhi gold project below, including historic drilling highlights from previous operators in the [19]80s and [19]90s, now that Freeman is embarking on its first drill program. We hope this will help investors follow our progress over the coming months as we release drill results to the market," added Mr. Randall.

The Lemhi gold project

The Lemhi gold project is located in Lemhi county, Idaho, within the Salmon River Mountains, a part of the Bitterroot Range, which forms the Idaho-Montana border. The property is approximately 40 km (25 miles) north of the town of Salmon and six km (3.7 miles) west of Gibbonsville, Idaho. Freeman has assembled a significant land package including 11 patented mining claims and 322 unpatented mining claims totalling more than 7,000 acres. The mineralization on the property is hosted in structurally controlled quartz vein swarms and quartz-flooded zones and occurs in close association with low-angle faulting.

Previous operators of the project, FMC Gold Company and American Gold Resources (AGR), conducted exploration and development activities between 1984 and 1996. Collectively, these companies completed geologic mapping; rock, soil and vegetation sampling; geophysical surveys; reverse circulation (RC) and core drilling; environmental and baselines studies; and initial mine permitting work over the property. The FMC and AGR drilling delineated extensive gold mineralization covering an area roughly 600 m east-west by 450 m north-south. In 2011 the Lemhi Gold Trust (LGT), a joint venture between Idaho State Gold Co. and Northern Vertex Capital, acquired claims in the area of the current property. LGT completed an aggressive predevelopment program consisting of historical data compilation and review, core and RC drilling, baseline environmental studies, and geotechnical work. Drilling included 7,860 metres in 40 core holes and 2,672 metres in 15 holes of RC drilling. LGT also completed terrestrial vegetation and wetland delineation studies, a petrographical analysis, and additional metallurgical work, as well as readdressed cultural resources, fisheries, wildlife resources, water rights and right of way. The project has not seen any work since the 2011/2012 campaigns by LGT.

A few of the noteworthy historical drill intercepts from these campaigns are listed in the associated table.

                   SELECT HISTORIC DRILL INTERCEPTS -- LEMHI PROJECT        
          
Hole ID          Year      Type of drilling         From        To     Interval**         Au
                                                     (m)       (m)            (m)      (g/t)

85007            1985   reverse circulation         3.05    152.40         149.35       1.06
86035            1986   reverse circulation         3.05    190.50         187.45       0.96
including        1986   reverse circulation       106.68    126.49          19.81       6.90
86064            1986   reverse circulation        28.96     50.29          21.34       4.79
87036            1987   reverse circulation         9.14    152.40         143.26       1.09
93002            1993   reverse circulation         1.52    181.36         179.83       1.81
including        1993   reverse circulation        28.96     45.72          16.76       4.07
including        1993   reverse circulation        59.44    117.35          57.91       4.09
93004            1993   reverse circulation         3.05    196.60         193.55       1.80
including        1993   reverse circulation        80.77    155.45          74.68       3.20
93007            1993   reverse circulation        73.15    129.54          56.39       3.94
including        1993   reverse circulation        76.20     89.92          13.72      15.19
93012            1993   reverse circulation         1.52     10.67           9.14       6.53
95011            1995   reverse circulation        59.44     76.20          16.76       4.04
95046            1995   reverse circulation        89.92    102.11          12.19       4.57
95048            1995   reverse circulation       150.88    167.64          16.76       4.66
95060            1995   reverse circulation       153.92    172.21          18.29       4.92
93005            1995   reverse circulation        18.29    117.35          99.06       1.73
LGT12-011C       2012                  core         6.86    159.72         152.86       1.06
LGT12-011C       2012                  core        37.80     48.46          10.67       8.41
LGT12-014C       2012                  core        61.57     71.93          10.36       3.46
including        2012                  core        67.67     71.93           4.27       7.24

** Intervals are core length.  True width is estimated between 70 and 90 per cent of 
core length.

The bulk of the drilling completed by FMC and AGR consisted of vertical reverse circulation drill holes targeting primarily oxide and transition zones within the patented claims. Many of the drill holes end in high-grade gold mineralization, leaving this deposit open at depth. A small number of holes were drilled off the main zone on strike and the majority intersected meaningful lengths of gold mineralization, including high-grade intercepts. The project is therefore open in most directions beyond the historically defined mineralization. As stated herein, the foregoing results are historical in nature and are provided here for context as to the comprehensive validation drill program contemplated by the company. The historical data have not been verified by a qualified person, including sampling, analytical and test data underlying the drilling information. The current work program will include comprehensive data validation by internal and independent qualified persons.

About Freeman Gold Corp.

Freeman Gold is a mineral exploration company focused on the development of its 100-per-cent-owned Lemhi gold property. The Lemhi project comprises 30 square kilometres of highly prospective land. The mineralization at the Lemhi project consists of shallow, near-surface primarily oxide gold mineralization that has seen over 355 drill holes but remains open at depth and along strike and in most directions. The company is working toward derisking the asset and a maiden NI 43-101 resource estimate as a result of both brownfields and greenfields exploration. The technical content of this news release has been reviewed and approved by Dean Besserer, PGeol, the vice-president, exploration, for the company and a qualified person as defined by National Instrument 43-101.

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