Mr. William Randall reports
FREEMAN GOLD FURTHER CONSOLIDATES LAND PACKAGE WITHIN HISTORICAL RESOURCE AREA OF THE LEMHI GOLD PROJECT
Freeman Gold Corp. has acquired the Moon No. 100 and Moon No. 101 unpatented mining claims, located within the historical resource area of the company's 100-per-cent-owned Lemhi gold project, located in Idaho, United States. The Moon claims are located toward the northern portion of the historical resource area in the immediate vicinity of historical drill holes 86065, 93002 and 93005, which contain significant gold mineralization including both broad (193.55 metres of 1.8 grams per tonne gold) and high-grade (57.91 metres of 4.09 g/t Au) gold intercepts (see attached table).
SELECT HISTORIC DRILL INTERCEPTS IN THE VICINITY OF THE MOON CLAIMS -- LEMHI PROJECT
Hole ID Year Type of drilling From m To m Interval** m Au g/t
86065 1986 Reverse circulation 16.76 30.48 13.72 3.11
86065 1986 Reverse circulation 60.96 135.64 74.68 1.87
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
93005 1993 Reverse circulation 3.05 196.60 193.55 1.80
including 1993 Reverse circulation 80.77 155.45 74.68 3.20
** Intervals are core length. True width is estimated between 70 and 90 per cent of core length.
Will Randall, president and chief executive officer, commented: "When Freeman acquired the Lemhi gold project management was cognizant that two transactions were required to substantially derisk the project's property package. The first item was to extinguish the back-in rights (please refer to announcement dated Sept. 8, 2020), and the second was to acquire the remaining unowned claims within the resource area. The acquisition of the Moon claims achieves this objective and mitigates the risk of limiting future resource estimates by excluding any ounces contained within the claims and, just as importantly, limiting further ounces due to pit design constraints. The Moon claims have historical drilling with significant intercepts within and in the immediate vicinity of the claims that we can now incorporate into future work. Freeman now has a complete property package without any back-in rights. As a result, we can focus on our ongoing drill campaign without property constraints to maximize the potential resource."
Details of the transaction
Freeman acquired 100-per-cent ownership of the Moon claims pursuant to a purchase and sale agreement between Freeman and the previous owner of the Moon claims, pursuant to which Freeman paid the seller cash consideration of $150,000 (U.S.) as well as issuing 375,000 common shares in the capital of Freeman to the seller. The transaction was not subject to a finder's fee or brokerage commission.
About the company
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 producing a maiden National Instrument 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 of exploration for the company and a qualified person as defined by National Instrument 43-101.
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