Vancouver, British Columbia–(Newsfile Corp. – August 19, 2020) – Freeman Gold Corp. Freeman Gold Corp. (FMAN.CN) (OTC: FMANF) (3WU.F) (“Freeman” or the “Company”) is pleased to announce that the Board of Directors of the Company has approved a comprehensive exploration program for its 100% owned Lemhi Gold project (“Lemhi” or the “Project”) located in Idaho, USA. The approved exploration program consists of 5,000 metres of diamond drilling, metallurgical test work, and extensive groundwork designed to:
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 below in Table 1 and includes results such as 1.80 grams per tonne (“gpt”) gold (“Au”) over 193 metres, 3.94 gpt Au over 56 metres, and 1.81 gpt Au over 179.83 metres.
Infill drilling within the known mineralized orebody to increase confidence and maximize the ounce count.
Drill results will be used to complete a maiden NI 43-101 resource estimate for Lemhi, scheduled to be released after the completion of the drill program.
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 kilometer package.
Will Randall, President & CEO 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 80s and 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 Will Randall.
The Lemhi Gold Project
The Lemhi Gold Project (the “Project” or the “Property”) is located in Lemhi County, Idaho (“ID”), U.S.A., 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 6 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 totaling 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 (“FMC”) 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 pre-development program consisting of historical data compilation and review, core and RC drilling, base-line environmental studies, and geotechnical work. Drilling included 7,860 meters in 40 core holes and 2,672 meters 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 readdressing 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 Table 1.
|TABLE 1. SELECT HISTORIC DRILL INTERCEPTS – LEMHI PROJECT|
|Hole_ID||Year||Type of Drilling||From m||To m||Interval** m||g/t Au|
**Intervals are core-length. True width is estimated between 70 to 90% 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 has 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 the Company
Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned Lemhi Gold property. The Lemhi project comprises 30 square kilometers 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 towards de-risking 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, P.Geol., the VP Exploration for the Company and a Qualified Person as defined by National Instrument 43-101.
On Behalf of the Company
William Randall, President & CEO of Freeman Gold
For further information, please visit the Company’s website at www.freemangoldcorp .com or contact Mr. Ken Cotiamco at 604-687-7130 or by email at: ken@freemangoldcorp .com
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 Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62000
Midam Ventures, LLC | (305) 928-8939 | 1501 Venera Ave, Coral Gables, FL 33146 | firstname.lastname@example.org