FREEMAN GOLD ADDS TWO ADDITIONAL DRILL RIGS - BEAUTY ZONE DRILL CORE SENT FOR ANALYSIS

Rhea-AI Summary

Freeman Gold Corp. (CSE: FMAN, OTCQB: FMANF) announced drilling updates for its Lemhi Gold Project in Idaho. The company completed three diamond drill holes (FG21-001 to FG21-003) at the newly identified Beauty Zone, totaling 328 meters, with samples sent for analysis. Phase 2 drilling at the Lemhi Gold Deposit has also commenced, with three additional holes totaling 797 meters. Freeman contracted Major Drilling America for two more rigs, increasing the total planned drilling to over 10,000 meters. The company also granted 2,950,000 stock options to consultants and directors at a price of $0.50.

Positive

• Completion of three diamond drill holes at Beauty Zone, enhancing exploration.
• Initiation of Phase 2 drilling at Lemhi Gold Deposit with additional rig contracted.
• Total planned drilling increased to over 10,000 meters, indicating resource expansion efforts.
• Stock options granted to consultants and directors could align interests with shareholders.

Negative

• None.

CANADIAN SECURITIES EXCHANGE: FMAN

VANCOUVER, BC, Feb. 2, 2022 /PRNewswire/ -  Freeman Gold Corp. (CSE: FMAN), (OTCQB: FMANF), (FSE: 3WU) ("Freeman" or the "Company") is pleased to provide an update on its Lemhi Gold Project ("Lemhi"), Idaho. Further to the announcement dated October 27, 2021, initial drilling at Lemhi commenced at the newly identified Beauty Zone ("Beauty Zone") during Q4 2021. Three diamond drill holes (FG21-001 to 003) totalling 328 meters were completed and have now been sent to the laboratory for analysis.

After completing drilling at the Beauty Zone, the diamond drill was moved to the Lemhi Gold Deposit. Thus far three drill holes totalling 797 meters as part of the designed Phase 2 drill program have been completed. All three drill holes were step outs to the west of the deposit (FG21-004, 005 and FG22-001 – 85m step out, 93m step out, and 17m step out respectively). Continuation of Phase 2 drilling is currently underway.

Freeman has signed a second diamond drilling contract with Major Drilling America, Inc. to provide two additional coring rigs in Q1 2022. This will bring the total operating rigs during Q1 to three to accelerate the resource expansion drill program and increase the total planned meterage to over 10,000 meters.

All drill core samples will be sent to ALS Minerals Division, Vancouver, BC, an independent and fully accredited laboratory in Canada for analysis for gold by Fire Assay and multi-element Induction Coupled Plasma Spectroscopy (select holes).  Freeman has a regimented Quality Assurance, Quality Control program where at least 10% duplicates, blanks and standards are inserted into each sample shipment.

The Company has granted 1,150,000 stock options to consultants of the Company with each stock option exercisable into a common share of the Company (a "Share") at a price of $0.50 for a period of five years and 1,800,000 stock options to certain directors and officers with each stock option exercisable into a Share at a price of $0.50 for a period of five years.

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"). The Lemhi Project comprises 30 square kilometers of highly prospective land. The project hosts a near surface, shallow, high grade oxide gold resource. The pit constrained National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate is comprised of 749,800 oz gold ("Au") at 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). The Company is focused on growing and advancing the Lemhi Project towards a production decision. The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geol., VP Exploration of the Company and a Qualified Person as defined by NI 43-101.

On Behalf of the Company
William Randall
President and Chief Executive Officer

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.

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SOURCE Freeman Gold Corp.

FAQ

What are the latest drilling activities by Freeman Gold Corp. (FMANF)?

Freeman Gold Corp. has completed three diamond drill holes at the Beauty Zone and initiated Phase 2 drilling at the Lemhi Gold Deposit, totaling 797 meters.

How many drill rigs is Freeman Gold using at the Lemhi Gold Project?

Freeman Gold has contracted Major Drilling America for two additional rigs, bringing the total to three rigs for Q1 2022.

What is the total planned drilling meterage for Freeman Gold in 2022?

The total planned drilling meterage for Freeman Gold is over 10,000 meters.

What new stock options were issued by Freeman Gold Corp. (FMANF)?

Freeman Gold granted 2,950,000 stock options to consultants and directors, each exercisable into a common share at a price of $0.50 for five years.