Freeman Gold Announces Phase 2 Lemhi Resource Expansion and Beauty Zone Drill Program

Rhea-AI Summary

Freeman Gold Corp. (CSE: FMAN) has initiated its Phase 2 diamond drill program at the Lemhi Gold Deposit, targeting over 4,000 meters of drilling. This effort aims to expand the oxide gold resource, building on the maiden Mineral Resource Estimate reported in July 2021. The program includes testing for extensions to the east and west of Lemhi and exploring the new Beauty Zone, which has shown promising high-grade gold samples. The focus on near-surface resource expansion and depth assessment is expected to enhance the company's mineral inventory.

Positive

• Initiation of Phase 2 drilling program totaling over 4,000 meters.
• Targeting resource expansion at the Lemhi Gold Deposit based on previous successful drilling.
• Exploration of the Beauty Zone, which has returned high-grade gold samples.

Negative

• None.

Phase 2 – >4,000 m diamond drill program

• >3,200 metres testing strike extensions, primarily to the east and west of the current resource
• 400 metre drill hole to test depth extent of gold mineralization at Lemhi
• 400 metres of exploration drill holes at the Beauty Zone

CANADIAN SECURITIES EXCHANGE: FMAN

VANCOUVER, BC, Oct. 27, 2021 /PRNewswire/ - Freeman Gold Corp. (CSE: FMAN) (OTCQB: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce its Phase 2 diamond drill program at the Lemhi Gold Deposit ("Lemhi") and the new Beauty Zone ("Beauty Zone"). The proposed >4,000 m drill program focuses on adding near surface, oxide ounces to the recently reported maiden Mineral Resource Estimate on July 8, 2021. Drilling will also test the recently delineated Beauty Zone which lies approximately 600 metres west of Lemhi and host to a number of high-grade gold rock samples and coincident gold soil geochemistry.

"We are embarking on a second phase of diamond drilling focusing on ground (patented mining claims) that gives Freeman the highest probability of adding ounces to our resource base. The on-strike east and west extensions at Lemhi are key as these would provide new ounces within our current conceptual pit outline. As well, the Lemhi deposit has never been tested at depth beyond 286 metres where a number of holes were terminated in gold mineralization. Freeman plans to test mineralization at depth with at least one >400 m drill hole. We are also excited about testing the newly identified high grade Beauty Zone which returned 52 rock samples over 1 gram per tonne ("g/t") gold ("Au") and 28 over 10 g/t Au with coincident anomalous gold soil geochemistry," remarked Paul Matysek, Executive Chairman.

Over 90% of the total drilling is anticipated to occur at Lemhi, while the remaining drilling will test the Beauty Zone. Of the 3,600 metres to be drilled at Lemhi, 3,025 metres are focused on resource expansion on strike down to a maximum depth of 300 metres below surface. These holes will follow up on drill holes from previous campaigns that remain open, such as FG20-24C which returned 0.4 g/t Au over 72 metres on section 429825N. One drill hole will test the depth potential at Lemhi down to 400 metres below surface; the hole will also infill in the shallower portions between drill holes FG20-17C (151m @ 2.5 g/t Au) and 35C (189m @ 0.54 g/t Au). A single infill hole is planned on section 429952N where a gap in the mineralization is present.

Figure 1 shows the proposed drilling plan map. Table 1 provides details on a hole-by-hole basis. Sections referred to on the Table can be viewed at www.freemangoldcorp.com.

Table 1.  Fall 2021 Drilling - Lemhi Project
Hole ID	Project	Azimuth	Dip	Proposed Depth (m)	Hole Type	Comment
FG21-001	Beauty	0	-90	100	Exploration	Drill test Beauty Zone
FG21-002	Beauty	230	-65	100	Exploration	Drill test Beauty Zone
FG21-003	Beauty	0	-90	200	Exploration	Drill test Beauty Zone
FG21-004	Lemhi	0	-90	400	Resource Expansion & Infill	Test Mineralization at depth.  Section 430000N. Infill between FG20-17C (151m @ 2.5 g/t Au)  and 35C (189m @ 0.54 g/t Au).
FG21-005	Lemhi	270	-68	250	Resource Expansion	90m stepout to the West.  Section 429625N
FG21-006	Lemhi	270	-70	250	Resource Expansion	Step out to the southwest.  Section 429700N.
FG21-007	Lemhi	0	-90	250	Resource Expansion	Step out to the southwest.  Section 429775N.
FG21-008	Lemhi	0	-90	250	Resource Expansion	90m step out to the Southwest.  Follow up FG20-24C (72m @ 0.4 g/t Au) and 1980's drilling.  Section 429825N.
FG21-009	Lemhi	0	-90	300	Resource Expansion	Step out to the East.  Section 429800N
FG21-010	Lemhi	0	-90	300	Resource Expansion	Step out to the East.  Section 429850N
FG21-011	Lemhi	0	-90	300	Resource Expansion	90m stepout to the West.  Section 429900N
FG21-012	Lemhi	0	-90	300	Resource Expansion	40m stepout to the West of 1980's drilling.  Section 429950N
FG21-013	Lemhi	0	-90	250	Infill	Infill gap in drilling in resource area.  Section 429950N.
FG21-014	Lemhi	0	-90	225	Resource Expansion	Stepout 40 m to the North-East.  Section 429975N
FG21-015	Lemhi	0	-90	300	Resource Expansion	90m stepout to the West.  Section 429975N
FG21-016	Lemhi	0	-90	300	Resource Expansion	85m stepout to the West.  Section 430000N

All drill rock samples are 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. Freeman has a regimented Quality Assurance, Quality Control program where at least 10% duplicates, blanks and standards are inserted into each sample shipment. Rock grab samples are by their nature selective and are not necessarily indicative of the general geology or the grade within the Lemhi Gold property.

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 ounces ("oz") gold at 1.02 grams per tonne in 22.94 million tonnes (Indicated) and 250,300 oz Au at 1.01 g/t Au in 7.83 million tonnes (Inferred). See the NI 43-101 technical report  titled "Maiden Resource Technical Report for the Lemhi Gold Project, Lemhi County, Idaho, USA" with an effective date of June 1, 2021, and signing date of July 30, 2021, as prepared by APEX Geoscience Ltd. and F. Wright Consulting Inc. available under the Company's profile on SEDAR (www.sedar.com). 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 & 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 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 is the purpose of Freeman Gold's Phase 2 drilling program?

The Phase 2 drilling program aims to expand the oxide gold resource at the Lemhi Gold Deposit and explore the new Beauty Zone.

When was the maiden Mineral Resource Estimate for the Lemhi Gold Deposit reported?

The maiden Mineral Resource Estimate was reported on July 8, 2021.

What are the key areas being tested in the Phase 2 drill program?

The program focuses on strike extensions at the Lemhi Deposit and exploration of the Beauty Zone.

What historical data supports the drilling initiatives at Lemhi?

Previous drilling at Lemhi has encountered significant gold mineralization, with holes returning values like 151m at 2.5 g/t Au.

What geological features are being targeted in the Beauty Zone?

The Beauty Zone has shown several high-grade gold rock samples, with 52 samples over 1 g/t Au and 28 samples over 10 g/t Au.