FREEMAN GOLD AVERAGES 95% GOLD EXTRACTION FROM 2021/22 METALLURGICAL TESTING PROGRAM AT ITS LEMHI GOLD PROJECT

Rhea-AI Summary

Freeman Gold Corp. (FMANF) announced positive results from its metallurgical testing program for the Lemhi Gold Deposit. Gold leach extractions averaged 95%, with a range from 89% to 99% across different grades and depths. The tests, conducted by SGS Mineral Services, included 38 variability samples and are deemed suitable for a Preliminary Economic Assessment (PEA). This success supports Freeman's ongoing efforts to advance the Lemhi project towards production, highlighting the effectiveness of conventional carbon in pulp leaching methods.

Positive

• Gold leach extractions averaged 95%, supporting project viability.
• Results are suitable for inclusion in a Preliminary Economic Assessment (PEA).
• Strong recovery rates across a broad range of grades, indicating project robustness.

Negative

• None.

TSX Venture Exchange: FMAN

• Gold leach extractions averaged 95% and ranged from 89% to 99% over variable gold head grades, resource depth and spatial areas.
• Results supports the use of conventional CIP tank leach procedures for inclusion into a planned PEA.

VANCOUVER, BC, March 10, 2022 /PRNewswire/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQX: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to report final results from the comprehensive 2021/22 metallurgical testing program conducted on the Lemhi Gold Deposit ("Lemhi" or the "Project"), located in eastern Idaho, USA.

Expanding from previous work (see October 5, 2021, News Release), the metallurgical test work has now been completed to a level to allow its inclusion into a Preliminary Economic Assessment ("PEA").  Gold cyanidation extractions averaged 95%, based on 38 variability samples, with head grades ranging from 0.2 g/t to 10.9 g/t Au, and averaging 1.02 g/t. Samples were collected over a large spatial area considered representative of the 2020 maiden mineral resource (see July 8, 2021, News Release). 

The results are based on moderate process operating conditions that are suitable for a conventional carbon in pulp ("CIP") tank leaching process. This includes a grind of 80% passing particle size (P₈₀) 106 microns, with a leach retention time of approximately 36 hours, following gravity pre-treatment.   

"Our completed metallurgical program has confirmed excellent gold recoveries over a large spatial area representative of the Lemhi resource estimate," commented Paul Matysek, Executive Chairman. "Furthermore, metallurgical samples collected at depth provided consistent and similar recoveries as those near surface. This bodes very well for our current drill program as we look to build oxide gold ounces on strike and at depth."

Frank Wright, P.Eng., Freeman's independent consulting metallurgist of F. Wright Consulting Inc., added, "The metallurgical program at Lemhi has consistently provided gold recoveries in the mid to upper 90% range throughout much of the resource and is now at a stage to support a preliminary economic assessment for the Project."

2021/22 Metallurgical Test Program

SGS Mineral Services, Burnaby, B.C., ("SGS") performed metallurgical laboratory testing beginning in January 2021 and ending in January 2022. The test work comprised of three phases as detailed in a SGS report dated February 28, 2022. The laboratory study used a total of 38 drill hole intervals and composite samples. Initial optimization test work began on archived assay rejects originating from 2012 diamond drill core (Phase 1) and then proceeding to 2020 PQ diamond drill core intervals (Phase 2) and, finally, testing 26 variability composite drill core samples originating from 2020 assay rejects (Phase 3). These samples were used for comminution, gravity recovery, leaching, and liquid/solid separation studies, as well as ongoing environmental evaluation.

The laboratory testing used composite samples averaging close to the predicted current resource grade of 1.01 g/t Au (see below) resulting in average gold extractions of 95%. This comprised of a wide range of potential mill feed grades of between 0.2 g/t to 10.9 g/t resulting in 91% to 99% gold leach dissolution.  Gold recovery continued to hold up well even below potential cut-off grade material. This included down to the lowest grade sample at 0.19 g/t Au, which resulted in 89% gold leach dissolution. Cyanide tailing residues typically analyzed <0.5 g/t Au and were often below detection limit of 0.02 g/t Au. Leaching was achieved under moderate operating conditions using a retention time that varied between 36 to 48 hours, depending on head grade. Generally, over 95% of the final gold dissolution was shown to occur in the first 24 hours. Following optimization studies, the grind targeted a leach feed particle size of 80% passing 106 microns.  Preliminary comminution work index testing has shown the resource rock at depth having average hardness for crushing and grinding, then becoming softer closer to surface.  

Pre-treatment of the leach feed by centrifugal gravity concentration suggests on average 1/3 of the gold might be recovered into rougher gravity concentrate that is suitable for intense cyanidation. This is relevant given the corresponding head analyses indicates a significant portion of gold can occur as coarse particles.

Laboratory data also suggests that sulphide bearing material that is occasionally identified in the current resource, including pyrite and chalcopyrite intervals, could produce a potentially marketable flotation concentrate containing gold and copper. Flotation tailing would then be forwarded as feed to the CIP leach process resulting in overall process recoveries in line with whole rock tank leaching. This could become more important should future exploration identify a resource with oxide gold transitioning into sulphide materials at depth.

In conclusion, these results suggest that Lemhi is well suited with respect to metallurgical response for project advancement, based on the current open pitable mine resource grade (see below). 

The metallurgical test program was developed and supervised by independent consulting metallurgist Frank Wright, P.Eng., of F. Wright Consulting Inc. Mr. Wright is a professional engineer and Qualified Person as defined by National Instrument 43-101 ("NI 43-101"), with experience in the fields of mineral processing and hydrometallurgy covering global mineral development programs for over 25 years.

About the Company and Project

Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned Lemhi Gold property (the "Project"). The Project comprises 30 square kilometers of highly prospective land, hosting a near-surface oxide gold resource. The pit constrained 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). 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 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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

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SOURCE Freeman Gold Corp.

FAQ

What were the results of Freeman Gold Corp.'s metallurgical testing for the Lemhi project?

Freeman Gold Corp. reported gold leach extractions averaged 95%, with a range from 89% to 99% based on 38 variability samples.

Is the metallurgical test data relevant for a Preliminary Economic Assessment?

Yes, the metallurgical test results are suitable for inclusion in a Preliminary Economic Assessment for the Lemhi Gold Deposit.

When were the metallurgical tests conducted for Freeman Gold Corp.?

The metallurgical testing program was conducted from January 2021 to January 2022.

What is the significance of the average gold recovery rate reported by Freeman Gold Corp.?

The average gold recovery rate of 95% indicates strong potential for the project's economic viability.

What type of extraction method did Freeman Gold Corp. employ in their metallurgical testing?

Freeman Gold Corp. employed conventional carbon in pulp (CIP) tank leaching methods in their metallurgical testing.