FREEMAN MAKES NEW GOLD DISCOVERY AT BEAUTY ZONE - DRILLS BONANZA GRADE GOLD ZONE: 68.23 G/TGOLD OVER 6 METRES

Rhea-AI Summary

Freeman Gold Corp. (TSX-V: FMAN) announced a significant gold-silver discovery at the Beauty Zone in Idaho, located 600 meters from the Lemhi Gold Deposit. Drill hole FG21-003C reported 6m at 68.23 g/t Au and 40.18 g/t Ag, highlighting the highest-grade mineralization to date. The mineralization is open to the north and northwest, indicating potential for further exploration. Follow-up drilling is scheduled for Q2 2022. The Beauty Zone, characterized by a 350m x 250m gold anomaly, represents a milestone for the company, marking its first major discovery outside the Lemhi resource.

Positive

• Discovery of high-grade gold mineralization (6m @ 68.23 g/t Au and 40.18 g/t Ag).
• The mineralization is open to extension, indicating further exploration potential.
• Follow-up drilling is planned for Q2 2022 to explore the zone further.

Negative

• None.

• Hole FG21-003C drills 6m @ 68.23 grams per tonne gold ("g/t Au") and 40.18 grams per tonne silver ("g/t Ag"), including 3.16m @ 128.92 g/t Au and 75.59 g/t Ag
• Extensive gold-silver mineralization in drill hole FG21-003C interpreted as occurring on the west side (hanging wall) of a major fault
• Mineralization is open to the north and northwest
• Follow-up drilling is planned for Q2 2022

Toronto Venture Stock Exchange: FMAN

VANCOUVER, BC, March 22, 2022 /PRNewswire/ - Freeman Gold Corp. (TSX-V: FMAN) (OTCQX: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to report a new gold-silver discovery at the Beauty Zone ("Beauty Zone" or "Beauty"), located approximately 600 metres west of the Company's Lemhi Gold Deposit in eastern Idaho, USA. The Beauty Zone lies wholly within Freeman's patented mining claims and is defined by a 350 metre by 250 metre coincidental gold in rock and soil anomaly. During Q4 2021, the first ever drilling at the Beauty Zone was designed as a fan of three diamond drill holes from one setup totaling 328 metres ("metres" or "m"). Drill hole FG21-003C intersected the highest-grade gold mineralization ever drilled by Freeman.

"This new discovery is a major milestone for Freeman. The bonanza grades encountered at the Beauty Zone are the first ever drilled by the Company outside of the Lemhi Gold Deposit, highlighting the prospective nature of our underexplored consolidated land package of more than 6,000 acres in Idaho," stated Paul Matysek, Executive Chairman. "We now have a high-grade gold discovery adjacent to Lemhi upon which we will look to build complementary ounces. Follow up drilling is planned."   

Drilling at Beauty was designed to test the continuity of high-grade veins mapped on surface with gold grab samples up to 450 g/t Au (see the Company's October 25, 2021, press release). These veins are associated with an interpreted northwest trending fault; however, the exact relationship was not clear from limited surface exposure. The three holes intersected the fault (FG21-001); the east side of the fault (FG21-002C); and the west side of the fault (FG21-003C). The discovery hole (FG21-003C) intersected bonanza grade gold-silver mineralization in stacked vein sets: 

• Northwest trending veins mapped on surface 50m below the drill pad were intersected and contain 6m @ 68.23 g/t Au and 40.18 g/t Ag; with similar grades to those on surface. This near surface intercept starts at 57 metres down hole;
• A second unmapped near surface vein set contains 2.1m @ 11.91 g/t Au and 16.21 g/t Ag from 68m down hole;
• A third unmapped vein set contains 4m @ 0.75 g/t Au;
• The vein sets are interpreted to occur within stacked gently easterly dipping structures similar to those at Lemhi;
• The discovery is hosted in metasediments similar to Lemhi;
• The zone is structurally complex with both folding and faulting;
• Outcrop in the area is sparse however the coincidental gold in soil anomaly suggests continuity over a large area (250 x 350m);
• This newly discovered zone is open to the north and northwest and additional drill holes have been designed to test the zone as soon as logistically possible;
• Portions of this zone have historically been hydraulically mined at surface due to the presence of coarse gold in exposed vein sets;
• Table 1 shows all the anomalous samples from the drilling and Figure 1 is a schematic cross section at the Beauty Zone.

As reported on October 25, 2021, 105 rock grab and 347 soil samples have been collected in and around the Beauty Zone. A total of 52 rock samples returned values greater than 1 g/t Au, 39 with values greater than 5 g/t Au and 28 samples with greater than 10 g/t Au (up to 450 g/t Au).  Rock samples are heavily oxidized and silicified at surface.

The Beauty Zone is hosted in Proterozoic siltites and quartzites similar to the Lemhi Gold Deposit. The target area is structurally complex. Within the centre of the Beauty Zone is an interpreted northeast-southwest striking fault. The host metasediments dip in opposite directions on either side of this fault (northwest in the east block, southeast in the west block). Although there is a limited amount of outcrop exposed, it appears that gold-silver mineralization is hosted in northwest-southeast oriented quartz veins predominantly on the hanging wall (west side) of the fault and follow jointing patterns running sub-perpendicular bedding and the northeast trending fault. True widths are still unknown as drilling into a significantly faulted zone resulted in overall poor recoveries.  Further follow-up drilling is planned as soon as logistically possible. 

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.

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 kilometres of highly prospective land, hosting a near-surface 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). 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.Geo., 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 are the results from the recent drilling at Freeman Gold Corp's Beauty Zone?

Drill hole FG21-003C reported 6m at 68.23 g/t Au and 40.18 g/t Ag, marking a significant gold-silver discovery.

Where is the Beauty Zone located?

The Beauty Zone is situated approximately 600 meters west of Freeman Gold Corp's Lemhi Gold Deposit in Idaho.

What is the significance of the gold discovery at Beauty Zone for FMANF?

This discovery is a milestone as it represents the highest-grade mineralization encountered by Freeman outside its existing Lemhi Gold Deposit.

When is the follow-up drilling planned for the Beauty Zone?

Follow-up drilling at the Beauty Zone is scheduled for Q2 2022.

What is the size of the gold anomaly at the Beauty Zone?

The Beauty Zone is defined by a 350 meter by 250 meter coincidental gold in rock and soil anomaly.