FREEMAN PROVIDES LEMHI GOLD PROJECT UPDATE

Rhea-AI Summary

Freeman Gold Corp. has completed its Phase II diamond drilling program at Lemhi Gold Deposit, Idaho, with 50 holes and 12,168 meters drilled, primarily aimed at expanding known mineralization. The company now plans Phase III, which includes an additional 25 holes totaling 5,000 meters. As of August 31, 2022, the current mineral resource estimate stands at 22.94 million tonnes at 1.02 g/t Au for 749,800 oz of gold. Freeman has engaged Ausenco Engineering for a Preliminary Economic Assessment to evaluate the project’s economic viability.

Positive

• Successfully completed 50 diamond drill holes totaling 12,168 meters.
• Engaged Ausenco Engineering for a Preliminary Economic Assessment.
• Current mineral resource estimate includes 749,800 oz of gold at 1.02 g/t Au.

Negative

• None.

• Completed 50 resource expansion and infill diamond drill holes at Lemhi totaling 12,168 metres;
• Lehmi drill program designed to extend the known mineralization, typically consisting of high-grade lenses within a broad lower grade zone;
• Five additional diamond drill holes completed at the Beauty zone totaling 721 metres;
• Engaged Ausenco Engineering Canada Inc., a tier 1 engineering firm to complete a Preliminary Economic Assessment ("PEA") specific to the Lemhi Gold Deposit;
• Secured a reverse circulation ("RC") drill from Specialized Drilling Corp. to complete a Phase III - 6000 metre resource expansion and classification drill program at the Lemhi Gold Deposit with some additional drilling at the Beauty zone; and
• Completed quarterly surface and groundwater water sampling and flow measurements.

Toronto Venture Stock Exchange: FMAN

VANCOUVER, BC, Sept. 12, 2022 /PRNewswire/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQX: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to report it has successfully completed the Phase II diamond drill program consisting of 12,168 metres in 50 holes as part of a resource expansion program at its 100% owned Lemhi Gold Deposit, Idaho, USA. A total of 46 of these drill holes were designed to test mineralization on strike to the east and west of the known deposit (expansion holes) and four were infill holes in known areas to improve the resource confidence in zones where only historical drill holes exist. An additional five holes totaling 721 metres were drilled at the newly discovered Beauty zone (see Figure 1).

The expansion holes ranged from 40 to 90 metres to the east or west of existing drilling where gold mineralization was intersected. These particular areas were previously modelled as unmineralized due to lack of drill density in the initial maiden mineral resource estimate ("MRE"). The current MRE comprises an Indicated Mineral Resource of 22.94 million tonnes at 1.02 g/t Au for 749,800 oz of gold, and an Inferred Mineral Resource of 7.68 million tonnes at 1.01 g/t Au for 250,300 oz of gold (refer to press release dated July 8, 2021). The MRE covers a surface area of 400 by 500 metres and extends down to a depth of 180 metres below surface. The resource expansion holes that form the bulk of the current Phase II drill program are designed to extend this current resource both along strike and at depth.

Paul Matysek, Executive Chairman, commented, "The diamond drilling program was designed to confirm the continuity and increase the size of the Lemhi Gold Deposit. The planned drill holes stepped out up to 90 metres along strike, adding approximately 20% to the known mineralized strike length. Intersecting gold mineralization in these areas will have a direct impact on increasing the in-pit gold resource. Furthermore, many of these zones that have been drilled lie within the ultimate pit shell, meaning any ounces that are added in these zones will be accretive to the overall resource."

Lemhi Gold Deposit

As of August 31, 2022, a total of 50 new drill holes have been completed at Lemhi for a total of 12,168 metres. These holes have been primarily designed to test on strike extensions of the known resource as well as infill in certain parts of the gold deposit. In particular, the drill program has focused on areas currently modelled as pit waste due to a lack of drill data. All ounces added in these areas, even if close to the cut-off grade, will add value to the project as they come from zones in the resource shell that would result in an upgrade to resources. An additional 25 holes or approximately 5,000 metres have been planned as part of the Phase 3 RC drill program.

Currently 45 drill holes from the project have been logged, sampled and sent to the laboratory. It is estimated that samples for all 50 holes will be at the laboratory by the end of month and analytical results are presently pending for many of the holes. It is anticipated that the complete set of analytical results will be received by the end of Q4.

All drill core samples are sent to ALS Global Laboratories (Geochemistry Division), an independent and fully accredited laboratory (ISO 9001:2008) for analysis for gold by Fire Assay and multi-element Induction Coupled Plasma Spectroscopy (select drill holes), in Vancouer, Canada. Freeman has a regimented Quality Assurance, Quality Control (QA/QC) program where at least 10% duplicates, blanks and standards are inserted into each sample shipment. The Company also collects RQ and SG and full geological logging.

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 further exploration and the Company's 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/freeman-provides-lemhi-gold-project-update-301622366.html

SOURCE Freeman Gold Corp.

FAQ

What is the status of the Lemhi Gold Deposit as of September 2022?

As of September 2022, Freeman Gold Corp. has completed 50 diamond drill holes totaling 12,168 meters at the Lemhi Gold Deposit, primarily designed for resource expansion.

What are the findings of the recent drilling program at Lemhi?

The drilling program has successfully intersected gold mineralization, aimed at extending known resource areas, and has added approximately 20% to the known mineralized strike length.

What is the current mineral resource estimate for the Lemhi Gold Deposit?

The current mineral resource estimate is 22.94 million tonnes at 1.02 g/t Au, totaling 749,800 oz of gold.

What drilling phase is Freeman Gold Corp. planning next?

Freeman Gold Corp. plans to initiate Phase III of its drilling program, which will include an additional 25 holes for approximately 5,000 meters.