FREEMAN RELEASES ASSAYS FOR FIRST 11 HOLES - EXTENDS LEMHI SHALLOW OXIDE GOLD MINERALIZATON TO THE EAST

Rhea-AI Summary

Freeman Gold Corp. announces positive results from its resource expansion drill program at the Lemhi Gold Deposit in Idaho. The company has successfully extended known mineralization up to 80 meters to the east with 11 diamond drill holes completed totaling 12,168 meters. Significant results include 41m at 0.94 g/t Au in FG22-014C and 16m at 2.1 g/t Au in FG22-016C. The current mineral resource is estimated at 749,800 oz of gold, and the expansion is expected to enhance this figure, improving project economics.

Positive

• Expanded known mineralization by up to 80 metres eastward.
• FG22-014C intersected 41m at 0.94 g/t Au, including 17m @ 1.67 g/t Au.
• FG22-016C returned 16m at 2.1 g/t Au.
• Current mineral resource estimate stands at 749,800 oz of gold.
• 20% increase in known mineralized strike length.
• Ongoing Phase 3 RC drilling program planned for an additional 4,000 meters.

Negative

• None.

• Expansion and infill drilling successfully extends known mineralization at Lemhi up to 80 metres to the east
  
  
• Drill program intersects shallow oxide gold mineralization within existing resource pit adding both along strike and at depth
  
  
• Expansion hole FG22-014C returned 41m at 0.94 g/t Au including 17m @ 1.67 g/t Au
  
  
• Expansion hole FG22-016C returned 16m at 2.1 g/t Au
  
  
• Expansion hole FG22-029C returned 29.65m at 0.45 g/t Au including 8.65m @ 1.2 g/t Au
  
  
• Expansion hole FG21-007C returned 12.45m at 1.02 g/t Au including 3m @ 3 g/t Au
  
  
• Expansion hole FG22-002C with 7.5m at 0.73 g/t Au (at 340.6m) is the deepest intercept to date confirming that mineralization continues at depth
  
  
• Infill hole FG21-009C returned 90m at 0.61 g/t Au including 15.97m @ 0.92 g/t Au

Toronto Venture Stock Exchange: FMAN

VANCOUVER, BC, Oct. 12, 2022 /PRNewswire/ - October 12, 2022 – Freeman Gold Corp. (TSXV: FMAN) (FSE: 3WU) ("Freeman" or the "Company") is pleased to report it has received results for 11 diamond drill holes from the Company's 12,168 m Phase II resource expansion drill program at its 100% owned Lemhi Gold Deposit, Idaho, USA. Ten of these drill holes were designed to test mineralization on strike to the east of the known deposit (expansion holes) and one infill hole to improve the resource confidence in zones with historical drill holes (See Table 1 and Figures 1, 2 and 3.)

The expansion holes represent 20 to 80 metre step outs to the east of existing drilling where mineralization is open. These areas were previously modelled as unmineralized due to lack of drilling 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, "These first ten drill holes step out up to 80 metres along strike, adding approximately 20% to the known mineralized east-west strike length. This initial batch of results gives us confidence that we will increase our overall gold resource and likely improve the economics by adding crucial ounces within our eastern pit shell boundaries. Similar drilling has been completed to test the west and north extents of the deposit and we eagerly await the results."

All holes drilled to date have intersected shallow oxide gold. Selected highlighted results from the 10 holes are 0.61 g/t Au over 90m, including 0.92 g/t Au over 15.97m (FG22-009C); 0.94 g/t Au over 41m, including 1.67 g/t Au over 17m (FG22-014C); 0.73 g/t Au over 7.5m (FG22-002C; deepest mineralization drilled to date (340m) at Lemhi); and 2.1 g/t Au over 16m (FG22-016C). Gold mineralization now extends to at least 348 metres and is open at depth. (See Table 1 and Figures 1, 2 and 3.)

Table 1 – Significant Drill Results – Lemhi East*

DRILL HOLE	DEPTH (METRES)	DIP	AZIMUTH	FROM	TO	HIGHLIGHT
FG22-002C	398.68	-90	360	114.78	126	11.22 m @ 0.28 g/t Au
				174.88	176	1.12 m @ 1.04 g/t Au
				230.3	231.88	1.58m @ 0.96 g/t Au
				249	250	1m @ 0.25 g/t Au
				259	261	2m @ 0.23 g/t Au
				326	363.09	37.09m @ 0.26 g/t Au
				Including
				337	363.09	26.09m @ 0.33 g/t Au
				Including
				340.6	348.08	7.48m @ 0.73 g/t Au
FG22-004C	356.01	-90	360	89	91	2m @ 0.36 g/t Au
				99	102	3m @ 0.31 g/t Au
				124	125	1m @ 0.22g/t Au
				131	132.12	1.12m @ 0.2 g/t Au
				149	151	2m @ 0.28 g/t Au
				167	171.26	4.26 m @ 0.56 g/t Au
				227.69	242	14.31m @ 0.23 g/t Au
				Including
				227.69	232	4.31m @ 0.42 g/t Au
				241	242	1m @ 0.46 g/t Au
				252	262.89	10.89m @ 0.33 g/t Au
				Including
				255.88	257	1.12m @ 0.97g/t Au
FG22-007C	287.73	-90	360	59	60	1m @ 0.56 g/t Au
				68	213	145m @0.21 g/t Au
				Including
				68	69	1m @ 0.59 g/t Au
				71.22	81	9.78m @ 0.36 g/t Au
				85	86	1m @ 0.25 g/t Au
				94.12	94.51	0.39m @ 5.5 g/t Au
				102	103	1m @ 0.24 g/t Au
				129.55	142	12.45 m @ 1.02 g/t Au
				including
				130	133	3m @ 2.98 g/t Au
				144.93	152	7.07m @ 0.26 g/t Au
				156	158	2m @ 0.2 g/t Au
				163	172	9m @ 0.2 g/t Au
				174	177	3m @ 0.23 g/t Au
				185.58	187	1.42m @ 0.33 g/t
				193	196	3m @ 0.2 g/t Au
				207	208	1m @ 0.23 g/t AU
				212	213	1m @ 0.46 g/t Au
FG22-012C	332.69	-90	360	114	118	4m @ 0.55 g/t Au
				122	123	1m @ 0.2 g/t Au
				126	128.63	2.63m @ 2.14 g/t
				136	141	5m @ 0.41 g/t
				160.63	162.39	1.76m @ 0.9 g/t Au
				186	192	6m @ 0.35 g/t Au
				196	198	2m @ 0.3 g/t
				200	202	2m @ 0.36 g/t
				227	228	1m @ 0.64 g/t
FG22-014C	352.96	-90	360	113	154	41 m @ 0.94 g/t Au
				Including
				113	130	17m  @ 1.67 g/t Au
				291	292	1m @ 0.31 g/t Au
				301	303	2m @ 0.2 g/t Au
				306	307	1m @ 0.26 g/t Au
				340	341	1m @ 0.26 g/t Au
FG22-016C	250.85	-90	360	49	208	159m @ 0.22 g/t Au
				Including
				50	52	2m @ 2.2 g/t Au
				116	122.87	6.87m @ 0.47 g/t Au
				138	152	14m @ 0.56 g/t Au
FG22-018C	278.43	-90	360	10	14	4m @ 0.21 g/t Au
				17	20	3m @ 0.21 g/t Au
				27	28	1m @ 0.45 g/t Au
				47	63	16m @ 2.1 g/t Au
				including
				55	57.3	2.3m @ 5.35 g/t Au
				129	145	16m @ 0.83 g/t Au
				157	159	2m @ 0.3 g/t Au
				184	194	10m @ 0.3 g/t Au
				204	206	2m @ 0.21 g/t Au
FG22-019C	229.82	-90	360	68.51	75	6.49m @ 1.4 g/t Au
				91	95	4m @ 0.98 g/t Au
FG22-021C	247.95	-90	360	69	72	3m @ 0.37 g/t Au
				82	84	2m @ 0.4 g/t Au
				88	90	2m @ 0.25 g/t Au
				103	197	94m @ 0.31 g/t Au
				Including
				137	149	12m @ 1.1 g/t Au
				137	176	39m @ 0.52 g/t Au
FG22-029C	297.48	-90	360	144	147	3m @ 0.65 g/t Au
				223.35	253	29.65m @ 0.45 g/t Au
				Including
				223.5	232	8.65m @ 1.2 g/t Au
				277	279	2m @ 0.6 g/t Au
Infill
FG22-009C	229.51	-90	360	10	100	90m @ 0.61 g/t Au
				including
				10	22	12m @ 1.1 g/t Au
				44	49	5m @ 2.26 g/t Au
				63.09	73	9.91m @ 0.95 g/t Au
				78.03	94	15.97m @ 0.92 g/t Au
				109	111	2m @ 0.48 g/t Au
				120	121	2m @ 0.25
				125	128	3m @ 0.26
				151	154	4m @ 0.35 g/t Au
				178.95	180	1.03 @ 0.31 g/t Au
				211	212	1m @ 0.4 g/t

* Intervals are core-length. True width is estimated between 90-95 percent ("%") of core length. Numbers rounded to one decimal place.

** Using 0.2 g/t Au cut-off.

Lemhi Gold Deposit:

As at October 11, 2022, a total of 50 new core drill holes have been completed at Lemhi for a total of 12,168 metres. In addition, two reverse circulation ("RC") holes totalling 402m were completed at Lemhi. 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 because of no or sparse 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 can now be upgraded to resources (See Figures 1, 2 and 3.) An additional 20 holes or approximately 4,000 m have been planned as part of the Phase 3 RC drill program which is ongoing.

All drill holes from the project have been logged, sampled and sent to ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada, 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). Freeman Gold has a regimented Quality Assurance, Quality Control (QA/QC) program where at least 10% duplicates, blanks and standards are inserted into each sample shipment. Analytical results are pending.  

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 exploration, results therefrom, 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.

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SOURCE Freeman Gold Corp.

FAQ

What are the latest drilling results from Freeman Gold Corp's Lemhi Gold Deposit?

The latest results show significant mineralization, including 41m at 0.94 g/t Au and 16m at 2.1 g/t Au.

What is the current mineral resource estimate for Freeman Gold Corp?

The current mineral resource estimate is approximately 749,800 oz of gold.

How much has the mineralization at Lemhi been expanded?

The known mineralization has been expanded by up to 80 meters to the east.

What are the key highlights from the recent drill program at Lemhi?

Key highlights include expanded strike length by 20% and multiple significant gold intersections from drill holes.

What does the ongoing Phase 3 drill program entail?

The Phase 3 RC drilling program includes plans for approximately 4,000 meters of additional drilling.