Freeman Gold Further Consolidates Land Package Within Historical Resource Area of the Lemhi Gold Project
Vancouver, British Columbia--(Newsfile Corp. - September 15, 2020) - Freeman Gold Corp. (CSE: FMAN) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce that it has acquired the Moon #100 and Moon #101 unpatented mining claims ("Moon Claims"), located within the historical resource area of the Company's 100% owned Lemhi gold project, located in Idaho, USA ("Lemhi" or "Project"). The Moon Claims are located towards the northern portion of the historical resource area in the immediate vicinity of historical drill holes 86065, 93002 and 93005 which contain significant gold mineralization including both broad (193.55 meters of 1.8 grams per tonne gold ('g/t Au')) and high grade (57.91 meters of 4.09 g/t Au) gold intercepts (Table 1).
TABLE 1. SELECT HISTORIC DRILL INTERCEPTS IN THE VICINITY OF THE MOON CLAIMS - LEMHI PROJECT
|Hole_ID||Year||Type of Drilling||From m||To m||Interval** m||g/t Au|
**Intervals are core-length. True width is estimated between 70 to 90% of core length.
Will Randall, President & CEO, commented, "When Freeman acquired the Lemhi gold project management was cognizant that two transactions were required to substantially de-risk the Project's property package. The first item was to extinguish the back-in rights (please refer to announcement dated September 8, 2020), and the second was to acquire the remaining unowned claims within the resource area. The acquisition of the Moon Claims achieves this objective and mitigates the risk of limiting future resource estimates by excluding any ounces contained within the claims and, just as importantly, limiting further ounces due to pit design constraints. The Moon Claims have historical drilling with significant intercepts within and in the immediate vicinity of the claims that we can now incorporate into future work. Freeman now has a complete property package without any back-in rights. As a result, we can focus on our ongoing drill campaign without property constraints to maximize the potential resource."
Details of the Transaction
Freeman acquired 100% ownership of the Moon Claims pursuant to a Purchase and Sale Agreement between Freeman and the previous owner of the Moon Claims (the "Seller"), pursuant to which Freeman paid the Seller cash consideration of US$150,000.00 as well as issuing 375,000 common shares in the capital of Freeman to the Seller. The transaction was not subject to a finder's fee or brokerage commission.
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 mineralization at the Lemhi Project consists of shallow, near surface primarily oxide gold mineralization that has seen over 355 drill holes but remains open at depth and along strike and in most directions. The Company is working towards de-risking the asset and producing a maiden NI 43-101 resource estimate as a result of both brownfields and greenfields exploration. The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geol., the VP Exploration for the Company and a Qualified Person as defined by National Instrument 43-101.
On Behalf of the Company
William Randall, President & CEO of Freeman Gold
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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