Freeman Gold Corp. (TSXV: FMAN) has unveiled significant results from an updated Mineral Resource Estimate (MRE) conducted on its wholly-owned Lemhi Gold Deposit located in Idaho.
Highlights
The updated MRE increases contained ounces by 24%, overall gold grade by 16% and percentage of the MRE in Measured and Indicated by 32%
- The pit constrained MRE using a 0.35 gram per tonne gold (g/t Au) cut-off and a gold price of US$1750 per troy ounce (oz) is comprised of:
- Measured and Indicated MRE of 988,100oz gold (Au) at 1g/t in 30.02Mt.
- Inferred MRE of 234,700oz Au at 1.01g/t in 7.34Mt.
- Current MRE was constructed from a total of 81,497m of drilling and 442 drillholes completed between 1983 and 2022;
- The resource is modelled as primarily amenable to open pit mining using standard, low-cost gold leaching technologies, including carbon in leach and heap leach processing;
- Over 90% of the MRE contained within wholly-owned patented claims;
- The underground MRE (inferred) resource contains 21,300 oz at 2.27 g/t Au;
- Resource remains open on strike to the north, south and west as well as at depth;
- Resource assumes gold recoveries of 96.7% using traditional CIL/CIP based on recent metallurgy completed by Freeman.
“Our new MRE for Lemhi firmly establishes this Project as one of the few remaining large, high-grade oxide gold deposits in the USA,” Executive Chairman, Paul Matysek, said.
“We have successfully increased the size of the deposit by 24% while maintaining an approximate one g/t Au average grade.
“In addition to the increased size, we have continued de-risking the deposit by substantially improving the resource category with almost one million ounces in the Measured and Indicated category. We now look forward to incorporating this resource update into a maiden economic study for Lemhi.
“The updated MRE represents a 32% increase in Measured and Indicated (M&I) ounces as well as a 24% increase in size and 16% increase in grade over the maiden resource released just 20 months ago.
“The significant increases can be attributed to: infill drilling in previously defined areas of inferred mineralization; expansion drilling to the north, south, east and west; and, the discovery of the Beauty zone. The deposit remains open to the north (1.23g/t over 36m; FG22-034C), south (1.22g/t over 38.59m; FG22-050C and 5.95g/t over 9.14m; FG22-022C), and west (0.61g/t Au over 66m; FG22-011C).
All reported mineral resources occur within a pit shell optimised using values of US$1,750/oz Au and a potential underground economic shell that utilized a minimum mineralization thickness of 1m and a cutoff grade of 1.5g/t lower cut-off.
For further information please visit: https://freemangoldcorp.com
