- 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 /CNW/ - 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.