VANCOUVER, BC, Dec. 4, 2024
/CNW/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF) (FSE:
3WU) ("Freeman" or the "Company") is pleased to
announce that GSI Environmental Inc. ("GSI") has completed
the third and final season of Freeman's baseline water quality
monitoring program at its 100% owned Lemhi Gold Project located in
Lemhi County, Idaho.
Freeman's baseline water quality monitoring program includes
sampling and monitoring at 12 wells and five surface water sites
situated across Freeman's patented claims. Over the past three
years, 12 quarters of sampling have been conducted at the site,
providing a robust dataset to initiate the application for a Point
of Compliance ("POC") Determination from the Idaho
Department of Environmental Quality ("DEQ"). The POC
Determination is a crucial permit in Idaho, detailing the monitoring, sampling, and
reporting requirements to ensure mining activities do not adversely
affect groundwater quality. Applicants must establish baseline
water quality conditions for groundwater with at least 12 samples
from each monitoring point. With these samples now collected,
Freeman is positioned to begin the POC application process in 2025,
marking a significant milestone towards securing one of the major
permits necessary to support mine development and operations.
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
988,100 oz gold ("Au") at 1.0 grams per tonne ("g/t")
in 30.02 million tonnes (Measured & Indicated) and 256,000 oz
Au at 1.04 g/t Au in 7.63 million tonnes (Inferred). The
Company is focused on growing and advancing the Project towards a
production decision.
The recently completed PEA shows: an after-tax NPV(5%) of
US$212.4 million and IRR of 22.8%
using a base case gold price of US$1,750/oz; and after-tax NPV (5%) of
US$ 345.7 million and IRR of 31.9%
using spot gold price of $2,042.60
US$/oz; Average annual gold production of 75,900 oz Au for a total
life-of-mine ("LOM") 11.2 years payable output of 851,900 oz
Au; LOM cash costs of US$809/oz Au;
and, all-in sustaining cash costs ("AISC") of US$957/oz Au using an initial CAPEX of
US$190 million. The technical content
of this release has been reviewed and approved by Dean Besserer, P. Geo., the VP Exploration for
the Company and a Qualified Person as defined by the National
Instrument 43-101.
On Behalf of the Company
Bassam Moubarak
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.
SOURCE Freeman Gold Corp.
