Toronto Venture Stock Exchange: FMAN
VANCOUVER, BC, Aug. 8, 2024
/CNW/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF) (FSE:
3WU) ("Freeman" or the "Company") is pleased to
announce that it has retained GSI Environmental Inc. ("GSI")
to continue implementing Freeman's baseline water quality
monitoring program at its Lemhi Gold Deposit located in
Lemhi County, Idaho.
The baseline water quality monitoring program includes sampling
and monitoring at 12 monitoring wells and five surface water
monitoring sites, with monitoring locations covering the extent of
Freeman's patented claims. Eight quarters of sampling have been
completed at the site over the last two years and an additional
four quarters of sampling will be completed in 2024.
Baseline water quality monitoring is a critical step in the
permitting and mine planning process. Water quality data will be
used to establish baseline conditions for groundwater and surface
water and aid in the development of the conceptual site model.
These components will then be used to request a Point of Compliance
("POC") Determination from the Idaho Department of
Environmental Quality (DEQ) and support mine planning and
development.
The POC Determination is a critical permit in the State of Idaho that outlines monitoring,
sampling, and reporting requirements to ensure that mining
activities do not negatively impact water quality. The POC process
requires applicants to establish baseline water quality conditions
for surface water and groundwater using Idaho DEQ's Statistical
Guidance for Determining Background Ground Water Quality and
Degradation. In order to establish background water quality at
least 12 samples are required from monitoring points. These 12
samples will be completed at the end of 2024, positioning Freeman
to submit a POC application in 2025 and take a significant step
towards securing one of the major permits required for 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.
On Behalf of the Company
William Randall
President and Chief Executive Officer
For further information, please visit the Company's
website at www.freemangoldcorp.com.
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 the Company's baseline water
quality montoring program, 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.sedarplus.ca 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.