Freeman Gold (FMAN) - High-Grade Results & Imminent Resource Upgrade

April 14 2021, 13:32 GMT+01:00

Freeman Gold

  • Shares Outstanding: 53.51M
  • Share price C$0.40 (13.04.2021)
  • Market Cap: C$33M

Freeman Gold is a company based in Idaho, USA which has secured a fully-owned 7,500-acre land package as part of their flagship Lemhi Gold Project. The Fraser Institute Mining Survey 2019 ranks Idaho in the top 3 in the United States and top 8 worldwide on the mining attractiveness index. The Lemhi Gold Project features a 7,500-acre land package that is undergoing exploration and is 100% owned by  Freeman Gold. 

We caught up with Will Randall, President & CEO of Freeman Gold Corp which has recently released news of high grade results over large widths since we last spoke in February and is about to put out an updated resource number very soon.

2 Months Passed: What’s New?

Freeman Gold has a 7,000m drill programme, which was primarily to validate the 70,000m of historical data. They started off with infill drilling and then moved towards the edges where it was still within the known confines of the historical estimate. They plan to open up the phase 2 drilling, which is to expand the resource and the drill results from the edges of the resource were solid with the highlight of 2.5g/t over 151m. Going forward they have validated the historical data and more than that, they have discovered higher grades than they expected.Freeman Gold (FMAN) - High-Grade Results & Imminent Resource Upgrade

Company Overview 

Freeman Gold is a fairly new company and acquired the Lemhi Gold project which is in Idaho, USA, one of the best jurisdictions in the world. The Lemhi project has historical resource estimates between 800,000 to 1.2Moz at around 1g/t from surface heap leachable oxidised, which puts it in the range of one of the highest-grade oxide deposits not only in the US, but worldwide. Freeman Gold initially set out to tidy up the ownership structure which meant acquiring a couple of claims that would have been in the pit area. They raised some money and started drilling the 7000m to validate the 70,000m plus that were drilled in the 80s and 90s by 3 different operators, all in line to have a compliant resource estimate out in April. The company is advancing on the metallurgy and permitting aspects too and has a lot of historical data on the metallurgy, which they're validating in their current programme. They have patented claims, which means they own the surface rights and the mineral rights so the permitting process is a lot smoother and more condensed.Freeman Gold (FMAN) - High-Grade Results & Imminent Resource Upgrade

The Freeman Gold team is experienced and has done a few of these projects before to build mines and create shareholder votes. The historical resource ranges from 800,000oz to 1.2Moz as there were 3 different operators with 3 different estimates. The resource estimate from Freeman Gold is due out in April and they have been working with the consultants and have the geological model already complete.  Freeman Gold (FMAN) - High-Grade Results & Imminent Resource Upgrade

Were Recent Drill Results Surprising?

The recent drill results are starting to become quite interesting. There have been a couple of exciting holes of 2.5g/t over 151m that haven’t been found before on this project and are significantly higher than they expected as there is a lot of historical data available. There are a group of very high-grade zones that are sub-horizontal. The project has really high-grade areas that are 5m to 50m wide and running from 2g/t to 5g/t which is fantastic for the future economics of the project.Freeman Gold (FMAN) - High-Grade Results & Imminent Resource Upgrade

Freeman Gold has had two press releases out since the last time we spoke, showing some great drill results. They have compiled all the historical information, which was 6 or 7 reports by Kappes Cassiday of Reno who had a 70% to 90% recovery for heap leach. They have some drill samples currently at SGS in Canada and initial results indicate that they're in that range which is very exciting.

Patent Claims & The Effect on Permitting

A patent claim means the company owns the surface rights and the mineral rights within the patent claims. The owner of the claim then doesn’t have to permit through the forestry service or the BLM at the federal level and only permit at the state level and that process becomes a lot smaller and quicker to complete. When Freeman Gold plans to drill on their patented claims, they file a notice and a week or 2 weeks later they are drilling. A plan of operation through BLM or the forestry service can take a year to 3 years depending on the conditions of the ground which is a big difference and affects the project timeframe.Freeman Gold (FMAN) - High-Grade Results & Imminent Resource Upgrade

Phase 2 Drilling: Funding & Targets

Freeman Gold is coming towards the end of phase 1 drilling and heading to phase 2 of the drill programme. Phase 2 will look at expansion, mostly to the south, the north and to the west of the deposit. They have had a few drill holes that went deep and discovered additional high-grade zones at depths that have never been drilled before so they plan to follow up on those holes. They are targeting a number over 1.5Moz as phase 2 will determine exactly where the deposit is open. There are a number of drill holes outside the resource area that have fantastic Gold intercepts that they will be following up on and tie into the known mineralized body to get the resource over that 1.5Moz. Freeman Gold (FMAN) - High-Grade Results & Imminent Resource Upgrade

After phase 2, a phase 3 is planned to extend from 1.5 to 2Moz and then get the deposit production ready inside the 3-year timeframe. Freeman Gold have built mines before, Lithium X was the previous one that they sold for $265M fully permitted under construction which they completed in a 3-year timeframe and have done this at least 7 or 8 times.Freeman Gold (FMAN) - High-Grade Results & Imminent Resource Upgrade

If you are looking for a solid team with a stellar track record Freeman Gold ticks the boxes. They have been accused of being unpromotional, but for us that is a bonus, they have a clear plan and are delivering on it without blowing through lots of cash. Lots to like about these guys and probably deserve more attention that they are getting. It was great to have an update with Freeman Gold as we were interested in the recent drill results and are looking forward to seeing the updated resource from the company shortly.    

To find out more, go to Freeman Gold's Website.

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