VANCOUVER, BC, Dec. 10,
2024 /CNW/ - Freeman Gold Corp. (TSXV: FMAN)
(OTCQB: FMANF) (FSE: 3WU) ("Freeman" or the
"Company") is pleased to announce that it has submitted an
application for a land interchange as part of the Small Tracts Act
("STA") with the US Forest Service ("USFS") at the
100% owned Lemhi Gold Project in Idaho.
Currently, there are several slivers of National Forest Land
that lie within the 30 km2 (7,400 acre) Lemhi Gold
Project area. Freeman has now submitted a STA application to the
USFS to exchange approximately 40 acres of this land for parcels of
equal value outside of the project area without a formal appraisal.
Upon successfully completing the transfer, the Project area will be
unencumbered by conflicting land use classifications simplifying
mine permitting and development.
All parcels to be acquired by Freeman through the interchange
are "mineral survey fractions" as defined in 36 CFR § 254.31,
i.e., they are "small parcels" of National Forest System Lands
interspersed with or adjacent to lands transferred out of Federal
Ownership under the mining laws. The claims under application are
either surrounded by, or intrude into adjacent patented claims,
adversely affecting the efficient development of the mineral
resource in Freeman's patented claims. Interchange of the parcels
would facilitate the orderly and efficient development of the
mineral resource in the patented claims.
The USFS has both encouraged the application and has
acknowledged the receipt of the submission.
Mr. Moubarak commented, "We appreciate the help of the US
Forest Service in consolidating our land position. As we advance
our project forward, this will certainly help simplify our
permitting process."
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 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., VP Exploration of 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.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.
