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Monday, Feb 6, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Freeman Gold extends Lemhi shallow oxide gold mineralization

The goal of the drilling program was to improve the resource confidence in zones with historical drill holes and expand mineralization

Freeman Gold extends Lemhi shallow oxide gold mineralization2
Lehmi pass in Idaho where the Lehmi program is located. Photo by United States Forest Service - USDA Forest Service

Freeman Gold Corp. (TSXV: FMAN) (OTCQX: FMANF) (FSE: 3WU) has successfully expanded its known mineralization area at its Lemhi, Idaho operations by 350 metres south and southwest.

The results come from an additional 15 diamond drill holes from the company’s 12,000 metre Phase II resource expansion and infill drill program in the Lehmi area.

“We have very encouraging and more positive results from the latest assays from the recent drilling. The results to date clearly show gold mineralization is now known to extend east, west and south at Lehmi,” executive chairman Paul Matysek said in a statement this week.

“The Lemhi gold deposit is expanding in all directions and we are confident that it will positively impact the updated Mineral Resource which will be underway once all assays have been received.”

The company’s drill holes were designed to test mineralization on strike to the south and southwest of the known deposit to improve the resource confidence in zones with historical drill holes and expand mineralization.

The current Mineral Resource Estimate comprises an Indicated Mineral Resource of 22.94 million tonnes at 1.02 g/t Au for 749,800 oz of gold and an Inferred Mineral Resource of 7.68 million tonnes at 1.01 g/t Au for 250,300 oz of gold.

Freeman Gold extends Lemhi shallow oxide gold mineralization

Southern expansion of Lehmi Gold. Photo via Freeman Gold.

Read more: Freeman Gold completes multi-phased drill program in Idaho, expands gold mineralization area

Read more: Getchell Gold Colorado assays display significant gold mineralization intervals

Highlighted results from the 15 holes are:

  • 5.95 g/t Au over 9.14m (FG22-022C)
  • 0.9 g/t Au over 23m, including 1.39 g/t Au over 13m (FG22-037C)
  • 0.54 g/t Au over 19m, including 1.0 g/t over 8.0m (FG22-038C)
  • 0.59 g/t Au over 19m (FG21-045C)
  • 0.98 g/t Au over 17m, including 2.1 g/t Au over 5m (FG22-048C)
  • 1.22 g/t Au over 38.59m, including 2.73 g/t Au over 10m (FG22-050C)
  • 2.4 g/t Au over 13.72m (FG22-061R)

The Vancouver-based company with operations in Nevada announced last week the completion of its drill program at its Lemhi Gold Deposit in Idaho. The drill program consisted of 58 diamond drill holes and 13 reverse circulations for 15,349 metres.

It expanded known gold mineralization in all directions and depths and showed a mineralization strike length expanded 80 and 166 metres east and west, respectively. Among the highlights, the company found 2 g/t Au over 24m (FG22-036C) and 2.1 g/t Au over 16m (FG22-016C).

Freeman Gold stock went up by 5.45 per cent on Wednesday to $0.29 on the Canadian Ventures Exchange.

Read more: 2023 will be a ‘very strong’ year for gold mining: NevGold

Read more: NevGold issues $1.5M in shares to GoldMining Inc. for Nutmeg Mountain project

Other Vancouver-based companies operating in the United States such as NevGold Corp. (TSX-V: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50) have been showing potential in the gold industry.

In an interview with NevGold’s CEO Brandon Bonifacio, NevGold was said to be the “new kid on the block” due to its strong potential to thrive in the industry. The company is currently focused on the Limousine Butte project in Nevada and Nutmeg Mountain in Idaho.

NevGold’s stock stayed flat on Wednesday at $0.40 on the Canadian Ventures Exchange.

 

NevGold is a sponsor of Mugglehead news coverage

 

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