Freeman Gold Corp. (TSXV: FMAN) (OTCQX: FMANF) (FSE: 3WU) new estimate results from its Lemhi gold deposit in Idaho have solidified the project as one of the few remaining high-grade oxide gold deposits in the United States.
On Monday, the company announced the results of its mineral resource estimate at the deposit and saw a 24 per cent increase in contained ounces and a 16 per cent improvement in overall gold grade compared to the previous estimate.
The increase can be attributed to infill drilling, expansion drilling and the discovery of the Beauty zone. The deposit is still open to the north, south, and west. The MRE is reported within an optimized pit shell and a potential underground economic shell.
The open pit MRE includes a Measured Mineral Resource of 168,800 oz of gold, an Indicated Mineral Resource of 819,300 oz of gold, and an Inferred Mineral Resource of 234,700 oz of gold. The potential underground MRE includes an Inferred Mineral Resource of 21,300 oz of gold.
Read more: Freeman Gold expands high grade gold mineralization at Beauty Zone, Idaho
Read more: Freeman Gold extends Lemhi shallow oxide gold mineralization
2023 Open Pit Resource (0.35 g/t Au cutoff and $1,750 gold). Graph via Freeman.
“Our new MRE for Lemhi firmly establishes this Project as one of the few remaining large, high-grade oxide gold deposits in the USA,” said Freeman’s Executive Chairman Paul Matysek.
Matysek said that in addition to the increased size, the company has continued de-risking the deposit by substantially improving the resource category with almost 1 million ounces in the Measured and Indicated category.
“We now look forward to incorporating this resource update into a maiden economic study for Lemhi,” Matysek said.
Freeman stock dropped by 8.33 per cent on Monday to $0.22 on the Canadian Ventures Exchange.
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NevGold Corp. (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is a Vancouver-based company that operates in Idaho via its Nutmeg Mountain project.
Back in January, the company announced that large parts of the project are sitting on other patented mining claims and other privately held ground. Accordingly, the company has filed an exploration notice permit with the Bureau of Land Management to drill on unpatented federal mining claims at the project. The permit is presently in the early stages.
NevGold stock went up by 1.25 per cent on Monday to $0.40.
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natalia@mugglehead.com
