Freeman Gold (TSXV: FMAN; OTC: FMANF; FSE: 3WU) has updated the resource estimate for its Lemhi gold project in Idaho and is reporting 24% more ounces and a grade that is 16% higher than earlier.
The pit constrained estimate contains 988,100 oz. of gold in 30.0 million tonnes grading 1.0 g/t gold and 234,700 oz. of gold in 7.3 million indicated tonnes grading 1.01 g/t gold. A price of US$1,750/oz. 0.35 g/t gold cut-off, and an assumed recovery of 96.7% were used. There is also an underground inferred resource of 21,300 oz. in material grading 2.27 g/t gold.
The resource estimate was made using data from 81,497 metres of drilling in 442 holes between 1983 and 2022. The company says over 90% of the resources are contained within its 100%-owned patented claims.
The Lemhi deposit is believed to be one of the few remaining large, high-grade oxide gold occurrences in the United States.
“We have successfully increased the size of the deposit by 24$ while maintaining an approximate 1.0 g/t gold average grade,” Freeman executive chair Paul Matysek said in a release. “We now look forward to incorporating this resource update into a maiden economic study for Lemhi."
More information is available on www.FreemanGoldCorp.com.
October 31, 2024
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