Extends Lemhi Shallow Oxide Gold Mineralization To The South

VANCOUVER - Freeman Gold Corp. reported results for an additional 15 diamond drill holes from the Company's 12,000m Phase II resource expansion and infill drill program at its 100% owned Lemhi Gold Deposit, Idaho. These drill holes were designed to test mineralization on strike to the south and southwest of the known deposit (expansion and infill holes) to improve the resource confidence in zones with historical drill holes and expand mineralization.

The infill and expansion holes represent drilling up to 350 meters to the south and southwest of previous drilling by Freeman where mineralization was open and untested by drilling. Many of these areas are modeled as unmineralized due to lack of drilling in the initial maiden mineral resource estimate (MRE). The current MRE 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 (refer to press release dated July 8, 2021). The MRE covers a surface area of 400 by 500 meters and extends down to a depth of 180 meters below surface. The resource expansion holes that form the bulk of the current Phase II drill program are designed to extend this current resource both along strike and at depth.

Paul Matysek, Executive Chairman, commented, "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. 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. All holes drilled to date have intersected shallow oxide gold."

As of December 2022, a total of 50 new core drill holes for a total of 12,168 meters as well as 10 reverse circulation holes totaling 1,621.5m were completed at Lemhi. These holes have been primarily designed to test on strike extensions of the known resource as well as infill in certain parts of the gold deposit. In particular, the drill program has focused on areas currently modeled as pit waste because of no or sparse drill data. All ounces added in these areas, even if close to the cut-off grade, will add value to the project as they come from zones in the resource shell that can now be upgraded to resources (Figures 1 and Table 1). This marks the completion of the Phase 3 RC drill program which was concluded in December due to inclement weather and drilling issues. All drill holes from the project have been logged, sampled and sent to the laboratory. Analytical results are pending.