Freeman Gold (CSE: FMAN) this morning reported that it has officially filed a National Instrument 43-101 report for its flagship Lemhi Gold project in Idaho. The filing reports to the firms maiden mineral resource estimate, which identified that the property contains over 1.0 million ounces of gold on a combined basis.
Based on a cut off grade of 0.5 g/t gold, the resource estimate highlights 749,800 ounces of gold on an indicated basis at 1.02 g/t gold. An additional 250,300 ounces of gold are believed to be on the property on an inferred basis at 1.01 g/t gold. The estimate is based on a pit constrained model.
Most importantly, the resource remains open along strike to the north, south and west, in addition to being open at depth, allowing for further expansion of the resource. The estimate is based on a total of 64,391 metres of drilling across a total of 364 holes.
The project is believed to have “the potential for future economic extraction,” with the resource reportedly being “amenable to open pit mining using standard, low cost leaching technologies.”
The company has indicated that it will continue to drill the property to expand the resource as it proceeds with developing the project into a low cost producing asset. The company is currently conducting further exploration on the property, including ionic leach tests.
Freeman Gold last traded at $0.385 on the CSE.
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