FREEMAN GOLD REPORTS DRILL RESULTS FROM EXPANDED 2025 PROGRAM - INCLUDING 3.1 G/T OVER 8.0 METRES AND 1.6 G/T OVER 7.6 METRES
None
On December 4, 2025, Freeman Gold reported the final drill results from its 2025 Feasibility Study drill program at the Lemhi Gold Project. The program consisted of 3,328 metres of both Reverse Circulation (RC) and Core drilling. The stated objectives were to convert in-pit inferred resources to the Measured and Indicated categories and to test the extent of mineralization.
Key highlighted intercepts include: - 3.1 g/t gold over 8.0 metres - 1.6 g/t gold over 7.6 metres
The release also included broader, lower-grade parent intervals: - 0.37 g/t gold over 98.36 metres - 0.28 g/t gold over 178.9 metres - 0.24 g/t gold over 54.0 metres
CEO Bassam Moubarak stated that the drill results indicate gold mineralization continues beyond the patent boundaries and that the company expects to release an updated Mineral Resource Estimate (MRE) in Q1 2026, which will be incorporated into the ongoing Feasibility Study (FS).
The news is a routine operational update, providing the final results from a previously announced and completed drill program. While the company has successfully completed its program, the results are mixed and do not represent a material positive catalyst.
- Context is Key: The primary purpose of this drilling was to upgrade inferred resources for the Feasibility Study. The project's 2023 MRE has an average grade of approximately 1.0 g/t gold. The large intervals reported in this release (0.24 g/t to 0.37 g/t) are significantly below this average grade.
- Headline vs. Data: The headline focuses on shorter, higher-grade intercepts, which is standard practice. However, as critical analysts, we must focus on the wider, bulk-tonnage intervals which are more representative of the drilled areas. These low grades raise concerns that the resource conversion may result in a lower overall grade for the deposit in the updated MRE, potentially offsetting some of the economic benefits of a higher gold price.
- Progression: These results are less impressive than those reported on September 23, 2025 (e.g., 2.6 g/t Au over 12.2m). The progression of drill results through the year has shown confirmation of mineralization but has not consistently delivered high-grade intercepts that would significantly de-risk or improve the project's economics ahead of the FS.
- Expectations: The market was expecting these results, as the program's completion was announced on October 24, 2025. The release provides necessary data for the FS, but the data itself is not exceptional. Therefore, it confirms the company is executing its plan, but it does not materially enhance the project's potential at this stage.
The overall impact is neutral. The company has done what it said it would do, but the results introduce a degree of risk regarding the grade profile of the upcoming MRE. The market's focus will now shift entirely to the MRE update and the subsequent Feasibility Study in Q1 2026.
Freeman Gold Corp. is a Canadian-based mineral exploration company focused on advancing its 100%-owned flagship asset, the Lemhi Gold Project. The project is located in Lemhi County, Idaho, a mining-friendly jurisdiction in the USA. Lemhi is a near-surface, oxide gold deposit amenable to open-pit mining. The company is currently in the Feasibility Study stage, aiming to de-risk the project towards a production decision. Notably, the project is royalty-free, as the company acquired and extinguished a back-in right from Yamana Gold in 2020.