FREEMAN GOLD COMMENCES WATER AND AIR RESOURCE STUDIES AT THE LEMHI GOLD PROJECT
Freeman Gold Corp. has initiated baseline environmental characterization programs for water and air quality at its 100%-owned Lemhi Gold Project in Idaho. The company has partnered with GSI Environmental Inc. and Trinity Consultants to conduct multi-season data collection to support state and federal permitting, specifically aiming to meet Idaho Department of Environmental Quality (IDEQ) requirements for a Point of Compliance Determination and New Source Review (NSR).
The water resource program includes the expansion of an existing groundwater monitoring program via the installation of automated pressure transducers in monitoring wells for continuous elevation data, alongside the continued collection of groundwater quality data. Surface water monitoring involves the establishment of flow monitoring stations across nearby creeks to characterize flows and water quality. Additionally, the company is compiling a hydrogeologic conceptual site model through a desktop compilation of historical, geological, and surface/groundwater data to create a preliminary site-wide model. This will support the development and calibration of a numerical groundwater model to characterize flow, evaluate potential project impacts, and refine operational plans. Regulatory coordination with IDEQ is underway to ensure the baseline characterization meets requirements for the Point of Compliance Determination application.
Ambient air quality and meteorological monitoring programs are also underway. An air quality station has been installed featuring continuous beta-attenuation mass monitors and a Federal Reference Method (FRM) sampler. A 10-metre meteorological tower has been deployed for the real-time collection of wind speed and direction, vertical wind speed, temperature, humidity, solar and net radiation, barometric pressure, and precipitation. The company is compiling a site-wide facility emissions inventory and executing AERMOD dispersion modeling to demonstrate compliance with National Ambient Air Quality Standards (NAAQS). A site-specific Quality Assurance Project Plan (QAPP) is being formulated for IDEQ review and approval.
The release reiterates the economic metrics from the 2026 Feasibility Study, highlighting a Proven and Probable Reserve of approximately 1.0 million ounces of gold and a post-tax NPV(5%) of US$696 million. Key economic details from the base case at $3,650/oz Au include a mine life of 15.2 years, a 34.4% internal rate of return (IRR), and a 2.5-year payback period. The operation is defined as a conventional open-pit, carbon-in-leach operation with 94.8% average life-of-mine recovery.
Resource estimates at a 0.2 g/t Au cutoff are as follows: * Indicated: 39.954 million tonnes at 0.76 g/t Au for 974,000 oz. * Inferred: 10.683 million tonnes at 0.70 g/t Au for 240,000 oz. * Total Resource: 8.356 million tonnes at 0.92 g/t Au for 247,000 oz (Pit-constrained).
Drilling history includes 525 drill holes completed, totaling 92,696 meters.
"Initiating these key baseline surveys marks an important milestone in advancing Lemhi towards responsible, fully permitted development. Gathering high-quality, multi-season environmental data ensures our team remains fully aligned with regulatory requirements while establishing a transparent environmental baseline for the Project," said Bassam Moubarak, Chief Executive Officer and Director of Freeman.