High-Grade Gold Intercepts Extend Mineralized Zone at Idaho Project
Freeman Gold Corp. (FMAN:TSX; FMANF:OTCQB; 3WU:FSE) has reported new drill results from its 2025 core program at the Lemhi Gold Project, including 3.1 g/t gold over 8.0 meters. The company stated the data will support an updated Mineral Resource Estimate and upcoming Feasibility Study targeted for Q1 2026.
Freeman Gold Corp. (FMAN:TSX; FMANF:OTCQB; 3WU:FSE) announced new assay results from three diamond drill holes completed during its 2025 core drilling program at the Lemhi Gold Project in Idaho. The results are part of the company's ongoing effort to advance the project toward a Feasibility Study and update its Mineral Resource Estimate.
As detailed in the company's December 4 news release, the three holes were drilled in the southern portion of the property. Hole FG25-001DD returned 3.1 grams per tonne (g/t) gold over 8.0 meters within a broader interval grading 0.37 g/t gold over 98.4 meters. Hole FG25-002DD encountered multiple mineralized intervals, including 1.6 g/t gold over 7.6 meters and 1.3 g/t over 4 meters, within a larger zone of 0.28 g/t gold across 178.9 meters. Hole FG25-003DD cut 0.74 g/t gold over 9.1 meters within a wider interval of 0.24 g/t gold over 54 meters.
Samples from the drill program were sent to ALS Global Laboratories in Vancouver, an ISO 9001:2008 accredited facility. Freeman noted that true widths are estimated to be between 90% and 95% of the reported intercept lengths.
The 2025 drill campaign, which includes both reverse circulation and diamond drilling, is designed to upgrade inferred resources to the measured and indicated categories. These upgrades are based on the April 2023 NI 43-101 compliant resource estimate and are expected to inform an updated Mineral Resource Estimate to be incorporated into the planned Feasibility Study, targeted for completion in Q1 2026.
CEO Bassam Moubarak commented, "Freeman's 3,328-meter (RC: 2860m, Core: 468m) 2025 Feasibility Study drilling program was designed to convert in-pit resources on patented claims to Measured and Indicated and test the extent of mineralization. Drill results to date indicate gold mineralization continues beyond the patent boundaries in the south and north."
Gold Strengthens as Rate Cut Expectations, Liquidity Stress, and Currency Doubts Persist
Gold prices reached a six-week high in early December, supported by expectations of U.S. interest rate cuts and continued weakness in the U.S. dollar. Reuters reported on December 1 that spot gold rose to US$4,241.27 per ounce, while U.S. gold futures for February delivery settled at US$4,274.80. David Meger, director of metals trading at High Ridge Futures, linked the movement to macroeconomic drivers, noting, "The underlying environment of expectations of further rate cuts, along with inflationary pressure still above the Fed target ... is still the underlying support in gold and silver."
Matthew Piepenburg of Von Greyerz emphasized gold's safe-haven appeal, describing the environment not as a bull market in precious metals but as "a bear market in paper money." He characterized gold as "a monetary metal," offering greater stability than fiat currencies, and pointed to increasing global debt and tight liquidity conditions especially within the repo markets as signals of systemic stress. "Spiking repo rates are a screaming indication that credit is tightening, liquidity is becoming drier. Those are shark fins in a market sustained by debt," he said.
Piepenburg also discussed the widening spread between overnight repo rates and the Federal Funds Rate, citing it as a sign of declining interbank trust and a likely precursor to further liquidity injections. He referred to this phenomenon as "mouseclick money," another term for quantitative easing, which has historically supported gold prices.
Stewart Thomson weighed in on December 2 from a technical perspective, observing that "gold is only about US$200 off its US$4,380 area highs" and describing the current price zone as a favorable range for profit-taking. Thomson noted strong technical indicators across gold, silver, and mining equities, including new buy signals in mining stock indexes and particularly strong action in junior miners.
A Shallow, Scalable US Oxide Gold Story with Improving Economics
1John Newell of John Newell & Associates rated Freeman Gold as a Speculative Buy in a report dated September 23. He cited the Lemhi Gold Project's near-surface oxide mineralization, location on patented ground, and positive metallurgical response as factors contributing to a "de-risked starting point." Newell noted that updated project economics were rebased to reflect current gold prices and cost structures, with an April 2025 update to the Preliminary Economic Assessment showing an after-tax net present value (NPV) of US$453 million and an internal rate of return (IRR) of 33.2% at US$2,200 per ounce. A sensitivity scenario at US$2,900 per ounce indicated an NPV of approximately US$648 million and a 45.9% IRR.
Newell also emphasized the project's growth potential, citing multiple open targets along strike and depth, including the nearby Beauty Zone. The most recent resource estimate included 988,100 ounces of gold in the measured and indicated category at 1.00 g/t and 234,700 ounces inferred at 1.01 g/t.
He pointed to Idaho's permitting advantages and high ranking in global mining surveys, noting that Lemhi's location on private, patented land offers benefits not available to projects on federal ground. From a technical standpoint, he described Freeman Gold's stock as having exited a prolonged downtrend and entering a bullish structure supported by higher lows and increasing volume. His analysis identified near-term price targets of CA$0.26 and CA$0.40, with a broader base-case upside target of CA$1.30.
Advancing a High-Grade Oxide Resource in a Top U.S. Jurisdiction
Located in Idaho, the Lemhi Gold Project is positioned within a jurisdiction ranked sixth in the United States for investment attractiveness, according to the 2024 Fraser Institute Mining Survey. According to company materials, the project hosts an oxide gold deposit near surface with a measured and indicated resource of 988,100 ounces at an average grade of 1.00 g/t, and an inferred resource of 234,700 ounces at 1.01 g/t. More than 95% of the gold is reported as recoverable using traditional carbon-in-leach processing.
Freeman Gold's updated Preliminary Economic Assessment, with updated price sensitivity in April 2025, estimated an after-tax NPV of US$876 million and an IRR of 57.4% at a gold price of US$3,400 per ounce. Life-of-mine all-in sustaining costs were projected at US$1,105 per ounce, with an average annual production of 80,390 ounces over the first eight years and a total payable output of 854,090 ounces.
Streetwise Ownership Overview*
Freeman Gold Corp. (FMAN:TSX; FMANF:OTCQB; 3WU:FSE)
*Share Structureas of 12/10/2025With more than 90% of known mineralization situated on patented land and full water rights for both mining and domestic use already secured, the company noted that it is funded through to a construction decision. The deposit remains open in multiple directions, and additional drilling is planned as part of the project's ongoing expansion strategy.
Ownership & Share Structure2
27.07% of Freeman Gold is held by management and insiders, with Michael Parker holding 10.28%, Brian Paes-Braga holding 10.28% Bassam Moubarak holding 2.77%, and Paul Francis Matysek holding 2.97%.
Strategic entities hold 4.61%.
The rest is retail.
The company has 229.22 million free float shares, a market capitalization of CA$41.1 million, and a 52-week range of CA$0.07 to CA$0.23.
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Important Disclosures:
Freeman Gold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Freeman Gold.James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.
1. Disclosure for the quote from the John Newell article published on September 23, 2025
For the quoted article (published on September 23, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.John Newell Disclaimer
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any i
2. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.