New High Grade Gold Hits Emerge From Idaho as Fresh Drilling Extends Mineralization
Freeman Gold Corp. (FMAN:TSX; FMANF:OTCQB; 3WU:FSE) has released new assay results from its 2025 drilling program at the Lemhi Project, including gold intercepts of up to 3.1 g/t over 8.0 meters. The company stated the results will support an updated Mineral Resource Estimate and ongoing work toward the upcoming Feasibility Study.
Freeman Gold Corp. (FMAN:TSX; FMANF:OTCQB; 3WU:FSE) has reported new assay results from three drill holes completed during its 2025 core drilling program at the Lemhi Gold Project in Idaho, U.S.A. The results are part of the company's larger initiative to advance the project toward a Feasibility Study and update its Mineral Resource Estimate.
According to the company's December 4 news release, the three holes were drilled on the southern portion of the project area. Hole FG25-001DD intercepted 3.1 grams per tonne (g/t) gold over 8.0 meters within a broader interval of 0.37 g/t gold over 98.4 meters. Hole FG25-002DD returned several mineralized intervals, including 1.6 g/t gold over 7.6 meters and 1.3 g/t gold over 4 meters, within a broader envelope of 0.28 g/t gold over 178.9 meters. Hole FG25-003DD intercepted 0.74 g/t gold over 9.1 meters within a larger interval of 0.24 g/t over 54 meters.
All samples were processed at ALS Global Laboratories in Vancouver, an ISO 9001:2008 accredited facility. The company noted that true widths of the intervals are estimated to be between 90% and 95% of the reported lengths.
Freeman's 2025 drilling campaign includes both reverse circulation and core drilling. One of the primary objectives is to upgrade inferred resources, defined in the April 2023 NI 43-101 compliant estimate, to the measured and indicated categories. The data collected will be incorporated into an updated Mineral Resource Estimate, which the company intends to include in its Feasibility Study, currently targeted for completion in Q1 2026.
Commenting on the drill campaign, CEO Bassam Moubarak stated, "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 their highest level in six weeks at the beginning of December, driven by renewed expectations for U.S. interest rate cuts and continued weakness in the U.S. dollar. According to Reuters on December 1, 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 rally to macroeconomic conditions, stating, "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, managing partner at Von Greyerz, underscored gold's role as a monetary safe haven amid rising systemic risks. In a December 1 interview, he stated, "This is not a bull market in precious metals. It is a bear market in paper money." He described gold as "a monetary metal," arguing that it offers a more stable store of value than fiat currencies. Piepenburg pointed to rising global debt and liquidity constraints, particularly within the repo markets, as signs of financial instability. "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 addressed the widening gap between overnight repo rates and the Federal Funds Rate, describing it as a signal of declining interbank confidence and the need for further liquidity injections. He referred to the resulting central bank interventions as "mouseclick money," another term for quantitative easing, which has historically been supportive of gold.
From a technical standpoint, Stewart Thomson commented on December 2 that recent market behavior continues to reflect a bullish outlook. He observed that "gold is only about US$200 off its US$4,380 area highs" and called the current range "a great price zone to book some profits." Thomson also highlighted positive signals across gold, silver, and mining equities, pointing to fresh buy indicators in mining stock indexes and noting particularly strong performance among junior mining stocks.
A Shallow, Scalable US Oxide Gold Story with Improving Economics
1According to a report published on September 23, John Newell of John Newell & Associates rated Freeman Gold Corp. as a Speculative Buy. He cited the company's advancement of the 100%-owned Lemhi Gold Project in Idaho as a key factor, describing the asset as "a de-risked starting point" due to its shallow oxide ounces, location on patented land, and positive metallurgical characteristics. Newell highlighted that the project benefits from updated economics that reflect prevailing gold prices and costs. He noted that the April 2025 update to the Preliminary Economic Assessment (PEA) included an after-tax net present value (NPV) of approximately US$453 million and an internal rate of return (IRR) of 33.2% at US$2,200 per ounce of gold. He added that at US$2,900 per ounce, the project's economics showed even stronger returns, with a sensitivity case indicating an NPV of approximately US$648 million and a 45.9% IRR.
Newell stated that Freeman Gold's development strategy was grounded in capital efficiency, with management focused on expanding and upgrading its resource base. He emphasized the project's scalability, pointing to multiple open targets along strike, at depth, and within satellite zones such as the nearby Beauty Zone. The mineral resource estimate, as of the time of publication, included 988,100 ounces of gold in the measured and indicated category at an average grade of 1.00 grams per tonne, and 234,700 ounces in the inferred category at 1.01 grams per tonne.
He further noted that the jurisdiction provided a permitting advantage, as Idaho ranked highly in global mining surveys and the Lemhi deposit sat largely on private, patented ground. According to Newell, these attributes simplify permitting relative to projects on federal land.
In his technical analysis, Newell observed that Freeman Gold had exited a prolonged downtrend and entered a bullish pattern, marked by higher lows and volume expansion. He identified near-term price targets of CA$0.26 and CA$0.40, with a long-term congestion zone around CA$0.90 and a broader measured move target of CA$1.30. He concluded that the company's setup, both fundamentally and technically, "offers attractive leverage to both the company's fundamental catalysts and broader sector sentiment."
Advancing a High-Grade Oxide Resource in a Top U.S. Jurisdiction
The Lemhi Gold Project is located in Idaho, which ranked sixth in the United States for investment attractiveness in the 2024 Fraser Institute Mining Survey. According to company materials, the project hosts a near-surface, oxide gold deposit with over 988,000 ounces of gold at an average grade of 1.00 g/t in the measured and indicated categories, along with an inferred resource of 234,700 ounces at 1.01 g/t. More than 95% of the gold is recoverable through traditional carbon-in-leach processing.
The company's Preliminary Economic Assessment (PEA), updated in April 2025, outlined an after-tax net present value (NPV) of US$876 million and internal rate of return (IRR) of 57.4% using a gold price of US$3,400 per ounce. All-in sustaining cash costs were estimated at US$1,105 per ounce of gold, with average annual production of 80,390 ounces over the first eight years of operation. Total payable output over the life of mine is projected at 854,090 ounces.
Streetwise Ownership Overview*
Freeman Gold Corp. (FMAN:TSX; FMANF:OTCQB; 3WU:FSE)
*Share Structureas of 12/10/2025Freeman holds a permitting advantage, with over 90% of known mineralization located on patented ground and awarded water rights for both mining and domestic use. The project is also funded through to a construction decision, with permitting efforts currently underway. According to company materials, the Lemhi deposit remains open to the north, south, and at depth, offering potential for expansion through additional drilling.
With metallurgical testing nearing completion and an updated Mineral Resource Estimate expected in early 2026, Freeman Gold continues to progress toward potential development of one of Idaho's advanced-stage oxide gold projects.
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.