FREEMAN SIGNIFICANTLY INCREASES GRADE, OUNCES AND CONFIDENCE IN UPDATED RESOURCE ESTIMATE FOR THE LEMHI GOLD DEPOSIT, IDAHO

VANCOUVER, BC, April 10, 2023

• The pit constrained MRE using a 0.35 gram per tonne gold ("g/t Au") cut-off and a gold price of US$1750 per troy ounce ("oz") is comprised of:
• Measured and Indicated MRE of 988,100 oz gold ("Au") at 1.00 gram per tonne ("g/t") in 30.02 million tonnes.
• Inferred MRE of 234,700 oz Au at 1.01 g/t in 7.34 million tonnes.
• Current MRE was constructed from a total of 81,497 m of drilling and 442 drillholes completed between 1983 and 2022;
• The resource is modelled as primarily amenable to open pit mining using standard, low-cost gold leaching technologies, including carbon in leach and heap leach processing;
• Over 90% of the MRE contained within 100% owned patented claims;
• The underground MRE (inferred) resource contains 21,300 oz at 2.27 g/t Au;
• Resource remains open on strike to the north, south and west as well as at depth;
• Resource assumes gold recoveries of 96.7 % using traditional CIL/CIP based on recent metallurgy completed by Freeman.

Toronto Venture Stock Exchange: FMAN

VANCOUVER, BC, April 10, 2023 /PRNewswire/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQX: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce results of the updated Mineral Resource Estimate ("MRE") conducted on its 100% owned Lemhi Gold Deposit located in Idaho. The MRE was completed by APEX Geoscience Ltd., Edmonton, Alberta.

Paul Matysek, Executive Chairman of the Company, stated, "Our new MRE for Lemhi firmly establishes this Project as one of the few remaining large, high-grade oxide gold deposits in the USA. We have successfully increased the size of the deposit by 24% while maintaining an approximate 1 g/t Au average grade.  In addition to the increased size, we have continued de-risking the deposit by substantially improving the resource category with almost 1 million ounces in the Measured and Indicated category. We now look forward to incorporating this resource update into a maiden economic study for Lemhi."

The updated MRE represents a 32% increase in Measured and Indicated ("M&I") ounces as well as a 24% increase in size and 16% increase in grade over the maiden resource released just 20 months ago (see press release dated July 8, 2021). The significant increases can be attributed to: infill drilling in previously defined areas of inferred mineralization; expansion drilling to the north, south, east and west; and, the discovery of the Beauty zone. The deposit remains open to the north (1.23 g/t over 36m; FG22-034C), south (1.22 g/t over 38.59m; FG22-050C and 5.95 g/t over 9.14m; FG22-022C), and west (0.61 g/t Au over 66m; FG22-011C). 

All reported mineral resources occur within a pit shell optimized using values of US$1,750 per ounce of gold ("Au") and a potential underground economic shell that utilized a minimum mineralization thickness of 1 metre and a cutoff grade of 1.5 grams per tonne ("g/t") lower cut-off. The Open Pit Measured, Indicated and Inferred MRE are undiluted and constrained within an optimized pit shell, at a 0.35 g/t lower cut-off. The Open Pit MRE comprises a Measured Mineral Resource of 4.47 million tonnes at 1.15 g/t Au for 168,800 oz of gold, an Indicated Mineral Resource of 25.55 million tonnes at 0.98 g/t Au for 819,300 oz of gold, and an Inferred Mineral Resource of 7.34 million tonnes at 1.01 g/t Au for 234,700 oz of gold (Table 1). The potential underground Inferred MRE is undiluted and was manually constrained to shells that showed a minimum thickness of at least 1 metre at a lower cutoff grade of 1.5 g/t and showed continuity of mineralization. The underground MRE comprises an Inferred Mineral Resource of 296,000 tonnes at 2.27 g/t Au for 21,300 oz of gold (Table 1).

Table 1: 2023 Mineral Resource Estimate for the Lemhi Gold Project, Idaho, USA