Freegold Demonstrates Robust Mineral Resource Estimate at Golden Summit Using $1,650 Au 11.9 Moz indicated & 7.5 Moz inferred in Primary Resource

Freegold Demonstrates Robust Mineral Resource Estimate at Golden Summit Using $1,650 Au 11.9 Moz indicated & 7.5 Moz inferred in Primary Resource

Freegold Ventures Limited ("Freegold" or the "Company") (TSX: FVL) (OTCQX: FGOVF) wishes to provide additional clarity on the Mineral Resource Estimate (the "Updated Mineral Resource Estimate" or "Updated MRE") for its Golden Summit project located near Fairbanks, Alaska .

An updated MRE was published Feb 22 nd with additional work continuing after the Feb 22 nd release to determine the sensitivities to lower gold prices than the $1792 /oz used for the pit shell. These continued to find the resource to be notably robust, even at significantly lower gold prices. An error was noted in the table at the 0.75 g/t cut off in the indicated category of the " Pit Constrained Primary Resource Table ". The Company asked Tetra Tech Canada to correct this number which had accidentally included the Inferred category, meaning that the Inferred was double counted. This reduces the primary indicated ounces to 7.7 Moz from 12.1 Moz at 0.75 gp/t cut off in the indicated category. This does not impact the MRE as the base case reported was at a 0.45 g/t cut off.

In addition Freegold is pleased to provide further clarification on the MRE in particular;

  • Effect of gold price on the MRE;
  • Grade capping of the high-grade;
  • Sections within the block model

The following table provides a pit constrained resource for the primary resource at both the $1,792 (the three-year trailing gold price average used in the February 22, 2023 MRE) and a comparison at a $1,650 gold price using the same 0.45 g/t gold cut off. The size of the resource at the stated cut-off of 0.45 g/t gold for the primary MRE is impressively resilient to a change in gold price as evidenced in the table below.

Golden Summit Pit-Constrained Primary Au g/t - 0.45 cut off

$1,792






Category

Tonnes

Au_gpt

Au Ounces


Indicated

407,544,000

0.92

12,011,000


Inferred

282,303,000

0.85

7,736,000

$1,650






Indicated

405,528,000

0.92

11,960,000


Inferred

272,805,000

0.85

7,458,000

For the pit-constrained resource, the mining, processing and G&A costs amount to US$25.70/tonne which results in a cutoff grade of 0.45 g/t Au (25.70/57.61 = 0.446 rounded to 0.45 g/t). The oxide portion of the Pit-Constrained resource has an estimated processing cost of approximately US$4.10/tonne, which translates to a cutoff grade of 0.12 g/t Au (4.10+1.9+0.9 =6.90/57.61 = 0.12). This has been rounded up to 0.15 g/.t. For the underground resource, the mining method is assumed to be block caving, with a cost of US$20.00 / tonne, which translates to a cutoff grade of 0.75 g/t Au. The base cases for both the pit-constrained and underground resources are highlighted. Gold grades have been rounded from four decimal places to two.


The pit generated by Tetra Tech extends to a depth of 800 metres, with the bulk of the higher-grade mineralization lying between 100 to 700 metres in depth. Although the presence of high grade has been noted during the 2020 – 2022 drill programs, what is apparent is that the overall higher-grade trend closely correlates to Freegold's interpretation. GSDL2001 (announced in news release May 6th, 2020 ) initially tested this interpretation and successfully encountered a broad intercept of higher-grade mineralization within a broad silicified zone.

The 2020 – 2022 program defined a corridor or higher-grade mineralization between Dolphin and Cleary. Veins in Cleary are typically narrow, high-grade and discontinuous. These high-grade veins are surrounded by a lower grade envelope. As the mineralization plunges towards the Dolphin intrusive the narrow high-grade veins persist however the mineralized envelope surrounding the narrow high-grade veins increases both in grade and width, making an ideal bulk tonnage target.

The 2020 – 2022 drilling resulted in a substantial increase in the overall resource quality and quantity at the Golden Summit Project. Golden Summit takes its place as one of the largest undeveloped gold resources in North America with less than a $4.00 oz discovery cost. Freegold continues to explore Golden Summit as a large bulk tonnage gold resource that contains high grade zones, similar to Kinross's operating Fort Knox Mine.  Fort Knox is a large low grade open pit operation which has produced over 8 million ounces over 25+ year mine life. Structurally controlled northeast striking high grade veins increase the overall low-grade resource at the mine.

Given the small percentage of very high grade that has been encountered and following a significant amount of statistical analysis, the range of the high grade was limited to a 20-metre search radius based on statistics and variograms done by the independent resource estimator.  A 30 g/t cap was applied to assay composites beyond the 20-metre search radius. Only a small percentage of samples were affected, which had the potential to influence the overall grade disproportionately.  Capping affected approximately 0.07% of the population (31 sample composites).  A total of 72,196 assays were incorporated. As a matter of course additional infill drilling will be done to ensure the continuity of the high grade estimated to further define and refine the higher grade.

Sections 478850E, 479350E and 479500E with the various blocks and pit outlines at gold prices of $1,792 , $1,650 and $1,500 are included for reference as well as drill plan map.

https://freegoldventures.com/site/assets/files/6146/drill_plan_map_03022023.pdf
https://freegoldventures.com/site/assets/files/6146/478850e.pdf
https://freegoldventures.com/site/assets/files/6146/479350e.pdf
https://freegoldventures.com/site/assets/files/6146/479500e.pdf

From 2020 to 2022, over 83,000 metres of drilling were completed in 131 holes in the Dolphin Cleary Area of the Golden Summit project. The Updated MRE incorporated 128 holes of the drilling completed, which has resulted in a significant increase in both the overall resource grade and tonnage at Golden Summit. Assays for three drill holes GS2239, GGS40 and GS2012 were not included). GS2239 and GS2240 were not complete at the resource cut-off ( February 6 th , 2023.

The Dolphin-Cleary is the only area of the project to have a resource delineated, and represents only a small portion of the overall land package.

The Updated Mineral Resource Estimate is divided into three parts: Pit-Constrained Oxide, Pit-Constrained Primary, and Under Pit  and is shown below at $1,650 for reference in the following tables:

Golden Summit Pit-Constrained Oxide US$1,650 Pitshell

Cutoff

Category

Tonnes

Au_gpt

Au Ounces

Au g/t





1.00

indicated

2,479,000

1.78

142,000

1.00

inferred

1,456,000

2.25

105,000

0.75

indicated

4,139,000

1.41

187,000

0.75

inferred

1,995,000

1.88

120,000

0.50

indicated

10,209,000

0.93

304,000

0.50

inferred

3,502,000

1.33

150,000

0.45

indicated

12,301,000

0.85

336,000

0.45

inferred

4,130,000

1.20

159,000

0.30

indicated

22,544,000

0.63

455,000

0.30

inferred

7,405,000

0.83

198,000

0.25

indicated

29,056,000

0.55

513,000

0.25

inferred

9,986,000

0.69

220,000

0.15

indicated

52,030,000

0.39

657,000

0.15

inferred

18,187,000

0.47

272,000

0.10

indicated

67,321,000

0.33

718,000

0.10

inferred

24,775,000

0.37

298,000






Golden Summit Pit-Constrained Primary US$1,650 Pitshell

Cutoff

Category

Tonnes

Au_gpt

Au Ounces

Au g/t





1.00

indicated

95,154,000

1.81

5,537,000

1.00

inferred

47,653,000

1.83

2,808,000

0.75

indicated

171,076,000

1.39

7,629,000

0.75

inferred

101,356,000

1.32

4,292,000

0.50

indicated

347,969,000

0.99

11,082,000

0.50

inferred

231,446,000

0.92

6,827,000

0.45

indicated

405,528,000

0.92

11,960,000

0.45

inferred

272,805,000

0.85

7,458,000

0.30

indicated

642,983,000

0.72

14,785,000

0.30

inferred

431,800,000

0.67

9,356,000

0.25

indicated

737,407,000

0.66

15,619,000

0.25

inferred

497,972,000

0.62

9,943,000

0.15

indicated

910,024,000

0.57

16,741,000

0.15

inferred

630,320,000

0.53

10,791,000

0.10

indicated

971,929,000

0.54

16,992,000

0.10

inferred

694,961,000

0.49

11,052,000






Golden Summit Under Pitshell Primary US$1,650 Pitshell

Cutoff

Category

Tonnes

Au_gpt

Au Ounces

Au g/t





1.00

indicated

1,054,000

1.98

67,000

1.00

inferred

9,749,000

1.65

518,000

0.75

indicated

2,129,000

1.41

96,000

0.75

inferred

19,752,000

1.25

791,000

0.50

indicated

6,499,000

0.86

180,000

0.50

inferred

57,411,000

0.82

1,517,000

0.45

indicated

7,914,000

0.79

202,000

0.45

inferred

70,074,000

0.76

1,710,000

0.30

indicated

15,301,000

0.59

289,000

0.30

inferred

115,529,000

0.61

2,258,000

0.25

indicated

20,082,000

0.51

331,000

0.25

inferred

136,166,000

0.56

2,439,000

0.15

indicated

34,004,000

0.38

419,000

0.15

inferred

190,912,000

0.45

2,783,000

0.10

indicated

44,963,000

0.32

462,000

0.10

inferred

237,659,000

0.39

2,968,000

For the pit-constrained resource, the mining, processing and G&A costs amount to US$25.70/tonne which results in a cutoff grade of 0.45 g/t Au (25.70/57.61 = 0.446 rounded to 0.45 g/t). The oxide portion of the Pit-Constrained resource has an estimated processing cost of approximately US$4.10/tonne, which translates to a cutoff grade of 0.12 g/t Au (4.10+1.9+0.9 =6.90/57.61 = 0.12). This has been rounded up to 0.15 g/.t. For the underground resource, the mining method is assumed to be block caving, with a cost of US$20.00 / tonne, which translates to a cutoff grade of 0.75 g/t Au. The base cases for both the pit-constrained and underground resources are highlighted. Gold grades have been rounded from four decimal places to two.


Freegold will file within 45 days an updated technical report for the Golden Summit project, including a description of the Updated Mineral Resource Estimate from the date of the original release. Further information regarding the Updated MRE will be set forth in this report. An updated PEA is expected later in 2023.

Summary:

  • The mineral resource remains robust at $1,650 / oz gold price;
  • Significant expansion with higher grade that the previous 2016 MRE
  • MRE will form the basis for Freegold's upcoming PEA - scheduled to be completed later in 2023
  • Expansion potential exists in the Dolphin Cleary Area where drilling over the last two years has identified higher grades zone, and
  • New targets have been identified in Saddle Zone 4km to the east where historic mining focused on high grade veins
Quality Control and Reporting Protocols

The Company implemented a sample quality control/quality assurance ("QA/QC") program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Chemex. All assays were performed by ALS Chemex, with sample preparation conducted at the ALS facility in Fairbanks, Alaska , with subsequent studies conducted primarily using its Vancouver and Reno laboratories.

Core samples were prepared using the PREP-31BY package in ALS's Fairbanks facility. Each core sample was crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg was taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzed all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening was performed using ALS's Au- SCR24 method; select samples were dry-screened to 100 microns. A duplicate 50g fire assay was conducted on the little fraction and an assay on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures were conducted in ALS's North Vancouver and Reno facilities. A QA/QC program included laboratory and field standards inserted every ten samples. Blanks were inserted at the start of the submittal, and at least one blank every 25 standards, with additional blanks inserted following samples of visible gold.  Core Samples were also prepared using the PRP80-1Kg using the Bureau Veritas facilities. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-ES (method code MA200). Fire Assay analyzes all samples with an AAS finish, method code FA-430 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, FA530. Additional Au screening is performed using BV's FA632 method; select samples are dry screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction, as well as an assay on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Crushing was conducted at BV's Fairbanks facility, with subsequent analysis conducted by its Vancouver , Reno and/or Hermosillo facilities. A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards with additional blanks inserted following samples of visible gold.

Freegold has a full-service camp at Golden Summit with COVID-19 protocols in place.

Qualified Person and Technical Information

The MRE, with an effective date of 21 February 2023 , was prepared by Tetra Tech Canada. Greg Mosher , P. Geo and Maurie Marks , P.Eng of Tetra Tech Canada are  "Qualified Persons" for the Updated Mineral Resource Estimate as defined in NI 43-101 and is considered to be "independent" of Freegold for the purposes of NI 43-101. Greg Mosher and Maurie Marks have reviewed and approved the scientific and technical information herein regarding the Golden Summit project.  Greg Mosher conducted a site visit to Golden Summit on November 11 – 12, 2022.

The full technical report, which is being prepared in accordance with NI 43-101 by Tetra Tech Canada, will be available on SEDAR ( www.sedar.com ) under the Company's issuer profile within 45 days from this news release. The effective date of the Updated Mineral Resource Estimate is February 21, 2023 .

Alvin Jackson , P.Geo, Vice President of Exploration and Development of the Company and a "Qualified Person" as defined in NI 43-101, has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein.

About Freegold Ventures Limited

Freegold is a TSX-listed company focused on exploration in Alaska and holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

Cautionary Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards on Mineral Resources and Mineral Reserves" incorporated by reference into NI 43-101 ("CIM"). Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

Cautionary Note Regarding Forward-Looking Information

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the prospects, if any, of the Dolphin Cleary deposit, timing and ability of the Company to file an updated NI 43-101 technical report for the mineral resource estimate disclosed in this news release, the Golden Summit Project representing one of the largest undeveloped gold resources in North America , expected further testing at other targets at the Golden Summit Project, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2021 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While there has been a reduction in these effects in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions, cannot be reasonably estimated at this time. The risks to Freegold of such public health crises also include risks to employee health and safety and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect   on Freegold's business, results of operations, and financial condition.

SOURCE Freegold Ventures Limited

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Freegold Ventures Limited - Results of the Annual General and Special Meeting

Freegold Ventures Limited - Results of the Annual General and Special Meeting

Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) ("Freegold" or the "Company ") is pleased to announce that all matters set out in the Management Information Circular dated May 26 2025 for the 2025 Annual General and Special Meeting of Shareholders held on June 27, 2025 (the "Meeting") were approved by the shareholders holding 98,154,137 shares were voted representing approximately ~ 18.56% of the outstanding shares of the Company.

Freegold Logo (CNW Group/Freegold Ventures Limited)

The following nine nominees were elected as directors of Freegold. The detailed results of the vote for the election of directors are set out below:

MOTIONS

NUMBER OF SHARES

PERCENTAGE OF VOTES CAST

FOR

AGAINST

WITHHELD/
ABSTAIN

FOR

AGAINST

WITHHELD/
ABSTAIN

To elect as Director :Kristina Walcott

96,353,303


1,800,834

98.165 %


1.835 %

To Elect as Director: Alvin Jackson

97,016,593


1,137,544

98.841 %


1.159 %

To Elect as Director: David Knight

85,790,018


12,364,119

87.403 %


12.597 %

To Elect as Director: Garnet Dawson

97,308,977


845,160

99.139 %


0.861 %

To Elect as Director: Ron Ewing

96,839,477


1,314,660

98.661 %


1.339 %

To Elect as Director: Glen Dickson

85,396,927


12,757,210

87.003 %


12.997 %

To Elect as Director: Reagan Glazier

79,513,338


18,640,799

81.009 %


18.991 %

To Elect as Director: Maurice Tagami

97,900,807


253,330

99.742 %


0.258 %

To Elect as Director: Vivienne Artz

93,614,569


4,539,568

95.375 %


4.625 %

The Company's shareholders approved the appointment of Davidson & Company LLP, Chartered Professional Accountants, as the Company's auditors, as set forth in the management information circular.

The Company's shareholders approved the Company's new omnibus equity incentive plan.

Each of the matters voted upon at the Meeting is discussed in detail in the Company's Information Circular dated May 26 th, 2025, which is filed under the Company's profile at www.sedarplus.com.

Golden Summit Project Update:

Drilling at Golden Summit is progressing well. Drilling is focused on resource definition, which includes both expansion and infill drilling, as well as geotechnical and metallurgical holes. Like the 2024 drill program, the current efforts aim to upgrade inferred resources to indicated status in preparation for the upcoming pre-feasibility study, which is expected to commence later this year. An updated mineral resource estimate is expected to be finalised soon, and the initial assay results from the 2025 drill program are also anticipated shortly.

The Qualified Person for this release is Alvin Jackson , P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.

About Freegold Ventures Limited  
Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2024 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect   on Freegold's business, results of operations, and financial condition.

SOURCE Freegold Ventures Limited

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Freegold Achieves over 90% Gold Recovery Using BIOX® and greater than 92% Gold Recovery using POX - Additional Metallurgical Work Remains Ongoing

Freegold Achieves over 90% Gold Recovery Using BIOX® and greater than 92% Gold Recovery using POX - Additional Metallurgical Work Remains Ongoing

  • All three methods tested: BIOX®, POX, and the Albion Process yield over 90% gold recovery
  • Further work to enhance sulphide recoveries through oxidation, as well as gravity, flotation and CIL recoveries, is in progress

Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) ("Freegold" or the "Company ") is pleased to announce further results from the ongoing metallurgical test work currently underway.

Freegold Logo (CNW Group/Freegold Ventures Limited)

The current initiatives are focused on refining the flowsheet options for the pre-feasibility study. This includes testing and ongoing evaluation of sulphide-oxidizing methods such as BIOX®, POX, and the Albion Process™, as well as further gravity, flotation and CIL test work.

Earlier this year, Freegold reported 93% recovery using the Albion Process™ oxidation-CIL, with further test work ongoing.  Comminution tests using half-PQ core have been conducted on over 50 samples from various locations and lithologies within the deposit. These tests provide information to evaluate the trade-off between grind size and liberation versus power consumption, to optimize power requirements and operating costs while enhancing gold recovery.

The BIOX test work has been in progress for several months, and results have shown that gold recovery rates of greater than 90% can be achieved.

2025 PROGRAM

  • Drilling is now underway with three rigs

Conversion of inferred resources into indicated & further exploration drilling.

  • Updated mineral resource
  • Ongoing metallurgical work, focusing on flowsheet optionality with sulphide oxidation is a key part of our strategy to maximize the potential of the resource.
  • Commencement of a Pre-Feasibility Study (PFS)

Summary of Gold Recovery using   BIOX®,

A series of BIOX® amenability oxidation tests have been completed using a sulphide rougher concentrate produced from a composite of Golden Summit material sourced from eight diamond drill hole assay rejects.  The duration of the biological oxidation tests conducted was 10, 15, 20, 30 and a duplicate 30 days.  The residue from these BIOX® tests was subjected to CIL treatment, and overall gold recovery from gravity, rougher flotation, BIOX® treatment, and CIL averaged 91% from this suite of test work.

Summary of Gold Recovery using   POX,

Pressure oxidation (POX) treatment of sulphide rougher concentrate, as well as a cleaner concentrate, with lower mass and only marginally lower gold deportment, has been completed.  The POX residue was washed and neutralized and subjected to CIL leaching for gold recovery.  The POX-CIL testwork has yielded an average overall gold recovery of over 92% in a process flowsheet incorporating gravity, flotation, POX, and CIL.

This testwork utilized eight drill core composites comprising 1,192 meters of drill intercepts that represent 587 continuous mineralized intervals, with a total material weight of over 5,100 kilograms. These composites represent different locations and grades within the Dolphin and Cleary area and were created using continuous drill intervals chosen to reflect potential mill feed (Refer to the map below for hole locations.) The selections of drill holes and intervals included the primary gold-hosting lithologies.  These composites were prepared from laboratory assay rejects of fresh rock intervals located well below the existing oxide cap at Golden Summit.  Additionally, four large-diameter PQ holes were drilled during 2024. A total of 7,600 kg has been made available for comminution testing and ongoing metallurgical testwork.

Two additional PQ holes are being drilled in the 2025 program to enhance our metallurgical test work. This work aims to provide data for trade-off studies in the pre-feasibility study, developing a process flowsheet to maximize economic returns. Ongoing tests indicate that part of the mineralization is non-refractory and can be processed conventionally, although additional sulfide processing is necessary for optimal recovery. The September 2024 resource estimate, based on a gold price of $1,973 , included grinding, gravity separation, flotation, regrinding of sulphide concentrate, and CIL treatment, achieving a 72% gold recovery rate at a processing cost of $14 per ton.

The current program is designed to test sulphide oxidation methods, aiming to increase recoveries beyond the 72% gold recovery reported in the September 2024 resource estimate. Each of the three oxidation methods tested successfully demonstrated the potential to achieve gold recoveries exceeding 90%. These methods may increase costs; however, higher gold recoveries and gold prices could offset the additional capital expenditures (CAPEX) and operating expenditures (OPEX ) costs. Ongoing work will focus on identifying the most suitable oxidation method for use in the pre-feasibility study.

Discovery costs at Golden Summit are under $4.00 per ounce. Since 2020, exploration at Golden Summit has transformed the project, evolving to one of North America's most significant undeveloped gold resources, owing to a revised interpretation, extensive drilling, and a robust metallurgical program. There remains considerable potential for further expansion and optimisation as the project advances. The revised mineral resource estimate, incorporating the 2024 drilling, is expected to be finalised soon.

The current 2025 drilling program aims to upgrade inferred resources to indicated through infill drilling. Drilling for geotechnical purposes, resource definition, and additional metallurgical test holes will also be carried out. A total of 30,000 metres of drilling is planned. Archaeological fieldwork and geotechnical drilling are scheduled to commence shortly, with a fourth drill rig added to enhance exploration efforts. A pre-feasibility study is set to begin later this year.

Link to the Plan Map:

https://freegoldventures.com/site/assets/files/6287/fvl06192025_ddhplan.png

HQ Core is logged, photographed and cut in half using a diamond saw, and one-half placed in sealed bags for preparation and subsequent geochemical analysis by MSA Laboratories in Prince George, BC , and/or Fairbanks, Alaska .  At MSALABS, the entire sample will be dried and crushed to 70% passing -2mm (CRU-CPA). A ~500g riffle split will be analyzed for gold using CHRYSOS PhotonAssay™ (CPA-Au1). From this, 250g will be further riffle split from the original PhotonAssay™ sample, pulverized, and a 0.25g sub-sample analysed for multi-element geochemistry using MSA's IMS230 package, which includes 4-acid digestion and ICP-MS finish. MSALABS operates under ISO/IEC 17025 and ISO 9001 certified quality systems. A QA/QC program includes laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.

The Qualified Person for this release is Alvin Jackson, P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.

About Freegold Ventures Limited  
Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2024 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect   on Freegold's business, results of operations, and financial condition.

SOURCE Freegold Ventures Limited

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2025/19/c8191.html

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Freegold Provides Update on 2025 Drill Program

Freegold Provides Update on 2025 Drill Program

2025 PROGRAM

  • Drilling is now underway with three rigs

    Conversion of inferred resources into indicated & further exploration drilling.

  • Updated mineral resource end of Q2

  • Ongoing metallurgical work, focusing on flowsheet optionality with sulphide oxidation is a key part of our strategy to maximize the potential of the resource.

  • Commencement of a Pre-Feasibility Study (PFS).

Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) ("Freegold" or the "Company ") is pleased to announce that three drill rigs are now operational at Golden Summit. One rig is situated in the WOW Zone (Holes GS2502, GS2505), another is operating in the Cleary Zone (Holes GS2501, GS2503), and a third is in the Dolphin Zone (GS2504). A fourth rig is anticipated to begin in early summer.

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Freegold Reports Final 2024 Drilling Results from Golden Summit Continuing to Confirm Higher Grade Potential

Freegold Reports Final 2024 Drilling Results from Golden Summit Continuing to Confirm Higher Grade Potential

  • WOW ZONE – GS2437

    • 6.84 g/t Au over 20.6 m including 115.5 g/t over 0.8m
    • 43.8 g/t Au over 3.0m

GS2435

    • 1.01 g/t over 216 m
    • 20.4 g/t over 1.3 m

GS2431

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Freegold Intersects Higher-Grade in Both Cleary and WOW Zones in Drilling at Golden Summit

Freegold Intersects Higher-Grade in Both Cleary and WOW Zones in Drilling at Golden Summit

WOW ZONE GS2440

    • 2.07 g/t Au over 54.9m
    • 128.3 g/t Au over 3.1m
    • 4.16 g/t Au over 21.6m
  • CLEARY ZONE – GS2441
    • 2.74/t over 30.3m
    • 11.6 g/t Au over 33.6m including 110 g/t Au over 3.1m
    • 1.73 g/t over 25m

2025 PROGRAM

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