FREEGOLD TSX:FVL OTCQX: FGOVF Freegold Achieves over 90% Gold Recovery Using BIOX® and greater than 92% Gold Recovery using POX Additional Metallurgical Work Remains Ongoing
FREEGOLD TSX:FVL OTCQX: FGOVF
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
Vancouver, BC – June 19th, 2025 — 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.
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.
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.
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)
FREEGOLD TSX:FVL OTCQX: FGOVF
Freegold Achieves over 90% Gold Recovery Using BIOX® and greater than 92%
Gold Recovery using POX
Additional Metallurgical Work Remains Ongoing
2
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. The se composites were prepared from laboratory assay rejects of fresh rock intervals located well
below the existing oxide cap at Golden Su mmit. 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
FREEGOLD TSX:FVL OTCQX: FGOVF
Freegold Achieves over 90% Gold Recovery Using BIOX® and greater than 92%
Gold Recovery using POX
Additional Metallurgical Work Remains Ongoing
3
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 w ill 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.
For further information:
Kristina Walcott
President and CEO
Telephone: 1.604.662.7307
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 updat ed 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 achievement s 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 sch edule, and
the success of exploration programs. See Freegold’s Annual Information Form for the year ended December 31st, 202 4, 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 t o 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 a nd 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 .