FREEGOLD TSX:FVL OTCQX: FGOVF Freegold Provides 2025 Golden Summit Program Update
FREEGOLD TSX:FVL OTCQX: FGOVF
Freegold Provides 2025 Golden Summit Program Update
Vancouver, BC – October 7th, 2025 – Freegold Ventures Limited (TSX: FVL, OTCQX: FGOVF) is pleased to provide a project
update. Drilling at Golden Summit is advancing steadily, with five drill rigs currently active on site. The focus for this year
has been directed at infill drilling to upgrade inferred resources to indicated status —an essential step for the upcoming
Pre-Feasibility Study (PFS ). As inferred resources cannot be included in the PFS, this work is critical for the project’s
advancement.
Focus is also on defining the limits of mineralization in the Dolphin/Cleary
area, as well as conducting further exploration drilling and completing
essential geotechnical drill holes.
Drilling Progress and Timeline
To date, a total of 37 drill holes, amounting to ~24,000 meters, have been
completed. Additionally, five more drill holes are currently in progress.
Assay results are pending for a significant number of holes. Drilling
activities are scheduled to continue through mid- December, after which
the program will pause for the winter and resume in February 2026. The
results from the 2025 drilling will be incorporated into a revised mineral
resource estimate, which will be utilized for the upcoming Pre-Feasibility
Study (PFS).
Resource Enhancement and Pre-Feasibility Study Preparation
In addition to efforts to upgrade the resource base through a
combination of infill and geotechnical drilling, additional geochemical
and metallurgical testing is also being undertaken. Preparatory work for
the PFS also encompasses:
• Installation of vibrating wire piezometers (VWPs) in drill holes
for groundwater monitoring
• Collection of surface water samples
• Organising mammal and habitat surveys to establish baseline
environmental data
• Conducting cultural resource assessments, including paleontological studies, for review by the State Historic
Preservation Office (SHPO) and federal agencies, and developing mitigation plans as needed
• Mapping of wetlands, with mitigation strategies being formulated where required
• Continuing geological mapping and sampling to identify new exploration targets for future development
2025 PROGRAM
• Drilling is continuing with five drill
rigs
• Conversion of inferred resources
into indicated & further
exploration drilling and
geotechnical drilling.
• 37 holes (~24,000m completed to
date: 5 holes reported (~3030m)
• 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 Pre-Feasibility
Study (PFS)
FREEGOLD TSX:FVL OTCQX: FGOVF
Freegold Provides 2025 Golden Summit Program Update
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Metallurgical Test Work
Metallurgical testing is currently underway at BaseMet Labs in Kamloops, BC. A master composite sample, weighing over
1,500 kilograms and derived from twelve drill holes, forms the basis for this work. As part of the PFS, several trade-off
studies are planned, including a comparison of the added benefits of further sulphide oxidation with a simpler Gravity-
CIL flowsheet.
Oxidation Process Optimization
During the current phase of metallurgical testing, a sulphide concentrate is being produced to enable optimization of
oxidation processes. Three commercially available oxidation methods, all of which have demonstrated effectiveness
with Golden Summit materials, are under evaluation:
• Pressure Oxidation (POX): Achieved over 92% total gold recovery in testwork to date.
• BIOX: Achieved over 91% total gold recovery in testwork to date.
• Albion Process™: Achieved over 93% total gold recovery in testwork to date.
Solid residues resulting from these oxidation processes have been subjected to environmental characterization and
waste testing in accordance with EPA guidelines. The Toxicity Characteristic Leaching Procedure (TCLP) was applied to all
residues, with leachate levels for metals remaining below regulatory limits.
Flotation Test Results and Environmental Assessment
Flotation testing continues for the master composite. Initial locked-cycle tests have shown gold recovery rates exceeding
95%, utilizing gravity and cleaner flotation with the sulphide concentrate accounting for less than 5% of the total mass,
thereby minimizing the volume that needs further oxidation. These results support building a small pilot plant at
BaseMet to produce a substantial amount of concentrate for upcoming oxidation optimisation studies. These studies will
be ongoing over the next several months.
Flotation tailings from this process have also passed the EPA TCLP procedure 1311, with all leachate concentrations for
metals falling below maximum allowable limits, confirming environmental compliance. Further investigations are
ongoing to understand better and characterize the environmental impact of all flowsheet products and tailings.
Additional Project Information
Golden Summit currently hosts an Indicated Primary Mineral Resource: 17.2 Moz at 1.24 g/t Au and an Inferred Primary
Mineral Resource: 11.9 Moz at 1.04 g/t Au, using a 0.5 cut-off grade and a gold price of $2,490.
A plan map detailing the locations of drill holes—both completed and in progress can be found here:
https://freegoldventures.com/site/assets/files/6287/nr_2025_drilling_v2_20251003.png
FREEGOLD TSX:FVL OTCQX: FGOVF
Freegold Provides 2025 Golden Summit Program Update
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The qualified person responsible for the scientific and technical information in this update is Alvin Jackson, P.Geo., Vice
President of Exploration and Development for Freegold.
About Freegold Ventures Limited
Freegold Ventures Limited is a TSX-listed company focused on mineral exploration in Alaska.
For additional information, please contact:
Kristina Walcott
President and CEO
Telephone: 1.604.662.7307
Email: [email protected]
Caution Regarding Forward-Looking Statements
This update contains forward-looking statements, including, but not limited to, information regarding planned expenditures, exploration programs,
potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and other future plans. Such
statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those
expressed or implied. These factors include, but are not limited to, the completion of planned expenditures, the ability to complete exploration
programs on schedule, and the success of those programs. For a comprehensive discussion of risk factors, refer to Freegold’s Annual Information
Form for the year ended 2024-12-31, available at www.sedar.com.