FREEGOLD TSX:FVL OTCQX: FGOVF Freegold Provides Update on 2025 Drill Program
FREEGOLD TSX:FVL OTCQX: FGOVF
Freegold Provides Update on 2025 Drill Program
Vancouver, BC – May 29th, 2025 — 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.
The 2025 drilling program aims to upgrade inferred mineral resources to
indicated through targeted infill drilling, along with geotechnical drilling
and additional metallurgical test holes. Since 2020, exploration has been
highly successful. With a discovery cost of under $ 4.00 per ounce and
substantially increased grade and tonnage , Golden Summit has grown
into one of the most significant undeveloped gold resources in North
America. Ongoing metallurgical tests indicate that a substantial portion
of the mineralization is non -refractory and can be processed
conventionally, although further processing of sulfides is necessary for
optimal recoveries.
The September 2024 resource estimate, based on a gold price of
US$1,973, includes a flowsheet comprising grinding, gravity separation,
flotation, regrinding of sulfide concentrate, and CIL treatment, achieving a 72% recovery rate at a processing cost of $14
per ton. To increase recoveries, additional sulfide processing (oxidation) is beneficial; however, this will increase costs,
which higher gold recovery and higher gold prices could well offset.
Current metallurgical programs are aimed at refining the flowsheet options available for evaluation in a pre -feasibility
study, including testing of sulphide-oxidizing methods such as BIOX®, POX, and Albion Process. 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 to
determine the trade-off between grind size and liberation versus power consumption with a view to optimizing power
requirements and gold recoveries.
An updated mineral resource estimate based on the 2024 drilling is expected to be completed in the second quarter of
2025.
Link to the Plan Map
https://freegoldventures.com/site/assets/files/6287/pr-2025-drilling-20250529.jpg
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. 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,
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 TSX:FVL OTCQX: FGOVF
Freegold Provides Update on 2025 Drill Program
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 include s 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 .