FREEGOLD TSX:FVL OTCQX: FGOVF Freegold Significantly Upgrades and Expands Resources at Golden Summit
FREEGOLD TSX:FVL OTCQX: FGOVF
Freegold Significantly Upgrades and Expands Resources at Golden Summit
• 2024’s drill program was highly successful at converting
Inferred resources, upgrading and expanding Indicated
resources – meeting the key objectives and providing a
foundation for Pre-Feasibility activities.
• Indicated Primary Mineral Resource: 17.2 Moz at 1.24 g/t
Au, a 42% increase in ounces and 15% grade increase from
our Sept/24 resource estimate.
• Inferred Primary Mineral Resource: 11.9 Moz at 1.04 g/t
Au, a 11 % increase in ounces, at the same grade
• Cut-off grades are unchanged at 0.50 g/t Au.
• The 2025 Program will consist of infill and expansion drilling.
Infilling is expected to continue the trend of enhancing
grade and ounces, while converting Inferred Resources to
Indicated Resources.
• Ongoing Metallurgical Work has demonstrated >90%
recoveries with sulphide-oxidizing methods such as BIOX®, POX, and the Albion Process™. Additional test
work is ongoing for these and conventional processing methods.
Vancouver, BC – July 24th, 2025—Freegold Ventures Limited (TSX: FVL, OTCQX: FGOVF) ("Freegold" or the "Company") is
pleased to announce an updated mineral resource estimate (“ MRE”) for its Golden Summit Project, located near
Fairbanks, Alaska. In line with the results from our 2023 drill program, the 2024 program has significantly increased the
number of ounces and improved Indicated grades, all while maintaining finding costs below US$4 per ounce. This new
estimate incorporates data from drilling conducted in 2024 and includes metallurgical recoveries from our extensive
metallurgical program. This represents another critical milestone in our ongoing exploration and development efforts.
Comparison of July 2025, September 2024 and March 2023 Resource Estimates
July 2025 Resource Update September 2024 Resource Update March 2023 Resource Update
Primary Open Pit Resource Primary Open Pit Resource Primary Open Pit Resource
Moz gpT
Cut
off
Grade
Moz gpT
Cut
off
Grade
Moz gpT
Cut
off
Grade
Indicated 17.2 1.24 0.5 Indicated 12.1 1.08 0.5 Indicated 12.0 0.92 0.45
Change from
2024 42% 15% Change from
2023 0% 18%
Inferred 11.9 1.04 0.5 Inferred 10.3 1.04 0.5 Inferred 7.7 0.85 0.45
Change from
2024 16% 0% Change from
2023 33% 22%
Cut off gpt 0.50 (GP$2,490) Cut off gpt 0.50 (GP$1,973) Cut off gpt 0.45 (GP$1792)
2025 PROGRAM
• Drilling in progress with four rigs,
30,000m planned.
Conversion of inferred resources into
indicated & further exploration drilling.
• 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) in late 2025.
FREEGOLD TSX:FVL OTCQX: FGOVF
Freegold Significantly Upgrades and Expands Resources at Golden Summit
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July 2025 Updated Mineral Resource Estimate
Cut-off Grade
gpT Classification Au
gpt Tonnes Ounces
OXIDE
0.15 Indicated 0.45 63,706,000 920,000
0.15 Inferred 0.47 18,837,000 287,000
PRIMARY
0.50 Indicated 1.24 431,949,000 17,236,000
0.50 Inferred 1.04 357,614,000 11,964,000
UNDER PIT
0.75 Indicated 1.12 2,205,000 79,000
0.75 Inferred 1.35 18,014,000 782,000
Mineral Resources for the primary resources are reported at a cut-off grade of 0.50 g/t gold and constrained within an open pit shell using a gold price
of US$2,490 /ounce, US$2.50/t mining cost, US$25 processing cost, US$2.00/t G+A, 92% gold recovery, and a 45° pit slope. Tonnes and ounces rounded
to the nearest thousand.
The July 2025 resource estimate utilises a recovery rate of 92%, which is the average of the three sulfide oxidation methods
assessed to date, along with a 3-year trailing gold price of $2,490. Processing costs have increased from US$14 per tonne
(72% recovery) to US$25 per tonne (92% recovery) to account for the additional processing needed to achieve these higher
recoveries. Ongoing metallurgical work aims to identify the most effective oxidation method for the deposit and to further
optimize the use of gravity, flotation, and CIL techniques, determining if a simpler flowsheet is preferable.
Since 2020 , Golden Summit has become one of North America's largest undeveloped gold resources. The significant
increase in resource ounces and grade is due to several targeted drilling campaigns conducted between 2020 and 2024,
continuous upgrades to geological mode ls, and a deeper understanding of the site. Additionally, strong metallurgical
results have contributed to these advancements. The project presents an exceptional development opportunity, further
enhanced by its strategic proximity to essential infrastructure, including roads, supply centres, and a readily available
labour force.
The drilling programs have discovered significantly higher-grade material and have converted previously classified waste
areas into mineralized zones deemed potentially economically viable. The expansion of mineralisation to the west has also
provided new data on the higher-grade portions of Golden Summit. Consequently, there has been an increase in both the
total indicated gold ounces and their grades within an open-pit context.
While the increase in resource size has been our most notable success, the improvement in grade has been particularly
rewarding for Freegold. The expanded database of drill holes has enabled us to refine the geological model and deepen
our understanding of how higher-grade mineralisation is distributed within a broader lower-grade halo. Over the last year,
the focus has been on strengthening fault control boundaries to i dentify a higher-grade corridor, which has contributed
to our success in increasing the overall grade of the indicated resource.
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Freegold Significantly Upgrades and Expands Resources at Golden Summit
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We anticipate that further infill drilling will help convert inferred resources into the indicated category and may continue
the trend of increasing grade as we reduce drill spacing. This will contribute to greater confidence in the higher- grade
zones identified in our model. The most recent resource estimate indicates growth in both overall resources and grades,
while also maintaining Freegold's remarkably low discovery cost of less than $4.00 per ounce.
In 2025, Freegold will focus on upgrading inferred resources to indicated resources to support further the planned pre-
feasibility study (PFS), scheduled to commence later this year. Since inferred resources cannot be included in a PFS, drilling
activities will focus on improving grade and increasing drill density to move inferred resources into the indicated category.
Additionally, further drilling will aim to enhance the resource and define a smaller, higher-grade starter pit as the project
progresses through the pre-feasibility phase. The goal is to reduce both operating and initial capital costs. This strategic
approach is designed to optimize value by minimizing expenditures while maximizing resource grade and growth, thereby
increasing overall effectiveness.
Supplementary metallurgical test holes will be drilled to obtain additional material for comprehensive testing. This will
help optimize recovery rates and identify the most suitable processing methods. In addition, geotechnical drilling is being
conducted to assess groundwater conditions. Ongoing archaeological, paleontological, and cultural resources studies are
also part of the process.
Trade-off studies will be conducted to enhance the project's economics, weighing improved recovery rates against capital
and operating expenses as development proceeds. These studies will also assess various cut -off grades and strip ratios.
The table below presents specific cut-off grades applicable within and beneath the current pit.
OXIDE
Cut-Off Grade
gpt Classification
Au
gpt Tonnes Ounces
1.00 Indicated 1.98 4,154,000 264,000
0.75 Indicated 1.45 7,954,000 370,000
0.50 Indicated 1.08 14,153,000 490,000
0.40 Indicated 0.89 20,007,000 574,000
0.30 Indicated 0.70 30,918,000 695,000
0.15 Indicated 0.45 63,706,000 920,000
1.00 Inferred 1.47 1,598,000 76,000
0.75 Inferred 1.08 4,628,000 160,000
0.50 Inferred 1.02 5,225,000 172,000
0.40 Inferred 0.90 6,613,000 191,000
0.30 Inferred 0.74 9,242,000 221,000
0.15 Inferred 0.47 18,837,000 287,000
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Freegold Significantly Upgrades and Expands Resources at Golden Summit
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PRIMARY
Cut-Off
Grade
gpt
Classification Au
gpT Tonnes Ounces
1.00 Indicated 2.51 131,992,000 10,666,000
0.75 Indicated 1.85 220,694,000 13,115,000
0.50 Indicated 1.24 431,949,000 17,236,000
0.40 Indicated 1.04 579,279,000 19,358,000
0.30 Indicated 0.87 774,281,000 21,541,000
0.15 Indicated 0.68 1,094,031,000 23,862,000
1.00 Inferred 2.08 96,158,000 6,427,000
0.75 Inferred 1.60 157,927,000 8,125,000
0.50 Inferred 1.04 357,614,000 11,964,000
0.40 Inferred 0.87 499,019,000 14,006,000
0.30 Inferred 0.74 676,275,000 15,987,000
0.15 Inferred 0.56 1,018,956,000 18,473,000
UNDER PIT
Cut-Off
Grade
gpt
Classification Au
gpT Tonnes Ounces
1.00 Indicated 1.38 1,106,000 49,000
0.75 Indicated 1.12 2,205,000 79,000
0.50 Indicated 0.76 6,741,000 165,000
0.40 Indicated 0.63 11,872,000 239,000
0.30 Indicated 0.50 21,854,000 351,000
0.15 Indicated 0.35 46,969,000 525,000
1.00 Inferred 1.92 8,537,000 526,000
0.75 Inferred 1.35 18,014,000 782,000
0.50 Inferred 0.81 62,654,000 1,635,000
0.40 Inferred 0.66 107,236,000 2,277,000
0.30 Inferred 0.53 182,142,000 3,117,000
0.15 Inferred 0.34 444,266,000 4,898,000
Mineral Resources for the primary resources are reported at a cut-off grade of 0.50 g/t gold and constrained within an open pit shell using a gold price
of $ US$2,490/ounce, US$ 2.50/t mining cost, US$25 processing cost, US$2.00/t G+A, 92% gold recovery, and a 45° pit slope. Tonnes and ounces
rounded to the nearest thousand.
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Freegold Significantly Upgrades and Expands Resources at Golden Summit
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The Golden Summit assay dataset for the current MRE includes collar locations for 444 drill holes and 89,485 assays within
the grade shell boundaries used to constrain the MRE. The MRE is constrained within three lithological domains that
have been used for resource estimation: High-Grade Schist, Low -Grade Schist and Intrusive. These three domains are
further constrained by a 0.14 g/t Au gradeshell.
Compositing of samples is performed to mitigate the impact of sample length on the contribution of sample grade (sample
support). Assays were composited to a length of three (3) meters , as over 90% of the samples within the three domains
have a length equal to or less than three meters. Composites honour domain boundaries, and if the last sample within a
domain was less than 1.0 meters in length, it was discarded.
Capping analysis was conducted for composites in three domains using cumulative frequency curves. A break in the
cumulative frequency curve for the High -Grade Schist domain at 110 g/t suggested that this would be an appropriate
capping level. However, it w as determined that applying this cap resulted in a lower average gold grade for the block
model compared to the corresponding composite population. Consequently, the capping level was increased to 170 g/t.
At this new level, only two composites were affect ed, resulting in a 1.5% reduction in the cumulative value of the
composite population.
In the Low-Grade Schist domain, the capping level was set at 70 g/t Au, where the cumulative frequency curve shows a
sharp break. This affected ten composites, resulting in an approximate 1.5% decrease in the cumulative value of the
composite population.
For the Intrusive domain, the cumulative frequency curve exhibits a break between 7 and 8 g/t, and the capping level was
set at 8 g/t. Six composites were impacted by this cap, resulting in a reduction of about 1.5% in the aggregate value of the
population.
In 2024, Freegold provided Tetra Tech with 75 specific gravity measurements, of which 33 were identified as intrusive and
42 as schist. The average specific gravity for intrusive samples was 2.68 g/cm³, while for schist samples, it was 2.67 g/cm³.
These average values are very similar to previous measurements and were applied to the estimation domain wireframes.
Variographic ranges were analyzed using Sage 2001 software, which generates least -squares best -fit curves for the
variogram values. The Schist parameters were utilized for the High -Grade domain, as it is primarily located within the
Schist domain.
Grades were interpolated into the block model in a single pass using SGS Genesis software and the ordinary kriging
method. For a grade to be interpolated into a block, a minimum of four (4) and a maximum of six (6) composites had to
be present within the v olume of the search ellipse. Additionally, a maximum of two composites was permitted from a
single drill hole, ensuring that the grade interpolated into each block was informed by composites from at least two
different drill holes. The dimensions of the se arch ellipses were determined by combining variographic ranges with the
minimum requirements needed to include at least two drill holes.
Mineral Resources were classified as Indicated or Inferred as defined by CIM (2005, 2014).
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Freegold Significantly Upgrades and Expands Resources at Golden Summit
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Because the Golden Summit mineralization occurs in part at or near surface, the global estimated resource was
constrained with a conceptual pit shell. The gold price was obtained from three -year trailing averages . Mining and
processing costs were obtained from internal Freegold studies, and the process recovery is based on 2024 metallurgical
tests.
The block model has been validated through visual comparison of blocks and associated assay grades, as well as numeric
comparison of assay, composite, and block model grades using swath plots.
The past five years have been transformational for the Company, and 2025 is set to be an exciting year for Freegold. Our
plans include further metallurgical test work , as well as additional infill and expansion drilling. The 2024 program
demonstrated our ability to both expand the resource and improve the overall resource grade. A Pre -Feasibility Study
(PFS), which will incorporate the 2025 drilling results, is expected to commence later this year. We want to acknowledge
the continued support of our shareholders and look forward to making further progress with the 2025 program.
QUALIFIED PERSON AND TECHNICAL INFORMATION
A sample quality control/quality assurance program has been in place throughout the 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 Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. 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-AES (method code ME-ICP61). Fire Assay analyzes 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 is performed using ALS’s Au-SCR24 method; select samples are dry-screened to 100 microns. A
duplicate 50g fire assay is conducted on the fine fraction, and an assay is conducted on the entire oversize fraction. Total
Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS’s
North Vancouver and Reno facilities. Several holes were analyzed by MSALABS. At MSALABS, the entire sample was
dried and crushed to 70% passing - 2mm (CRU -CPA). A ~500g riffle split was analyzed for gold using CHRYSOS
PhotonAssay™ (CPA-Au1). From this, 250g was further riffle split from the original PhotonAssay™ sample, pulverized,
and a 0.25g sub-sample was analyzed 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 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.
The MRE, with an effective date of July 23, 2025, 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 are "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 visited
Golden Summit on November 11 –12, 2022, and October 16, 2024. Greg Mosher and Maurie Marks visited the project
on September 12, 2023.
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Freegold Significantly Upgrades and Expands Resources at Golden Summit
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The full technical report, which is being prepared in accordance with NI 43 -101 by Tetra Tech Canada, will be available
on SEDAR (www.sedarplus.com) under the Company's issuer profile within 45 days from this news release.
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.
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 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 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 .