Golden Summit FREEGOLD FVL:TSX
Fr
eegold Intersects Higher-Grade in Both Cleary and WOW Zones in Drilling at
Golden Summit
FREEGOLD
FVL:TSX OTCQX: FGOVF
• WOW ZONE – GS2440
o 2.07 g/t Au over 54.9m
o 128.3 g/t Au over 3.1m
o 4.16 g/t Au over 21.6m
• CLEARY ZONE – GS2441
o 2.74/t over 30.3m
o 11.6 g/t Au over 33.6m including 110 g/t Au over 3.1m
o 1.73 g/t over 25m
Vancouver, BC – April 23rd, 2025—Freegold Ventures Limited (TSX: FVL, OTCQX: FGOVF) ("Freegold" or the "Company")
is pleased to announce the latest drill results from its 2024 drilling program. Final assay results for eight drill holes are
still pending and are expected to be reported in the coming weeks. An updated mineral resource estimate, which will
include the 2024 results, is scheduled for completion by end of Q2 – 2025. Additionally, further geological modelling
has been conducted during the winter break and will be incorporated into the updated mineral resource estimate.
Drilling at Golden Summit is set to resume in mid- May, marking the start of an extensive 2025 drilling program. This
program will commence with two drill rigs and increase to four rigs by early summer, with a total of approximately 30,000
meters planned. All four rigs are currently on site. The program aims to be comprehensive, focusing on converting inferred
mineral resources into the indicated category and drilling additional metallurgical holes in preparation for a planned Pre-
Feasibility Study (PFS).
The September 2024 mineral resource estimate (US$1,973 gold – three-year trailing price average) was based on a processing
flowsheet that involves grinding, gravity separation, flotation, and regrinding of a sulfide concentrate, followed by Carbon-
in-Leach (CIL) treatment. The estimated 72% gold recovery and $14 per tonne operating cost did not includ e further
processing of the sulfides. The current metallurgical program is focused on identifying effective sulfide oxidation methods
to enhance gold recovery and revenue. This ongoing testing includes BIOX®, POX, and additional Albion Process™ oxidation
prior to CIL, providing a basis for trade -off studies aimed at maximizing recoveries while minimizing capex and opex in
preparation for the PFS. Hydrological studies, baseline work, and archaeological and cultural work are also being
conducted. 2025 is expected to be pivotal, with a goal of commencing a PFS by year-end.
2025 PROGRAM
• Drilling to Commence Mid-May
Conversion of Inferred
Resources into Indicated &
Exploration Drilling
• Updated Mineral Resource
• Ongoing Metallurgical Work
• Commencement of PFS
Freegold Intersects High Grade in Both Cleary and WOW Zones in Drilling at
Golden Summit
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FREEGOLD
FVL:TSX OTCQX: FGOVF
CLEARY ZONE
The 2024 drilling program included four large -diameter holes for metallurgical test work. Hole GS2421, located in the
Cleary Zone, filled in a 200m gap and was one of the most continuous higher -grade intercepts observed in the eastern
section of the resource area, returning 115.5 meters at 1.17 g/t Au, starting at 197.5 meters and 3.62 g/t Au over 42
meters from 361 metres. (NR 11072024). Due to this success, three follow-up holes were drilled later in the season within
the Cleary Zone: GS2438 and GS2441 and GS434.
Hole GS2438, located 50m due east of GS2421, intersected several zones with grades exceeding 1.0 g/t, including 1.12 g/t
Au over 24.4m starting at 69.2m, 1.14 g/t Au over 32.6m starting at 233.8m, and 1.22 g/t Au over 15.2m starting at 310m.
All these results lie within a consistently broad mineralized envelope, which has not been typically observed at Cleary.
Hole GS2441, located 60m south of GS2438, returned multiple intercepts exceeding resource grade. Notable higher-grade
intercepts include: 3.3 g/t Au over 9.1m from 50m; 2.7 g/t Au over 30.3m from 221.6m; and 11.6 g/t Au over 33.6m from
300m, including a significant intercept of 110 g/t Au over 3.1m . and additionally 1.78 g/t Au over 25 m, from 355.1m.
Further drilling in this area is scheduled for 2025.
Assays for GS2434 drilled 70m southwest of GS2421 are pending.
CLEARY ZONE
Hole
Depth Dip Azimuth
From To Interval Au Au
Number (m) (m) (m) g/t cut to 90
g/t
GS2438 427 -90 0 69.2 93.6 24.4 1.12
233.8 266.4 32.6 1.14
310 325.2 15.2 1.22
GS2441 536.8 -90 0 50.9 60 9.1 3.3
221.6 251.9 30.3 2.74
300.8 334.4 33.6 11.66 9.77
including 325.2 328.3 3.1 110.4
355.1 380.1 25 1.73
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
Freegold Intersects High Grade in Both Cleary and WOW Zones in Drilling at
Golden Summit
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FREEGOLD
FVL:TSX OTCQX: FGOVF
WOW ZONE
The 2024 drilling program also focused on the WOW Zone, exploring the potential for further resource expansion to the
west and conducting limited infill drilling. The drilling results from the WOW Zone are particularly significant, indicating a
continuation of higher-grade mineralization to the west.
Hole GS2439 intercepted broad zones of higher-than-resource-grade mineralization, including 1.28 g/t Au over 27m from
441m. Hole GS2440, a vertical hole in the WOW Zone, is aligned with the southwesterly geochemical trend. It intersected
mineralization that not only exceeded resource grade but also demonstrated significant mineralization at depth, including
2.07 g/t over 54.9m from 342.6m and 4.16 g/t Au over 21.3m from 438m, as well as a high-grade intercept of 128 g/t Au
over 3.1m at 415.4m.
WOW ZONE
Hole Depth Dip Azimuth From To Interval Au
Number (m) (m) (m) g/t
GS2439 714.6 -90 0 441 468 27 1.28
522 585 63 0.87
654 684 30 0.72
GS2440 666.3 -90 0 219.8 271.3 51.5 0.79
288.6 316.1 27.5 0.66
342.6 397.5 54.9 2.07
415.4 418.5 3.1 128.3
438 459.3 21.3 4.16
including 441 444.1 3.1 21.5
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization
The current results indicate an opportunity to improve the resource grade and upgrade resource categories through
additional infill drilling. This strategy aligns with our commitment to maximizing the project's value prior to completing
any economic assessments.
Links to Plan Map and Section 479550E:
https://freegoldventures.com/site/assets/files/6287/20250422_plan_map.pdf
https://freegoldventures.com/site/assets/files/6287/20250422_479550e_section.pdf
Freegold Intersects High Grade in Both Cleary and WOW Zones in Drilling at
Golden Summit
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FREEGOLD
FVL:TSX OTCQX: FGOVF
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.
A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half
using a diamond saw, and one -half placed in sealed bags for preparation and subsequent geochemical analysis by MSA
Laboratories. 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.
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 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 and services, global supply chains, and fin ancial 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 mat erial adverse effect o n
Freegold’s business, results of operations, and financial condition .