Golden Summit Drilling Program To Upgrade Mineral Resources

VANCOUVER – Freegold Ventures Limited reported on the first five (5) drill holes at Golden Summit which represents all assays received. The 2025 drilling program aims to upgrade inferred mineral resources to indicated resources through targeted infill drilling, geotechnical drilling, and metallurgical test holes. 29 holes (18,361m) have been completed, and four drill holes are in progress. Two large-diameter core holes (PQ) were drilled for further metallurgical testing. Geotechnical drilling, along with geochemical and metallurgical testing, is being carried out to enhance processing techniques.
In preparation for the upcoming planned pre-feasibility study, other site activities include: 1) Installing vibrating wire piezometers (VWPs) to monitor groundwater levels and gradients in drill holes. 2) Collecting surface water samples. 3) Planning mammal and habitat surveys to establish baseline data. 4) Performing cultural resource studies, including paleontological assessments, for review by the State Historic Preservation Office (SHPO) and federal agencies, with mitigation plans developed as necessary. 5) Mapping and evaluating wetlands to create and mitigation plan if necessary. 6) Continuing geological mapping and identifying additional exploration targets for further refinement.
The main objectives of the 2025 program using this new master composite are as follows: 1) Confirming the metallurgical response of the Golden Summit resource by using a sample that incorporates a larger spatial and volumetric representation of material. 2) Begin optimizing the key economic drivers of the process flowsheet design, which includes: a) Determining the optimal primary grinding size and evaluating gravity and flotation recoveries. b) Improving the cleaner flotation concentrate grade and recovery. c) Producing a sufficient quantity of sulfide concentrate to conduct optimisation of oxidation tests using three commercially available processes that have proven effective for Golden Summit material – process consist of Pressure Oxidation, Biox – BIOX CIL TESTWORK TO DATE OVER 91%, and Albion.
Two holes from the 2025 drill program, designated as PQ core GS2507 and GS2512, have been received at BaseMet and will be integrated into the ongoing PQ core test program once assays are received. This program aims to evaluate the comminution parameters of the Golden Summit deposit across various lithologies, alteration, and locations.
Infill drilling within the WOW Zone (GS2502 and GS2505) is ongoing and continues to confirm the presence of higher-grade material in this promising area. Hole GS2502 was drilled to the northwest and intersected 4.28 g/t Au over 28.7m, from a depth of 44.2m, with an additional 4.20 g/t Au over 9m from a depth of 305.9 meters. Hole GS2505 drilled to the north and collared 150m southeast of GS2502 returned 2.31 g/t Au over 65.4m from 424.4m.