Exploration Success At The Golden Summit Project

VANCOUVER – Freegold Ventures Limited reported on additional drill holes at its Golden Summit project, which are continuing to demonstrate ongoing exploration success and the project’s substantial potential. Drilling is scheduled to recommence later this month, with a focus on closer-spaced drilling to enhance grade control. Additional metallurgical work remains ongoing to determine the optimal method for inclusion in the pre-feasibility study (PFS).
The current exploration program is designed to expand understanding of Golden Summit’s mineralized zones and target both western and eastern extensions of the current resource area. Key goals include delineating higher-grade corridors, reducing the strip ratio, determining the optimal cutoff grade to maximize project value, and conducting strategic drilling in the WOW (2024), Dolphin, Cleary Hill, and the newly discovered Tamarack areas.  Later in the season, drilling to the east of the main resource zone is planned.
The Tamarack Area, located approximately 400 metres east of Cleary, marks a significant expansion of the Golden Summit’s mineralized footprint. Four drill holes were completed to assess exploration potential further to the east. Notably, hole GS2540 returned 1.32 g/t gold over 14.7 metres at a shallow depth, with deeper mineralization of 1.54 g/t Au over 44 metres within a broader interval of 1.17 g/t Au over 111.9m, indicating strong potential for expanding the eastern footprint of the project. Additional drilling is planned for 2026 in this promising area.
Of the four holes drilled in Tamarack (GS2536, GS2540, GS2545, GS2551), GS2536 intersected 1.28 g/t gold over 49.2 metres, and GS2540 showed several intervals of continuous gold mineralization in highly deformed schist, with intense alteration and visible gold in some intervals. Results for GS2545 and GS2551 are pending.
Hole GS2533, located on the western flank of central Dolphin, demonstrates strong mineralized continuity with an intersection of 525 metres averaging 0.74 g/t Au, well above the resource cut-off grade. This provides valuable infill data and is among the longest mineralized intercepts drilled at Golden Summit. Holes GS2535 and GS2541, drilled north of GS2533 by 50 and 200 metres, respectively, both returned notable intervals, further supporting the area’s robust mineralization and continue to provide additional infill data, further validating the current exploration model.
Fifteen holes were drilled in the WOW Area in 2025 to test the westward extension of the resource, particularly focusing on areas closer to the surface with significantly higher-grade intersections. Drilling also targeted the northern extent and depth, with results indicating strong potential at depth. Notably, GS2516 intersected 120 g/t Au over 3 metres at 800 metres depth, while GS2529 confirmed broader zones of higher-grade material west of historic veins. GS2530 explored the northwest portion, identifying mineralization at depth and revealing a shift in mineralization trends from south- to north-dipping, aligning with the historic Newsboy Mine to the west. The implications of this orientation change are still being evaluated. Exploration in 2026 will continue to further evaluate the WOW Area, aiming to further delineate and infill higher-grade material near the surface.
Drilled at a -70-degree angle to the north in the western WOW Area, GS2516 aimed to reach the downdip extension of higher-grade material. Multiple zones with grades above the cut-off were encountered, exhibiting increased width and thickness at greater depths. This indicates that the Tolovana and Schuemeyer vein systems likely continue westward and extend further to depth. Notably, a significant intercept of 120 g/t Au over 3.0 meters was recorded near the base of the hole at a depth of 803 meters.
Hole GS2529, drilled vertically in the western WOW Area, aimed to test for broader zones of higher-grade material extending westward from known veins. Results confirm the continuity of higher-grade mineralization downdip and at depth. Drilled to test the extent of mineralization in the northern portion of the western side of WOW, GS2530 intercepted mineralization above the resource cut-off grade at approximately 536 metres.  The mineralization in may dip northward unlike the previous historically south dipping veins, as a result GS2530 may have stopped short at 629m before entering the main zone. The broader implications of this shift in orientation are still being assessed. A hole drilled on the western edge of Cleary targeted a depth of 900 metres but terminated at 714.5 metres due to drilling challenges. The aim was to test for the potential for Cleary to broaden at depth.