Announcement • May 21
Freegold Ventures Limited Reports High-Grade Gold Results and Expanding Corridor Continuity At Golden Summit
Freegold Ventures Limited reported additional drill results from its Golden Summit Project in Alaska that continue to support the project's scale and the definition of higher-grade mineralized corridors. Recent drilling returned multiple high-grade intercepts across Cleary, Dolphin and WOW, while ongoing infill drilling is designed to increase confidence in the higher-grade domains expected to support the next mineral resource update and the upcoming Pre-Feasibility Study. Selected higher-grade results: recent intercepts include 35.73 g/t Au over 3.0 m in GS2553, 115.85 g/t Au over 3.1 m and 61.20 g/t Au over 1.9 m in GS2556, 33.71 g/t Au over 19.5 m including 263.90 g/t Au over 2.4 m in GS2558, and 347.90 g/t Au over 1.4 m in GS2559. Broad mineralized intervals continue to support scale: GS2555 returned 1.15 g/t Au over 167.7 m. Corridor continuity; higher-grade corridors have now been traced for more than 1.5 km along the Dolphin–Cleary–WOW trend. Technical programs are advancing in parallel: six rigs are active, and metallurgical, geotechnical and condemnation work is progressing to support the Pre-Feasibility Study. Additional upside remains under evaluation: Tamarack may extend the mineralized system by approximately 500 m to the east. The current 2025/2026 program, with approximately 40,000 m completed in 2025 and approximately 50,000 m planned for 2026, is focused on tightening drill spacing, refining the geological model and advancing the technical work required to support the next stage of project advancement. With six rigs active and multiple technical programs underway, the Company expects to continue reporting results as it advances Golden Summit toward an updated resource estimate and Pre-Feasibility Study. Higher-grade corridors have now been traced continuously for more than 1.5 km, from the Cleary Road Cut Shear in the northeast to the current drilling extent in the southwest, across an approximate width of ~100–300 m. This growing corridor-scale continuity is expected to support higher-confidence modelling of the higher-grade domains, strengthen the upcoming updated mineral resource estimate, and enhance the potential to define a smaller starter pit in the Pre-Feasibility Study. With six rigs operating across multiple targets and technical programs underway, Freegold expects to continue reporting results as it advances Golden Summit toward an updated resource estimate and Pre-Feasibility Study. Drilling remains focused on improving grade definition and continuity within the higher-grade corridors, while condemnation and geotechnical drilling will support pit optimization and infrastructure design. In addition, the Tamarack discovery may extend the mineralized system by an additional ~500 m to the east, with mineralization consistent in style, morphology, and orientation with the main deposit, reinforcing the broader district-scale opportunity at Golden Summit. Comprehensive metallurgical testing is also advancing, including oxidation methods to optimize recoveries. Over the coming months, power and processing trade-off studies are expected to further evaluate operating and capital costs alongside potential recovery improvements, helping to de-risk key Pre-Feasibility Study assumptions and strengthen the project's long-term development potential. Cleary Area As drilling progresses in the Cleary Area, the potential for a broader zone of higher-grade mineralization continues to increase, particularly as these zones appear to expand at depth. The 2026 Cleary program has focused largely on the northern portion of the area, with additional holes planned to follow up on the encouraging results reported to date. GS2553, GS2556, GS2558 and GS2559 – Multiple high-grade intercepts in the Cleary Area Results from the Cleary Area continue to strengthen the system's higher-grade profile and highlight the role of multiple gold-bearing vein events within a broader mineralized corridor. In GS2553, a 3.0 m interval (391–394 m) grading 35.73 g/t Au is associated with two narrow quartz veins, while a second high-grade interval of 2.2 m (555.7–557.9 m) grading 44.47 g/t Au is linked to a fault-hosted, banded quartz-sulphide-clay vein and breccia. Visible gold was observed along vein margins, and arsenopyrite and jamesonite were also noted. Continue focused drilling to tighten infill spacing within higher-grade corridors and complete condemnation and geotechnical drilling in support of pit and infrastructure design. Run targeted infill drilling across Dolphin–Cleary–WOW to tighten spacing and lift model confidence. Step out at Tamarack to sharpen definition and assess future inclusion in a mineral resource. 2) Continue reporting assay results: Release remaining 2025 assay results and provide ongoing updates from the 2026 drill program as results are received and verified. 3) Refine the geological model: Update the model as drilling progresses to improve the interpretation of lithology, alteration, veining and structural controls, and to strengthen key inputs to the Pre-Feasibility Study. 4) Advance engineering studies in parallel: Continue key engineering studies and trade-off evaluations alongside drilling, with a focus on recovery options and associated capital and operating considerations. Optimize pit design using updated geology and advancing geotechnical inputs. Refine infrastructure layout and cost estimates with condemnation drilling and ground-condition data. Advance environmental baseline work alongside technical studies. 5) Continue supporting technical studies: Advance metallurgical, geotechnical and hydrogeological work, together with wetland, cultural, pale ontological, mammal and avian baseline studies. Confirm recoveries, variability, and processing criteria through ongoing metallurgical testing. Update geotechnical interpretations as new geotechnical holes are completed.
