Shorty Creek Drill Program Results

VANCOUVER - Freegold Ventures Limited reports on the assays from the drill program on the Shorty Creek project. A total of 8 holes were drilled (3,397meters) and the program was fully funded under the Shorty Creek Option Agreement with a wholly-owned subsidiary of South32 Limited.  Shorty Creek lies approximately 125 road km northwest of Fairbanks, Alaska and 4 kms to the south of the abandoned mining town of Livengood and the all-weather paved Elliott Highway.

Eight widely spaced holes were drilled on the property and provided a limited test of the areas outside of the Hill 1835 area, where Freegold previously focused its attention. The Hill 1835 area covers a 1,000 meter by 1,500 meter target area with copper mineralization associated with the magnetic high. Two holes were drilled in the Quarry target (SC2101, SC2102). The Quarry target tested a portion of the approximately 8km long magnetic anomaly. SC2103, was drilled 350 meters northeast of SC1901A. This hole was designed to test an IP chargeability high and coincident magnetic low. SC1901A, drilled on the northern edge of the Hill 1835 target area intersected 99.1 meters of 0.29% Cu, 0.014 g/t Au, and 1.61 g/t Au. Holes SC2104 was drilled 500 meters northeast of SC2103 and was drilled within the chargeability high and flanking the Steel Creek magnetic high. SC2105 through SC2107 were drilled in the Steel Creek area. The holes were all drilled within the weaker portion of the magnetic high at Steel Creek. SC2108 was drilled in the IP chargeability high flanking the magnetic high at Hill 1710.