Golden Summit Project Gold Intersections

VANCOUVER - Freegold Ventures Limited (Freegold) (TSX: FVL)  is pleased to announce additional assay results from Freegold's current 10,000 meter drill program on its Golden Summit Project, near Fairbanks, Alaska. GSDL2002, collared 150 meters to the east of GSDL2001 (3.69 g/t over 188 meters), was an independent test of Freegold's new interpretation of the potential for higher grade material to extend to the west of the old Cleary Hill Mine workings.

Hole GSDL2002 intersected 136 meters grading 1.02 g/t Au. A previous hole, (GSDL1201) drilled within the projected vein zone on the same section, averaged 1.3 g/t Au over the last 113 meters (from 209 – 322 m). Aimed at determining if the interpreted Cleary Hill vein system (CVS) may extend to depth within this area, GSDL2002 successfully intersected the projected down dip extension of the zone intercepted in GSDL1201. The zone remains open to depth and along strike.

Drilling in progress is continuing to test for the extension of the CVS to depth and to further refine and define the orientation of the higher-grade mineralization. GSDL2002 - was sited prior to the commencement of the initial drill program in February and therefore prior to receiving the results of GSDL2001.

Hole GSDL 2003 was drilled to a depth of 587 meters and was collared 50 meters east of GSDL 2001. GSDL 2004 was collared 50 meters west of GSDL2001, was lost at depth of 420 meters. Hole GSDL2005, was collared 100 meters to the north of GSDL2001 and was aimed at testing the up dip extension of the zone encountered in GSDL2001. GSDL2005 was terminated at a depth of 645 meters. Holes GSDL2006 and GSDL 2007 lie 140 meters southwest of GSDL2001. GSDL2006 was lost at a depth of 76.5 meters. Drilling is currently in progress on GSDL2007.

Assay results are taking considerably longer owing both to the COVID19 pandemic as well as the increase in mineral exploration activity. The second rig which was to be added at the end of August is expected to arrive shortly. Assay results will be reported as they are received. A full exploration camp has been established at Golden Summit in order to limit contact with the community. Drilling is possible on a year-round basis.