Golden Summit Drill Results

VANCOUVER - Freegold Ventures Limited reported drilling results from its ongoing drilling program at Golden Summit, located near Fairbanks, Alaska. Drilling remains ongoing and is expected to continue until mid-December. Drilling is planned to resume in early February 2021 and continue throughout 2021. The Company is well financed to carry out its proposed programs.

Following the initial success of the 2020 drilling which began testing Freegold's concept that the strike of the Cleary Hill vein system may extend west of the old Cleary Hill Mine workings towards the Dolphin intrusive, a series of step out holes was planned, that were aimed at determining the orientation of the higher-grade mineralization intercepted in both GSDL2001 and GSDL2002. Holes GSDL2003, 2004 and 2005 all intercepted higher than resource grade mineralization. The results continue to confirm Freegold's revised interpretation. The orientation of the higher-grade zone remains to be determined and considerable additional drilling will be necessary to further define the orientation.  The current program is also testing the Cleary Hill vein system at depth as well as the  area to the south of it where early workings included the Wackwitz and Colorado vein zones which have never been tested to depth or along strike to the east.

Hole GSDL2003 was situated 50 meters to the east of hole GSDL2001, and intersected 146 meters grading 0.80 g/t Au and 3 meters grading 107 g/t Au. The zone was projected to be intercepted at approximately 300 meters. Hole GSDL2004 lies 50 meters west of GSDL2001, was planned to a depth of 600 meters but completed to a depth of only 420 meters, as a result of difficult drilling conditions.  The zone was projected to be intercepted at a depth of approximately 300 meters and the hole ended within the projected mineralized zone. Hole GSDL2005 was a step out hole collared approximately 110 metres north of GSDL 2001 and returned an intercept of 573 meters grading 1.21 g/t Au beginning at a depth of 18 meters. This intercept included 119 meters grading 3.78 g/t Au.  GSDL2005 was a significant step out hole to the north and the results continue to demonstrate the potential for significant tonnage of higher grade mineralization to the north.  Lying well outside of the global and pit constrained resource at depth both GSDL2001 and GSDL2005 contain broad zones of mineralization that have the potential to add significant tonnage to the existing resource.

The third drill crew has arrived on site and drilling with the third rig is expected to commence shortly.  Two rigs are currently operating. Given the large scope of the program, results will be reported as meaningful groups of assays are received rather than on a hole-by-hole basis. Freegold does anticipate reporting additional results before the end of the year; however assay reporting remains slow as a result of restrictions imposed by the COVID-19 pandemic and volume of samples received by the laboratory.  All assays for completed holes with final results  been reported.

The expanded 2020-2021 drill program has multiple objectives: Determining the orientation of the higher-grade mineralization successfully intercepted in GSDL2001, GSDL2002 and GSDL 2005; Expanding the currently known resource and upgrading the resource categories as part of the efforts to further advance the project through pre feasibility, including additional environmental baseline studies, further metallurgical test work, and cultural resource studies; and Testing other targets on the project that may have potential to host additional resources, American Eagle/Saddle zone, Hi Yu, and other areas.

The Dolphin/Cleary area is the only area of the Golden Summit project that has been intensively drilled for resource definition. The current resource remains open to expansion in all directions and to depth. Drilling subsequent to the last resource update has demonstrated the presence of higher-grade zones within the schists surrounding the Dolphin Intrusive and in the adjacent country rock. The resource area at present covers a 500 meter by 1.3km area.

Golden Summit has well-documented placer production of over 6.75 million ounces of placer gold recovered from the streams that drain the project area. Less well known are the over two dozen past producing lode gold mines on the Golden Summit project which produced at least 525,000 ounces of lode gold. These past producers include the district's largest high grade historic underground mines, including the Cleary Hill Mine which produced 281,000 ounces grading 44.5g/t (1.3 oz/t), the American Eagle which produced 60,000 ounces grading 44.5g/t (1.3 oz/t), the Hi Yu Mine which produced 110,000 ounces grading 54.8g/t (1.6 oz/t) and the Newsboy Mine which produced 36,000 ounces grading 34g/t (1.0 oz/t). There are 80 documented but relatively unexplored high-grade lode gold occurrences within the Golden Summit project and represent other significant exploration targets.