Intersections At Golden Summit Project

VANCOUVER - Freegold Ventures Limited reported final results from the 2020 program and results from the first two holes of its 40,000 meter program currently underway on its Golden Summit project, near Fairbanks, Alaska. Since drilling resumed in February, 2021, 14,700 meters have been drilled in 27 holes, including holes in progress.  The program is continuing to potentially expand the current resource but also define areas of significantly higher-grade mineralization.

Holes are being systematically drilled not only to determine the orientation of the higher-grade mineralization but also to define the extent of the mineralization which remains open in all directions. Hole GS 2101 was drilled northeast of the contact with the Dolphin intrusive, and continues to show very broad zones of greater than 1g/t mineralization, with significant sections grading better than 1.5 g/t. This is on the projected trend of the mineralization extending towards the Cleary vein system. Hole GS 2018 is on the northern side of the Tolovana vein zone and indicates weakening of the mineralization to the northwest, although still intersecting very broad zones of above cut-off mineralization. Hole GS 2108 was also located north of the Tolovana vein zone but further to the west than GS 2018, and intersected 41.1 meters of 3.99 g/t Au within a broad zone of 296.3 meters grading 1.4 g/t Au. Hole GSDL2013 was located in the Cleary Area, and intersected 40.4 meters grading 1.29 g/t Au. The hole successfully demonstrated that mineralization extends beyond the depth of previous drilling. The mineralization remains open to depth. GSDL2012, located in the Cleary area was terminated at a depth of 44 meters after two attempts due to ground conditions. No significant values were intercepted. Additional holes in this area are planned.

The results of the drilling are continuing to successfully confirm Freegold's revised interpretation that there is potential  for a higher-grade corridor, effectively a vein swarm, consisting of multiple veins, veinlets and stockwork zones within areas of intense silicification and alteration extending from the area of the old Cleary Hill mine workings towards the Dolphin intrusive.  Drilling is also continuing to demonstrate the potential for higher grade mineralization at Cleary Hill well below the level of previous drilling.

The 2021 drill program will continue to focus on continuing to determine the orientation of the zones of higher-grade mineralization consistent with Freegold's revised interpretation, in particular, to the north, east and west of the Dolphin intrusive. In addition, drilling will also be directed to the south of the Cleary Hill mine workings where previous workings including the Colorado, Wackwitz and Wyoming vein zones which have never been tested to depth or along strike to the east. Past drilling in the Cleary Hill area has been largely shallow in nature and it is interpreted that the Dolphin intrusive likely underlies the Cleary Hill area at depth.  See map for locations of holes completed to date.

In addition, Freegold is planning to test other targets on the project that may have potential to host additional resources and host other buried intrusives. Ground geophysics and soil sampling has been conducted on these areas and further drilling is being planned to test these.