Mineralization Extended 400 Meters To The North At Golden Summit

VANCOUVER - Freegold Ventures Limited announced more positive results from the Golden Summit Project.  The drill program, which began in March, is ongoing with three rigs currently operating. Nine holes have been completed and submitted for assay in the area immediately to north of the Dolphin Zone where the mineralization remains open and is projecting to surface. Assays have been received for three of the nine holes submitted. The current program is designed to expand and infill the current mineral resource estimate which using a 0.45 g/ t Au cut off and a $1,792 gold price is 12.01 million ounces at 0.92 g/t Au (407,544,000 tonnes) (indicated) and 7.7 million ounces at 0.85 g/t (282,303,000 tonnes) (inferred).

In addition to ongoing drilling to the north, drilling will also test a significant gold in soil geochemical anomaly that extends 1.5 km to the west. The goal of this additional drilling is to potentially increase the current resource area beyond its current size of 1.3 km x 600 m. One of the last holes completed in 2022 program intersected 1.03 g/t Au over 147.3m including 1.43 g/t over 88.7m. This hole was drilled as an initial test of the potential western extension of the Dolphin Cleary Resource. The 2023 drill program initially focussed on the northern extension of the Dolphin/Cleary.  Drilling over the coming months will see additional drilling to the west to follow up on the encouraging results received in GS2241 and to test the over 1.5km gold long gold in soil geochemical anomaly.

Holes GS2301 & GS2302 are some of the northern most holes drilled in the Dolphin Zone.  GS2301 is a 400 meter step out to the north and intersected 56.7m of 1.02 g/t Au (Section 478800E). Hole GS2302 intersected 200.8 meters grading 0.81 g/t Au including 51.8 meters grading 1.04 g/t Au. GS2303 is 350 meter step out to the north and intersected 42.4m grading 0.65 g/t (Section 478900E).

Golden Summit has already demonstrated the potential to host significant resources. The 2023 resource update vaulted Golden Summit into one of the largest undeveloped gold resources in North America. Significantly the resource area represents only a small portion of this highly prospective property, which historically in addition to small high grade underground production has seen the over 6.75 million ounces of placer gold recovered from the streams that drain the project area. With over 80 documented gold occurrences and outstanding infrastructure, Golden Summit is well-positioned for even more growth. More geophysical fieldwork, metallurgical work, and drilling are planned for 2023. The updated Preliminary Economic Assessment is anticipated to be completed in Q4.