Downdip Continuity Of Cleary Vein Zone Confirmed

VANCOUVER - Freegold Ventures Limited has successfully confirmed the downdip continuity of the Cleary Vein Zone. Having increased Golden Summit's in-pit resource ounces with its 2020-2022 drill programs from 1.35 Moz to 12.6 Moz Indicated and from 1.58 Moz to 7.7 Moz Inferred, the primary strategy of Freegold's 2023-2024 drill program is to upgrade the resource with new higher-grade targets and infill drilling. Hole GS2330, assays for which have just been received, is an example of strategic infill drilling. It intersected three mineralized intervals, beginning with a high-grade interval of 3.0m @ 40.5 gpt starting 164m downhole, followed by 100.7m @ 1.00 gpT starting 240m downhole and a third intersection that ended in mineralization of 18.2m @ 1.03 gpT, starting 389m downhole. All three intersections were above the Feb 2023 Indicated and Inferred resource grades of 0.92 gpT and 0.85 gpT, demonstrating the potential for the 2023-2024 infill drill program to upgrade the 2023 resource.

Drilling is ongoing in the Dolphin Cleary area, with two rigs targeting the Tolovana Vein Swarm. Hole GS2336 is underway to undercut the mineralization seen in GS2335, which is located 30 metres to the north and has multiple occurrences of visible gold. Visible gold is also being observed in Hole GS2336. Holes GS2331 – GS2336 drilled west of Willow Creek were intended to expand the higher-grade mineralization towards the west, with assay results pending. Additionally, Hole GS2337 is being drilled in a previously untested geochemical trend to the southwest of the Dolphin zone.

Assays are still pending for the holes drilled north of the Dolphin Cleary Zones (GS2320 to GS2328). The primary purpose of these holes was to define the mineralization extent in the north and immediate northwest, and they have successfully intersected the up-dip of the overall mineralized trend.

Similarly, assays are still pending for the Saddle Zone holes (SZ2301 to SZ2307). The 2023 drill program conducted in the Saddle Zone was primarily exploratory and aimed to provide a better understanding of the mineralization controls in the densely veined Saddle Zone. Based on visual inspections, it is evident that additional drilling is required in the Saddle Zone, as visible gold has been noted in SZ2307.

The current program is designed to test the boundaries, expand and infill the current mineral resource estimate (February 2023), 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).

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by Act Labs.  Samples were shipped to ACT Laboratories in Kamloops, and subsequent analysis and preparation was performed by its Ancaster and Timmins Ontario laboratories.