Golden Summit Drilling Program Increases Resource

VANCOUVER - Freegold Ventures Limited announced the successful completion of the 2023 drill program. Over the year, the Company drilled a total of 44 holes.

Between 2020 and 2022, Freegold's drilling successfully increased the resource from 1.35 Moz to 12.6 Moz Indicated and from 1.58 Moz to 7.7 Moz Inferred. The drill program conducted in 2023 has continued to intersect broad zones of mineralization with definitive zones of higher-grade mineralization. The mineralization style comprises discrete veins and stockwork accompanied by pervasive silification, which has been demonstrated to extend over a 1.5 km strike length. Additionally, it is noteworthy that the mineralization remains open for another 1.5km to the west in the Dolphin Cleary Area.

Assays are pending for Holes GS2331 – GS2337 drilled west and to the west of Willow Creek, intended to expand the higher-grade mineralization towards the west. Hole GS2337 was drilled in a previously untested geochemical trend to the southwest of the Dolphin zone. Visible gold has been noted in GS2237.

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, 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).