Intersections Reported At The Golden Summit Project

VANCOUVER - Freegold Ventures Limited reported results from a further six holes (3,628.4 meters ) from the 2021 program of its 40,000 meter drill program currently underway on its Golden Summit project, near Fairbanks, Alaska. Results continue to intersect broad zones of above resource grade mineralization.

Drill holes GS2102 and 2104 returned relatively minor intercepts, generally from 0.4-0.5 g/t Au over widths of 30-40 meters, with the highest being 0.86 over 18.3 meters in hole GS 2102. Both holes intersected significant faulting, which may be an be indication of a significant offset. Both holes were located on the northwestern area of the overall mineralized system. Hole GS2122 was drilled towards the western side of the Dolphin intrusive near the historic Tolovana vein zone. The presence of visible gold was noted in hole GS2122 within narrow veins less than 20 centimeters in width.  Metallic screen analyses were performed on those intervals.  A total of five samples were selected for metallic screen based on the presence of visible gold and these resulted in an average increase of grade of 111%. Visible gold has been noted in several other holes drilled in the vicinity of the Tolovana vein zone and assays remain outstanding for these holes.

Hole GS2103 was drilled as a deeper test of the Dolphin intrusive to the south and was deeper than any previous drilling. The results of the GS2103 continue to confirm that the mineralization extends to depth intersecting a broad intercept of 267 meters grading 0.73 g/t Au from 536.4 meters to 803.4 meters well below the depth of holes in the vicinity. Holes GSDL1149 and GSDL1151 were vertical holes drilled to a depth of 403.3 meters and 287.7 meters respectively.

Holes GS 2118 and 2121 were drilled 25 meters east and north respectively of drill hole GS 2017 which intersected the previously reported intercept of 588 g/t over 1.7 meters. The high grade intersected in GS2121 was within an intensively silicified quartz breccia, and the presence of visible gold was not noted.  Results for hole GS2126 and GS2123 drilled to the south and west of hole GS2017 respectively are still pending.

Since drilling resumed in February, 2021, 23,000 meters have been drilled in 43 holes, including holes in progress. The current program is continuing to test for the 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. 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.

Additionally, 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.

Assay reporting remains slow, largely as a result of the backlog at the preparatory facility in Fairbanks as all samples are prepped in Fairbanks prior to being shipped to either Reno or Vancouver for analyses. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Chemex. All assays were performed by ALS Global Ltd., with sample preparation carried out at the ALS facility in Fairbanks, Alaska with subsequent analyses performed primarily using its Vancouver and Reno laboratories.  A sample quality control/quality assurance program is in place. Additional measures have been put in place in order to further expedite sample turnaround; however it should be noted the current plan is a systematic evaluation of the mineralized zone and is not dependent upon individual hole results.