Freegold drills 1.22 g/t gold over 559.9 metres at Golden Summit, Alaska

Freegold Ventures Ltd. [FVL-TSX; FGOVF-OTRCQX; FR4N-FSE] reported results from an additional six holes (3,559 metres) as part of the continuing program designed to expand, upgrade and increase the overall resource grade at the 100%-owned Golden Summit project. The highway-accessible Golden Summit project is located approximately 32 km northeast of Fairbanks, Alaska. The remaining results from the 2021 program are expected over the coming weeks.

The primary goal of these programs is to increase the current resource grade and size and define the limits of the mineralized corridor through systematic drilling. Four drill rigs have been operating since mid-February.

At the Dolphin Zone, all holes reported are drilled to the north. Drill hole GS2165 was collared in the immediate footwall of the Dolphin intrusive and remained predominantly in schist until the end of the hole at 697.1 metres. The hole lies within the western portion of the Dolphin, intrusive again within the Tolovana Vein Zone area, and demonstrates a thicker zone of higher than existing resource grade mineralization that remains open to depth and to the south. Additional holes will be planned to follow on GS2165, which is one of the broadest and most consistently mineralized holes at Golden Summit to date. Consistent mineralization was encountered from the 137 metres to the bottom of the hole and averaged 1.22 g/t gold over 559.9 metres, including 85.3 metres grading 3.47 g/t gold.

GS2119 was collared approximately 150 metres to the north of GS2165. Hole GS2119 returned a broad zone of 157.8 metres of 0.81 g/t gold within the interpreted mineralized zone and well below the previous drilling in the area.

At the Cleary Zone, all holes reported are drilled to the north. Holes GS2134 and G2138 are some of the southernmost holes drilled on the eastern portion of the Cleary Vein System to date and in an area where there appears to be significant faulting. Both holes encountered broad zones of better than resource grade mineralization well below the depth of the previous drilling. The mineralization remains open to the south, and additional holes will be targeted to further define the extent of the Cleary Vein system down dip. GS2134 intersected 71.9 metres grading 0.85 g/t gold and ended in mineralization. A significant fault has been interpreted between GS2134 and GS2138, which appears to have offset the mineralization at depth.

GS2152 and GS2156 are some of the easternmost deep holes drilled in the Cleary Area. GS2152 returned a broad zone of 421.3 metres grading 0.58 g/t gold, including 42.6 metres of 1.24 g/t gold near the bottom of the hole.

Golden Summit was the subject of an intensive drill campaign between January 2011 and August 2013. 36,159 metres were drilled, and three NI 43-101 compliant resource updates were completed. In January 2016, a preliminary economic assessment (PEA) was produced by TetraTech.