Freegold Ventures drills 1.01 g/t gold over 256 metres at Golden Summit, Alaska

Freegold Ventures Ltd. [FVL-TSX] provided continuing positive results from the Golden Summit project, Alaska. The drill program, which began in March, is ongoing with three rigs currently operating. So far 24 holes have been completed north and immediately west of the Dolphin Zone where mineralization is still open and projecting toward surface. An additional three holes are in progress.

Additional highlights: 17.65 g/t gold over 1.6 metres; 1.20 g/t gold over 128.9 metres, including 31.8 g/t gold over 1.8 metres; and 15.15 g/t gold over two metres.

The first holes of the 2023 program are located primarily in the west-northwest portion of the deposit and are aimed at testing up-dip extension of the mineralization to expand the mineralization to the north and to reduce the potential overall strip ratio.

GS2304 limited the boundaries of the mineralized envelope to the north, returning no significant assays. Hole GS2305, as anticipated, encountered mineralization at shallower depths including 1.6 metres grading 17.65 g/t gold, and 24 metres grading 0.86 g/t gold. Hole GS 2306 intersected 1.01 g/t gold over 256 metres, including 128 metres grading 1.20 g/t gold, including 1.8 metres grading 31.8 g/t gold. Hole GS2307 intersected two metres grading 15.15 g/t gold and 81.7 metres grading 0.53 g/t gold.

Additional assays results are pending and will be reported once received.

In addition to continuing drilling to the north, drilling later this season is also expected to test a significant gold-in-soil geochemical anomaly that extends over 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 by 600 metres.

A 332 line km MobileMT survey was recently flown. MobileMT is a passive airborne geophysical technique which utilizes natural source signals to map variations in the subsurface resistivity providing information to depths greater than 1,000 metres. This information is useful for defining large structures and boundaries of geological domains. Final data are expected to be received in the coming weeks and will be utilized to further enhance its current drilling targets in the Saddle area which are slated to be drilled later this summer.

Additional metallurgical work is under way. Although an extensive metallurgical program was undertaken previously, it was directed toward material within the upper 300 metres. This round of work will focus on the deeper mineralization, below 300 metres and will again test recoveries using various processing techniques. This round will also include gravity test work owing the increased presence of visible gold observed during the 2020 to 2022 program.

The current program is designed to test the boundaries, expand and infill of the current mineral resource estimate (February 2023) which using a 0.45 g/ t gold cut-off and a US$1,792/oz gold price is 12.01 million ounces at 0.92 g/t gold (407,544,000 tonnes) (indicated) and 7.7 million ounces at 0.85 g/t gold (282,303,000 tonnes) (inferred).

Freegold operates at full-service camp at Golden Summit. The company holds the Golden Summit gold project near Fairbanks and the Shorty Creek copper-gold project near Livengood through leases.