Freegold drills 2.52 g/t gold over 190.2 metres at Golden Summit, Alaska

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Freegold Ventures Ltd. [FVL-TSX; FGOVF-OTCQX; FR4N-FSE] reported results from an additional seven holes (4,164.3 metres) as part of the continuing program designed to expand, upgrade and increase the overall resource grade at the Golden Summit project 32 km north of Fairbnks, Alaska, through systematic drilling.

Hole GS2201 was drilled in the Tolovana area, as were holes GS2115, GS2132 and GS2141. Hole GS2115 was drilled on the north side of the Tolovana vein zone and intersected 51.1 metres grading 1.25 g/t gold. Hole GS2203 was drilled along the eastern side of the Dolphin intrusive and returned 190.2 metres of 2.52 g/t gold. Hole GS2208 was drilled toward the up-dip portion on the northern side of the main mineralized zone. All of these holes intersected substantial widths with significantly higher grade than the previous resource grade. Hole GS2201 intersected 207.2 metres grading 1.45 g/t gold within a broad zone of 506.2 metres grading 0.88 g/t gold. The results continue to demonstrate higher grade over increasing widths down-dip within the projected mineralized zone. Refer to original press release for complete drill results.

Four drill rigs have been operating since mid-February. The results of 2020, 2021 and several holes from the 2022 program are expected to be incorporated into an updated pit-constrained resource estimate in the fourth quarter of this year.

Gold mineralization in the Dolphin/Cleary area is hosted within a broad structural corridor of gold mineralization comprising the Dolphin stock, a multiphase intrusive complex, and metasedimentary rocks comprising various schists. Drilling and historical shallow underground mining has intersected this gold mineralization from surface to depths of over 1,000 m from the Dolphin stock in the west to the Cleary Hill mine workings in the east, a distance of over 1.5 km. Gold mineralization is hosted within high-grade quartz veins and silicified zones that occur within a broader lower-grade envelope of quartz stockwork mineralization. Freegold’s drill programs are continuing to successfully delineate these higher-grade veins and the encompassing lower-grade stockwork mineralization to depths well below the depths of the previous drilling and well outside of the current pit-constrained gold resource.

The highway-accessible Golden Summit project is located approximately 32 km northeast of Fairbanks, Alaska, and was the subject of an intensive drill campaign between January, 2011, and August, 2013, in which 36,159 metres were drilled, and three National Instrument 43-101-compliant resource updates were completed. In January, 2016, a preliminary economic assessment was produced by TetraTech.

Freegold continues to operate a full-service camp at Golden Summit with COVID-19 protocols in place.

Freegold Ventures is focused on exploration in Alaska and holds through leases the Golden Summit gold project near Fairbanks as well as the Shorty Creek copper-gold project near Livengood.

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