Freegold drills 2.57 g/t gold over 155.5 metres at Golden Summit, Alaska

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Freegold Ventures Ltd. [FVL-TSX; FGOVF-OTCQX; FR4N-FSE] reported results from an additional 6 holes (3,925m) as part of the ongoing drill program designed to expand, upgrade and increase the overall resource grade at the 100%-owned Golden Summit Project 32 km north of Fairbanks, Alaska through systematic drilling.

Holes GS2136, and GS2221 were drilled to the north in the Tolovana Area. Results from both holes demonstrate the potential for broad zones of higher-grade mineralization. GS2221 was intended to intersect the downdip of the high-grade mineralization intersected in GS2121 where the bottom 62.4 metres (492.9m to 555.3m) averaged 4.54 g/t gold and included multiple high-grade intercepts. GS2221 intersected 420.7 metres of 1.36 g/t gold, including 295.6 metres of 1.73 metres, including 155.4 metres of 2.57 g/t gold, including 73.1 metres grading 4.26 g/t gold within the lower part of a broader mineralized zone.

GS2136, did not reach target zone due to difficult drill conditions. The bottom 39.6 metres averaged 2.88 g/t as it entered the zone.

Hole GS2227, drilled 60 metres to the south of GS2136, was designed to intersect and potentially expand the downdip of the higher-grade mineralization intersected in GS2136. Assay results are pending.

The main Cleary Hill Vein swarm dips to the south, and plunges southwest toward the Dolphin intrusive, with the mineralization increasing in intensity closer to the Dolphin intrusive, especially along the contact margins. These broad-spaced holes in the Cleary East area, all drilled to the north, were designed to test the eastern extension of the Cleary System at depth with several wide-spaced holes. Additional holes to the north and east are planned. Results continue to demonstrate the presence of a robust mineralized system at Golden Summit.

GS2142 returned 1.2 metres of 21.10 g/t gold. GS2146 returned 37.8 metres of 0.88 g/t gold, 74.4 metres of 0.66 g/t gold, including 49.4 metres of 0.73 g/t gold. GS2149 returned 17.1 metres of 0.89 g/t gold. GS2154 returned 14.3 metres of 0.71 g/t gold.

Drilling remains ongoing with 4 drill rigs. The program is systematically evaluating the Dolphin/Cleary areas and is continuing to successfully delineate broad zones of greater than 1 g/t Au mineralization over significant widths. Drilling since 2020 has also demonstrated significant widths of greater than 2 g/t gold within the interpreted Cleary Vein Swarm (CVS).

Gold mineralization in the Dolphin/Cleary area is hosted within a broad structural corridor of gold mineralization comprised of the Dolphin stock, a multiphase intrusive complex, and metasedimentary rocks comprised of various schists. Drilling and historical shallow underground mining has intersected this gold mineralization from surface to depths of over 1,000 metres 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. Drilling continues 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 was the subject of an intensive drill campaign between January 2011 and August 2013 in which 36,159 metres were drilled, and three resource updates were completed each in accordance with NI 43-101 Standards of Disclosure. In January 2016, a preliminary economic assessment prepared in accordance with NI 43-101 was produced for the Company by Tetra Tech.

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