Freegold Ventures drills 1.43 g/t gold over 88.7 metres at Golden Summit, Alaska

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Freegold Ventures Ltd. [FVL-TSX] reported more positive results from the Golden Summit project, Alaska. The drill program, which began in March, is ongoing with three rigs currently operating. Nine holes have been completed and submitted for assay in the area immediately to north of the Dolphin Zone where the mineralization remains open and is projecting to surface. Assays have been received for three of the nine holes submitted and are reported below.

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

Highlights: 1.02 g/t Au over 56.7 metres (GS2301); 1.29 g/t Au over 60.1 metres (GS2302) and 1.43 g/t Au over 88.7 metres (GS2241).

In addition to ongoing drilling to the north, drilling will also test a significant gold in soil geochemical anomaly that extends 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 x 600 m. One of the last holes completed in 2022 program intersected 1.03 g/t Au over 147.3 metres including 1.43 g/t over 88.7 metres. This hole was drilled as an initial test of the potential western extension of the Dolphin Cleary Resource. The 2023 drill program initially focused on the northern extension of the Dolphin/Cleary. Drilling over the coming months will see additional drilling to the west to follow up on the encouraging results received in GS2241 and to test the over 1.5km gold long gold in soil geochemical anomaly.

Holes GS2301 and GS2302 are some of the northern most holes drilled in the Dolphin Zone. GS2301 is a 400-metre step-out to the north and intersected 56.7 metres of 1.02 g/t Au (Section 478800E). Hole GS2302 intersected 200.8 metres grading 0.81 g/t Au, including 51.8 metres grading 1.04 g/t Au. GS2303 is 350-metre step-out to the north and intersected 42.4 metres grading 0.65 g/t (Section 478900E).

Located four km east of the current resource area lies the Saddle Zone, which hosts the American Eagle historical underground producer. It produced 60,000 ounces grading of 1.6 oz/ton. Later this summer one rig will test the potential for broad zones of mineralization surrounding the high-grade veins. This is similar to the successful approach taken in the Dolphin Cleary Area during the 2020-2022 program. Based on historical mapping, there are numerous gold occurrences with significant veining in the target area which represents significant potential for discovery. The Saddle Zone has a 2.5 km by 1.0 km target area that has not been systematically drill tested. This makes it an excellent target for possible additional resources.

Golden Summit has already demonstrated the potential to host significant resources. The 2023 resource update vaulted Golden Summit into one of the largest undeveloped gold resources in North America. Significantly the resource area represents only a small portion of this highly prospective property, which historically in addition to small high grade underground production has seen the over 6.75 million ounces of placer gold recovered from the streams that drain the project area. With over 80 documented gold occurrences and outstanding infrastructure, Golden Summit is well-positioned for even more growth. More geophysical fieldwork, metallurgical work, and drilling are planned for 2023. The updated Preliminary Economic Assessment is anticipated to be completed in Q4.

Freegold Ventures has a full-service camp at Golden Summit with COVID-19 protocols in place. The company holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

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