Freegold Ventures drills 3.83 g/t gold over 190.8 metres at Golden Summit, Alaska

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Freegold Ventures Ltd. [FVL-TSX; FGOVF-OTCQX] reported results for an additional nine holes (7,753.5 metres) from its drill program designed to expand, upgrade and increase the overall resource grade at the Golden Summit project, Alaska, through systematic drilling.

With over 80 documented gold occurrences and three of the highest-grade historical producers in the district situated within the property, Golden Summit project represents an exceptional exploration project. Since 2020 over 83,000 metres in 130 holes have been drilled with results continuing to demonstrate the presence of a robust mineralized system.

Holes GS2226, GS2215, GS2236, GS2227 were drilled in the western portion of the Dolphin deposit. GS2215 returned an impressive 370.1 metres grading 1.71 g/t gold, including 3 metres grading 119 g/t gold near the central portion of the Dolphin deposit. GS2232 in the southern portion of the deposit continues to demonstrate the presence of higher-grade mineralization returning 3.83 g/t gold over 190.8 metres and a further 67.2 metres grading 1.37 g/t Au. Holes G2236 and GS2226 were drilled on the western side of the Tolovana Vein. Drilled to the north, GS2226 continues to expand the mineralization to the north in an area of limited drilling. GS2236, again drilled to the north on the west side of the Tolovana Vein structure returned a broad zone of higher-grade mineralization and further demonstrates expansion potential to the west intersecting 175.3 metres grading 1.93 g/t gold including 42.1 metres grading 5.5 g/t gold.

Cleary: GS2231 and GS2234 were aimed at testing the downdip extent of the CVS. Results continue to demonstrate the expansion potential of Golden Summit intersecting narrow high-grade veins within a broader envelope of mineralization. Drill hole GS2231 returned 46.5 metres of 2.12 g/t gold, including 34.8 metres of 2.29 g/t gold and 82.4 metres of 0.68 g/t gold. GS2234 returned 0.4 metres of 62.70 g/t gold and 62.9 metres of 0.70 g/t gold.

In the late fall of 2022, a broad spaced NSAMT survey was carried out over the core of the Dolphin deposit. Preliminary 3D inversions show a resistive corridor which appears to track higher grade intervals in the deposit area. Given the initial preliminary success, additional surveys to expand the coverage in the Dolphin area and well as to cover other prospective targets on the property are being planned.

The 2020/2022 drill program focused exclusively on the Dolphin Cleary Zone and extended gold mineralization over 1.5 km along strike and to depths of over 1,000 metres. Mineralization in the Dolphin/Cleary 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 within which are discrete high-grade veins, veinlets, and areas of vein stockwork which effectively form a vein swarm, that occasionally contain exceptional high grades. The main Cleary Hill Vein swarm (CVS) mineralization dips to the south. It plunges southwest towards the Dolphin intrusive, with the mineralization increasing in intensity closer to the Dolphin intrusive and especially along the contact margins.

The Dolphin-Cleary is the only area of the project to have a resource delineated. The deposit remains open, particularly to the west/southwest, where Freegold outlined a strong gold in soil geochemical anomaly that has not been drill tested. Further southwest lies the historic Newsboy Mine, which produced 40,000 ounces at averaging 1 oz/ton. Other exploration targets within this remarkable project include the Saddle Zone and the Hi Yu area both of which host historic high-grade producers (Saddle Zone – American Eagle 60,000 ounces at 1.6 oz/ton, Hi Yu – 110,000 ounces at 1.6 oz/ton). The 2023 program will target these areas with the aim of building additional resources.

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. Three resource updates were completed each in accordance with NI 43-101 standards. In January 2016, a preliminary economic assessment prepared in accordance with NI 43-101 was produced for the company by Tetra Tech. Limited drilling was conducted between 2013 – 2020 (1,890 metres – of shallow oxide drilling). Since 2020 over 83,826 metres have been drilled, representing the most focused exploration effort ever undertaken on the Golden Summit project.

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

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

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