Freegold Ventures intersects 1.05 g/t gold over 164.3 metres at Golden Summit, Alaska

Freegold Ventures Limited [TSX-FVL; OCTQX-FGOVF] reported additional higher-grade mineralization at its Golden Summit Project, Alaska. The two holes reported are from the northwest limits of the Dolphin Zone. Drilling is also targeting previously untested higher-grade zones, the Tolovana vein swarm west of Dolphin and the Saddle Zone, 4km to the east of Dolphin Cleary Zone. While assays have yet to be received for these two target areas, visible gold occurrences have been noted in both zones.

Drill holes GS2318 and GS2319 were drilled on section 478850E as part of a series of fences of holes aimed at demonstrating the continuity of the higher-grade mineralization as well as delineating the extent of the mineralization to the north and northwest. Holes were drilled on sections spaced 50 metres apart with holes on each section spaced between 50 to 100 metres apart. These fences of holes have already extended the mineralization approximately 400 metres north of the previous drilling on the Dolphin Cleary Zone.

Hole GS2319 continued to demonstrate the continuity of a higher-grade core northwest of the February 2023 resource, including 1.05 g/t gold over 164.3 metres beginning 425 metres downhole, above the average resource grade of 0.92 g/t gold. Drilling indicates that a marble unit and significant faulting truncates the mineralization to the north in the Dolphin Zone. Assay results remain pending for holes GS2320 to GS2328.

Drilling is currently targeting the Tolovana Vein Swarm in the western portion of the Dolphin area. Hole GS2336, currently in progress, is a 30-metre step-out to the south of GS2335, aimed at undercutting the mineralization seen in GS2335 where multiple occurrences of visible gold were observed. Holes GS2331 – GS2336 were drilled west of Willow Creek with the intention of expanding the higher-grade mineralization to the west.

Drill Hole GS2318 returned 8.5 metres of 114 g/t gold and 46.5 metres of 0.72 g/t gold. GS2319 returned 23.7 metres of 0.68 g/t gold; 17 metres of 0.77  g/t gold; 58.8 metres of 0.72 g/t gold; 164.3 metres of 1.05 g/t gold, including 67.4 metres of 1.15 g/t gold, including 45.7 metres of 1.48 g/t gold.

Drill hole GS2329 was collared 115 metres southeast of GS2335, on the east side of Willow Creek, was aimed at intersecting higher grade to the south. Hole GS2230 was drilled within the main Cleary Zone and was intended to test the downdip extent of the Cleary Vein system. Assays are pending for both holes.

Holes SZ2301 to SZ2307 were a series of broadly spaced holes drilled in the Saddle Zone. These holes are reconnaissance in nature and are intended to provide a better understanding of the controls of mineralization in the densely veined Saddle Zone. Based on visual inspections it is apparent that additional drilling is warranted in the Saddle Zone with visible gold noted in hole SZ2307.

Since March 2023, the company has completed 35 diamond drill holes in the Dolphin Cleary Area and 7 holes in the Saddle Zone. Assay results for 19 holes have now been reported. The current drill program is designed to test the boundaries, expand and infill the current mineral resource estimate (February 2023) which includes an indicated resource of 12.01 million oz at 0.92 g/t gold (407,544,000 tonnes) ) and an inferred resource of 7.7 million oz at 0.85 g/t (282,303,000 tonnes) using a 0.45 g/ t gold cut off and a $1,792 gold price.

Freegold operates a full-service camp at Golden Summit. Freegold holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.