Golden Summit Program To Expand, Upgrade And Increase Resource

VANCOUVER - Freegold Ventures Limited reported on additional holes (4,164.3m) as part of the ongoing program designed to expand, upgrade and increase the overall resource grade at the Golden Summit Project  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 51.1m grading 1.25 g/t Au. Hole GS2203 was drilled along the eastern side of the Dolphin intrusive. Hole GS2208 was drilled towards the updip 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 m grading 1.45 g/t Au within a broad zone of 506.2 m grading 0.88 g/t Au. The results continue to demonstrate higher grade over increasing widths downdip within the projected mineralized zone.

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 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 m from the Dolphin stock in the west to the Cleary Hill mine workings in the east, a distance of over 1.5km. 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.