Continued Success At The Gold Summit Project

VANCOUVER - Freegold Ventures Limited is continuing its success on the Golden Summit Project as two drill rigs continue to operate. A total of 30 holes have been completed since March. The completed holes are mainly in the west north-west area of the Dolphin Zone, with a focus on expanding mineralization to the north and reducing the strip ratio. Freegold is testing further expansion potential to the west with one drill operating on the western extension. Currently, one rig is also testing the Saddle Zone which is located 4 km to the east of the Dolphin/Cleary Zone. Several reconnaissance holes will be drilled to assess the historic veins along with their coinciding gold geochemistry to determine their potential to host additional resources.

Drilling continues to expand upon the broad higher-grade zone found within the Cleary Hill Vein swarm (CVS) which dips southward and plunges towards the Dolphin intrusive, and which results in a significant amount of higher-grade mineralization at depth. The goal of holes GS 2308 - GS 2311, located in the northern part of the Dolphin area, is to improve the strip ratio by identifying mineralization closer to the surface and defining even more high-grade mineralization. GS2309, was successful in demonstrating the potential for higher grade updip (towards the north) intersecting several high-grade intercepts within a broader interval.

An additional hole was drilled from the same pad as GS2309. Hole GS2314 was drilled to west and the results are pending. Furthermore, Freegold's previous westerly hole (GS2241 – which intersected 88.7m grading 1.43 g/t) combined with strong gold in soil geochemistry have acted as further evidence to support the idea that there remains significant expansion potential to the west.

The current program is designed to test the boundaries, expand and infill the current mineral resource estimate (February 2023) which using a 0.45 g/ t Au cut off and a $1,792 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) in preparation for an anticipated Preliminary Economic Assessment early in 2024.