Golden Summit Program Continuing To Expand Current Resource

VANCOUVER - Freegold Ventures Limited reported on the ongoing 40,000 meter program currently underway on its Golden Summit project, near Fairbanks, Alaska. The program is continuing to potentially expand the current resource but also define areas of significantly higher-grade mineralization. The current program is continuing to systematically determine the orientation of the higher-grade mineralization but also to define the extent of the mineralization which remains open.  An updated resource calculation will be completed in 2022 once all the assays have been received from the 2021 program and will incorporate the results of the oxide expansion drilling conducted in 2017, as well as the drilling carried out in 2020. The results of over 50,000 meters of drilling are expected to be included in this update. Since drilling resumed in February, 2021, approximately 32,000 meters have been drilled in 59 holes, including holes in progress.

Assay turnaround time continues to remain slow. Freegold is continuing to assay all drill core as the mineralization is not always visibly determinable. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analyses by ALS Global Ltd and/or Bureau Veritas, with sample preparation carried out in Fairbanks and/or Juneau, Alaska, with subsequent analyses performed primarily using their Vancouver, Reno and/or Hermosillo facilities. Freegold will continue to report assays as they are finalized.

Freegold is continuing to operate a full service camp at Golden Summit with stringent COVID-19 protocols in place.