Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF) is pleased to announce additional drill results from the 2023 drill program, including further drilling west of Willow Creek which returned 133.5m grading 1.43 g/t beginning at 96.6m.

Today’s results successfully:

• Confirmed the potential to further expand the resource along strike to the west within a 1.5 kilometre-long gold-in-soil geochemical anomaly at potentially shallower depths and
• Highlighted the potential to increase the overall resource grade by further expansion drilling.

Significant mineralization, including broad zones of higher-grade mineralization, was consistently intersected during the 2023 drill program. One of the highest-grade intercepts was seen in hole GS2333, located 250 meters west of the main Dolphin area. This hole intersected multiple zones with over 2 g/t of gold over a significant width (2.12 g/t over 197.3m) within a broader interval of 1.76 g/t Au over 276.5 meters. It is worth noting that mineralization is still open up-dip, down-dip, and to depth.

In 2024, the program will target higher-grade mineralization that may exist at shallower depths to the west of the existing resource. The up-dip projection of GS2333 coincides with a strong surface gold-in-soil anomaly, part of a 1.5km soil anomaly to the west of Willow Creek. It’s worth noting that soil anomalies have been useful in identifying mineralization at Golden Summit since the area was not glaciated.

Two holes, GS2332 and GS2335, were drilled just west of Willow Creek, on the western edge of the current resource. Both returned broad zones higher than resource grade, including multiple high-grade intercepts. GS2335 is notable in that it is closer to surface at significantly higher than resource grade than seen on the east side of Willow Creek, with 133.5m @1.43 gpT starting 96.6m down hole (79m vertical).

Hole GS2334 was drilled to the south, which is different from most of the drilling conducted so far, which has been largely to the north. Although GS2334 appears to have drilled over the top of the projected zone of mineralization intersected in GS2333, GS2234 still returned 443.7 meters grading 0.71 g/t Au, including 195.1 meters grading 1.06 g/t Au.

Assays remain outstanding for holes GS2336 and GS2337 in the western area.

As part of an ongoing program to delineate resources, a series of holes were drilled to determine the northern boundary of mineralization in the main Dolphin zone. Specifically, Holes GS2323 through GS2328 were aimed at confirming mineralization boundaries to the north of the existing resource. These holes encountered faulting/shearing and bounding marble units to the north, previously identified earlier in the season. No significant values were found in GS2325, GS2327, and GS2328.

Assays are still pending for the Saddle Zone holes (SZ2301 to SZ2307). The Saddle Zone is 4 kilometres east of the Dolphin/Cleary Zone. These holes were primarily exploratory and aimed at better understanding the mineralization controls. Based on visual inspections, it is evident that additional drilling is required in the Saddle Zone, as visible gold has been noted in SZ2307.

A plan map showing the locations of the reported holes and Sections 478650E and 478900E can be found here:

https://freegoldventures.com/site/assets/files/6310/478900e_section.pdf

https://freegoldventures.com/site/assets/files/6310/478650e_section.pdf

https://freegoldventures.com/site/assets/files/6310/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf

Assays are pending for the following holes:

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS’s facility using the PREP-31BY package. Each core sample is crushed to better than 70 %, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS’s Au-SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the undersized fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS’s North Vancouver and Reno facilities.

A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.

The Qualified Person for this release is Alvin Jackson, P.Geo. – Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.

About Freegold Ventures Limited

Freegold is a TSX-listed company focused on exploration in Alaska and holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.