Freegold Ventures Limited (TSX: FVL) is pleased to announce additional drilling results from the 2020 drilling program. Results continue to confirm broad zones of higher than resource grade mineralization from the Dolphin Zone across to the Cleary Zone. The two holes reported lie approximately 500 metres apart.

Table of Significant Intercepts:

Width refers to drill hole intercepts, true widths cannot be determined due to uncertain geometry of mineralization.

Both GSDL 2009 and 2010 intersected broad zones significantly above resource grade at their projected target depths. The zones are comprised of multiple veins, veinlets and stockworking within a broadly defined zone of mineralization. Assays remain outstanding for holes GSDL 2011-2018, which were designed to target the northern extension of the Dolphin Zone and the deeper extension of the Cleary vein system. The 2021 drilling program is currently underway with three drill rigs, with the crew for the 4^th drill rig slated to arrive imminently.

There are over 80 documented gold occurrences throughout the project area and ongoing work continues to identify the potential for other vein swarms.

Mineralization at Golden Summit is hosted both within the Dolphin intrusive and the surrounding metasediments. The four highest underground historical producers (Cleary Hill 281,000 ounces grading 44.5 g/t (1.3 oz/), American Eagle 60,000 ounces grading 44.5g/t (1.3 oz/t), the Hi-Yu, 110,000 ounces grading 54.8g/t (1.6 oz/t) and the Newsboy Mine 40,000 ounces grading 34g/t (1.0 oz/t), are all located within the Golden Summit property. Cleary Hill was mined to a depth of approximately 120 metres until its closure in 1942.

In May 2020 Freegold released the results of hole GSDL2001 which returned 188 metres grading 3.69 g/t gold as part of an initial test to determine if there was potential to establish a higher-grade component to the already sizeable resource delineated by Freegold between 2011 and 2013.  This resource formed the basis of a subsequent preliminary economic assessment (PEA) completed in 2016.  The PEA was completed at a US $1,300 gold price and contemplated both an oxide (heap leach) and sulphide processing facility but incorporated only a portion of the global resource. Metallurgical testwork  demonstrated recoveries of over 85% in the oxide and sulphide recoveries in excess of 90%.  The 2020 drill program was designed to determine if a higher-grade component could be identified to augment the current resource grade and enhance the overall project economics.

Drill core is being logged, photographed, and cut in half using a diamond saw with one half placed in bags for subsequent geochemical analysis. All assays are being performed by ALS Global Ltd with sample preparation carried out at the ALS preparatory facility in Fairbanks, Alaska with subsequent analyses performed primarily using its Vancouver or Reno facilities. A sample quality assurance program is in place.

The disclosure of scientific and technical information contained in this news release has been approved by Alvin Jackson, PGeo – Vice President Exploration and Development for Freegold, who is a “Qualified Person” under National Instrument 43-101.

Hole Location Map

https://freegoldventures.com/site/assets/files/2185/nr_map_gsdl2009_gsdl2010.pdf

About Freegold Ventures Limited

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