Additional Highlights:

• 17.65 g/t Au over 1.6m
• 1.20 g/t Au over 128.9m including 31.8 g/t Au over 1.8m
• 15.15 g/t Au over 2m

Freegold Ventures Limited (TSX: FVL) is pleased to report continuing positive results from the Golden Summit Project. The drill program, which began in March, is ongoing with three rigs currently operating. So far twenty-four holes have been completed north and immediately west of the Dolphin Zone where mineralization is still open and projecting towards surface. An additional three holes are in progress.

The first holes of the 2023 program are located primarily in the west-northwest portion of the deposit and are aimed at testing up-dip extension of the mineralization to expand the mineralization to the north and to reduce the potential overall strip ratio.

GS2304 limited the boundaries of the mineralized envelope to the north, returning no significant assays. Hole GS2305, as anticipated ,encountered mineralization at shallower depths including 1.6m grading 17.65 g/t Au, and 24 metres grading 0.86 g/t Au. Hole GS 2306 intersected 1.01 g/t Au over 256m including 128 metres grading 1.20 g/t Au including 1.8m grading 31.8 g/t Au. Hole GS2307 intersected 2 metres grading 15.15 g/t Au and 81.7m grading 0.53 g/t Au.

Additional assays results are pending and will be reported once received. See plan map for hole locations.

https://freegoldventures.com/site/assets/files/6283/goldensummit_july2023planmap.pdf

In addition to ongoing drilling to the north, drilling later this season is also expected to test a significant gold in soil geochemical anomaly that extends over 1.5 km to the west. The goal of this additional drilling is to potentially increase the current resource area beyond its current size of 1.3 km x 600 m.­­

A 332-line km MobileMT survey was recently flown.  MobileMT is a passive airborne geophysical technique which utilizes natural source signals to map variations in the subsurface resistivity providing information to depths greater than 1000 m. This information is useful for defining large structures and boundaries of geological domains. Final data is expected to be received in the coming weeks and will be utilized to further enhance our current drilling targets in the Saddle area which are slated to be drilled later this summer.

Additional metallurgical work is underway. Although an extensive metallurgical program was undertaken previously, it was directed towards material within the upper 300 metres. This round of work will focus on the deeper mineralization, below 300 metres and will again test recoveries using various processing techniques. This round will also include gravity test work owing the increased presence of visible gold observed during the 2020-2022 program.

The current program is designed to test the boundaries, expand and infill of 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).

A sample quality control/quality assurance program was implemented. 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 Chemex. All assays were performed by ALS Global Ltd., with sample preparation conducted at the ALS facility in Fairbanks, Alaska, with subsequent studies conducted primarily using its Vancouver and Reno laboratories.

Core samples were prepared using the PREP-31BY package in ALS’s facility. 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 little fraction and an assay 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, with additional blanks inserted following samples of visible gold.

Freegold operates at full service camp at Golden Summit.

The Qualified Person for this release is Alvin Jackson, PGeo – Vice President of Exploration and Development for Freegold.

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.

Expansion to the west (CNW Group/Freegold Ventures Limited)