• Broad zones of higher than existing resource grade mineralization
• 1.21 g/t Au over 76.2 metres in GS2106
• 0.86 g/t Au over 268.3 metres in GS2110

Freegold Ventures Limited (TSX: FVL) (FGOVF: OTCQX) is pleased to announce additional results from the ongoing 40,000 metre drill program currently underway on its Golden Summit project, near Fairbanks, Alaska.

Since drilling resumed in February, 2021, over 30,000 metres have been drilled in 55 holes, including holes in progress.  The program is continuing to potentially expand the current resource but also define areas of significantly higher-grade mineralization.

Holes are being systematically drilled not only to determine the orientation of the higher-grade mineralization but also to define the extent of the mineralization which remains open.

Hole GS 2125 was collared within the intrusive, and remained in the intrusive until 111.5 metres, where it intersected quartz biotite schist . At 195 metres  it re-entered intrusive until 285m where it re-entered quartz biotite schist for the remainder of the hole.  The highest grade portion of the hole lies within schist in the footwall of the intrusive.

The remainder of the holes on the Dolphin side (GS2105, GS2106 and GS2110) all lie within schist on the north side of the intrusive.

Both of the broad higher grade intercepts in holes GS2110 and GS2125 lie outside of the existing global resource.

The 2021 drill program will continue to focus on continuing to determine the orientation of the zones of higher-grade mineralization consistent with Freegold’s revised interpretation, in particular, to the north, east and west of the Dolphin intrusive. In addition, drilling will also be directed to the south of the Cleary Hill mine workings where previous workings including the Colorado, Wackwitz and Wyoming vein zones which have never been tested to depth or along strike to the east. Past drilling in the Cleary Hill area has been largely shallow in nature and it is interpreted that the Dolphin intrusive likely underlies the Cleary Hill area at depth.  See map for locations of holes completed to date.

Key objectives for the 2021 program:

• Determining the orientation and extent of the higher-grade mineralization.
• Expanding the currently known resource and upgrading the resource categories as part of the efforts to further advance the project through pre-feasibility, including additional environmental baseline studies, further metallurgical test work, and cultural resource studies.

In addition, Freegold is planning to test other targets on the project that may have potential to host additional resources and host other buried intrusives. Ground geophysics and soil sampling has been conducted on these areas and further drilling is being planned to test these.   Assay reporting remains slow, largely as a result of the backlogs at the preparatory facilities in Fairbanks.

Drill Plan Map and Cross Sections:

https://freegoldventures.com/site/assets/files/2194/drill_plan_map_10212021.pdf

https://freegoldventures.com/site/assets/files/2194/section_479100e.pdf

Golden Summit was the subject of an intensive drill campaign between January 2011 and August 2013. A total of 36,159 metres were drilled and three NI 43-101 compliant resource updates were completed. In January 2016, a preliminary economic assessment (PEA) was produced by TetraTech (Press release – January 26th, 2016).

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 Global Ltd and Bureau Veritas , with sample preparation carried out in Fairbanks and/or Juneau, Alaska, with subsequent analyses performed primarily using their Vancouver,  Reno and Hermosillo laboratories.

A sample quality control/quality assurance program was implemented.

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

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

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.