Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) is pleased to announce results from an additional 12 holes (6,091m) as part of the program designed to expand, upgrade and increase the overall resource grade at the Golden Summit Project.  The highway-accessible Golden Summit project is located approximately 32 km northeast of Fairbanks, Alaska. The remaining results from the 2021 program are expected over the coming weeks.

Gold mineralization in the Dolphin/Cleary area is hosted within a broad structural corridor of gold mineralization that is hosted in Dolphin stock, a multiphase intrusive complex, and metasedimentary rocks comprised of various schists. Drilling and historic shallow underground mining has intersected this gold mineralization that extends from surface to depths of over 1,000 m from the Dolphin stock in the west to the Cleary Hill mine workings in the east, a distance of over 1.5km. Gold mineralization is hosted within high-grade quartz veins and silicified zones that occur within a broader lower-grade envelope of quartz stockwork mineralization. Freegold’s drill programs continue to successfully delineate both these higher-grade veins as well as the encompassing lower-grade stockwork mineralization to depths well below the depths of previous drilling and outside of the current pit constrained gold resource.

The primary goal of these programs is to increase the grade and size of the current resource and to define the limits of the mineralized corridor through systematic drilling.  Four drill rigs have been operating since mid-February, and approximately 11,000 meters have been completed to date.

The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.

A brief description of the results of the some of the holes follows:

Dolphin Zone – All holes reported are drilled to the north

GS2147

Collared in the immediate footwall of the Dolphin intrusive and remained predominantly in schist until the end of the hole at 593.4.   The hole is located approximately 100 metres south of GSDL2003, and again notably intersected higher-grade mineralization from 377 to 544.7m and averaged 2.49 g/t Au over 167.7m within a broader intercept of 2.02 g/t over 216.4 m from 377 to 593.4m.  This intercept again demonstrates higher grade mineralization over broad intervals near the footwall contact of the intrusive.

GS2151

Collared in the immediate footwall of Dolphin intrusive the hole returned a broad zone of 617.8 m grading 0.94 gt Au from near-surface. Of particular significance are several zones of higher-grade mineralization including 48.8 m of 2.49 g/t Au from 57 to 105.8m and 42.7 m grading 3.76 g/t Au from 447.1 to 489.8m.

GS2143

Collared 175 metres south of GS2145 and within the Dolphin intrusive, the hole was primarily within schist for the first 200 metres before intersecting intrusive at 204.4 m and remained in intrusive for the next 200 metres before re-entering the schist until the end of the hole. Notable intercepts include 70.1 m grading 1.23 g/t from 343.5 to 413.5m, an over 50%  increase over the existing global resource grade of 0.69 g/t Au.

Cleary Zone – All holes reported are drilled to the north

The following holes were drilled to the north to establish the mineralized boundary and to test depths to the north beyond the previous drilling.  Holes GS2116, GS2153, GS2148, and GS2135 were drilled near the surface projection of the Colorado Vein and 100 metres downdip of the historic Cleary Hill mine workings.  The holes encountered significant faulting which truncates the mineralization to the north and is in line with previous results.

Results of these holes all of which are approximately 100 metres below the previous mine workings on Cleary Hill and in combination with previously reported drilling down-dip all indicate that the mineralization is continuing to broaden at depth with increasing cohesive grade. (GS2021 –  270.2 – 437 m 166.8 m at 1.55 g/t, and GS2017 which intersected 98.2m of 3.07 g/t from 300.5 to 398.7 g/t – 11.72 g/t uncut) . These holes were approximately 180 metres downdip of the intercept in GS2135.

GS2153

Intersected 0.95 g/t Au over 16.3 metres which is the downdip projection of the Cleary Vein Swarm, approximately 100 metres below the old workings.

GS2148,

Again, intersects the downdip projection of the Cleary Vein Swarm and returned 25.2 m grading 1.7 g/t Au, approximately 100 metres below the old workings.

GS2116

Collared 125 m to the north of GS2137 and designed to infill and determine the depth extent of the mineralization within Cleary Hill area..  Hole GS2116 successfully intersected the near surface projection of the Colorado vein zone intersection 1.6 m of 42.7 g/t Au from 37.4 to 39 m.  The downdip extension of the Cleary Vein Swarm was intersected at 171.1 metres and returned 0.52 g/t Au. Over 33.7 m. The mineralization is truncated to the north at a depth of 223m.

GS2137

Drilled in a previously undrilled area, and 110 m to the south of GS2116.  Highlights include 0.7m of 11.5 g/t Au from 35.7m to 36.4 m typical of the Cleary Vein system.  A more cohesive zone was intersected at 386.2 to 410.6  returning 24.4 m of 1.03 g/t. Further demonstrating the broadening and plunging of the mineralization to the south.

Drill Plan Map and Cross Section:   

https://freegoldventures.com/site/assets/files/2280/drillplanmap_05182022.pdf 

https://freegoldventures.com/site/assets/files/2280/s479150e_05182022.pdf

Golden Summit was the subject of an intensive drill campaign between January 2011 and August 2013. 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 Chemex. All assays were performed by ALS Global Ltd., with sample preparation carried out at the ALS facility in Fairbanks, Alaska, with subsequent studies performed primarily using its Vancouver and Reno laboratories. A sample quality control/quality assurance program was implemented.

Core samples were prepared using the PREP-31BY package in ALS’s Fairbanks 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, method code 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 as well as an essay on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. All analytical and assay procedures are conducted in ALS’s North Vancouver facility and Reno facilities. A QA/QC program included laboratory and field standards inserted every 10 samples. Blanks are inserted at the start of the submittal and at least one blank every 25 standards with additional blanks inserted following samples visible gold.

Freegold continues to operate a full service camp at Golden Summit with 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.