• Assays reported for 5 holes – all successfully confirm Freegold’s revised interpretation 
• Broad zones of higher than existing resource grade mineralization in all 5 holes 
• Highest grade drill intercept drilled by Freegold at Golden Summit – 588 g/t over 1.7 metres 
• 3.07 g/t over 98.2 metres in the Cleary Hill area

Freegold Ventures LTD. (TSX:FVL) is pleased to announce additional drill results from its Golden Summit project from its 2020 drilling program. A 2021 40,000 metre program is currently in progress, with approximately 80 holes (assuming an average hole depth of 500 metres) expected to be drilled during 2021. Since drilling commenced in February, 13 holes have been completed. Total metreage completed since drilling recommenced is 7,907 metres, which includes holes currently underway.

The results of the drilling are continuing to successfully confirm Freegold’s revised interpretation that there is potential  for a higher-grade corridor, effectively a vein swarm, consisting of multiple veins, veinlets and stockwork zones within areas of intense silicification extending from the area of the old Cleary Hill mine workings towards the Dolphin intrusive.  Drilling is also continuing to demonstrate the potential for higher grade mineralization at Cleary Hill well below the previous drilling. Hole GS2017 which returned 1.7m grading 588 g/t Au is the highest-grade intercept intersected by Freegold in drilling at Golden Summit.

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 in all directions.

• GSDL2011: intersected the projected zone at 278 metres returning 0.97 g/t Au over 100 metres between 278 and 378 metres, and 157.6 metres grading 1.34 g/t Au between 404.2 and 561.8m.
• GS2015: intersected the projected zone at 162 metres returning 1.13 g/t over 346 metres including 1.5 metres grading 86.4 g/t Au over 1.5 metres.
• GS2016: intersected the projected zone at 167 metres and returned 0.95 g/t over 312.6 metres, including 203 metres grading 1.03 g/t Au.
• GS2014 – intersected 90 metres grading 1.8 g/t Au. This hole was drilled in the Cleary Hill area and aimed at intersecting the down dip extent of the Cleary Hill vein swarm at a steeper angle.
• GS2017 – not only returned the highest grade intercept at Cleary Hill but also a significant width of 98.2 metres grading 3.07 g/t Au.

Although the 2020 program has intersected more high grade than previous programs there is not sufficient density of drilling in order to correlate the high-grade mineralization from one drill hole to the next at this time. Only much closer spaced drilling will permit this correlation to be done. During 2020 a total of 18 holes were drilled.  No assays have been received for the remaining 2020 holes (GSDL2012, GSDL2013 and GSDL2018).

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.

The current program has multiple objectives beyond expanding the existing resource and potentially increasing the overall grade. Work is also being aimed at advancing the project through pre-feasibility.

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.

Drill Plan Map and Cross Sections:

https://freegoldventures.com/site/assets/files/2194/drill-plan-map-04122021.pdf

https://freegoldventures.com/site/assets/files/2194/s479600e.pdf

https://freegoldventures.com/site/assets/files/2194/s479150e.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 Chemex. All assays were performed by ALS Global Ltd., with sample preparation carried out at the ALS facility in Fairbanks, Alaska with subsequent analyses performed primarily using its Vancouver and Reno 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.