VANCOUVER, BC, April 23, 2024 – Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF) (“Freegold” or the “Company”) is pleased to announce the commencement of drilling at Golden Summit with two diamond drill rigs focused on identifying zones of higher grade gold mineralization.

Mineralization identified in the 2020 – 2023 drill programs demonstrates the higher-grade mineralization dips moderately south towards the Dolphin intrusive and is bounded toward the north by significant faulting. Mineralization is deeper toward the south. In 2023, the drill program at Golden Summit successfully discovered higher-grade mineralization on the western side of the existing resource at a shallower depth. Building on this success, in 2024, the plan is to continue drilling on the western part of the Dolphin/Cleary deposit and extend the drilling coverage further to the west. Three distinct geochemical trends have been identified: two south-southwest flanking trends and a clear east-west trend spanning an additional 1.5 km. As Golden Summit is non-glaciated, the surface geochemistry has proven to be an excellent indicator of near-surface gold mineralization. The 2024 drill program aims to explore these trends to identify higher-grade shallow mineralization to improve the overall resource grade before commencing with economic studies. The current pit-constrained primary mineral resource at Golden Summit (Feb. 2023), using a $1,792 gold price and a 0.45 g/t cut-off, is 12,011,000 oz @ 0.92 g/t Au (407,544,000t) indicated and 7,736,000 oz @ 0.85 g/t Au (282,303,000t) inferred.
Highlights from the 2023 Drill Program targeting the area west of Willow Creek

GS2314

Hole GS2314, located 150 metres west of 478950E, was drilled to the west.

HOLENUMBER

AZIMUTH

DIP

DEPTH (M)

FROM(M)

TO (M)

INTERVAL(M)

AU G/T

GS2314

270

-70

748.6

125

141.5

16.5

2.1

293.6

296

2.4

82.5

385.7

499

113.3

5.42

including

480.7

489.8

9.1

6.5

including

495.9

499

3.1

160

GS2331

Targeted the area to the north of the historic known veins, intersected severalzones of higher-grade mineralization