Golden Summit, Alaska

The Golden Summit property is located 20 miles northeast of Fairbanks, Alaska. The property consists of a mix of patented and unpatented Federal lode claims and State of Alaska mining claims Freegold controls the claims through lease agreements with several claim owners, and through direct ownership of several patented Federal lode claims in the north central portion of the property. Access to the property is excellent, as is infrastructure support for exploration activities as such year round drilling is possible. Several historic gold mines are located on the property, and open pit gold mining is ongoing at Kinross Gold's nearby Ft Knox gold deposit.
 

Winter Drilling at Golden Summit
 

Freegold acquired interest in the Golden Summit property in the early 1990's, and since that time has conducted extensive surface exploration at numerous prospects over much of the property, including reconnaissance rock sampling, mapping, property-wide grid-based soil sampling, and several trenching projects at key prospects. Most of Freegold's drilling efforts have been focused on the west portion of the property. Freegold conducted drilling on the Dolphin gold deposit in 1995-1996, 1998, 2004, 2008, 2011 and 2012. Drilling began again in mid February of 2013.

Looking towards Cleary Hill

Gold mineralization is the only type of economic mineralization known on the Golden Summit property at this time. Gold mineralization on the property occurs in three main forms, including 1) intrusive-hosted sulfide-quartz stockwork veinlets (such as the Dolphin gold deposit), 2) auriferous sulfide-quartz veins (exploited by historic underground mines), and 3) shear-hosted gold-bearing veinlets. All three types are considered to be part of a large-scale intrusive-related gold system (or "IRGS") on the property. The Dolphin gold deposit is hosted in the Dolphin stock, which consists largely of granodiorite and tonalite, similar to the Pedro Dome pluton. It is the only known large intrusive body known on the property at this time. The Dolphin stock is approximately the same age as the nearby Ft Knox pluton, which hosts the Ft Knox gold deposit. Freegold made the initial discovery of widespread low-grade gold mineralization in the Dolphin stock during the initial drilling campaign on the prospect in 1995.

Freegold is also focusing on exploration for large zones of shear-hosted gold-bearing veinlets, including several zones in the Cleary Hill Mine area. These types of zones also occur at the Too Much Gold, Goose Creek, Circle Trail and Saddle prospects.

Current Exploration

Over the past 2.5 years Freegold has been systematically exploring the Golden Summit Project area in an effort to define NI-43-101 compliant resources. Since 2011 three NI 43-101 resources have been calculated on the Dolphin Area and now also the Dolphin/Cleary Hill area which is located in the western portion of the project area.

In 2011 and 2012 additional drilling was completed in the Dolphin/Cleary Hill Area.

The most recent NI 43-101 compliant resource was calculated in October 2012. The resource estimate was completed by Giroux Consultants Ltd. of Vancouver, BC, Canada. The indicated and inferred resource using a 0.3 and 0.35 gram/tonne (g/t) cut-off is:

The mineralized Dolphin Solid increased in volume by 254 % over the one used in the 2011 Estimate (Adams, Giroux, 2012). It was been deepened and extended to the north east to include the Cleary Hill area. This update of the 43-101 resource reported in January 2012 (Adams and Giroux, 2012) was based on an additional 74 drill holes completed in 2012 and an extension of the mineralized zone to the north and east. As a result the number of holes within the mineralized solid increased from the 77(11,802m) used in the 2011 estimate, to 177 (35,829m) for this update.

The resource was calculated using a block model with blocks measuring 10 by 10 by 5 metres in size that were populated using a combination of ordinary kriging and indicator kriging; blocks within the Dolphin mineralized solid were summed to arrive at the total tonnage and average grade. In the following tables a 0.30 g/t and 0.35 g/t are highlighted as possible open pit cut offs. No economic parametres were utilized in determining the cutoffs.