Freegold Ventures Limited

Freegold (TSX: FVL; OTCQX:FGVOF) is focused on exploring for copper and gold in Alaska.

At Golden Summit, an advanced stage gold project near Fairbanks, a 2022 diamond drill program is underway. The 2022 program will be a continuation of the 2021 program looking for deeper, higher-grade mineralization, with an initial 20,000 metres planned. Drilling will continue to focus on further expanding and defining the higher-grade Cleary Vein System (CVS). Results from the 2020-2021 program are demonstrating the potential for more extensive and higher-grade gold mineralization on the project intersecting numerous assays intervals over 30 g/t Au. A significant number of assays are still pending from the 2021 program.

Holes will continue to target the down-dip extent of the higher-grade vein zones found within the historic Cleary, Colorado, Wackwitz, and Wyoming veins as well as their broader enveloping stockwork zones. Holes drilled in 2021 south of the previous drilling have intersected significant veining, quartz breccia, and visible gold in areas with no previous drilling. The 2022 program will include further infill drilling to delineate the area to the south of the Cleary Vein Swarm and the area between the Dolphin and the Cleary where previous high-grade intercepts were reported.

Mineralization at Golden Summit occurs in three main forms, a) intrusive hosted quartz-sulfide stockwork veinlets (such as the Dolphin), b) auriferous quartz-sulfide veins (historic underground mines), and c) shear-hosted gold-bearing veinlets. All three are part of a large-scale intrusive-related gold system on the property with the Dolphin intrusive as the apparent source of the mineralization. Significantly, during 2021 intrusive rocks were intersected on the Cleary side at depth further strengthening Freegold’s interpretation that the Dolphin intrusive may underlie Cleary at depth, and that Cleary may be fault down-dropped on the east side of Bedrock Creek.

In addition, drill testing will also be undertaken on other areas of the project that have the potential to host additional mineralization. The 2020-2021 drilling results will be incorporated into an updated mineral resource estimate later in 2022.

At the Shorty Creek copper-gold porphyry project, 3,400 metres of drilling were completed in 2021.

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