Freegold Ventures Limited reported results from an additional seven holes (5,997.7m) from its drill program designed to expand, upgrade and increase the overall resource grade at the Golden Summit Project ("Golden Summit" or the "Project") through systematic drilling. Results continue to demonstrate a robust mineralized system at Golden Summit. Drilling is complete for the 2022 season.

A total of 44 holes (35,520.5 metres) were drilled; the 2020 – 2022 drill program (83,826 metres) targeted higher-grade mineralization and the surrounding moderate to lower-grade gold that forms broad zones. Results continue to successfully delineate broader zones of higher-grade mineralization below the depths of the proposed pit outlined in the 2016 pit-constrained resource. Additional assays are expected to be reported in the coming weeks.

A significant number of results from the expanded 2022 program are expected to be included in an updated mineral resource estimate in early 2023. Drilling and historical shallow underground mining have extended gold mineralization over 1.5 km along strike to depths of over 1,000 metres. Mineralization in the Dolphin/Cleary is hosted within a broad structural corridor of gold mineralization comprised of the Dolphin stock, a multiphase intrusive complex, and metasedimentary rocks comprised of various schists within which are discrete high-grade veins, veinlets, and areas of vein stockwork which effectively form a vein swarm.

The main Cleary Hill Vein swarm (CVS) mineralization dips to the south. It plunges southwest towards the Dolphin intrusive, with the mineralization increasing in intensity closer to the Dolphin intrusive and especially along the contact margins. GS2225 was drilled to the north and lies within the projected higher-grade CVS.

The results again demonstrate the potential for substantial tonnage of higher-grade material. GS2217, part of a series of large step-out holes to the south, was collared approximately 130 metres southeast of GS2143. GS2217 was one of the deepest holes (1167.6m) drilled.

Drilled in a north-south fence line, GS2214, GS2160, GS2162, and GS2164 were aimed at testing the downdip extent of the CVS. Drilled to the north, holes GS2160 – GS2164, were a series of progressively deeper holes aimed at confirming the plunge of the mineralization to the southwest. Hole GS2162 was the southernmost hole drilled in this fence.

It intersected Dolphin style intrusive at depth, the first time a significant intrusive presence has been noted on the Cleary side further substantiating Freegold's interpretation that the Dolphin intrusive may underlie Cleary at depth. Several lines of CSAMT (controlled source audio magnetotellurics) were completed aimed at outlining broader silicified zones surrounding these narrow veins to delineate additional high-priority targets as part of an ongoing effort to systematically explore this highly prospective property which hosts over 80 documented gold occurrences. Gold mineralization at Cleary/Dolphin is hosted within high-grade quartz veins and silicified zones within a broader lower-grade envelope of quartz stockwork mineralization.

Preliminary 3d modeling has defined large high-resistivity features proximal to known vein occurrences. Given the proximity of these features to the historic veins and the strong gold in soil geochemical anomalies Freegold is highly encouraged by the results as it plans the 2023 drill program.