Freegold Announces a Significantly Increased Mineral Resource Estimate FOR the Golden Summit Project
FEBRUARY 22, 2023 MORE
FOR IMMEDIATE RELEASE
FREEGOLD ANNOUNCES A SIGNIFICANTLY INCREASED MINERAL
RESOURCE ESTIMATE
FOR THE GOLDEN SUMMIT PROJECT
Vancouver, February 22, 2023, Freegold Ventures Limited ("Freegold" or the "Company") (TSX:FVL: OTCQX: FGOVF)
is pleased to report an updated Mineral Resource Estimate (the “Updated Mineral Resource Estimate” or
"Updated MRE") for its Golden Summit project located near Fairbanks, Alaska. The Updated Mineral Resource
Estimate is based on a drill program designed to expand, upgrade and increase the overall resource grade at
the Golden Summit project.
From 2020 to 2022, over 83,000 metres of drilling were completed in 131 holes in the Dolphin Cleary Area of the
Golden Summit project . The Updated MRE has incorporated 128 holes of the drilling completed, which has
resulted in a significant increase in both the overall resource grade and tonnage at Golden Summ it. Assays for
two drill holes were not complete at the resource cut -off date (February 6, 2023) and have therefore not been
incorporated in the Updated MRE.
The Updated Mineral Resource Estimate was prepared by Tetra Tech Canada. A total of 72,196 assays were
incorporated. Gold composite values were capped at 30 g/t with a range restriction: composites were used at
their full value within 20 meters of the composite location, beyond which, they were capped at 30 g/t , as the
drop in aggregate sum of the gold composite values after capping was 6.2%, indicating that the outlier gold
values ha d an influence disproportionate to their number. Capping affected approximately 0.07% of the
population (31 samples)
The resource is pit constrained using a three-year trailing average gold price of $1,792/oz.
The Updated Mineral Resource Estimate is restricted to the Dolphin Cleary Area of the Golden Summit project .
The Dolphin-Cleary is the only area of the project to have a resource delineated. The deposit at Golden Summit
remains open, particularly to the west and the southwest, where Freegold has outlined a strong gold in soil
geochemical anomaly that has not been drill tested. Further southwest lies the historic Newsboy Mine, which
produced 40,000 ounces at an average grade of 1oz/t. Other exploration targets within this remarkable project
include the Saddle Zone and the Hi Yu area both of which host historic high- grade producers (Saddle Zone –
American Eagle 60,000 ounces @ 1.6 oz/t, Hi Yu – 110,000 ounces @ 1.6 oz/t).
Kristina Walcott, President and Chief Executive Officer of Freegold, comments: “The Golden Summit project
represents one of the largest undeveloped gold resources in North America . The 2023 exploration program is
expected to further expand upon the deposit as well as to test other targets within this highly prospective property
with additional drilling. The past three years have been transformative for the Company, having increased the in
pit resource significantly since this latest d rill program began. Freegold continues to have one of the lowest
discovery costs per ounce in the industry at less than ~$4.00/oz. We are extremely pleased with the results of our
efforts and look forward to completing an updated economic assessment later this year. “
The Updated Mineral Resource Estimate is divided into three parts: Pit-Constrained Oxide, Pit-Constrained Primary,
and Under Pit.
2 FREEGOLD ANNOUNCES UPDATED MINERAL RESOURCE FOR GOLDEN SUMMIT
Golden Summit Pit-Constrained Oxide Au g/t
Cutoff Au g/t Row Labels Tonnes Au_gpt Au Ounces
1.00 Indicated 2,479,000 1.78 142,000
1.00 Inferred 1,456,000 2.25 105,000
0.75 Indicated 4,139,000 1.41 187,000
0.75 Inferred 1,995,000 1.88 120,000
0.50 Indicated 10,209,000 0.93 304,000
0.50 Inferred 3,502,000 1.33 150,000
0.45 Indicated 12,301,000 0.85 336,000
0.45 Inferred 4,130,000 1.20 159,000
0.30 Indicated 22,544,000 0.63 455,000
0.30 Inferred 7,405,000 0.83 198,000
0.25 Indicated 29,056,000 0.55 513,000
0.25 Inferred 9,986,000 0.69 220,000
0.15 Indicated 52,030,000 0.39 657,000
0.15 Inferred 18,187,000 0.47 272,000
0.10 Indicated 67,321,000 0.33 718,000
0.10 Inferred 24,775,000 0.37 298,000
Golden Summit Pit-Constrained Primary Au g/t
Cutoff Au g/t Row Labels Tonnes Au_gpt Au Ounces
1.00 Indicated 95,429,000 1.81 5,554,000
1.00 Inferred 50,012,245 1.83 2,941,000
0.75 Indicated 276,938,000 1.36 12,122,000
0.75 Inferred 105,332,000 1.32 4,469,000
0.50 Indicated 349,648,000 0.99 11,128,000
0.50 Inferred 239,561,000 0.92 7,084,000
0.45 Indicated 407,544,000 0.92 12,011,000
0.45 Inferred 282,303,000 0.85 7,736,000
0.30 Indicated 646,571,000 0.71 14,854,000
0.30 Inferred 446,921,000 0.68 9,702,000
0.25 Indicated 741,813,000 0.66 15,697,000
0.25 Inferred 515,081,000 0.62 10,306,000
0.10 Indicated 979,714,000 0.54 17,086,000
0.10 Inferred 717,639,000 0.50 11,446,000
Golden Summit Under Pitshell Au g/t
Cutoff Au g/t Row Labels Tonnes Au_gpt Au Ounces
1.00 Indicated 779,000 2.02 51,000
1.00 Inferred 7,389,000 1.62 385,000
0.75 Indicated 1,600,000 1.42 73,000
0.75 Inferred 15,776,000 1.21 614,000
0.50 Indicated 4,820,000 0.87 135,000
0.50 Inferred 49,296,000 0.80 1,260,000
0.45 Indicated 5,897,000 0.80 151,000
0.45 Inferred 60,576,000 0.74 1,432,000
0.30 Indicated 11,712,000 0.58 219,000
0.30 Inferred 100,407,000 0.59 1,912,000
0.25 Indicated 15,676,000 0.50 254,000
0.25 Inferred 119,057,000 0.54 2,076,000
0.10 Indicated 37,179,000 0.31 367,000
0.10 Inferred 214,981,000 0.37 2,572,000
For the pit-constrained resource, the mining, processing and G&A costs amount to US$25.70/tonne which results in a cutoff grade of 0.45 g/t Au (25.70/57.61 = 0.446
rounded to 0.45 g/t). The oxide portion of the Pit-Constrained resource has an estimated processing cost of approximately US$4.10/tonne, which translates to a cutoff
grade of 0.12 g/t Au (4.10+1.9+0.9 =6.90/57.61 = 0.12). This has been rounded up to 0.15 g/.t.For the underground resource, the mining method is assumed to be block
caving, with a cost of US$ 20.00 / tonne, which translates to a cutoff grade of 0. 75 g/t Au. The base cases for both the pit -constrained and underground resources are
highlighted. Gold grades have been rounded from four decimal places to two.
3 FREEGOLD ANNOUNCES UPDATED MINERAL RESOURCE FOR GOLDEN SUMMIT
The 2020-2022 drill program focused exclusively on the Dolphin Cleary Zone at the Golden Summit project and
extended gold mineralization over 1.5 km along strike and to depths of over 1,000 metres. Mineralization in the
Dolphin Cleary Zone 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, that
occasionally contain exceptional high grades. 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.
The highway-accessible Golden Summit project is located approximately 32 km northeast of Fairbanks, Alaska ,
and was the subject of an intensive drill campaign between January 2011 and August 2013 in which 36,159
metres were drilled. Three resource updates were completed each in accordance with National Instrument 43-
101 – Standards of Disclosure for Miner al Projects (“NI 43 -101”). In January 2016, a preliminary economic
assessment (the “2016 PEA”) prepared in accordance with NI 43 -101 was produced for the Company by Tetra
Tech. Between 2013 and 2020 limited drilling was conducted ( approximately 1,890 metres of shallow oxide
drilling). Since 2020, over 83,000 meters have been drilled, representing the most focused exploration effort ever
undertaken on the Golden Summit project, and resulting in the Updated Mineral Resource Estimate. The 2016
PEA has not been updated in light of the Updated MRE, and the updated Mineral Resource Estimate updates
and replaces the mineral resource estimate of the Company contained in the PEA . An updated PEA will be
completed later in 2023.
Freegold will file within 45 days an updated technical report for the Golden Summit project, including a
description of the Updated Mineral Resource Estimate contained herein. Further information regarding the
Updated MRE will be set forth in this report. An updated PEA is expected later in 2023.
Quality Control and Reporting Protocols
The Company implemented a sample quality control/quality assurance (“QA/QC”) program. 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 Chemex., with sample preparation conducted at the
ALS facility in Fairbanks, Alaska, with subsequent studies conducted primarily using its Vancouver and Reno
laboratories.
Core samples were prepared using the PREP- 31BY package in ALS’s Fai rbanks facility. Each core sample was
crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg was taken and
pulverized to better than 85 % passing a 75 -micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this
pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzed
all samples with an AAS finish, method code Au -AA23 (30g sample size) and over 10 g/t are automatically
assayed using a FA Grav m ethod, Au-GRAV21. Additional Au screening was performed using ALS’s Au -SCR24
method; select samples were dry-screened to 100 microns. A duplicate 50g fire assay was conducted on the
little fraction and an assay on the entire oversize fraction. Total Au content, individual assays, and weight fractions
are reported. Analytical and assay procedures were conducted in ALS’s North Vancouver and Reno facilities. A
QA/QC program included laboratory and field standards inserted every ten samples. Blanks were inserted at the
start of the submittal, and at least one blank every 25 standards, with additional blanks inserted following samples
of visible gold. Core Samples were also prepared using the PRP80 -1Kg using the Bureau Veritas facilities. Each
core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is
taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion
of this pulverized split is digested by Four Acid and analyzed via ICP-ES (method code MA200). Fire Assay analyzes
all samples with an AAS finish, method code FA-430 (30g sample size) and over 10 g/t are automatically assayed
using a FA Grav method, FA530. Additional Au screening is performed using BV’s FA632 method; select samples
are dry screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction, as well as an assay
on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Crushing
was conducted at BV’s Fairbanks facility, with subsequent analysis conducted by its Vancouver, Reno and/or
Hermosillo facilities. A QA/QC program included laboratory and field standards inserted every ten samples. Blanks
4 FREEGOLD ANNOUNCES UPDATED MINERAL RESOURCE FOR GOLDEN SUMMIT
are inserted at the start of the submittal, and at least one blank every 25 standards with additional blanks inserted
following samples of visible gold.
Freegold has a full-service camp at Golden Summit with COVID-19 protocols in place.
Qualified Person and Technical Information
The Updated MRE, with an effective date of 21 February 2023, was prepared by Tetra Tech Canada . Greg
Mosher, P. Geo and Maurie Marks, P.Eng of Tetra Tech Canada are "Qualified Persons" for the Updated Mineral
Resource Estimate as defined in NI 43-101 and is considered to be "independent" of Freegold for the purposes of
NI 43-101. G reg Mosher and Maurie Marks have reviewed and approved the scientific and technical information
herein regarding the Golden Summit project. Greg Mosher conducted a site visit to Golden Summit on November
11 – 12, 2022.
The full technical report, which is being prepared in accordance wit h NI 43-101 by Tetra Tech Canada, will be
available on SEDAR (www.sedar.com) under the Company's issuer profile within 45 days from this news release.
The effective date of the Updated Mineral Resource Estimate is February 21, 2023.
Alvin Jackson, P.Geo, Vice President of Exploration and Development of the Company and a "Qualified Person"
as defined in NI 43-101, has supervised the preparation of this news release and has reviewed and approved the
scientific and technical information contained herein.
About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska and holds the Golden Summit Gold Project
near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.
For further information:
Kristina Walcott
President and CEO
Telephone: 1.604.662.7307
Cautionary Statements Regarding Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred mineral resources as a relative measure of the level of
confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the
economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate
disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio -political,
marketing or other relevant issues. The mineral resource estimate is classified in accordance wit h the Canadian Institute of
Mining, Metallurgy and Petroleum's "CIM Definition Standards on Mineral Resources and Mineral Reserves" incorporated by
reference into NI 43-101 ("CIM"). Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility
or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to
assume that further work on the stated resources will lead to mineral reserves that can be mined economically.
Cautionary Note Regarding Forward-Looking Information
Some statements in this news release contain forward -looking information, including, without limitation , statements as to
planned expenditures and exploration programs, potential mineralization and resources, exploration results, the prospects, if
any, of the Dolphin Cleary deposit, timing and ability of the Company to file an updated NI 43 -101 technical report for the
mineral resource estimate disclosed in this news release , t he Golden Summit P roject representing one of the largest
undeveloped gold resources in North America, expected further testing at other targets at the Golden Summit Project, and
any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks,
uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different
from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without
limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule , and the
success of exploration programs. See Freegold’s Annual Information Form for the year ended December 31st, 2021, filed under
Freegold’s profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold’s operations. On
5 FREEGOLD ANNOUNCES UPDATED MINERAL RESOURCE FOR GOLDEN SUMMIT
January 30, 2020, the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to
the spread of COVID -19 continue to lead to, among other things, significant restrictions on travel, business closures,
quarantines, and a general reduction in economic activity. While there has been a reduction in these effects in recent
months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and
the duration of any such disruptions, cannot be reasonably estimated at this time. The risks to Freegold of such public health
crises also include risks to employee health and safety and a slowdown or temporary suspension of operations in geographic
locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and
disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well
as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit
ratings, credit risk , and inflation. As a result of the COVID -19 outbreak, Freegold has implemented a COVID management
program and established a full -service Camp at Golden Summit to attempt to miti gate risks to its employees, contractors,
and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have
a material adverse effect on Freegold’s business, results of operations, and financial condition.