Freegold Ventures

Overview

According to the Fraser Institute, the stable and mining-friendly state of Alaska is one of the top five mining jurisdictions in the world based on investment attractiveness. The state is the largest producer of zinc in the United States of America and is also a significant producer of gold. Today, metals contribute to over 90 percent of the value of minerals mined in Alaska.

Alaska has a long and prosperous mining history with significant underexplored mineral resources. The state also produces gemstones, construction sand and gravel, and crushed stone. Several notable companies with producing mines in Alaska include Kinross Gold Corp. (TSE: K), Northern Star Resources Ltd. (ASX: NST), Hecla Mining Co. (NYSE: HL), and Coeur Mining Inc. (NYSE: CDE). Mineral companies with projects located in Alaska present an exciting opportunity for investors.

Freegold Ventures (TSX: FVL, OTCQX: FGOVF) is a Gold and Copper exploration company focused on highly prospective mineral assets in Alaska. The Golden Summit project, located within the prolific Tintina gold province, is 30 minutes from Fairbanks. This project is easily accessible by road allowing for year-round drilling. Golden Summit is relatively underexplored with an indicated resource of 61,460,000 tonnes and contained mineral ounces of 1,363,000 and an inferred resource of 71,500,000 tonnes and contained ounces of 1,584,000, both at grades of 0.69 g/t gold (pit constrained at $1300 gold - PEA 2016).

Although relatively advanced with a preliminary economic assessment completed in 2016, the project is currently the subject of a significant drilling program aimed at increasing the overall resource grade. Not only does the project offer the investor an already significant resource, highly leveraged to the price of gold, but it also presents a unique opportunity for additional discovery within the project area with numerous other drill targets are expected to be drilled during 2022, including some in the vicinity of some the district’s highest grade historic gold producers.

Freegold Ventures’ Shorty Creek project is an underexplored copper and gold porphyry project with multiple prospective targets, located 125 road km northwest of Fairbanks. Drilling to date has returned numerous intercepts of greater than 0.25% copper with significant by-product credits of gold, silver, and tungsten over widths of 300-400 metres. The company believes that the project has substantial exploration and development upside.

In March 2019, Freegold Ventures granted South32 Ltd. (ASX: S32) an option to earn 70 percent of the Shorty Creek property for a US$30 million commitment. The long-term lease agreement is subject to a 2 percent NSR. Freegold Ventures is the current operator of the project and will remain so during the entirety of the option phase. Approximately 13,000 metres of drilling have been completed on the project to date. A 3,400 metre drill program was completed in the summer of 2021, with assay results pending.

The company leverages the strategic positioning of its assets near significant deposits. Freegold Ventures’ Shorty Creek project is located near the Livengood deposit, which hosts 13.6 million ounces of gold in measured and indicated resources. Freegold’s Golden Summit project is located near the Fort Knox deposit, which hosts the largest producing gold mine in Alaska, having produced over 8 million ounces to date.

Freegold Ventures is focused on advancing its Golden Summit and Shorty Creek projects. The company looks forward to creating value for shareholders with the upcoming results of its 2021 drill programs and the ongoing exploration drilling planned for 2022.

A highly experienced management team leads the company with decades of experience in mineral exploration and development. It is supported by a board with rich geological, production, and financial expertise. Freegold Ventures’ team has demonstrated knowledge in developing resources and a history of attracting major partners, including prolific investor Eric Sprott.

Company Highlights

• Freegold Ventures’ Golden Summit project is a largely underexplored gold project located in the prolific Tintina gold province, 30 minutes away from the city of Fairbanks.
  • The Golden Summit project has an indicated resource of 61,460,000 tonnes and contained mineral ounces of 1,363,000 and an inferred resource of 71,500,000 tonnes and contained ounces of 1,584,000, both at grades of 0.69 g/t gold (pit constrained at $1300 gold – PEA 2016).
  • The project is located approximately eight kilometres northwest of Kinross’s Fort Knox mine, which has produced over 8 million ounces of gold to date
• Freegold Ventures’ Shorty Creek project is an underexplored copper, gold, and tungsten porphyry project with multiple prospective targets. It is also in proximity to the city of Fairbanks.
• Freegold Ventures has granted an option to South32 to earn 70 percent of the Shorty Creek property for a US$30 million commitment. The long-term lease agreement is subject to a 2 percent NSR.

Key Projects

Golden Summit

The Company completed a Preliminary Economic Assessment (PEA) in 2016, which at $1300 gold resulted in a pit constrained indicated resource of 61,460,000 tonnes with contained mineral ounces of 1,363,000 at grades of 0.69 g/t gold. The property also has an inferred resource of 71,500,000 tonnes with contained ounces of 1,584,000 at grades of 0.69 g/t gold. Although the Golden Summit project has a significant mineral resource, only one area of the property has been systematically explored.

Freegold Ventures is currently focused on resource expansion drilling and potential grade enhancement, resource boundary definition, and target area generation with the ultimate goal of advancing the project through pre-feasibility. The company completed over 38,000 metres of drilling during 2021 and is set to resume drilling in February 2022. Assay results are pending from over 70% of the holes completed in 2021, which will undoubtedly provide the investor with a steady stream of news flow going forward. The complete results of the 2021 drill program will be incorporated into an updated resource in 2022.

Several of the reported highlight intercepts from the 2020-21 drill program indicate the potential for significant tonnage and grade enhancement:

257.4 metres grading 2.94 g/t Au (GSDL 2001)

348 metres grading 1.00 g/t Au (GSDL 2007)

495.8 metres grading 1.17 g/t Au (GS 2122)

Shorty Creek

The Shorty Creek project is a copper-gold and tungsten porphyry project located in Alaska in the United States of America. The approximately 31,000-acre project is accessible by highway and situated 125 kilometres from the city of Fairbanks, which has access to infrastructure and services. The Shorty Creek project is also 4 kilometres from former mining town Livengood, a community primarily based on placer gold production.

Freegold initially acquired the project in 2014, with the discovery hole drilled in 2015. This hole, SC 15-03, intersected 292.6 metres grading 0.26 % copper, 0.12 g/t gold, and 3.23 g/t silver, including 91.4 metres grading 0.55% copper, 0.14 g/t gold, and 7.02 g/t silver. Subsequent drilling in 2016-2019 has returned several long intercepts such as SC 16-02 which returned 434.5 metres grading 0.36 % copper, 0.12 g/t gold, 7.46 g/t silver, and 0.034 % WO 3. Most of the holes ended in mineralization.

In 2021, approximately 3,400 metres of drilling were completed. With limited exploration, and only one area systematically explored; and multiple identified targets on the property the project presents an opportunity to participate in a potentially significant copper-gold porphyry project.

Freegold Ventures has a long-term lease agreement subject to a 2 percent NSR on the property. In March 2019, Freegold Ventures granted South32 Ltd. (ASX: S32) an option to earn 70 percent of the Shorty Creek property for a US$30 million commitment. Freegold Ventures is the current operator of the project and will remain so during the entirety of the option phase.

Both Golden Summit and Shorty Creek have the potential be the elusive “Company makers” and 2022 will no doubt be an exciting year for the Company.

Management Team

Kristina Walcott - President and Chief Executive Officer

Kristina Walcott has worked in various capacities in the mining and mineral exploration industry for the past 20 years. She has been president and CEO of Freegold Ventures since September 2009 and a director since July 2010. Walcott has held multiple administrative and field positions. In addition, she was actively involved in the geophysical contracting industry where she assisted in remote-site field geophysical surveys for major and junior mining firms. Before she was appointed president and CEO, Walcott was the company’s vice president of business development between March 2005 and September 2009. As the vice president of business development, she was responsible for identifying and acquiring new business opportunities in the mining sector.

Alvin W. Jackson - Vice-President of Exploration and Development

Alvin Jackson has been a director of Freegold Ventures since March 2010 and the vice president of exploration and development since February 2011. Jackson has been instrumental in the development of EuroZinc Mining Corporation. EuroZinc Mining Corporation acquired the Aljustrel zinc-lead project and the Neves-Corvo copper mine in southern Portugal. As a result of those acquisitions, EuroZinc Mining Corporation grew to a market capitalization of over $1.8 billion before merging with Lundin Mining in 2006. Jackson has over 40 years of experience in mineral exploration and mine development. Jackson was directly involved in the exploration and development of two significant gold deposits and one porphyry copper deposit –– all of which subsequently became producers.

Gordon Steblin - Chief Financial Officer

Gordon Steblin obtained a Bachelor of Commerce degree in 1983 from the University of British Columbia (UBC). In 1985, he became a Certified General Accountant. Steblin has over 20 years of financial experience in the junior mining and exploration sector. Steblin is also the chief financial officer of Elysee Development Corp. and Arctic Hunter Energy Inc., both TSX Venture-listed companies.

Ron Ewing - Director and Chairman

Ron Ewing has 30 years of experience in the mining and mineral exploration and operational industry as a director and officer of several public companies. As an officer, he served in various finance and corporate affairs functions. Ewing was the director and officer of Gold-Ore Resources Ltd. until Elgin Mining acquired it. Ewing was also the executive vice president of Euro-Zinc Mining Corporation, the vice president of Lundin Mining Corp., and Oro Mining Ltd’s director.

Gary Moore - Director

Gary Moore is a director of Goldcliff Resource Corporation. He graduated from the University of British Columbia from the faculty of commerce in 1976 and from the Masters of Business Administration program in 1982. He has held junior and senior executive positions with various companies, including Agra Industries Ltd Canuck Resources Corp. Tronics Technology Ltd., Trivest Management Inc., Global Securities Corporation, Pacific International Securities Inc., and HTI Ventures Corp.

David Knight - Director

David Knight practices securities and mining law primarily and is a senior partner with Weirfoulds LLP based in Toronto. His practice advises clients on various securities matters, including public and private financing, mergers and acquisitions, corporate governance, and regulatory compliance. He regularly represents both issuers and investment dealers.

Knight also represents mining clients on property acquisition and development, including option and joint venture agreements. Knight also has extensive experience in flow-through financing. He has been ranked in the Best Lawyers in Canada, 2011-2017 - Natural Resources Law, and is a recommended lawyer in mining law. Knight was also seconded to the Ontario Securities Commission 1983 - 1984.

Garnet Dawson - Director

Garnet Dawson is presently the vice president of exploration at GoldMining Inc. He is a registered Professional Geologist (APEGBC) with 28 years of domestic and international exploration experience. He was the former vice president of exploration of EuroZinc Mining Corporation before it merged with Lundin Mining in 2006. Before joining EuroZinc, he consulted internationally and held several positions with Battle Mountain Canada Inc., British Columbia Geological Survey, and Esso Minerals Canada Ltd. He has a Bachelor of Science in Geology from the University of Manitoba and a Masters of Science in Economic Geology from the University of British Columbia.

Greg Hanks - Director

Greg Hanks holds an Honours Bachelor of Commerce degree with a major in Finance. He has held several management and senior management roles throughout his more than 20 years in the financial services industry. He has extensive experience in commercial and industrial lending and has held several non-profit board positions. He is currently the senior manager of commercial services at Integris Credit Union. He is also currently the treasurer of the Northern Interior Mining Group in British Columbia.

Glen Dickson - Director

Glen Dickson is a P. Geol. with a Bachelor of Science. Dickson has over 40 years of exploration and mining and operational experience in several countries. In the past 30 years, he focused on gold exploration in a wide variety of depositional environments. He served as chairman of the board and chief executive officer of Gold-ore Resources Ltd. until Elgin Mining Ltd acquired it. He served as the president, chief executive officer, and director of Cumberland Resources Limited until it was acquired by Agnico Eagle Mines Ltd. Dickson also served as the director of several other companies, including Atna Resources Ltd., Brazilian Gold Corporation, and Venerable Ventures Ltd. Dickson is currently president and CEO of Meliadine Gold Ltd. which is a private resource company with mineral holdings in Nunavut.

Reagan Glazier - Director

Reagan Glazier received a Bachelor of Science in Geology from the University of Calgary in 2014. Glazier is currently employed in a supervisory role at East Fraser Fiber Co. Ltd.