Stockholm, 20 September 2023. Northgold AB (Nasdaq First North Growth Market: “NG”, or “Northgold” or the “Company”) announces positive gold assay results from three important drill holes completed as part of resource extension drilling at its flagship Kopsa gold and copper project in Central Finland, all of which encountered significant gold mineralization (copper assays pending), as was suggested by visual core observations previously (see press release dated 21 August 2023).

Highlights

Mitch Vanderydt, CEO, comments: “This newly discovered depth-extension in step-out hole NGKOP23034 is a game-changer for Northgold and for Kopsa, even without the copper assays which can only improve the results. The success is also a testament to our team’s strong and ever-improving understanding of Kopsa’s geologic structures, and I congratulate them on this major technical feat. I eagerly look forward to seeing the impact this extension has on mineral resource estimates, both in the near-term and especially in the longer term-following additional drilling at depth.”

Additional information on reported drill results and completed 2023 drill program
Collar location information for today’s three reported drill holes are provided in Table 1, with gold assays provided in Table 2. These three drill holes account for 700m of the 2,300m (11 holes) completed as part of the 2023 drill program completed across Kopsa and Kiimala Trend projects. Assays are pending for the remaining eight drill holes, to be announced in the coming weeks to months as they are received from the assay lab and processed.

Today’s three reported drill holes, NGKOP23031, NGKOP23032, and NGKOP23034, were step-out holes drilled roughly 75m, 100m, and 250m S-SW of the 2023 resource outline (see Figure 1), and were aimed at increasingly extending central portions of the main gold and copper mineralized zone to the S-SW and towards depth (see Figure 2).

Drill hole NGKOP23034 intersected main zone mineralization in two intervals (1.17g/t Au over 34.2m and 1.03g/t Au over 37.75m) together spanning 72m along the drill hole.

Drill hole NGKOP23032 intersected main zone mineralization in two intervals (1.44g/t Au over 9.75m and 0.62g/t Au over 50.55m) together spanning 60m along the drill hole.

Drill hole NGKOP23031 intersected main zone mineralization in two intervals (1.19g/t Au over 8.8m and 0.69g/t over 22.6m) together spanning 31m along the drill hole, in addition to multiple shallower gold intersections.

These results, together with unreported copper results, and unreported gold and copper results from the remaining six drill holes completed at Kopsa (which also exhibited varying quantities of visible quartz veining and sulfide mineralization), will be incorporated to an interim resource estimate expected in early 2024, and will provide the basis for a preliminary economic study and additional resource growth drilling to follow.

Table 1: Collar locations of reported drill holes at Kopsa

Drill Hole Easting (m) Northing (m) Elevation Azimuth Dip Hole Depth
(m, along hole)
Hole Depth
(m, vertical)
NGKOP23031 413137.4 7072601.1 112.82 24 48 215.6 157.7
NGKOP23032 413084.6 7072586.0 113.06 24 48 242.6 177.4
NGKOP23034 413029.8 7072427.4 107.98 26 48 377.4 276.0

Table 2: Gold assay results reported from Kopsa

Drill Hole Target Description From To Interval Gold Grade Copper Grade Gold Equivalent Grade
(m) (m) (m) (g/t Au) (% Cu) (g/t AuEq)
NGKOP23031 75m S-SW step-out 8.5 9.5 1 0.47 Cu assays pending
10.5 11.4 0.9 0.54 Cu assays pending
19.7 20.4 0.7 0.48 Cu assays pending
21.2 21.9 0.7 0.35 Cu assays pending
24.2 25.2 1 0.57 Cu assays pending
40.9 41.9 1 0.38 Cu assays pending
47.85 48.35 0.5 0.30 Cu assays pending
57.15 62.4 5.25 6.17 Cu assays pending
including 57.15 58 0.85 21.00 Cu assays pending
and including 58 59 1 0.44 Cu assays pending
and including 61.4 62.4 1 13.95 Cu assays pending
91.65 92.8 1.15 3.61 Cu assays pending
including 91.65 92.3 0.65 3.49 Cu assays pending
and including 92.3 92.8 0.5 3.76 Cu assays pending
116 116.75 0.75 0.30 Cu assays pending
130.1 138.9 8.8 1.19 Cu assays pending
including 130.1 131.1 1 1.59 Cu assays pending
and including 132.6 133.1 0.5 1.52 Cu assays pending
and including 133.1 133.6 0.5 0.90 Cu assays pending
and including 135.15 135.7 0.55 0.62 Cu assays pending
and including 135.7 138.1 2.4 2.60 Cu assays pending
which includes 135.7 136.5 0.8 3.31 Cu assays pending
and includes 136.5 137.1 0.6 1.47 Cu assays pending
and includes 137.1 138.1 1 2.71 Cu assays pending
and including 138.1 138.9 0.8 0.82 Cu assays pending
143.5 144 0.5 0.98 Cu assays pending
148.6 149.6 1 0.55 Cu assays pending
149.6 150.2 0.6 1.58 Cu assays pending
152.3 153.3 1 0.38 Cu assays pending
156.3 157.1 0.8 0.32 Cu assays pending
160.1 161.1 1 0.37 Cu assays pending
161.1 162 0.9 0.67 Cu assays pending
165.7 166.6 0.9 0.56 Cu assays pending
166.6 167.4 0.8 0.85 Cu assays pending
168.2 169 0.8 0.42 Cu assays pending
169 169.8 0.8 0.83 Cu assays pending
169.8 170.6 0.8 0.43 Cu assays pending
173 174 1 0.34 Cu assays pending
176 198.6 22.6 0.69 Cu assays pending
including 176 176.9 0.9 0.45 Cu assays pending
and including 176.9 177.7 0.8 0.48 Cu assays pending
and including 177.7 178.4 0.7 0.41 Cu assays pending
and including 178.4 179.4 1 0.33 Cu assays pending
and including 179.4 180.4 1 1.06 Cu assays pending
and including 180.4 181.2 0.8 0.72 Cu assays pending
and including 181.2 182 0.8 1.36 Cu assays pending
and including 183 184 1 0.32 Cu assays pending
and including 184 185 1 0.36 Cu assays pending
and including 185 185.6 0.6 0.36 Cu assays pending
and including 185.6 186.45 0.85 0.34 Cu assays pending
and including 186.45 193.2 6.75 1.19 Cu assays pending
which includes 186.45 187.3 0.85 0.78 Cu assays pending
and includes 187.3 188.3 1 0.48 Cu assays pending
and includes 188.3 189.2 0.9 3.73 Cu assays pending
and includes 189.2 189.9 0.7 2.34 Cu assays pending
and includes 189.9 190.8 0.9 0.52 Cu assays pending
and includes 191.7 192.5 0.8 0.64 Cu assays pending
and includes 192.5 193.2 0.7 0.91 Cu assays pending
and including 193.2 194 0.8 0.41 Cu assays pending
and including 196.9 197.5 0.6 0.53 Cu assays pending
and including 197.5 198.15 0.65 0.82 Cu assays pending
and including 198.15 198.6 0.45 1.74 Cu assays pending
NGKOP23032 100m S-SW step-out 8.8 9.4 0.6 2.69 Cu assays pending
15.6 16.6 1 0.66 Cu assays pending
17.1 17.75 0.65 0.66 Cu assays pending
23.2 23.6 0.4 1.13 Cu assays pending
26.8 27.35 0.55 0.62 Cu assays pending
36.75 37.75 1 0.38 Cu assays pending
61.35 62.05 0.7 0.64 Cu assays pending
88.55 89.3 0.75 0.94 Cu assays pending
89.3 90 0.7 1.27 Cu assays pending
117.75 118.65 0.9 0.39 Cu assays pending
118.65 119.25 0.6 1.74 Cu assays pending
129.25 129.9 0.65 0.63 Cu assays pending
130.9 131.9 1 0.86 Cu assays pending
131.9 132.9 1 0.37 Cu assays pending
133.8 134.4 0.6 0.70 Cu assays pending
139.1 140 0.9 0.35 Cu assays pending
141 141.55 0.55 0.42 Cu assays pending
141.55 142.35 0.8 0.38 Cu assays pending
142.35 143.1 0.75 0.49 Cu assays pending
146 147 1 0.65 Cu assays pending
148 148.9 0.9 0.51 Cu assays pending
149.9 150.6 0.7 6.47 Cu assays pending
156.25 166 9.75 1.44 Cu assays pending
including 156.25 157.25 1 0.91 Cu assays pending
and including 157.95 158.95 1 1.06 Cu assays pending
and including 159.7 161 1.3 3.84 Cu assays pending
which includes 159.7 160.3 0.6 2.89 Cu assays pending
and includes 160.3 161 0.7 4.65 Cu assays pending
and including 161.9 162.9 1 0.88 Cu assays pending
and including 162.9 163.4 0.5 1.80 Cu assays pending
and including 163.4 164.4 1 3.49 Cu assays pending
and including 165.2 166 0.8 1.61 Cu assays pending
179.35 229.9 50.55 0.62 Cu assays pending
including 179.35 179.9 0.55 1.01 Cu assays pending
and including 180.9 181.9 1 0.34 Cu assays pending
and including 183.35 208 24.65 1.00 Cu assays pending
which includes 183.35 184.25 0.9 1.25 Cu assays pending
and includes 184.25 184.95 0.7 0.89 Cu assays pending
and includes 184.95 185.95 1 1.22 Cu assays pending
and includes 185.95 186.95 1 1.48 Cu assays pending
and includes 186.95 187.85 0.9 0.57 Cu assays pending
and includes 187.85 188.85 1 0.40 Cu assays pending
and includes 190.6 191.25 0.65 1.13 Cu assays pending
and includes 193.25 197 3.75 3.31 Cu assays pending
which includes 193.25 194.25 1 1.17 Cu assays pending
and includes 194.25 195 0.75 2.65 Cu assays pending
and includes 195 196 1 8.03 Cu assays pending
and includes 196 197 1 1.24 Cu assays pending
and includes 198 199 1 0.46 Cu assays pending
and includes 199 199.4 0.4 0.73 Cu assays pending
and includes 199.4 200.4 1 0.50 Cu assays pending
and includes 200.4 201.3 0.9 1.59 Cu assays pending
and includes 201.3 202.3 1 0.52 Cu assays pending
and includes 205.3 205.8 0.5 0.65 Cu assays pending
and includes 206.6 207.3 0.7 0.37 Cu assays pending
and includes 207.3 208 0.7 1.68 Cu assays pending
and including 212.55 213.55 1 0.48 Cu assays pending
and including 215.05 216.05 1 0.58 Cu assays pending
and including 219 220 1 0.35 Cu assays pending
and including 220 220.75 0.75 0.68 Cu assays pending
and including 223.45 224.1 0.65 0.67 Cu assays pending
and including 225 226 1 0.34 Cu assays pending
and including 229.5 229.9 0.4 1.66 Cu assays pending
NGKOP23034 250m S-SW step-out 13.3 14.3 1 0.35 Cu assays pending
14.3 15 0.7 0.46 Cu assays pending
18 18.8 0.8 0.33 Cu assays pending
18.8 19.7 0.9 0.38 Cu assays pending
22.2 22.9 0.7 0.40 Cu assays pending
44.5 44.9 0.4 0.42 Cu assays pending
47.6 48.35 0.75 0.83 Cu assays pending
92.6 93.6 1 0.30 Cu assays pending
104.6 105.6 1 0.92 Cu assays pending
122.05 123.05 1 0.63 Cu assays pending
134.6 135 0.4 1.08 Cu assays pending
135.6 136.3 0.7 0.85 Cu assays pending
163.5 164.5 1 1.95 Cu assays pending
182 182.7 0.7 0.32 Cu assays pending
195.7 196.4 0.7 0.34 Cu assays pending
208.2 242.4 34.2 1.17 Cu assays pending
including 208.2 209.1 0.9 1.02 Cu assays pending
and including 209.1 209.6 0.5 0.74 Cu assays pending
and including 209.6 213.85 4.25 4.28 Cu assays pending
which includes 209.6 210.2 0.6 1.81 Cu assays pending
and includes 210.9 211.85 0.95 5.18 Cu assays pending
and includes 211.85 212.85 1 8.19 Cu assays pending
and includes 212.85 213.85 1 3.98 Cu assays pending
and including 213.85 214.6 0.75 0.40 Cu assays pending
and including 217 217.9 0.9 1.49 Cu assays pending
and including 217.9 218.8 0.9 0.69 Cu assays pending
and including 218.8 219.7 0.9 0.44 Cu assays pending
and including 219.7 220.7 1 1.63 Cu assays pending
and including 220.7 221.5 0.8 5.67 Cu assays pending
and including 221.5 222.3 0.8 0.94 Cu assays pending
and including 223.7 224.7 1 1.33 Cu assays pending
and including 225.4 226.25 0.85 1.19 Cu assays pending
and including 228.2 229.2 1 4.04 Cu assays pending
and including 231.7 232.7 1 1.37 Cu assays pending
and including 235.95 236.6 0.65 0.85 Cu assays pending
and including 241.8 242.4 0.6 1.82 Cu assays pending
253.5 254.2 0.7 0.45 Cu assays pending
255 255.9 0.9 0.51 Cu assays pending
259.8 260.5 0.7 0.46 Cu assays pending
261.3 262.1 0.8 0.68 Cu assays pending
272 272.75 0.75 0.65 Cu assays pending
276.15 313.9 37.75 1.03 Cu assays pending
including 276.15 276.7 0.55 0.72 Cu assays pending
and including 277.45 278.45 1 0.39 Cu assays pending
and including 278.45 279.45 1 3.38 Cu assays pending
and including 279.45 280.45 1 1.65 Cu assays pending
and including 281.2 281.75 0.55 0.44 Cu assays pending
and including 281.75 282.45 0.7 0.39 Cu assays pending
and including 283.9 284.5 0.6 0.30 Cu assays pending
and including 284.5 285.5 1 0.95 Cu assays pending
and including 286.35 287.3 0.95 0.39 Cu assays pending
and including 289 289.6 0.6 1.12 Cu assays pending
and including 291.25 291.95 0.7 0.88 Cu assays pending
and including 292.7 293.7 1 0.40 Cu assays pending
and including 293.7 294.5 0.8 0.69 Cu assays pending
and including 294.5 295.5 1 1.13 Cu assays pending
and including 295.5 296.2 0.7 3.04 Cu assays pending
and including 297.1 298.1 1 0.85 Cu assays pending
and including 298.9 299.65 0.75 0.76 Cu assays pending
and including 299.65 307.6 7.95 2.55 Cu assays pending
which includes 299.65 300.3 0.65 2.13 Cu assays pending
and includes 300.3 300.8 0.5 3.68 Cu assays pending
and includes 300.8 301.6 0.8 2.11 Cu assays pending
and includes 301.6 302.4 0.8 2.04 Cu assays pending
and includes 302.4 303.25 0.85 1.17 Cu assays pending
and includes 303.25 304.25 1 5.05 Cu assays pending
and includes 304.25 304.9 0.65 0.47 Cu assays pending
and includes 304.9 305.6 0.7 0.45 Cu assays pending
and includes 305.6 306.6 1 3.64 Cu assays pending
and includes 306.6 307.6 1 3.40 Cu assays pending
and including 308.2 308.85 0.65 1.77 Cu assays pending
and including 309.8 310.5 0.7 0.43 Cu assays pending
and including 312.9 313.9 1 0.52 Cu assays pending
317.7 318.7 1 0.33 Cu assays pending
321.4 322.4 1 0.35 Cu assays pending
323 324 1 0.30 Cu assays pending
329.4 330.4 1 0.57 Cu assays pending
361.85 362.4 0.55 4.23 Cu assays pending
  366.9 367.9 1 0.98 Cu assays pending

Notes:

  1. A lower gold cutoff grade of 0.30 g/t Au was applied
  2. Bold intervals are highlighted in the text of the release

Figure 1: Kopsa 2023 resource outline and drill hole locations.

[see attachment for image]

Figure 2: Cross section (60m wide) looking W-NW showing reported gold assay results for drill holes NGKOP23031, NGKOP23032, and NGKOP23034 (excluding copper), relative to the 2023 resource outline and past gold-equivalent results.

[see attachment for image]

Quality assurance and quality control (QA/QC)
Drill core was logged and sampled in a secure core storage facility located in Nivala, Finland. The core samples were sent to ALS Geochemistry laboratory in Outokumpu, Finland, to be cut in half by a diamond saw and for sample preparation. From Outokumpu, the samples were sent to ALS Hub laboratory in Loughrea, Ireland, for PbO fire assay and ICPOES or gravimetric analysis (method code: Au-ICP22 for <10 ppm Au and Au-GRA22 for >10 ppm Au samples). The ALS laboratories are accredited according to ISO/IEC 17025 standard approved by FINAS. Certified reference standards and blanks were included in the sample batches. In two standard assays out of 38, a deviation, low in absolute values (-0.068 ppm – + 0.021 ppm Au) but relatively notable (-29.2% – 9.3%) was observed. Otherwise no QA/QC issues were noted with the results reported herein and their values allow the public disclosure of the assay results.

Qualified person
The technical information in this press release has been reviewed by Dr Hannu Makkonen from Suomen Malmitutkimus Oy. He has over 40 years of experience in mineral exploration in Finland, he is a European Geologist (EurGeol) and a Competent/Qualified Person as defined by the PERC Reporting Standard 2021, JORC Code, 2012 Edition, and by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Makkonen owns no shares in Northgold AB, or its wholly-owned subsidiaries, Fennia Gold Oy, Lakeuden Malmi Oy, or Northern Aspect Resources Oy.

For additional information, please contact the CEO:
“Mitch Vanderydt”
Mitchell J. Vanderydt, P.Eng, MBA
Email: ir@northgoldab.com
Website: www.northgoldab.com
Follow us: www.linkedin.com/company/northgold

About Northgold
Northgold is a Swedish-listed gold exploration and development Company focused on advancing multiple, co-located, resource-stage projects in the Middle Ostrobothnia Gold Belt (MOGB) of Central Finland, including the Kopsa Gold-Copper project, the Kiimala Trend Gold project, and the Hirsikangas Gold project. The Company strives to grow its gold mineral resources, make new gold discoveries, and ultimately extract gold from these under-explored areas in Central Finland. Visit www.northgoldab.com for more information. Augment Partners AB, tel. +46 8-604 22 55 info@augment.se, is acting as the Company's Certified Adviser.

Forward-looking statements
This announcement may contain certain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

The information, estimates, and forward-looking statements contained in this announcement are valid only as of the date of this announcement and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or publish any adjustments regarding any forward-looking statements to reflect events that occur or circumstances that arise regarding the content of this notice.