Northgold AB (Nasdaq First North Growth Market: “NG”, “Northgold” or the “Company”) is pleased to announce additional resource expansion diamond drilling (“DD”) results from its completed 2022 DD program across its 100%-owned Kopsa and Kiimala Trend projects in central Finland. Today’s announced gold assays represent another five drill holes from Kopsa that targeted along-strike extensions to gold and copper mineralization up to 60 metres (“m”) west of the existing deposit. All five drill holes encountered significant gold mineralization (with copper assays pending) aimed at being incorporated to mineral resources.

Highlights

Highlighted gold assays from drill hole NGKOP22011 (copper assays are still pending) include:

Highlighted gold assays from drill hole NGKOP22012 (copper assays are still pending) include:

Highlighted gold assays from drill hole NGKOP22013 (copper assays are still pending) include:

Highlighted gold assays from drill hole NGKOP22019 (copper assays are still pending) include:

Highlighted gold assays from drill hole NGKOP22020 (copper assays are still pending) include:

Drill hole locations are shown in Table 1 and Figure 1.

Gold assay results are shown in Table 2 and Figure 2.

These five drill holes were located up to 60m west of the limit of historic drilling and all successfully intercepted continuations of gold mineralization, thereby extending the length of the deposit along strike to the west. All five drill holes encountered broad intervals (ranging from 9.8 to 79m wide along-hole) of low-grade gold mineralization (0.60 to 1.23 g/t Au) beginning from shallow to moderately shallow depths (from 5.3 to 54.1m vertical), which should help grow gold mineral resources either by expanding previously defined mineralized zones or by infilling of zones previously defined as waste rock. Notable apparent expansions to gold mineralization include in drill holes NGKOP22019 and NGKOP22020 which were drilled from south of the western end of the existing resource outline and which encountered substantial gold mineralization up to roughly 40m south and up to roughly 40m above the previously understood generalized envelope of gold and copper mineralization (see Figure 2), and in drill holes NGKOP22011 and NGKOP22012 which were drilled north of the western end of the existing resource outline and which encountered a northern up-dip continuation of the previously defined mineralized zones (in NGKOP22012, see Figure 2) as well as discovered a new possible parallel zone below the existing deposit (in NGKOP22011, see Figure 2) that may require future follow-up. Narrower, higher-grade intervals from deeper, moderate depths were also encountered in four of the five drill holes (ranging from 2.21 to 4.1 g/t Au over 1.1 to 6.95m along-hole, beginning from 26.7 to 57.5m vertical), which continue to suggest possible future underground potential, pending further study and future drilling. Recall, this deeper, higher-grade potential was also reflected in recently reported 2022 drill holes located along the south edge of the deposit (see press releases dated 21 December, 24 November, and 10 November 2022) as well as in those located in more central portions of the deposit (see press releases dated 2 August and 23 August 2022).

Mitch Vanderydt, CEO, comments: “These drill results not only extend the length of the Kopsa deposit along strike to the west by up to 60m to a total length of 700m, but also demonstrate that the deposit still remains open to the west, which had not been previously understood and which will warrant additional step-out holes to the west as part our 2023 drill program that is currently being planned with more details to be announced soon.”

Kopsa Historic Resource Estimate
Kopsa hosts a historic resource estimated at 16.3 million tonnes (“Mt”) at 0.81 g/t Au and 0.16% copper (“Cu”) for 423,600 ounces (“oz”) Au, or 554,600 oz gold equivalent (“AuEq”) at 1.06 g/t AuEq, the majority of which falls in the Measured and Indicated (“M&I”) category in accordance with Canada’s National Instrument (“NI”) 43-101 standards. See Northgold’s Independent Geologists Report (“IGR”) on the Company’s website for more information.

Update on the Completed 2022 DD Program
The completed 2022 DD program included 4,241 m at the flagship Kopsa project. Including today’s announced five holes, gold assays have now been reported for 18 drill holes (see also press releases dated 2 August, 23 August, 10 November, 24 November, and 21 December 2022) and are pending on the remaining seven drill holes (in addition to the deeper portion of hole NGKOP22010). Copper assays are pending on all 25 holes. Additional assay results from Kopsa are due to be announced in the coming weeks, as they are received from the assay lab and processed. Kopsa 2022 drill results will culminate to an interim updated resource estimate, which is scheduled to be completed during the first and second quarters of 2023, with results due to be released before the end of the second quarter of 2023.

The DD program also included another five DD holes totalling 695 m at Pirttineva (totalling 4,936m drilled company-wide during 2022), a previously un-drilled prospect at our Kiimala Trend project that looked promising based on a recently completed Induced Polarization (IP) geophysical survey and outcrop samples (see press release dated 12 September 2022), with assays pending and due to be announced in the coming weeks, as they are received from the assay lab and processed. Multiple sulfide-bearing zones were observed in portions of the Pirttineva core.

Update on 2023 Exploration Planning
Planning is ongoing for the Company’s fully-funded 3,000m 2023 diamond drilling program that will be aimed at continued resource growth and new discoveries, and will once again incorporate both Kopsa and Kiimala Trend projects. The drill program is set to begin late in the first quarter of 2023, with further details on plans to be announced in the coming weeks, pending the ongoing and incoming assay results, and based on the results of additional Induced Polarization (IP) geophysical surveys that are being completed across additional southern portions of Kiimala Trend.

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)
NGKOP22011 413074.10 7072867.90 111.42 23 47 112.8 82.5
NGKOP22012 413029.74 7072869.31 110.37 23 47 158.6 116.0
NGKOP22013 413003.96 7072831.94 110.52 23 47 184.4 134.9
NGKOP22019 412988.36 7072794.09 109.89 23 47 119 87.0
NGKOP22020 412967.28 7072742.46 109.26 23 47 150 109.7

Table 2: Gold assay results from Kospa

Drill Hole Target Description From To Interval Gold Grade Copper Grade Gold Equivalent Grade
(m) (m) (m) (g/t Au) (% Cu) (g/t AuEq)
NGKOP22011 Along Strike West Continuation 46.35 47.2 0.85 0.99 Cu assays are pending
and 74 88.6 14.6 1.23 Cu assays are pending
including 74 75 1 2.06 Cu assays are pending
which includes 78.65 83.4 4.75 2.58 Cu assays are pending
which includes 78.65 79.45 0.8 6.42 Cu assays are pending
and includes 79.45 80 0.55 1.56 Cu assays are pending
and includes 80 81 1 2.57 Cu assays are pending
and includes 81 81.5 0.5 1.16 Cu assays are pending
and includes 82.4 83.4 1 2.89 Cu assays are pending
and including 87 87.8 0.8 1.00 Cu assays are pending
and including 87.8 88.6 0.8 1.73 Cu assays are pending
NGKOP22012 Along Strike West Continuation 7.2 16 8.8 0.73 Cu assays are pending
including 7.2 10 2.8 1.75 Cu assays are pending
which includes 7.2 7.7 0.5 1.98 Cu assays are pending
and includes 7.9 8.2 0.3 9.71 Cu assays are pending
and includes 9 10 1 0.93 Cu assays are pending
and 20.8 21.8 1 0.63 Cu assays are pending
and 34.9 35.9 1 0.80 Cu assays are pending
and 91.4 92.1 0.7 1.54 Cu assays are pending
and 113.3 114.3 1 1.11 Cu assays are pending
and 125.9 126.3 0.4 4.57 Cu assays are pending
and 131.3 132.1 0.8 0.66 Cu assays are pending
and 134.7 135.5 0.8 1.66 Cu assays are pending
NGKOP22013 Along Strike West Continuation 11.1 40.7 29.6 0.60 Cu assays are pending
including 11.1 12.1 1 0.82 Cu assays are pending
and including 12.1 13.1 1 0.54 Cu assays are pending
and including 13.1 14.1 1 1.78 Cu assays are pending
and including 26.8 37.1 10.3 1.18 Cu assays are pending
which includes 26.8 27.8 1 1.31 Cu assays are pending
and includes 29.5 30.5 1 0.73 Cu assays are pending
and includes 30.5 31.5 1 1.57 Cu assays are pending
and includes 31.5 32.5 1 1.24 Cu assays are pending
and includes 32.5 33.5 1 1.75 Cu assays are pending
and includes 33.5 34.5 1 3.41 Cu assays are pending
and includes 35.5 36.4 0.9 0.61 Cu assays are pending
and includes 36.4 37.1 0.7 0.78 Cu assays are pending
and 37.1 37.7 0.6 0.79 Cu assays are pending
and 55.4 74.4 19 0.53 Cu assays are pending
including 55.4 56 0.6 2.32 Cu assays are pending
and including 57.8 58.9 1.1 4.10 Cu assays are pending
which includes 57.8 58.5 0.7 1.46 Cu assays are pending
and includes 58.5 58.9 0.4 8.72 Cu assays are pending
and 62.4 63.3 0.9 0.87 Cu assays are pending
and 65.3 65.9 0.6 1.08 Cu assays are pending
and 68.9 69.4 0.5 0.65 Cu assays are pending
and 103.6 104 0.4 2.97 Cu assays are pending
and 141.2 141.9 0.7 0.60 Cu assays are pending
NGKOP22019 Along Strike West Continuation 14 93 79 0.62 Cu assays are pending
including 15 49.4 34.4 1.05 Cu assays are pending
which includes 15 15.9 0.9 1.53 Cu assays are pending
and includes 15.9 16.9 1 3.19 Cu assays are pending
and includes 16.9 17.9 1 0.85 Cu assays are pending
and includes 17.9 18.5 0.6 0.61 Cu assays are pending
and includes 18.5 19.5 1 2.50 Cu assays are pending
and includes 19.5 20.4 0.9 1.14 Cu assays are pending
and includes 20.4 21.3 0.9 0.58 Cu assays are pending
and includes 21.3 22.3 1 0.53 Cu assays are pending
and includes 22.3 23.1 0.8 0.69 Cu assays are pending
and includes 23.1 23.7 0.6 3.25 Cu assays are pending
and includes 24.6 25.3 0.7 0.57 Cu assays are pending
and includes 29.3 30.3 1 0.73 Cu assays are pending
and includes 31.2 31.9 0.7 1.66 Cu assays are pending
and includes 35 35.8 0.8 0.51 Cu assays are pending
and includes 36.55 43.5 6.95 2.21 Cu assays are pending
which includes 36.55 37.4 0.85 2.52 Cu assays are pending
and includes 38.4 39.15 0.75 4.77 Cu assays are pending
and includes 39.15 39.8 0.65 5.55 Cu assays are pending
and includes 40.7 41.6 0.9 0.60 Cu assays are pending
and includes 41.6 42.5 0.9 2.96 Cu assays are pending
and includes 42.5 43.5 1 2.32 Cu assays are pending
and includes 44.5 45.5 1 0.69 Cu assays are pending
and includes 45.5 46.4 0.9 1.00 Cu assays are pending
and includes 46.4 47.4 1 0.51 Cu assays are pending
and includes 48.4 49.4 1 0.53 Cu assays are pending
and including 63.6 64.6 1 3.26 Cu assays are pending
and including 74 75 1 0.70 Cu assays are pending
and including 75 76 1 1.02 Cu assays are pending
and including 88 89 1 1.05 Cu assays are pending
and including 89.7 90.55 0.85 0.92 Cu assays are pending
and including 92 93 1 0.69 Cu assays are pending
and 99.6 100.1 0.5 2.58 Cu assays are pending
and 107 108 1 0.82 Cu assays are pending
NGKOP22020 Along Strike West Continuation 23 77.9 54.9 0.63 Cu assays are pending
including 23 23.9 0.9 1.76 Cu assays are pending
and including 28.5 29.5 1 0.78 Cu assays are pending
and including 29.5 30.5 1 0.55 Cu assays are pending
and including 42.2 61.55 19.35 1.02 Cu assays are pending
which includes 42.2 42.85 0.65 1.81 Cu assays are pending
and includes 42.85 43.7 0.85 2.11 Cu assays are pending
and includes 43.7 44.7 1 0.98 Cu assays are pending
and includes 44.7 45.7 1 0.60 Cu assays are pending
and includes 45.7 46.7 1 0.72 Cu assays are pending
and includes 46.7 47.7 1 1.13 Cu assays are pending
and includes 47.7 48.4 0.7 2.74 Cu assays are pending
and includes 48.4 49.4 1 1.70 Cu assays are pending
and includes 49.4 50.4 1 0.77 Cu assays are pending
and includes 51.6 52.25 0.65 2.13 Cu assays are pending
and includes 52.25 53 0.75 2.99 Cu assays are pending
and includes 53.7 54.6 0.9 1.42 Cu assays are pending
and includes 59.15 59.75 0.6 1.92 Cu assays are pending
and includes 60.65 61.55 0.9 1.33 Cu assays are pending
and including 65.1 66.1 1 0.97 Cu assays are pending
and including 66.1 66.8 0.7 1.11 Cu assays are pending
and including 66.8 67.75 0.95 1.23 Cu assays are pending
and including 70.5 71 0.5 2.98 Cu assays are pending
and including 74 74.7 0.7 0.54 Cu assays are pending
and including 75.6 76.6 1 1.06 Cu assays are pending
and including 76.6 77.9 1.3 2.35 Cu assays are pending
which includes 76.6 77.25 0.65 1.94 Cu assays are pending
and includes 77.25 77.9 0.65 2.75 Cu assays are pending
and 115 115.4 0.4 1.60 Cu assays are pending
and 116.4 117.4 1 0.97 Cu assays are pending
and 123.5 124.5 1 0.87 Cu assays are pending
and 126 127 1 0.58 Cu assays are pending
and 127 128 1 0.64 Cu assays are pending
and 129 130 1 0.67 Cu assays are pending
and 130 131 1 1.16 Cu assays are pending
and 139 139.75 0.75 0.89 Cu assays are pending
  1. A lower gold cutoff grade of 0.5 g/t Au was applied
  2. Bold intervals are highlighted in the text of the release
  3. True widths are estimated to be 50-80% of the reported core length intervals

Figure 1: Locations of drill holes completed at Kopsa project

[see attachment for images]

Figure 2: Cross section looking W-NW (using LeapfrogTM software) showing gold assay results for new drill holes NGKOP22011, NGKOP22012, NGKOP22013, NGKOP22019 and NGKOP22020 (50m wide slice)

[see attachment for images]

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 or Lakeuden Malmi Oy.

Quality assurance and quality control (QA/QC)
Drill core was logged, sampled and cut in half by a diamond saw in a secure core storage facility located in Pyhäsalmi Mine site, Finland. The core samples for drill holes NGKOP22011, NGKOP22012 and NGKOP22013 were sent to Eurofins Mineral Testing laboratory in Oulu, Finland, for sample preparation. From Oulu, the samples were sent to Eurofins Mineral Testing laboratory in Sodankylä for PbO fire assay and ICPOES analysis (method code: 705P). Eurofins Mineral Testing Finland is accredited according to ISO/IEC 17025 by FINAS. The core samples for drill holes NGKOP22019 and NGKOP22020 were sent to ALS Geochemistry laboratory in Outokumpu, Finland, 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 26 a deviation, low in absolute value (+0.021 – +0.045 g/t Au) but relatively notable (+9.3% – +19.6%) 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.

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 gold exploration and development Company with multiple resource-stage projects in the Middle Ostrobothnia Gold Belt (MOGB) of Central Finland, including the Kopsa Gold-Copper project and the Kiimala Trend Gold project. The Company strives to find and ultimately extract gold from under-prospected areas in 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.