Northgold AB (Nasdaq First North Growth Market: “NG”, “Northgold” or the “Company”) is pleased to announce additional diamond drilling (“DD” or “core drilling”) results from its ongoing 5,000 meter (“m”) DD program at its 100%-owned Kopsa and Kiimala Trend projects in central Finland. Today’s announced gold assay results are from a single, new drill hole at Kopsa and exclude copper, for which assays are still pending.
Highlights
Highlighted gold assays from drill hole NGKOP22003 (copper assays are still pending) include:
- 1.21 g/t Au over 68.0m from 21.4m depth along hole (15.13m vertical depth), including
- 4.28 g/t Au over 6.55m from 49.8m (35.21m vertical)
These results help to locally expand the Main Zone of Kopsa mineralisation (gold and copper) near its eastern extents (see Figures 1 and 2).
Drill hole locations are shown in Table 1 and Figure 1.
Gold assay results are shown in Table 2 and Figure 2.
Mitch Vanderydt, CEO, comments: “We are encouraged by this apparent thickening of an eastern portion of the Main Zone of gold and copper mineralization, where historic drilling is more scarce than in its central portions. And we commend our exploration team in Finland for their continuing early successes, which I believe to be a testament to the effectiveness of our continuously improving 3D model of Kopsa that incorporates significant historic drill hole data and a recently expanded suite of surface and downhole geophysical survey data. The Kopsa 3D model continues to be used to identify new drill targets to be tested as part of the ongoing program.”
Kopsa Historic Resource Estimate
Kopsa hosts a historic resource estimated at 16.3 million tonnes (“Mt”) at 0.81 grams per tonne (“g/t”) gold (“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 2022 Exploration Program
A total of 20 DD holes for more than 3,500m (as of 20 August 2022) have now been completed at Kopsa (see Table 3) as part of the planned and ongoing, company-wide 5,000m DD program (see releases dated 7 June 2022 and 27 April 2022 for more details on exploration plans). Today’s announced results represent gold assays for a single hole. Gold assays are pending on six holes, with copper assays pending on nine holes, and another eleven holes are being logged, sampled and cut. Following the planned 4,000-4,500m of DD at Kopsa, the rig is scheduled to move to Northgold’s other project, Kiimala Trend, to test early-stage targets (500-1,000m of DD) being derived from the Company’s 3D model that incorporates historic top-of-rock sample assays, and now also surface mapping data and 8.8km IP geophysical survey data (both recently collected by the Company as part of the ongoing exploration program). DD activities as part of the ongoing 2022 exploration program are scheduled to conclude by end of the third quarter, as planned.
Table 1: Collar locations of new drill hole at Kopsa
| Drill Hole | Easting | Northing | Elevation | Azimuth | Dip | Hole Depth (m, along hole) |
Hole Depth (m, vertical) |
| NGKOP22003 | 413343 | 7072723 | 113.90 | 25 | 45 | 133.3 | 94.3 |
Table 2: New gold assay results from Kopsa
| Drill Hole | Target Description | From (m) |
To (m) |
Interval (m) |
Gold Grade (g/t Au) |
Copper Grade (% Cu) |
Gold Equivalent Grade (g/t AuEq) |
|
| NGKOP22003 | Continuation | 21.4 | 89.4 | 68.0 | 1.21 | copper assays are pending | ||
| of central zone for | including | 21.4 | 22.4 | 1 | 3.20 | copper assays are pending | ||
| potential resource | and including | 23.35 | 24.05 | 0.7 | 0.68 | copper assays are pending | ||
| expansion | and including | 24.05 | 24.9 | 0.85 | 2.82 | copper assays are pending | ||
| and including | 24.9 | 25.7 | 0.8 | 1.35 | copper assays are pending | |||
| and including | 25.7 | 26.7 | 1 | 1.18 | copper assays are pending | |||
| and including | 26.7 | 27.7 | 1 | 0.79 | copper assays are pending | |||
| and including | 29.35 | 30 | 0.65 | 1.15 | copper assays are pending | |||
| and including | 30 | 31 | 1 | 0.93 | copper assays are pending | |||
| and including | 31.8 | 32.8 | 1 | 0.82 | copper assays are pending | |||
| and including | 32.8 | 33.4 | 0.6 | 1.93 | copper assays are pending | |||
| and including | 34.4 | 34.9 | 0.5 | 1.13 | copper assays are pending | |||
| and including | 36.3 | 37.3 | 1 | 1.68 | copper assays are pending | |||
| and including | 38.65 | 39.65 | 1 | 1.10 | copper assays are pending | |||
| and including | 40.25 | 40.85 | 0.6 | 0.86 | copper assays are pending | |||
| and including | 42.55 | 43.1 | 0.55 | 0.96 | copper assays are pending | |||
| and including | 43.1 | 44.1 | 1 | 0.93 | copper assays are pending | |||
| and including | 44.1 | 44.75 | 0.65 | 1.17 | copper assays are pending | |||
| and including | 45.75 | 46.75 | 1 | 1.37 | copper assays are pending | |||
| and including | 47.45 | 48 | 0.55 | 0.77 | copper assays are pending | |||
| and including | 48 | 49 | 1 | 0.82 | copper assays are pending | |||
| and including | 49 | 49.8 | 0.8 | 0.59 | copper assays are pending | |||
| and including | 49.8 | 56.35 | 6.55 | 4.28 | copper assays are pending | |||
| which includes | 49.8 | 50.8 | 1 | 2.42 | copper assays are pending | |||
| and | 50.8 | 51.55 | 0.75 | 1.19 | copper assays are pending | |||
| and | 51.55 | 52.35 | 0.8 | 2.06 | copper assays are pending | |||
| and | 52.35 | 53.25 | 0.9 | 1.42 | copper assays are pending | |||
| and | 53.25 | 54.25 | 1 | 2.54 | copper assays are pending | |||
| and | 54.25 | 54.9 | 0.65 | 14.18 | copper assays are pending | |||
| and | 54.9 | 55.55 | 0.65 | 12.32 | copper assays are pending | |||
| and | 55.55 | 56.35 | 0.8 | 2.49 | copper assays are pending | |||
| and including | 57.25 | 58.2 | 0.95 | 0.88 | copper assays are pending | |||
| and including | 59 | 59.8 | 0.8 | 0.53 | copper assays are pending | |||
| and including | 59.8 | 60.75 | 0.95 | 1.67 | copper assays are pending | |||
| and including | 60.75 | 61.75 | 1 | 0.86 | copper assays are pending | |||
| and including | 62.75 | 63.75 | 1 | 0.81 | copper assays are pending | |||
| and including | 63.75 | 64.25 | 0.5 | 1.76 | copper assays are pending | |||
| and including | 65.25 | 65.95 | 0.7 | 4.92 | copper assays are pending | |||
| and including | 65.95 | 66.65 | 0.7 | 1.06 | copper assays are pending | |||
| and including | 66.65 | 67.45 | 0.8 | 1.87 | copper assays are pending | |||
| and including | 67.45 | 68.25 | 0.8 | 0.84 | copper assays are pending | |||
| and including | 68.25 | 69.05 | 0.8 | 0.95 | copper assays are pending | |||
| and including | 69.05 | 69.9 | 0.85 | 0.98 | copper assays are pending | |||
| and including | 70.6 | 71.6 | 1 | 1.20 | copper assays are pending | |||
| and including | 71.6 | 72.6 | 1 | 1.43 | copper assays are pending | |||
| and including | 72.6 | 73.6 | 1 | 0.54 | copper assays are pending | |||
| and including | 73.6 | 74.6 | 1 | 0.62 | copper assays are pending | |||
| and including | 74.6 | 75.6 | 1 | 0.77 | copper assays are pending | |||
| and including | 78.05 | 79.05 | 1 | 0.80 | copper assays are pending | |||
| and including | 84 | 84.65 | 0.65 | 0.79 | copper assays are pending | |||
| and including | 87.45 | 88.45 | 1 | 3.18 | copper assays are pending | |||
| and including | 88.45 | 89.4 | 0.95 | 4.46 | copper assays are pending | |||
- A lower gold cutoff grade of 0.5 g/t Au was applied
- Bold intervals are highlighted in the text of the release
- True widths are estimated to be 50-80% of the reported core length intervals
Table 3: Completed core drilling at Kopsa as part of the ongoing 2022 exploration program (as of 20 August 2022)
| Drill target | Target style | Priority | Drilled (m) | Number of Holes Drilled to Date | Gold Assays Reported to Date | Copper Assays Reported to Date |
| Central high-grade zone | Assay and deposit structure verification | 1st | 112.90 | 1 | 1 | – |
| Central high-grade continuation | Resource expansion | 1st | 773.40 | 4 | 2 | – |
| Down-dip SE continuation | New discovery / resource expansion | 1st | 1119.10 | 5 | – | – |
| Down-dip SW continuation | New discovery / resource expansion | 2nd | 397.2 | 2 | – | – |
| Northern high-grade zone | Resource expansion | 3rd | – | – | – | – |
| Along-strike W continuation | New discovery / resource expansion | 3rd | 723.8 | 5 | – | – |
| Along-strike E continuation | New discovery / resource expansion | 3rd | 450.4 | 3 | – | – |
| Outcrop zone NW continuation | New discovery / resource expansion | 3rd | – | – | – | – |
| Total: | 3576.80 | 20 | 3 | – |
Figure 1: Locations of drill holes completed at Kopsa project
[see attachment for image]
Figure 2: Cross section looking W-NW (using LeapfrogTM software) showing gold assay results for new drill hole NGKOP22003 (50m wide slice)
[see attachment for image]
Quality assurance and quality control (QA/QC)
Drill core is 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 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). Certified reference standards and blanks were included in the sample batches and their values allow the public disclosure of the assay results. No QA/QC issues were noted with the results reported herein. Eurofins Mineral Testing Finland is accredited according to ISO/IEC 17025 by FINAS.
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.
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.
