NORTHGOLD AB Highlights
- An anomalous gold trend discovered by soil geochemistry at the Hanni Southeast prospect, associated with a structural setting analogous to Hirsikangas Deposit, located just six kilometers (“km”) away from Hirsikangas, in the same volcanic belt.
- Historically drilled Antinoja prospect now shown to extend well outside the drilled area, based on strong and widespread gold anomalism in soil intertwined with geophysical anomalies, and confirmed by high-grade grab samples from bedrock and boulders.
- Two completely new exploration permit applications submitted to replace Hirsi 1 and Hirsi 2, which hold the 89,000 ounces (“oz”) gold (“Au”) resource of Hirsikangas Deposit, to ensure the continuation of the project well into the future.
- New exploration permit applied for Hietajärvi Prospect, located 13 km east from Hirsikangas resource, where historic and new high gold grade grab samples from outcrop suggest a gold-mineralised zone, at least 500 meters (“m”) long along strike, with possible parallel zones indicated by historic high gold grade boulder samples.
Additional details on 2023 exploration results in
Northgold’s
Hanni SE prospect
The new results, together with knowledge from previous exploration work, indicate that Hanni SE remains highly prospective for hosting gold mineralisation (see Figure 2). The area for IL sampling was selected based on several intercepts from one drill hole (at best 0.54 g/t Au over 8 m from 60 m, including 2.45 g/t Au over 1 m from 62 m in drill hole HANNI006) and hand-auger soil samples showing promising anomalies along one possible shear or fault structure from a group of structures interpreted as prospective for gold due to their similarity with structures observed in and around the Hirsikangas Deposit. The new IL results show strong gold anomalism stretching along the shear zone, strengthening the potential of this target. Overall, the geological framework of Hanni SE and Hirsikangas Deposit share many clear similarities (see Figure 3), making Hanni SE the primary early-stage target of the Himanka Volcanic Belt.
Antinoja prospect
The new IL results from Antinoja prospect show a strong and widespread geochemical anomaly in soil, resulting from highly elevated response in gold and pathfinder elements, such as copper, molybdenum and arsenic. Moreover, the historically interpreted zones from an induced polarization survey (combining the chargeability and resistivity results) and, in particular, the strongest anomalies identified in the recent self-potential (“SP”) surveys coincide with the IL samples most anomalous in gold and pathfinder elements (see Figure 4). The geochemically and geophysically anomalous zones are located to the southeast of the historically drilled prospect, highlighting a prospective extension from the previously known target. The southeastern extension is strengthened by new high-grade gold and copper (“Cu”) results from boulders (up to 53.3 g/t Au in one sample, and over 1% Cu in another sample), although their source in bedrock may be closer to the historically drilled area due to glacial transport. Historic high gold grade samples (up to 7.32 g/t Au) from an outcrop on the western side of the area indicate potential for undiscovered parallel structures with gold mineralisation and suggests the mineralised zone extends towards several directions well beyond the drilled area.
Other activities in
Northgold’s wholly owned subsidiary
Figure 1: Maps from the
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Figure 2: Map showing part of the Hanni licence application area, including the Hanni Southeast prospect with a UAV magnetic anomaly map on the background. The geology of this location has striking similarities to the structure hosting the Hirsikangas Deposit (see Figure 3).
[See attachment for images]
Figure 3: Map of the Hirsikangas Deposit, and Hanni and Hanni Southeast prospects, together with the associated licence areas and applications on top of bedrock map (left) and UAV magnetic map (right).
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Figure 4: Map of the Antinoja prospect and licence application area, showing promising extensions to the southeast of the historically drilled target.
[See attachment for images]
Competent/qualified person statement
The technical information in this press release has been reviewed by
Further information
Email: ir@northgoldab.com
Website: www.northgoldab.com
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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. 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, 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.
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