Northgold AB released gold assays from 2022 scout drilling at the previously-undrilled Pirttineva prospect, near the southern tip of the prospective 15 kilometre Kiimala Trend project. The assay results indicate that only narrow, non-mineable intervals of very low to low grade gold were intercepted, and have helped guide 2023 drilling plans outlined below, which at Kiimala Trend will be focused on more advanced, historically-drilled targets (Paaneva and Alakyla) located along more central portions of the trend. The Company also announces the initiation of its 2,500 metre core drilling program, as part of its fully-funded 2023 exploration program across its wholly-owned Kopsa and Kiimala Trend projects.

The focus of the core drilling program is split between continued resource growth around the Kopsa deposit, and testing of early-stage targets for new gold discoveries at both Kopsa and Kiimal a Trend, which are based on systematic geophysical and geochemical methods. Fully Funded 2023 Exploration Program: Planned 2,500m core drilling program, budgeted at EUR 500,000: Planned 1,500m at Kopsa project, which commenced on 4 April 2023 and is focused on both continued resource growth at the main Kopsa deposit and on testing undrilled, early-stage target, Kopsa SW, 600m southwest of the main deposit. Planned 1,000m at Kiimala Trend, to be completed by third quarter, focused on testing of historically-drilled, early-stage prospects, Paaneva and Alakyl a, by applying modern systematic geophysical and geochemical method to follow up on historically-drilled intercepts that include: 3.98 g/t gold over 4 m, at Alakyla 1.45 g/t Au over 1m, at Paaneva Systematic early-stage exploration activities to help guide core drilling, including: Induced polarization and resistivity geophysical surveys at Paaneva and Alakya, budgeted at EUR 100,000.

More than 1,000m of planned overburden drilling for base-of-till & top-of-rock geochemical sampling at Pääneva and Kopsa SW prospects, budgeted at EUR 200,000. Northgold has engaged Finnish diamond drilling company Nivalan Timanttikairaus Oy for its 2023 core drilling program that commenced on 4 April and is due to conclude by mid-year. The core drilling program will aim to test three new additional resource expansion targets at Kopsa in addition to early-stage, pre-resource targets at Kopsa SW and Kiimala Trend's Pääneva and Alakylä prospects .

Drill assays from the ongoing core drilling program will be reported as they are received and processed, and ultimately be incorporated to mineral resource estimates, as warranted. Northgold has also engaged Sweden-based geophysics company GeoVista to conduct additional IP and Resistivity geophysical surveys with the goal of refining existing drill targets and identifying new ones. These geophysical survey work concluded earlier this month across drill target areas, Pääneva and Alakylä.

Northgold has also engaged Finnish geotechnical company Mitta Oy to conduct overburden drilling and geochemical sampling of base-of-till soils as well as top-of-rock chips, with the goal of refining existing drill targets and identifying new ones at the Pääneva and Kopsa SW drill targets. This overburden drilling and geochemical sampling of soil and rock initiated on 6 April 2023 and will conclude during Q2. Very early-stage exploration activities including Ionic Leach soil geochemistry sampling is also being completed at various new areas across Kiimala Trend project and the recently acquired Hirsikangas project, including as follow-up to today's announced low-grade gold assays from Pirttineva, to screen additional untested extensions and areas that are parallel to the portion of the IP geophysical anomaly already drill-tested in 2022.

Hirsikangas and its associated land package is expected to receive a more substantial share of the exploration budget during future exploration programs, pending ongoing review and prioritization of the many newly acquired targets. The completed 4,936m 2022 core drilling program included 4,241m at Kopsa focused largely on resource-growth, and 695m of early-stage scout drilling at southern Kiimala Trend's previously-undrilled prospect, Pirttineva. Kopsa gold assays were previously reported, with copper assays pending for release in the coming weeks, all of which will feed into the upcoming Kopsa mineral resource update due for release around mid-year 2023.

Drilling at Pirttineva largely followed-up on results of an IP geophysical survey completed during 2022, and on historic outcrop samples that graded up to 12 g/t Au. Core observations during drilling showed that multiple sulfide-bearing zones were intercepted at Pirttineva, mostly in the targeted altered and strongly sheared intrusive rocks of tonalitic composition, and partly in the adjacent sheared metasedimentary rocks. The sheared sulfide-bearing zones roughly coincided with the targeted IP geophysical anomalies, but the intercepted sulfide-bearing zones tended to be rich in pyrrhotite and poor in other sulfide minerals, containing only low-concentrations of gold, with maximum grades ranging from 0.03 to 0.56 g/t Au across the five drill holes.

This pyrrhotite sulphide mineralization was also observed historically at the Ängesneva deposit towards the north end of Northgold's Kiimala Trend tenements, which hosts a mineral resource of 147,000 oz Au grading 1.19 g/t Au that is compliant with Canada's National Instrument 43-101. Today's reported non-mineable low-grade drill intercepts at Pirttineva will be followed up with additional early-stage work, including IL surficial soil geochemistry sampling along extensions and areas parallel to the portion of the IP geophysical anomaly already drill-tested in 2022.