Highlights
- Kopsa in-situ resources increase to 749,500 million ounces (“Moz”) gold-equivalent (“AuEq”) within 20.7 million tonnes (“Mt”) grading 0.88 grams per tonne (“g/t”) gold (“Au”) and 0.17% copper (“Cu”), for combined grade of 1.13 g/t AuEq, containing 585,100 ounces (“oz”) Au and 75.6 million pounds (“Mlbs”) Cu (68% in the Measured and Indicated categories).
- Resources increase by 203,000 Moz AuEq, the majority of which are in the Inferred category.
- The increase reflects a southward expansion and a doubling of depth, from nine step-out holes completed last year, including deepest hole NGKOP23034 and its major intersection.
- The higher resource grade is attributed to an increased cut-off grade of 0.5 g/t AuEq (was 0.3 g/t AuEq), as the substantial size increase allows for more focus on higher-grade zones.
- Improved MRE size and grade establishes Kopsa as a globally significant gold project, and as a likely candidate to be one of Finland’s next gold mines.
- Additional exploration potential exists in multiple directions, with the deposit’s expanded lateral and depth extents creating new opportunities for resource extensions.
- Northgold’s total compliant resources in central
Finland increase to 0.99 Moz AuEq, meeting the Company’s initial 1 Moz target stated during the 2022 initial public offering (“IPO”). - The Kopsa 2024 MRE was prepared in accordance with standards set out in 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC code).
Henrik Löfberg, Interim CEO and Board member, comments: “I am excited to see Kopsa’s advancement materializing in the way Northgold’s founders had hoped it could. This increase to near 1 million ounces at a 10%-improved grade puts Kopsa on the map as a globally significant project, and solidifies its position as one of the largest undeveloped gold projects in Finland.”
About the Kopsa mineral resource estimate
This 2024 MRE incorporates a total of 23,000m of core drilling, including 2,000m of drilling completed by
A summary of the Kopsa 2024 MRE is shown in Table 1, with its block model shown in Figure 1. The MRE was prepared by Pekka Lovén and
Approximately 96% of the growth in resource ounces occurred along the southern and lower boundaries of the previous 2023 MRE envelope (see Figures 2 and 3), based on the results of last year’s drilling which included deep drill hole NGKOP23034’s major intersection of 0.99 g/t AuEq over 105.7m from 208.2m, which had doubled the known depth extents of the south-southwest dipping main mineralized zone. The remaining some 4% of the increase in ounces occurred in shallow zones just north of the 2023 MRE boundary, based on some newly incorporated bedrock surface assays coupled with a more refined geologic model, which helped extend the deposit northward by up to 50m laterally along part of the deposit’s north edge (adding a small, shallow 0.3 Mt grading 0.71 g/t Au and 0.12% Cu, to the north side of the resource, and suggesting additional northward resource growth potential).
As a result of the increased size of the resource, and the new opportunities for substantial further resource extensions it has created, the higher cut-off grade of 0.5 g/t AuEq (from 0.3 g/t AuEq in 2023 MRE) was selected to allow the exclusion of lower-grade zones and an increase to the overall grade, at the expense of losing relatively few additional lower-grade, gold-equivalent ounces. At a lower cut-off grade of 0.3 g/t AuEq that was applied to the 2023 MRE, the 2024 MRE would have increased to 792.0 koz AuEq grading 1.03 g/t AuEq (45% more ounces than 2023 MRE at the same grade), according to the MRE’s grade-tonnage relationship.
Near-term additional exploration potential exists (see Figure 2 and 3) not only southward to build upon last year’s drilling success, including around the 377m long, 250m step-out hole NGKOP23034 (see press releases dated
Updated company-wide mineral resources now total 0.99 Moz AuEq, with a combined average grade of 0.94 g/t Au and 0.13% Cu (1.36 g/ AuEq) as shown in Table 2, which meets the Company’s initial 1Moz goal stated during the 2022 initial public offering (“IPO”).
Table 1: Kopsa 2024 MRE
Resource Category | Tonnes | Grade | Contained gold | Contained copper | Contained gold-equivalent | |||||
(t) | g/t Au | % Cu | g/t AuEq | oz Au | kg Au | Lbs Cu | t Cu | oz AuEq | kg AuEq | |
Measured | 7,430,000 | 0.95 | 0.16 | 1.19 | 226,800 | 7,050 | 25,940,000 | 11,770 | 283,200 | 8,810 |
Indicated | 7,010,000 | 0.80 | 0.15 | 1.02 | 179,600 | 5,590 | 23,450,000 | 10,640 | 230,500 | 7,170 |
M&I | 14,440,000 | 0.88 | 0.16 | 1.11 | 406,400 | 12,640 | 49,390,000 | 22,400 | 513,700 | 15,980 |
Inferred | 6,240,000 | 0.89 | 0.19 | 1.18 | 178,700 | 5,560 | 26,240,000 | 11,900 | 235,700 | 7,330 |
Total Resource | 20,680,000 | 0.88 | 0.17 | 1.13 | 585,100 | 18,200 | 75,630,000 | 34,300 | 749,500 | 23,310 |
Notes:
- The Mineral Resource Estimate has an effective date of
23 January 2024 , and was estimated in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) - The Mineral Resource Estimate was prepared by Pekka Lovén and
Markku Meriläinen , under the supervision ofHannu Makkonen , PhD, who is an Independent Competent Person in compliance with JORC Code. - Estimates were based on a lower cutoff grade of 0.5 g/t AuEq for the for combined gold and copper mineralisation deemed potentially mineable by open pit methods, and were top-cut to 20 g/t Au in the high grade gold domains. Both the cut-off grade and gold-equivalency conversions are based on a gold price of
US$1,500 /oz Au and copper price ofUS$3.25 /lb Cu. No recoveries or dilution factors have been considered in this estimate and the results should be considered strictly in situ, in accordance with JORC Code’s reporting guidelines for resources. - The Technical Report supporting the mineral resource estimate is being prepared in accordance with JORC Code and will become available on the Company’s website at www.northgoldab.com.
- All values are rounded to reflect the relative accuracy of the estimate.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Resource tonnage is rounded to nearest 10,000. Contained ounces are rounded to nearest 100. Contained kilograms and contained tonnes are rounded nearest 10.
- Discrepancies in the totals or percentages are due to rounding effects.
Table 2: Summary of company mineral resources
Project | Exploration permit status | Deposit | Resource Type | Resource Category | M tonnes | Au (g/t) | Cu (%) | AuEq (g/t) | Au (oz) | AuEq (oz) |
Kopsa | Granted | Main | JORC compliant | Measured & indicated | 14.44 | 0.88 | 0.16 | 1.11 | 406,400 | 513,700 |
Inferred | 6.24 | 0.89 | 0.19 | 1.18 | 178,700 | 235,700 | ||||
Project Total | 20.68 | 0.87 | 0.17 | 1.13 | 585,100 | 749,500 | ||||
Kiimala Trend | Granted, subject to a public appeals process | Ängesneva | NI 43-101 / JORC compliant | indicated | 3.85 | 1.19 | -- | 1.19 | 147,300 | 147,300 |
Vesiperä | Historic / non-compliant | n/a | 0.29 | 2.52 | -- | 2.52 | 23,500 | 23,500 | ||
Project Total | 4.14 | 1.28 | -- | 1.28 | 170,800 | 170,800 | ||||
Hirsikangas | Granted, subject to a permit renewal process | Hirsikangas | NI 43-101 compliant | Inferred | 2.27 | 1.2 | -- | 1.20 | 89,000 | 89,000 |
Project Total | 2.27 | 1.2 | -- | 1.20 | 89,000 | 89,000 | ||||
Company total (including historic/non-compliant) | 27.90 | 0.96 | 0.13 | 1.37 | 844,900 | 1,009,300 | ||||
Company total (only JORC or 43-101 compliant) | 27.61 | 0.94 | 0.13 | 1.36 | 821,400 | 985,800 |
Notes:
- Resource tonnes are rounded to nearest 10,000. Contained ounces are rounded to nearest 100.
- Discrepancies in the totals or percentages are due to rounding effects.
Figure 1: Block model for Kopsa 2024 MRE
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Figure 2: Plan view map showing Kopsa 2024 MRE outline versus 2023 MRE outline, and drill holes and assay results.
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Figure 3: Cross section (230m wide) looking W-NW comparing Kopsa 2024 MRE outline to 2023 MRE outline, showing drill hole tracings and assays.
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Figure 4: Kopsa resource growth history
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Competent/qualified person statement
The technical information in this press release has been reviewed by
For additional information, please contact the CEO:
Henrik Löfberg
Email: ir@northgoldab.com
Website: www.northgoldab.com
Follow us: www.linkedin.com/company/northgold
About
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.
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