Benzinga | Dec 1, 2021 08:16AM EST

Barrick, NovaGold Have Agreed On Next Steps Toward Advancement Of The Donlin Gold Mine

Donlin Gold LLC ("Donlin Gold"), owned 50/50 by Barrick Gold Corporation ("Barrick") (TSX:ABX) (NYSE:GOLD) and NOVAGOLD RESOURCES INC. ("NOVAGOLD") ((TSX, NYSE:NG), is pleased to report progress made during the executive management workshop and site visit in early September between senior representatives from Barrick and NOVAGOLD, as well as the Donlin Gold management team. Additional assay results for 18 completed drill holes, plus partial results for 22 holes from the 2021 drill program are reported below.

* During the September 2021 executive management meetings in Alaska, the combined team reaffirmed its confidence in the deposit and charted a course toward advancing the project up the value chain

* In addition, senior executives, including Barrick and NOVAGOLD CEOs Mark Bristow and Greg Lang, met with local stakeholders as well as senior Alaska Federal and State government officials who expressed their continued strong support for the project

* Assay results from approximately 65% or 15,700 meters of drilling continue to support the global resource estimate, recent modelling concepts, and strategic mine planning work

* With a progression plan in place, subject to results from the upcoming drill program the partners are well positioned to be able to proceed with a feasibility study update in 2022

2021 Drill Program Delivers Consistent Results

The 2021 drill program was completed in September with 79 holes drilled for a total of 24,264 meters. To date, Donlin Gold has reported assays for 36 complete holes and 22 partial holes, encompassing 15,700 meters of length drilled. The last core was logged in mid-October with final samples sent off site to laboratories for further processing. The camp was closed at the end of October and is expected to reopen in January 2022 for a winter drill program. Final results from the 2021 drill program are expected to be disclosed in 2022.

The primary objective of the 2021 drill program was to complete the work necessary to validate and increase confidence in recent geologic modeling concepts to support future feasibility work.

The logging and assay results will be incorporated into a geologic model update, followed by a shift in focus to feasibility study work, subject to a formal decision by the Donlin Gold Board. Initial assay results from the 2021 drill program were disclosed in a media release on September 2, 2021, five of the top intervals received since this release include:

* DC21-1976 intersected 57.25 m grading 6.87 g/t gold starting at 270.35 m drilled depth, including a sub interval of 4.05 m grading 18.13 g/t gold, starting at 288.95 m drilled depth;

* DC21-1970 intersected 19.15 m grading 12.57 g/t gold starting at 173.19 m drilled depth, including a sub interval of 12.15 m grading 17.28 g/t of gold, starting at 179.19 m drilled depth;

* DC21-1964 intersected 37.85 m grading 6.28 g/t gold starting at 110.65 m drilled depth, including sub intervals of 7.95 m grading 15.99 g/t gold starting at 110.65 m drilled depth and 3.13 m grading 10.21 g/t gold starting at 143.37 m drilled depth;

* DC21-1980 intersected 12.18 m grading 19.02 g/t gold starting at 293.40 drilled depth; including a sub interval of 4.65 m grading 36.53 g/t gold starting at 300.29 m drilled depth;

* DC21-1994 intersected 33.53 m grading 5.89 g/t gold starting at the surface; including a sub interval of 6.06 m grading 15.22 g/t gold starting at 9.24 m drilled depth.

* Drill-hole collar locations and five of the top intervals are shown in Figure 1

* Drill-hole orientations, depths and significant intervals are shown in the Appendix at the end of this release, in Tables 1 and 2, respectively. Those holes, designated as being in the Divide area, are on the eastern side of the ACMA pit area, transitioning into the Lewis pit area, as shown in Figure 2. These new and significant high-grade drill hole intercepts point toward the potential feeder zones of this large system. Part of the objective of the 2022 exploration and drill program will be to confirm mineralization continuity and key geologic controls in representative areas of the deposit.