Donlin GOLD 2020 Q4 Drilling Program Assay Results Continue to Exceed Modeled Projections While Partners Deliver a Safe and Covid-Free Year
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DONLIN GOLD 2020 Q4 DRILLING PROGRAM ASSAY RESULTS CONTINUE TO
EXCEED MODELED PROJECTIONS WHILE PARTNERS DELIVER A SAFE AND
COVID-FREE YEAR
January 19, 2021 – Anchorage, AK – Donlin Gold LLC (“Donlin Gold”), owned 50/50 by Barrick Gold
Corporation (“Barrick”) (TSX: ABX) (NYSE: GOLD) and NOVAGOLD RESOURCES INC. (“NOVAGOLD”)
(TSX, NYSE American: NG), is pleased to announce the third set of assay results from the successful 2020
85-hole, 23,400-meter drill program.
Assay results for 67 holes have been received to date (representing approximately 16,680 meters or 71%
of the length drilled), of which 25 holes (representing 30% of the length drilled) were announced on
August 6 and October 26, 2020:
Assay results continue to demonstrate higher drilled grade-thickness than predicted by previous
modelling
Data collected has resulted in an improved understanding of the controls on mineralization
Remaining assay results from the 2020 program are expected in the first quarter of 2021
Additional confirmation and extension drilling planned for 2021
No Covid-19 cases and zero Lost Time Injuries on site in 2020
Ongoing community support, providing timely responses for needs arising from the Covid-19 pandemic
Objectives of the 2020 Drill Program and Results to Date
The primary objective of the 2020 drill program, the largest such campaign at Donlin Gold since 2008, has
been to validate and increase the confidence in recent geologic modeling concepts.
Results to date, in both the ACMA and Lewis deposit areas, continue to exceed modeled grade-thickness, with
higher grades observed over narrower intervals, particularly in sedimentary rocks. Final assay results for the
2020 drill program are expected to be reported in the first quarter of 2021.
Additional confirmation and extension drilling are planned in 2021 focusing on mineralization continuity,
structural control, resource model upgrades, and geotechnical data collection. The program specifics will be
finalized once all assay results have been received and integrated into an interim model update.
Five of the top intervals received since the October 26, 2020 media release include:
DC20-1937 intersected 103.88 m grading 6.1 g/t gold, starting at 390.19 m drilled depth, including
a sub interval of 22.15 m grading 12.5 g/t, starting at 459.17 m drilled depth;
DC20-1903 intersected 8.14 m grading 45.3 g/t gold, starting at 99.39 m drilled depth, including a
sub interval of 6.84 m grading 52.1 g/t gold, starting at 99.39 m drilled depth;
DC20-1912 intersected 37.30 m grading 7.0 g/t gold, starting at 249.70 m drilled depth, including
a sub interval of 3.30 m grading 24.5 g/t gold, starting at 251.70 m drilled depth;
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DC20-1930 intersected 39.15 m grading 4.3 g/t gold, starting at 148.85 m drilled depth, including
a sub interval of 5.60 m grading 12.5 g/t gold, starting at 182.40 m drilled depth; and
DC20-1895 intersected 23.80 m grading 6.5 g/t gold, starting at 218.28 m drilled depth, including
a sub interval of 7.12 m grading 12.7 g/t gold, starting at 220.28 m drilled depth.
Drill hole collar locations and five of the top intervals since October 26, 2020 are shown in Figure 1
Drill hole orientations and depths and significant intervals are shown in Tables 1 and 2, respectively, in the
Appendix at the end of this release
Statements by the Owners
With more than 70% of drill assays now reported, the results of the 2020 drill program continue to advance
Donlin Gold up the value chain.
“Assay results received to date are encouraging and support the drill program to better understand the Donlin
Gold orebody and de-risk the project development. The ongoing modelling work and planned 2021 follow-up
drilling program could further enhance the project parameters,” said Mark Bristow, President and CEO of
Barrick. “Well done to the Donlin team for delivering a safe and Covid-free year,” Bristow added.
Greg Lang, NOVAGOLD’s President and CEO, said, “In an era characterized by declining gold grades, it is truly
rewarding to continue to be able to report drill results that support the potential of Donlin Gold, already an
impressive asset in terms of size and grade for a large-scale open-pit gold project. Indeed, the latest assay
results continue to point to additional high-grade gold intersections that have only served to add confidence
in recent geologic modeling concepts, while confirming multiple high-grade extensions in both the intrusive
(igneous) and sedimentary rocks.”
Mr. Lang added, “We are proud to be bringing a federally permitted project up the value chain in one of the
world’s most desirable jurisdictions where socially and environmentally responsible mining projects are
welcome – the great State of Alaska. I would like to extend my gratitude to the Donlin Gold and contractor
teams as well as our Alaska Native Corporation Partners, Calista Corporation (“Calista”) and The Kuskokwim
Corporation (TKC) for their reinforcement of our unwavering commitment to the highest standards of safety,
social responsibility and environmental stewardship, despite the challenges posed by Covid-19.”
Covid-19 Response & Community Engagement Update
In 2020, 80% of Donlin Gold direct hires for the drill program were Alaska Natives. Extensive communication
and the application of health and safety protocols resulted in zero Covid-19 cases on site during the year.
There were also no lost-time injuries; a testament to the team’s focus on operating safely and effectively.
Enhanced Covid-19 health protocols will remain in place at Donlin Gold, with the objective of protecting the
health of Donlin Gold’s employees, contractors, along with their families and home communities.
Donlin Gold has worked with its Alaska Native partners Calista, TKC and other key representatives of the
communities in the region, responding to needs arising from the Covid-19 pandemic, as well as in other areas
such as environmental management, training and education, and cultural initiatives in the Yukon-Kuskokwim
region as featured below:
• Covid-19 – Established a partnership with Bethel Community Services Foundation to support the Y-K
Resiliency Fund and Covenant House Alaska for homeless and at-risk youth services in Bethel. Supplies
were provided to 766 families and meals served to 3,700 participants in the Elders and Youth program.
• Environmental - Worked with TKC, the State of Alaska and Alaska Native Tribal Health Consortium in
an initiative to upgrade and improve health & safety standards of water and sewer services in Middle
Kuskokwim area communities.
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• Training & Education – Hosted two virtual Alaska Resource Education camps for Y-K and Doyon
students, and Donlin Gold Scholarships were awarded to students selected by Calista and TKC to
improve access to education in the region. Calista has awarded a total of 225 scholarships, with 158
students attending schools in Alaska and the balance having gone to schools out of state, with more
than 10 villages in the Y-K region represented.
• Cultural Initiatives – Strengthened sponsorship of the First Alaskans Institute at the Elders & Youth
2020 statewide conference, the Alaska Federation of Natives (AFN) annual convention, and provided
distanced activities and programs for youth and Elders.
As part of Donlin Gold’s ongoing community engagement efforts, Friendship Agreements were approved and
signed by five communities (Crooked Creek, Sleetmute, Nikolai, Akiak and Napaskiak) in the project’s region in
2020. These agreements with Donlin Gold expand upon the long-term relationships already established with
these communities and address specific community needs such as water, sewer, and landfill projects; the ice
road that connects remote villages in the Y-K region; salmon studies; and suicide prevention programs.
Donlin Gold is a committed partner to the Alaska Native Communities both surrounding the project and
within the State as a whole. This commitment underpins our approach and is also reflected in the way in which
the asset itself is structured. An important factor that distinguishes Donlin Gold from most other mining assets
in Alaska is that the project is located on private land designated for mining activities four decades ago. Donlin
Gold has entered into life-of-mine agreements with Calista, which owns the subsurface mineral rights, and
TKC, a collection of 10 village corporations, which owns the surface land rights, and is committed to providing
employment opportunities, scholarships, and preferential contract considerations. These agreements include a
revenue-sharing structure, established by the Alaska Native Claims Settlement Act (ANSCA) of 1971, which
resolved Alaska Native land claims, allotting 44 million acres for land use to Alaska Native Corporations.
Additionally, our long-term commitment to economic development is exemplified by Donlin Gold’s support of
TKC’s initiative to launch middle Kuskokwim energy and infrastructure projects. These partnerships, activities,
and programs are illustrative of our commitment to the sustainable and responsible development of the
Donlin Gold project for the benefit of all stakeholders.
About Donlin Gold
Donlin Gold LLC is an Alaska-based company owned equally by Barrick Gold U.S. Inc. and NovaGold Resources
Alaska, Inc., which are wholly owned subsidiaries of Barrick and NOVAGOLD, respectively.
Donlin Gold is located in Alaska, the second largest gold-producing state in the U.S. With approximately
39 million ounces of gold grading 2.24 grams per tonne in the measured and indicated resource categories
(100 percent basis)1, Donlin Gold hosts one of the largest and highest-grade undeveloped open-pit gold
endowments in the world. The planned pits in which the existing resources are sited occupy only three
kilometers of an eight-kilometer mineralized belt, which itself is located on less than 5% of Donlin Gold’s land
position. Current activities at Donlin Gold are focused on the drill program, optimization efforts, and
community outreach.
1 Donlin Gold data as per the Second Updated Feasibility Study (as defined below). Donlin Gold measured resources of approximately 8 Mt
grading 2.52 g/t and indicated resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis, of which Barrick and NOVAGOLD
each own 50%. Mineral resources have been estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”).
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FIGURE 1 Drill Hole Collar Locations
Depicted grid system is based on NAD83 UTM zone 4N coordinates.
The owners provided previous updates on assay results in the August 6, 2020 media release “Donlin Gold Project
Provides Update on Recent Drilling and Ongoing Community Support in Alaska Amid Covid-19 Pandemic” and
the October 26, 2020 media release “ Donlin Gold 2020 Q3 Update: Drilling Continues to Yield High Grade
Intercepts and Improve Geological Modeling”. These previously disclosed results are referenced in Table 2 and
marked with their disclosure date.
QA/QC Procedures
The QA/QC procedures for the 2020 Donlin Gold drill program and sampling protocol were developed and
managed by Donlin Gold LLC and overseen by Barrick and NOVAGOLD. The chain of custody from the drill site
to the sample preparation facility was continuously monitored. All samples are HQ-diameter core.
Approximately 93% core recovery has been achieved to date. Core was logged, cut, and sampled at site by
Donlin Gold employees. Samples were primarily collected on two-meter lengths, with a minimum length of
0.3 meters and maximum length of approximately 3.5 meters. Sampled half-core was crushed and pulverized
in ALS Limited’s Fairbanks, Alaska; Whitehorse, Yukon; or Vancouver, British Columbia sample preparation
facilities. Pulp samples were sent to the ALS labs in Vancouver, British Columbia; Lima, Peru; or Reno, Nevada
for gold assays and to labs in Vancouver, British Columbia or Lima, Peru for multi-element analysis. At least
14 quality control samples (four standards, four coarse blanks, two pulp blanks, two coarse duplicates, and two
pulp duplicates) were inserted into each batch of 80 samples. The review of the quality control samples did
not indicate any bias or error. There are no known factors that would materially affect the accuracy or
reliability of the drill program data referred to in this media release.
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Downhole directional surveys were completed on all reported completed holes by both Boart Longyear drill
operators and on 96% of reported completed holes by DGI Geoscience Inc. technicians, and collar surveys
were completed on all holes by Professional Licensed Surveyors from either Rowland Engineering Consultants
or Brice Engineering LLC.
Each of ALS Limited, Boart Longyear, DGI Geoscience Inc., Rowland Engineering Consultants, and Brice
Engineering LLC are independent of Donlin Gold, Barrick, and NOVAGOLD.
Scientific and Technical Information
Certain scientific and technical information contained herein with respect to the Donlin Gold project is derived
from the “Donlin Creek Gold Project Alaska, USA NI 43-101 Technical Report on Second Updated Feasibility
Study” prepared by AMEC with an effective date of November 18, 2011, as amended January 20, 2012 (the
“Second Updated Feasibility Study”). Kirk Hanson, P.E., Technical Director, Open Pit Mining, North America,
(AMEC, Reno), and Gordon Seibel, R.M. SME, Principal Geologist, (AMEC, Reno) are the Qualified Persons
responsible for the preparation of the independent technical report, each of whom are independent “qualified
persons” as defined by NI 43-101.
Clifford Krall, P.E., who is the Mine Engineering Manager for NOVAGOLD and a “qualified person” under
NI 43-101, has approved and verified the scientific and technical information related to the 2020 Donlin Gold
drill program contained in this media release. To verify the information related to the drilling program, he has
visited the project site twice during the 2020 field season; discussed and observed logging, sampling, and
sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with
responsible personnel; and reviewed supporting documentation, including drill hole location and orientation
and significant assay interval calculations.
Octavia Bath, APEGBC Registered Member, who is a Barrick Project Manager and a “qualified person” under
NI 43-101 has reviewed and approved the assay results for the Donlin Gold project contained in this media
release.
Barrick Contacts:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Email: [email protected]
Catherine Raw
COO, North America
Tel: +1 416-307-5157
www.barrick.com
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
Jason Mercier
Manager, Investor Relations
Tel: +1 604-669-6227 or 1-866-669-6227
www.novagold.com
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Cautionary Note Regarding Forward-Looking Statements
This media release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking
statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of
1995. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”,
“estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or
“should” occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that
management of Barrick and NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to
known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, activity, performance or
achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than
statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding
anticipated benefits from the 2020 drill program including an improved geological model for Donlin Gold; ongoing support provided to key
stakeholders including Native Corporation partners; the potential impact of the Covid-19 pandemic on the development of Donlin Gold; the
potential development and construction of Donlin Gold; the sufficiency of funds to continue to advance development of Donlin Gold; the
timing of the remaining assay results; perceived merit of properties; mineral reserve and resource estimates; and future share price
performance of Barrick and NOVAGOLD. In addition, any statements that refer to expectations, intentions, projections or other
characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but
instead represent Barrick’s and NOVAGOLD’s management expectations, estimates and projections regarding future events or circumstances
on the date the statements are made.
Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and
governmental approvals; the timing and likelihood of permits including the right-of-way lease offer for the project’s buried natural gas pipeline;
the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; the outbreak of
the coronavirus global pandemic (Covid-19); uncertainties involved in the interpretation of drill results and geological tests and the estimation
of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local
government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or
nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between
Barrick and NOVAGOLD for the continued exploration, and development and eventual construction of the Donlin Gold property; the need for
cooperation of government agencies and native groups in the development and operation of properties; risks of construction and mining
projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit
requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include
significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether a positive
construction decision will be made regarding Donlin Gold; and other risks and uncertainties disclosed in Barrick’s most recent Form 40-
F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities and NOVAGOLD’s most recent reports
on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports and other documents filed by Barrick and NOVAGOLD with
applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting Barrick’s and NOVAGOLD’s
Investor Relations website at www.barrick.com and www.novagold.com, respectively, or the SEC's website at www.sec.gov or at
www.sedar.com. The forward-looking statements contained herein reflect the beliefs, opinions and projections of Barrick and NOVAGOLD on
the date the statements are made. Barrick and NOVAGOLD assume no obligation to update the forward-looking statements of beliefs, opinions,
projections, or other factors, should they change, except as required by law.
Cautionary Note to United States Investors
NOVAGOLD cautions that this media release has been prepared in accordance with the requirements of the securities laws in effect in Canada,
which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this media
release have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-
101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)—CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended (“CIM Definition Standards”). NI 43-101 is a rule developed by the Canadian Securities
Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral
projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange
Commission (SEC) Industry Guide 7 (“SEC Industry Guide 7”), and resource and reserve information contained herein may not be comparable to
similar information disclosed by U.S. companies. NOVAGOLD’s disclosure concerning Reserve & Resources Estimates remains consistent with NI
43-101. Under SEC Industry Guide 7, mineralization may not be classified as a "reserve” unless the determination has been made that the
mineralization could be economically and legally produced or extracted at the time the reserve determination is made. SEC Industry Guide 7
normally does not permit the inclusion of information concerning "measured mineral resources”, "indicated mineral resources” or "inferred
mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves” under SEC Industry
Guide 7 in documents filed with the SEC. Investors should also understand that "inferred mineral resources” have a great amount of uncertainty
as to their existence and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimated "inferred mineral
resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of "contained ounces” in a resource is
permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not
constitute "reserves” under SEC Industry Guide 7 as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-
101 for identification of "reserves” are also not the same as those of SEC Industry Guide 7, and reserves reported by NOVAGOLD in compliance
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with NI 43-101 may not qualify as "reserves” under SEC Industry Guide 7. Donlin Gold does not have known reserves, as defined under SEC
Industry Guide 7. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public
by companies that report in accordance with SEC Industry Guide 7.
On October 31, 2018, the SEC adopted a final rule (“New Final Rule”) that will replace SEC Industry Guide 7 with new disclosure requirements
that are more closely aligned with current industry and global regulatory practices and standards, including NI 43-101. Companies must
comply with the New Final Rule for the Company’s first fiscal year beginning on or after January 1, 2021, which for NOVAGOLD would be the
fiscal year beginning December 1, 2021. The New Final Rule provides that SEC Industry Guide 7 will remain effective until all registrants are
required to comply with the New Final Rule, at which time SEC Industry Guide 7 will be rescinded. While early voluntary compliance with the
New Final Rule is permitted, NOVAGOLD has not elected to comply with the New Final Rule at this time.
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APPENDIX
TABLE 1
Drill Hole Orientations* and Depths
Hole Azimuth (°) Inclination (°) Depth (m)
DC20-1865 237 79 227.0
DC20-1866 45 67 302.7
DC20-1867 28 73 217.5
DC20-1868 358 67 247.2
DC20-1869 330 72 175.9
DC20-1870 307 71 249.9
DC20-1871 303 63 458.4
DC20-1872 312 53 632.8
DC20-1873 250 49 274.9
DC20-1874 300 76 253.0
DC20-1875 304 53 218.5
DC20-1876 288 69 235.0
DC20-1877 303 73 249.9
DC20-1878 304 55 459.9
DC20-1879 302 58 231.0
DC20-1880 300 71 249.9
DC20-1881 301 52 256.0
DC20-1882 327 56 524.9
DC20-1883 308 54 266.4
DC20-1884 306 72 251.8
DC20-1885 278 63 296.6
DC20-1886 304 56 255.4
DC20-1887 305 60 255.4
DC20-1888 312 72 266.5
DC20-1889 328 56 406.6
DC20-1890 abandoned before completion, re-drilled as 1891
DC20-1891 331 55 377.3
DC20-1892 184 63 300.2
DC20-1893 312 75 260.9
DC20-1894 230 67 620.6
DC20-1895 329 53 362.1
DC20-1896 abandoned before completion, re-drilled as 1898
DC20-1890
abandoned before completion, re-drilled as 1891
DC20-1897 325 59 335.0
DC20-1898 302 77 250.9
DC20-1899 358 63 201.0
DC20-1900 302 71 235.0
DC20-1901 306 65 464.8
DC20-1902 287 61 176.2
DC20-1903 259 64 150.7
DC20-1904 0 69 200.0