Donlin GOLD Reports Excellent Initial 2022 Drill Program Results Yielding Encouraging Assays with More High-Grade GOLD Intercepts Coupled with Important Grade Continuity
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DONLIN GOLD REPORTS EXCELLENT INITIAL 2022 DRILL PROGRAM RESULTS
YIELDING ENCOURAGING ASSAYS WITH MORE HIGH-GRADE GOLD INTERCEPTS
COUPLED WITH IMPORTANT GRADE CONTINUITY
July 28, 2022 – 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 report the initial assay results for the 2022 drill program.
The drill program is progressing ahead of schedule with 26,800 meters of the originally planned 34,000-
meter drill program completed to date, and assay results received from approximately 9,870 meters of
drilling. The results support the recent modelling concepts, and strategic mine planning work.
The site crew (150 employees, contractors, and student interns), a majority of which are local hires
representing 24 Yukon-Kuskokwim (Y-K) communities in Alaska, are working on a two-week rotation
schedule and continue to advance project activities at a good pace.
With the largest budget in more than a decade, the owners are advancing the Donlin Gold project up the
value chain and are working toward a feasibility study decision, subject to Donlin Gold LLC Board
approval.
A workshop with Barrick and NOVAGOLD will take place in September at the Donlin Gold project in Alaska
to review the work completed to date and lay the path forward.
Statements by the Owners
Barrick President and Chief Executive Mark Bristow said, “as expected, the drill program for 2022 continues to
enhance our understanding of the ore bodies that make up the Donlin project. Also encouraging is that this
year’s drilling campaign is ahead of schedule and results so far support the most recent modelling concepts as
we focus on moving the project toward a feasibility study decision. I look forward to the Donlin Gold
workshop in Alaska in September to advance these efforts.”
Greg Lang, NOVAGOLD’s President and CEO, said, “The 2022 drill program has been extremely exciting, not to
mention rewarding. With the latest set of assays, we continue to enjoy some of the best gold intercepts in the
mining industry. The outstanding results reported today, such as the high-grade at ACMA and the deep
exploration work, further substantiate Donlin Gold’s potential, and the recent modelling concepts, in support
of the strategic mine planning work and the engineering studies. We have significantly de-risked Donlin Gold
over many years, taking it up the value chain so as to improve and enhance the value of the project for all our
stakeholders. This progress is demonstrated through our commitment and dedication to building trust and
transparency with our Alaska Native Corporation partners, Calista Corporation and The Kuskokwim
Corporation, with whom we have created a model for responsible mining development.”
Dan Graham, General Manager of Donlin Gold added, “Donlin Gold’s top priorities continue to be the health
and safety of our people following the best practices in environmental stewardship for the benefit of the
people of Alaska. We could not be more pleased with the work of our 2022 Donlin Gold site crew. While
exceeding productivity rates and running ahead of schedule, the overall morale of employees has been high
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and our safety record has remained strong. Moreover, we are most gratified to report that, during the
program, the majority of our 150 employees and contractors were local hires from 24 Y-K communities in
Alaska.”
Delivering Results
The prime focus of our activities this year is to undertake a 34,000-meter drill program with tight-spaced grid
drilling as well as in-pit and ex-pit exploration; and to input the results from this drilling into the geologic
modelling and interpretation work that is being used for updated resource models. In June, the Donlin Gold
LLC Board approved an additional 43 drill holes and 8,380 meters to infill one of the 20-meter grids to 10-
meter spacing. In addition to the engineering studies underway to support the mining schedules and life of
mine business plans, this program will enable us to proceed with the preparation of an updated feasibility
study, subject to a formal decision by the Donlin Gold LLC Board.
Following the excellent results of 2021, we are encouraged by the expanded drill program for 2022, with
drilling also focused on upside prospects in the ACMA and Lewis pits where drilling so far has been limited.
The new assays we received have thus far yielded some outstanding intercepts, with the five top intervals
released today being:
DC22-2040 intersected 52.27 m grading 14.63 g/t gold starting at 232.95 m drilled depth, including
sub intervals of 13.94 m grading 33.95 g/t gold starting at 232.95 m drilled depth and 16.45 m
grading 13.50 g/t gold starting at 257.18 m drilled depth;
DC22-2040 intersected 18.65 m grading 10.78 g/t gold starting at 197.60 m drilled depth, including
a sub interval of 7.68 m grading 19.69 g/t gold starting at 199.35 m drilled depth;
DC22-2056 intersected 73.98 m grading 4.21 g/t gold starting at 99.82 m drilled depth, including a
sub interval of 6.16 m grading 18.20 g/t gold starting at 109.12 m drilled depth;
DC22-2063 intersected 12.10 m grading 22.15 g/t gold starting at 130.04 m drilled depth, including
a sub interval of 5.43 m grading 47.17 g/t starting 135.48 m drilled depth; and
DC22-2067 intersected 44.58 m grading 4.50 g/t gold starting at 464.06 m drilled depth, including
sub intervals of 3.11 m grading 10.79 g/t gold starting at 464.06 m drilled depth and 6.35 m grading
10.26 g/t gold starting at 496.00 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 Tables 1 and 2, respectively, in the
Appendix at the end of this release.
DC22-2063 interval is subparallel to a mineralized fault zone and mineralized dyke.
DC22-2067 interval is subparallel to a mineralized fault zone.
The team of 150 people at Donlin Gold are advancing drilling activities at a fine pace, with the drilling
expected to wrap-up in the fall. The health and safety of our workforce is a priority. Donlin Gold has
implemented strict safety protocols, while COVID-19 mitigation measures remain in place to ensure that
the staff rotations in and out of the camp are conducted in both an efficient and safe manner.
Donlin Gold 2022 Project Budget
The 2022 budget for Donlin Gold LLC (on a 100% basis) is set at $60 million, split equally between the two
owners. The focus is to refresh geologic modelling and interpretation work for an updated resource model as
well as engineering activities to inform an updated feasibility study decision. Approximately 34,000 meters of
in-pit and below-pit drilling was planned under the original scope, in addition to fieldwork, for the Alaska Dam
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Safety Certifications, environmental studies, and external affairs efforts. An additional $4.8 million (100% basis)
was approved by the Donlin Gold LLC Board for the additional 8,380 drill meter workplan.
The owners will continue to advance the Donlin Gold project as they have done for many years in a financially
disciplined manner with a clear focus on a strong safety culture, engineering excellence, environmental
stewardship, and active community engagement.
About Donlin Gold
The Donlin Gold project is located in Alaska, the second largest gold-producing state in the United States.
With approximately 39 million ounces of gold grading 2.24 grams per tonne in the measured and indicated
mineral 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, community outreach, and advancing the remaining State permitting actions.
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 under the 1971 Alaska
Native Claims Settlement Act (ANCSA). Donlin Gold has entered into life-of-mine agreements with Calista,
which owns the subsurface mineral rights and some surface land rights, and The Kuskokwim Corporation
(TKC), a collection of 10 village corporations, which owns the majority of surface land rights. Donlin Gold is
committed to providing employment opportunities, scholarships, and preferential contract considerations to
Calista and TKC shareholders. The life-of-mine agreements include a revenue-sharing structure established in
the context of the ANCSA, which resolved Alaska Native land claims and allotted some 44 million acres of land
for use by Alaska Native Corporations. Additionally, our long-term commitment to economic development in
the Y-K region is exemplified by Donlin Gold’s support of TKC’s initiative to launch energy and infrastructure
projects in middle Kuskokwim villages. These partnerships, activities, and programs are illustrative of Donlin
Gold’s commitment to sustainable and responsible development of the project for the benefit of all
stakeholders.
1 Donlin Gold data as per the 2021 Technical Report and S-K 1300 Report (both as defined herein). Donlin Gold possesses 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 and inclusive of Mineral Reserves, of which approximately 4 Mt of Measured Resources and approximately 267 Mt of Indicated
Resources inclusive of Reserves is attributable to NOVAGOLD through its 50% ownership interest in Donlin Gold LLC. Exclusive of Mineral
Reserves, Donlin Gold possesses Measured Resources of approximately 1 Mt grading 2.23 g/t and Indicated Resources of approxim ately
69 Mt grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and approximately 35 Mt of Indicated Resources exclusive
of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8 Mt grading 2.32 g/t and
Probable Reserves of approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of which approximately 4 Mt of Proven Reserves and
approximately 249 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in
accordance with NI 43-101 and S-K 1300.
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FIGURE 1 Drill Hole Collar Locations
Depicted grid system is based on NAD83 UTM zone 4N coordinates. Longitudinal Section View orientation
below taken at A – A’ orientation depicted above.
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FIGURE 2 Longitudinal Section View of the ACMA and Lewis Deposits
QA/QC Procedures
The QA/QC procedures for the 2022 Donlin Gold project drill program and sampling protocol were developed
and managed by Donlin Gold 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 94% core recovery has been achieved during the 2022 drill program. Core was logged, cut, and
sampled at site by Donlin Gold employees. Samples were primarily collected on one- to two-meter lengths.
Sampled half-core was crushed in Bureau Veritas’ Juneau and Fairbanks, Alaska sample preparation facilities.
Crushed samples were sent to Bureau Veritas’ lab in Vancouver, British Columbia for pulverizing and gold
assays and pulverized splits to an ALS Limited lab in Vancouver, British Columbia for multi-element analysis.
Quality control samples were inserted (standards at 5% of primary samples, blanks at 5% of primary samples
and duplicates at 2.5% of primary samples) into each batch of samples. The review of the quality control
samples did not indicate any bias or error. Out of bounds quality control samples were handled with
appropriate reruns and investigations. There are no known factors that would materially affect the accuracy or
reliability of the drill program data referred to in this media release.
Downhole directional surveys were completed on all reported completed holes by Boart Longyear drill
operators, and collar surveys were completed by Donlin Gold staff under the supervision of Professional
Licensed Surveyors from Brice Engineering LLC.
Each of Bureau Veritas, ALS Limited, Boart Longyear, and Brice Engineering LLC are independent of Donlin
Gold, Barrick, and NOVAGOLD.
Scientific and Technical Information
In mid-2021, NOVAGOLD engaged Wood Canada Limited (“Wood”) to update the Second Updated Feasibility
Study on Donlin Gold completed in 2011 (the “2011 Technical Report”). This update resulted in a report titled
“NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA” with an effective date of June 1, 2021
(the “2021 Technical Report”). In 2021, NOVAGOLD also engaged Wood to prepare a Donlin Gold technical
report summary in accordance with Subpart 229.1300 of Regulation S-K – Disclosure by Registrants Engaged in
Mining Operations (“S-K 1300”) as of November 30, 2021. The resulting report is titled “S-K 1300 Technical
Report Summary on the Donlin Gold Project, Alaska, USA” (“S-K 1300 Report”), current as of November 30,
2021. Wood incorporated 2020 costs and new gold price guidance to meet the NOVAGOLD’s reporting
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requirements. The resultant 2021 Technical Report and S-K 1300 Report showed no material change to the
previously reported mineral resources or mineral reserves.
NOVAGOLD is a registrant with the SEC and is reporting its Mineral Resources and Mineral Reserves in
accordance with S-K 1300 as of November 30, 2021. While the S-K 1300 rules are similar to National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) rules in Canada, they are not
identical and therefore two reports have been produced for the Donlin Gold project.
Certain scientific and technical information contained herein with respect to the Donlin Gold project is derived
from the 2021 Technical Report and the S-K 1300 Report. Henry Kim, P.Geo., Senior Resource Geologist, Wood
Canada Limited; Mike Woloschuk, P.Eng., VP Global Business Development & Consulting, Wood Group USA,
Inc.; and Kirk Hanson, MBA, P.E., Technical Director, Open Pit Mining, Wood Group USA, Inc. are the Qualified
Persons responsible for the preparation of the 2021 Technical Report, and each is an independent Qualified
Person as defined by National Instrument 43-101 (“NI 43-101”). Wood prepared the S-K 1300 Report.
Paul Chilson, P.E., who is the Manager of Mine Engineering for NOVAGOLD and a Qualified Person under
NI 43-101, has approved and verified the scientific and technical information related to the 2021 and 2022
Donlin Gold project drill programs, the 2021 Technical Report and the S-K 1300 Report contained in this
media release. To verify the information related to the drilling programs, he has visited the property in the
past year; discussed 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, P.Geo., who is a Barrick Mineral Resource 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]
Kevin Annett
CFO, North America
Tel: +1 416-307-3660
www.barrick.com
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
Tel: +1 604-669-6227 or 1-866-669-6227
Email: [email protected]
www.novagold.com
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
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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
assay results; the anticipated timing of a decision by the Board of Donlin Gold LLC to prepare a feasibility study update; anticipated benefits
from recent drill programs including an improved geological model for Donlin Gold; the work program for the 2022 field season; the
continuing priorities of Donlin Gold, including the health and safety of our people; ongoing support provided to key stakeholders including
Native Corporation partners; the potential impact of the coronavirus global pandemic (COVID-19) 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;
perceived merit of properties; mineral reserve and resource estimates; Donlin Gold’s ability to secure the permits needed to construct and
operate the Donlin Gold project in a timely manner, if at all; and legal challenges to Donlin Gold’s existing permits. 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 the management expectations of Donlin Gold’s,
Barrick’s and NOVAGOLD’s 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 securing permits; the need for additional financing to explore and develop properties
and availability of financing in the debt and capital markets; the spread and impact of COVID-19; uncertainties involved in the interpretation
of drill results and geological tests and the estimation of reserves and resources; 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 contin ued
cooperation between Barrick and NOVAGOLD for the continued exploration, development and eventual construction of the Donlin G old
project; 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; unexpe cted 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 United States Securities and Exchange Commission (SEC) and
Canadian provincial securities 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 NOVAGOLD’s website at www.novagold.com, Barrick’s website at www.barrick.com,
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 Donlin Gold, NOVAGOLD, and Barrick on the date the statements are made. Donlin Gold, NOVAGOLD and Barrick assume no
obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required
by law.
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APPENDIX
TABLE 1
Drill Hole Orientations* and Depths
HOLE Azimuth (°) Inclination (°) Depth (m)
DC22-2033 331 61 254.51
DC22-2034 331 62 287.43
DC22-2035 238 45 877.52
DC22-2036 328 59 245.06
DC22-2037 335 59 289.86
DC22-2038 331 61 248.72
DC22-2039 331 56 289.26
DC22-2040 333 60 309.37
DC22-2041 331 61 261.82
DC22-2042 336 58 264.57
DC22-2043 329 60 230.12
DC22-2044 331 59 288.34
DC22-2045 331 60 224.94
DC22-2046 333 60 239.57
DC22-2047 331 59 230.12
DC22-2048 331 61 166.73
DC22-2049 331 61 145.24
DC22-2050 333 59 219.46
DC22-2051 242 52 851.61
DC22-2052 335 61 139.90
DC22-2053 334 59 292.91
DC22-2054 334 60 188.37
DC22-2055 335 62 215.19
DC22-2056 334 60 184.40
DC22-2057 335 59 244.45
DC22-2058 332 61 196.90
DC22-2059 339 60 234.85
DC22-2060 330 59 157.28
DC22-2061 331 59 247.80
DC22-2062 332 60 239.88
DC22-2063 334 58 300.38
DC22-2064 334 58 230.12
DC22-2065 332 59 225.55
DC22-2066 334 59 225.55
DC22-2067 246 52 777.54
DC22-2068 333 62 240.18
DC22-2069 333 61 260.60
DC22-2070 332 60 240.79
DC22-2071 330 61 225.55
DC22-2072 333 59 223.88