Donlin Gold Reports Excellent Initial 2022 Drill Program

ANCHORAGE, Alaska, July 28, 2022 (GLOBE NEWSWIRE) — 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 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 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.

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.

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…