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Nordgold Increases High-Grade Zone at Pistol Bay Project, Canada

London, United Kingdom, 29 November 2019 - Nord Gold SE (“Nordgold” or the “Company”), the internationally diversified gold producer, is pleased to announce the encouraging results of the 2019 drilling programme at the Vickers gold deposit, part of the Pistol Bay project.

Pistol Bay is a high-grade gold exploration project located in Nunavut Territory, northern Canada, on the west coast of Hudson Bay. Total Mineral Resources (2012 JORC) of 742 koz of gold at 2.94 g/t were previously estimated for the Vickers deposit. The property consists of 860 square kilometers of mineral rights within the underexplored Rankin-Ennadai greenstone belt.

The project is favorably located within the Arctic Circle with existing infrastructure and forms a part of Nordgold’s exploration pipeline. Nordgold through its Canadian subsidiary is the 100% owner of the Pistol Bay Project.

The Company completed a diamond drilling programme consisting of 10 drill holes totalling 4608 m during the summer of 2019 to test extension of high grade mineralization beyond the current resource. The programme targeted the southward and westward continuations of the flat-lying high-grade mineralisation beyond its previously modelled limits.

The results were compelling. All of the 2019 drill holes confirmed the continuation of the high-grade mineralisation at Vickers, intersecting grades and widths potentially suitable for underground mining. Six drill holes extended the gold mineralisation laterally to the post-mineral dyke. Four drill holes demonstrated that the mineralisation steepens and continues at least 200 m southwestward beyond the dyke.

“The objective of 2019 campaign was to evaluate a potential extension of the high grade mineralized zone at Vickers. These results are very encouraging and justify further exploration to expand the project resource base.” Nikolai ZelenskiNordgold CEO

SRK Consulting has been contracted to update open pit resources and provide an evaluation of the underground resource potential based on the 2019 exploration campaign results. Based on these studies, the Company intends to implement a further drilling programme in 2020 to better define the Vickers deposit and further increase the potential for underground mining at Pistol Bay.

The assay results confirm the continuation of the high-grade mineralisation at Vickers and include the following best gold intersections:

  • 18.2 g/t over 8.5 m; 16.7 g/t over 2.9 m; and 10.7 g/t over 8.0 m.

Select Composite Intervals from Underground Drilling

19PB072 5.6 m 7.0 g/t
19PB072 1.5 m 42.9 g/t
19PB073 1.5 m 15.6 g/t
19PB073 5.2 m 6.9 g/t
19PB074 1.5 m 13.6 g/t
19PB074 1.5 m 64.9 g/t
19PB075 8.5 m 18.2 g/t
19PB075 1.5 m 30.5 g/t
19PB076A 6.4 m 5.9 g/t
19PB076A 2.9 m 16.7 g/t
19PB077 20.0 m 6.4 g/t
19PB077 3.1 m 9.5 g/t
19PB078 2.0 m 7.7 g/t
19PB079 8.0 m 10.7 g/t

Andrei Naumov
Media Relations Specialist
Tel: +7 495 644 4473

Peter Ogden
Tel: +44 (0) 20 7250 1446

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