Tanzania: Barrick, Novagold to Take Donlin Gold to Next Steps

Barrick and Novagold have agreed on the next steps toward the advancement of Donlin Gold where Drill Assay Results continue to yield high-grade intercepts and demonstrate important grade Continuity.

Also with clear improvement in the definition of controls of mineralization, the project is advancing towards feasibility study update.

Barrick President and Chief Executive Mark Bristow said in a statement that, "Getting together in Alaska, visiting the Donlin project site and sitting down with stakeholders drove home the significance and importance of Donlin to both partners.

We have a unique opportunity to progress a world-class project in both a jurisdiction and with local partners that recognize the contribution such an asset can bring to the lives of future generations of Alaskans.

Our priority is to do that responsibly and sustainably and it is an illustration of Barrick's and Novagold's strong partnership that we were able to have such a productive workshop and come away with next steps to move the project forward."

Greg Lang, Novagold's President and CEO, said, "The successfully concluded site visit and the meetings that followed with our Alaskan constituencies provided an excellent lead-in to Barrick's and Novagold's onward progression for the Donlin Gold project.

The identification of key work plans represents a most welcome and important achievement in taking Donlin Gold up the value chain and is the natural extension of confirmation work carried out with our partners at Barrick, which includes the recently completed drill campaign.

This campaign is not only yielding high-grade intercepts in the future open-pit areas; Donlin Gold's 2021 drill program is producing some of the best drill results seen lately in the gold mining industry, from juniors to majors.

I'm sure I speak for both Barrick and Novagold when I say we are grateful to our local and state partners, who have worked with us to reach these important milestones."

General Manager of Donlin Gold, Dan Graham, added, "We enjoyed hosting the senior management teams from both Barrick and Novagold here in person in Alaska.

We are also energized with the interest and resources the owners are dedicating to the Donlin Gold project. It is a great economic opportunity for the region and the State."

The Donlin Gold project 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 mineral resource categories (100 per cent basis), 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 kilometres of an eight-kilometre mineralized belt, which itself is located on less than 5 per cent 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 Donlin Gold's approach and is also reflected in the way in which the asset itself is structured.

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