Northstar Commences Diamond Drilling at Miller Copper-Gold Property

Rhea-AI Summary

Northstar Gold Corp (CSE: NSG) has initiated diamond drilling at its wholly-owned Miller Copper-Gold Property near Kirkland Lake, Ontario. The company has partnered with Wiijiiwaagan Drilling Partnership to complete a 1,500 metre drill program by year-end. The drilling targets copper-gold-silver volcanogenic massive sulphide mineralization along the 350-metre Zone 2 Extension VMS conductor anomaly, located 600 metres southeast of the historic Cam Copper Mine. Previous drilling in November 2023 yielded significant results, including 14.8% copper over 2.45 metres in Zone 2. The program is funded by a recent private placement that raised $818,750.

Positive

• Secured funding of $818,750 through first tranche private placement
• Previous drilling results showed high-grade copper (14.8% over 2.45 metres)
• Additional funding expected through second tranche private placement

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - November 25, 2024) - Northstar Gold Corp. (CSE: NSG) ("Northstar" or the "Company"), is pleased to announce diamond drilling has commenced at the Company's 100%-owned Miller Copper-Gold Property, situated 18 kilometres southeast of Kirkland Lake, Ontario. Northstar has commissioned Wiijiiwaagan Drilling Limited Partnership, a partnership between Boart Longyear and Matachewan First Nation, to complete a 1,500 metre drill program by year-end. The Company expects to begin reporting preliminary drill results next month.

Northstar drilling is targeting potentially broad intervals of copper-gold-silver volcanogenic massive sulphide (VMS) mineralization along the recently defined 350 metre, 200 Siemens Zone 2 Extension VMS EM conductor anomaly, 600 metres southeast and along trend of the historic, direct-shipping high-grade Cam Copper Mine (Please see Northstar News Release Dated May 16, 2024). In late November, 2023, Northstar intersected a number of discrete high-grade VMS copper horizons at Cam Copper Mine, including 14.8% copper over 2.45 metres in Zone 2. (See Northstar News Release dated Nov. 23, 2023).

"Northstar is very pleased to commence this critical drill program at Miller," states Brian P. Fowler, P.Geo., Northstar President, CEO and Director. "Zone 2 Extension drilling was made possible by strategic investor support and the recent 1^st tranche private placement closing with aggregate gross proceeds of $818,750 (See Northstar News Release dated November 14^th, 2024). Northstar has since received additional orders to close a second tranche in the near term and looks forward to a very successful drill program."

About Northstar

Northstar's primary exploration focus is to advance and expand the near-surface, Allied Gold Zone bulk-tonnage gold-telluride deposit and more recently discovered VMS copper mineral deposits on the Company's flagship, 100%-owned Miller Copper-Gold Property. The Company's strategy is to develop a material (+1M ounce gold / high-grade copper) mineral resource base to supplement a nearby mining operation or support stand-alone mining operations at the Property.

Recently Signed Gold and Copper MOUs

Northstar recently signed two MOUs to advance the Company's Miller Intrusive Complex gold and Cam Copper Zone 2 VMS copper exploration and development projects, respectively, at the Miller Copper-Gold Property. On September 19^th, 2024, Northstar announced signing a MOU with China-based Hunan Nonferrous with intentions to possibly secure a minority stake in the Miller Intrusive Complex gold deposits by funding up to 10,000 meters of expansion diamond drilling. Due to unforeseen visitor visa complications, Hunan technical representatives are now positioning to obtain Canadian visitor visas for an early spring, 2025 due diligence property visit. This visit is a requirement to establish a Cooperative Agreement providing for collaborative exploration and development of the Miller Intrusive Complex gold targets (Please see Northstar-Hunan MOU News Release dated September 19, 2024).

On October 3^rd, 2024, Northstar announced it had signed a MOU with Novamera Inc., setting terms for Novamera to secure the necessary financing to Surgically Mine^TM high-grade copper at Cam Copper Mine, subject to the definition and permitting of an economic deposit. This includes a multi-staged program (the "Surgical Mining^TM Program") to test and extract material from the copper-rich, near vertical Zone 2 VMS horizon. The Company is currently awaiting results of a Stage 1 Novamera Scoping Study, which is expected shortly (Please see Northstar-Novamera MOU News Release dated October 3, 2024).

Other Properties

Northstar has 3 additional 100%-owned exploration projects in northern Ontario, including the 1,150 ha Rosegrove Property, situated 0.5 km from the Miller Property, the 4,650 ha Bryce Gold Property (includes the recently optioned Britcanna Lease), an intrusive-gold / PME VMS project located along the projected east extension of the Ridout Break, and the Temagami-Milestone Cu-Ni-Co Critical Minerals Property located in Strathcona Township. Northstar is seeking exploration partners to advance all 3 properties.

On behalf of the Board of Directors,

Mr. Brian P. Fowler, P.Geo.
President, CEO and Director
(604) 617-8191
bfowler@northstargoldcorp.com

Cautionary Note Regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as "forward-looking statements"). Forward-looking statements include, but are not limited to, disclosure regarding the completion of the Offering and potential gross proceeds to be raised pursuant thereto, the receipt of all applicable regulatory approvals, the prospective nature of the Company's property interests, exploration plans and expected results, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; planned use of proceeds, expenditures and budgets and the execution thereof. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the receipt of applicable regulatory approvals. availability of financing, the assumed long-term price of gold, that the current exploration and other objectives concerning its mineral projects can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; the continuity of the price of gold and other metals, economic and political conditions and operations; the prospective nature of the Company's properties, availability of financing, and that general business and economic conditions will not change in a materially adverse manner.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NSG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks and uncertainties related to the completion of the Offering as presently proposed or at all, the failure to obtain all applicable regulatory approvals; actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties. These risks and uncertainties are not, and should not be construed as being, exhaustive.

Although NSG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.

Forward-looking statements in this news release are made as of the date hereof and NSG assume no obligation to update any forward-looking statements, except as required by applicable laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231223

FAQ

What is the size of Northstar Gold's (NSGCF) new drilling program at Miller Property?

Northstar Gold's new drilling program at Miller Property consists of 1,500 metres and is scheduled to be completed by year-end 2024.

How much funding did Northstar Gold (NSGCF) raise in its recent private placement?

Northstar Gold raised $818,750 in gross proceeds through the first tranche of its private placement, announced on November 14th, 2024.

What were the copper drilling results from Northstar Gold's (NSGCF) November 2023 program?

In November 2023, Northstar Gold intersected 14.8% copper over 2.45 metres in Zone 2 at the Miller Property's Cam Copper Mine area.