Nordgold more than doubles Mineral Resources at Pistol Bay Gold Project, Canada

  • Over 1.58 Moz (NI 43-101) open pit Inferred Resource, up 114% from previous estimate.
  • US$3 million 2020 drilling programme planned to further expand the project resource base.

London, United Kingdom, 28 February 2020 – Nord Gold SE (“Nordgold” or the “Company”), the internationally diversified gold producer, is pleased to announce a NI 43-101 compliant Mineral Resource Estimate for the Vickers gold deposit, part of the 100%-owned Pistol Bay project in Canada.

Pistol Bay is a gold exploration project located in Nunavut Territory, northern Canada, on the west coast of Hudson Bay. The Pistol Bay 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 extensive international exploration pipeline.

Inferred open pit Resources increased by 114% to 1.58 million ounces (Moz) of gold at a grade of 2.2 g/t from previous estimate of 739 koz at 2.95 g/t (RPA, 2016).

The increase in Resources follows an extensive 2019 drilling programme to evaluate a potential extension of the high grade mineralized zone at Vickers.

See: Nordgold press release

“The 2019 drilling programme was a clear success, and we are pleased to have more than doubled the resources at the project. This gives us even greater confidence in its potential and justifies our decision to invest a further US$3 million in a 2020 exploration campaign.” Nikolai ZelenskiChief Executive Officer of Nordgold

Sensitivity of in-pit resources to different cut-off grades is presented below:

Quantity Grade Metal content
Gold g/t (000′ t) Gold (g/t) (000′ oz)
0.5 33,286 1.70 1,824
0.7 27,452 1.94 1,711
0.9 22,370 2.20 1,581
1.1 18,230 2.47 1,449
1.3 14,997 2.75 1,325
1.5 12,629 3.00 1,218
2.0 8,637 3.59 996

* The reader is cautioned that the figures in this table should not be misconstrued as a Mineral Resource Statement. The figures are only presented to show the sensitivity of the block model estimates to the selection of a cut-off grade. All figures have been rounded to reflect the relative accuracy of the estimates.

The resources are constrained within a Whittle Pit shell based on US$ 1,550/oz gold price. The current geologic modelling and updated resource estimates are dated February 5th, 2020 and were prepared by independent consultant SRK Consulting (Canada) Inc., in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ( “NI 43-101 ”).

Technical Information

The resource model is based on an updated database that comprises 124 boreholes (30,815 m) and includes 22,486 samples assayed for gold and 3,375 specific gravity samples. This represents the addition of 31 boreholes (9,369 m) since the last resource model developed by RPA in March 31, 2016. The gold mineralization at Vickers was constrained within a three-dimensional wireframe geologic model based on lithology, structure and gold grade. Values for gold were interpolated into 5m x 5m x 3m blocks using ordinary kriging. All blocks are classified as Inferred.

SRK has reviewed and verified exploration practices and the resultant database used to complete the mineral resource estimate reported herein, and has expressed the opinion that it is satisfied that the work carried out by Nordgold has been conducted in a manner consistent with generally recognised industry best practices and that the exploration data are sufficiently reliable for the purpose of supporting a mineral resource estimate.

The Pistol Bay mineral resource estimate was completed by SRK and reported in accordance with National Instrument 43-101 requirements and CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines. The resource estimate was prepared by Dr. Aleksandr Mitrofanov, PGeo and reviewed by Mr. Glen Cole, PGeo. Dr. Mitrofanov and Mr. Cole, who are Qualified Persons independent of Nordgold for the purposes of National Instrument 43-101, have reviewed and approved the contents of this release as it pertains to the Vickers project.

The information in this news release was prepared under the supervision of Arnand van Heerden, Mineral Resource Director for Nordgold. He is a Qualified Person as defined by National Instrument 43-101.

About Nordgold

Nordgold is an internationally diversified gold producer established in 2007. Nordgold has a proven track record of operational excellence and benefits from a significant international development pipeline. The Company is relentlessly focused on shareholder value, committed to running safe, efficient, profitable operations, which enable it to generate strong cashflows and in turn, continue to invest in its pipeline of new growth opportunities while generating returns for investors. In 2018, Nordgold produced 907 thousand ounces of gold.

Nordgold operates 10 mines (5 in Russia, 3 in Burkina Faso and one each in Guinea and Kazakhstan). It has several prospective projects in feasibility study and advanced exploration phases, as well as a diverse portfolio of early-stage exploration projects and licences in Burkina Faso, Russia, French Guiana and Canada. Nordgold employs over 8,000 people.

Olga Ulyeva
Head of Media Relations

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


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