Northstar Gold Corp. closes $740K Private Placement

Northstar Gold Corp. has closed a second tranche of the previously announced non-brokered Critical Minerals private placement (the "Offering") of units ("Units") on an oversubscribed basis. 

The second tranche consisted of 5,816,659 Critical Minerals Eligible Flow-Through Units, for a total of $348,999.54. This is in addition to a first tranche consisting of 6,150,000 Critical Minerals Eligible Flow-Through Units of gross proceeds of $390,000.10 previously announced on December 14, 2023. After giving effect to this tranche, a total of $738,999.64 has been raised, exceeding the original minimum Critical Minerals Eligible Flow-Through Units target of $600,000.

Flow-Through Units were priced at $0.06 and comprised of one common share of the Company and one share purchase warrant. Each full Warrant is exercisable into one additional common share of the Company at an exercise price of C$0.10 for a period of 24 months. The $500,000, Hard Dollar Units Financing, previously announced on December 6, 2023, remains open, with Hard Dollar Units priced at $0.055 and comprised of one common share of the Company and one share purchase warrant. Each full Warrant is exercisable into one additional common share of the Company at an exercise price of C$0.075 for a period of 24 months. 

The Company paid a total of $24,429.96 in finder fees associated with the final tranche of the 
Flow-Through Unit Offering and issued 98,000 finder warrants at an exercise price of $0.10 expiring 24 months from the closing date of the Offering. All securities issued under the Offering are subject to a statutory four month hold period from the closing date under applicable Canadian securities laws. 

The gross proceeds from the sale of the Flow-Through Shares will be used to incur expenses that will be eligible for the Critical Mineral Exploration Tax Credit (the "CMETC") and will be used primarily to fund Critical Minerals exploration at the historic high-grade Cam Copper Mine on the 100%-owned Miller Gold Property. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of Flow-Through Shares. 

Critical Minerals Flow-Through Shares proceeds will also provide for 2023 LiDAR and MMI soil surveys on the Company's 100%-owned Rosegrove Property, situated 11 km south of the town of Kirkland Lake, Ontario, targeting shear and alkaline intrusion-related gold-copper mineralization. On December 18, 2023, Northstar previously announced notification received from the Ontario Ministry of Mines on the Company's eligibility to receive a critical minerals exploration grant of up to $80,532.50 from the Ontario Junior Exploration Program (OJEP). Grant proceeds cover up to 50% of Northstar's eligible, 2023-2024 critical minerals exploration expenditures at the Company's 100%-owned, 1,151 hectare, Rosegrove Property. Proceeds raised from the Non-Flow Through Component will also be used for non-critical minerals exploration work on the Miller Gold Property and for general working capital.

Northstar's primary exploration focus is the advancement of the Company's flagship, 100%-owned Miller Copper Gold Property, situated 18 km southeast of Kirkland Lake and Agnico Eagle Mine's Macassa SMC gold mine. The Company's strategy is to develop a material (+1 million ounce) mineral resource base to support a stand-alone mining operation at the Miller Copper Gold Property. 

The Historic High-Grade Cam Copper Mine Critical Minerals Exploration Opportunity

On November 23rd, 2023 Northstar announced results from a 720 metre diamond drill program completed on the historic high-grade Cam Copper Mine, located on Northstar's 100%-owned Miller Property situated 18 kilometres southeast of Kirkland Lake, Ontario. The Company reported all 4 drill holes intersected lenses of Cu-rich volcanogenic massive sulphides, including massive and stringer chalcopyrite in drill hole CC03-23 grading 14.8% Cu over 2.45m from 116.55m to 119m in Zone 2 (See Northstar News Release dated November 23, 2023). These results suggest Zone 2 is thickening in a southeast and down-plunge direction. Zones 1, 3 and 4 also remain open along strike and at depth.

Cam Copper is a road accessible shaft mine and small-scale, past producer of high-grade 'direct shipping' copper ore centred on the historic Boston Creek Copper Trend.1,2

Cam Copper Mine is centred on a newly recognized high-grade "Besshi-type" volcanogenic massive sulphide (VMS) copper system situated at the northwest end of a 0.9 km long southeast trending belt of VMS horizons. Besshi-type VMS deposits are an important global source of base metals, simplistically characterized as vented, broad sheet-like layers of magnetite, iron-copper-lead-zinc-arsenic sulphides, cobalt, sulphosalts, silver and possibly gold deposited on an ancient sea floor, hosted in volcano-sedimentary rock packages. 

Northstar is positioning to conduct a down-hole EM geophysical survey from 2023 Cam drill holes in early 2024, with intentions to further define the down-plunge and southeast extensions of Zone 1-4 copper-bearing massive sulphide horizons. It is the Company's intention to drill test geophysical anomalies by a Phase II Cam Copper diamond drill program in March, 2024. 

(1) Ontario Ministry of Energy, Northern Development and Mines Mineral Deposit Inventory Record MDI31M13NW000154: Tretheway-Ossian- 1981, Ch.H. Cameron-1981.
(2) Ontario Ministry of Energy, Northern Development and Mines and Mines Assessment File #KL-0259, Tretheway-Ossian (Cam Copper Mine). 1961

All scientific and technical information contained in this News Release has been prepared under the supervision of Brian P. Fowler, P.Geo. President, CEO and Director of Northstar Gold Corp., a Qualified Person within the meaning of National Instrument 43-101.

About Northstar Gold Corp.

Northstar's primary exploration focus is the advancement of the Company's flagship, 100%-owned Miller Gold Property, situated 18 km southeast of Kirkland Lake and Agnico Eagle Mine's Macassa SMC gold mine. The Company's strategy is to develop either a minimum material (+1 million ounce) high-grade gold mineral resource to potentially supplement a nearby mining operation or a stand-alone mining operation at the Miller Gold Property. 

Since going public by IPO in late 2020, Northstar has spent over $4.7 million in exploration at Miller, resulting in the discovery of a series of broad, near-surface, shallow dipping sheeted quartz-gold-telluride vein structures in the Allied Syenite (Allied Gold Zone) and Planet Syenites and numerous 
70 - 750 gold gram/metre drill hole intercepts. Drilling to date at the AGZ has returned near-surface gold intercepts that include 6.6 g/t Au over 117.0 metres, 4.0 g/t Au over 50.6 metres, 1.4 g/t Au over 118.5 metres, and 1.2 g/t Au over 107.3 metres. Step out AGZ drilling in 2021 intersected peripheral steeply dipping copper-gold bearing structures (CG1 and CG2 Zones) returning intercepts that include 9.41 g/t Au, 1.03% Cu over 3.0m. The AGZ shares numerous compelling similarities to Agnico Eagle's nearby Upper Beaver Deposit, currently in the pre-development stage.

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