79North Inc. (CSE: JQ) (OTCQB: SVNTF) (FRA: 6120) is pleased to announce successful drilling results from the Nassau gold project, Suriname, confirming the presence of near surface high-grade gold in oxidized saprolite and sheared and hydrothermally altered volcanic rocks including assay results up to 338.20 grams gold per tonne over 1.50 metre in saprolite and 99.58 grams gold per tonne over 1.00 metre in bedrock. Phase 1 drilling operations commenced in early August and were completed mid-November. Eighteen holes were completed for a total of 1,472.73 metres. Twelve holes (933.23 metres) were drilled at the Carbonara Target, and six holes (539.50 metres) were drilled at the Witlage Target.

Jon North, CEO of 79North commented: “We are very pleased to have encountered high grades of gold mineralization at Witlage in both saprolite and in bedrock in our first diamond drilling program. The very high grades reported exceed our expectations and confirm our belief that we are dealing with a potentially large gold-bearing system, potentially associated with a mineralized oxide blanket. We look forward to following up on these very encouraging results in 2022.”

Witlage Target

Drilling was completed on three sections over a strike length of 570 metres and a very strong shear zone was intersected over a strike length of 150 metres in NP-21-12 to 16 which are in the vicinity of surface rock chip samples that contain up to 27.98 grams gold per tonne reported previously (https://79north.ca/wp-content/uploads/2021/04/79North-assays-from-the-Nassau-Project-Final.pdf). Local gold-bearing intersections were obtained in NP-21-13 and 14 (see table below) and high-grade intersections were obtained in saprolite and below saprolite in bedrock on the section with scissor holes NP-21-15 and 16 (see tables below and Exhibits 1 and 2). The bedrock gold is associated with altered and sheared volcanic rocks, fine-grained felsic intrusive rocks, and fine-grained mafic dikes crosscut by quartz veins with associated pyrite. Gold values range up to 383.20 grams gold per tonne in highly oxidized saprolite and up to 99.58 grams gold per tonne in fresh bedrock. The highest gold grade of 383.20 grams gold per tonne occurs in a zone of highly oxidized saprolite that may be an oxide blanket associated with the shear zone observed in fresh bedrock. The gold-bearing oxide zone has an approximate thickness of 10 metres. The Company is evaluating further drilling of the oxide blanket with triple tube or hollow stem auger drilling to obtain greater core recovery of this material in the future.

Significant Intercepts

Hole NP-21-13

Hole NP-21-14

Hole NP-21-15

Hole NP-21-16

Note: Drilling intersections are core length and may not be true width, 1,000 ppb = 1 gram/ton

Summary for non-technical readers

The drilling intersections reported herein were obtained in rocks that were very sheared, foliated, and altered. The main alteration mineral is in the form of quartz veins that contain gold. Oxidized rocks near the gold-bearing shear zone, which also contain quartz veins, also contain high grade gold concentrations and might be part of a horizontal “blanket” of gold-bearing oxide material.

Carbonara Target

A high silica alteration zone was intersected over a strike length of 2,500 metres. A secondary zone of hydrothermal alteration in mafic host rocks is associated with the high silica alteration zone. There were no commercially significant gold intercepts, although some core samples in drill holes NP-21-04 and NP-21-05 contained several hundred ppb gold, including 602 ppb gold over 2.00 metres in NP-21-06.

About 79North Inc.

79North, is led by a team with extensive mineral exploration expertise and a track record of discoveries and exits in South America and globally. 79North currently holds an indirect interest in mineral concessions in northern Suriname and aims to become the premier junior exploration company in this under explored district of the prolific Guiana Shield. 79North’s growing portfolio of high-quality targets which have not undergone modern exploration or drilling have a long history of artisanal mining and are strategically located near modern gold mines operated by major mining companies. 79North is a mineral exploration company focused on the acquisition, exploration, and development of properties for the mining of gold and other minerals. 79North has 91,547,241 common shares issued and outstanding and 145,759,276
common shares on a fully diluted basis.

Statement of the Qualified Person

The scientific and technical information contained in this news release has been supervised, reviewed, and approved by Jon North, P.Geo., who is 79North’s Chairman, President, and CEO and a Qualified Person within the meaning of National Instrument 43-101.

Exhibit 1. End of sample markers and photographs of Samples 59333 (383.20 g/t Au and 59338 (1.09 g/t Au).

https://www.globenewswire.com/NewsRoom/AttachmentNg/6d8a0e71-bf68-4743-b9d6-bd7da49f2288
https://www.globenewswire.com/NewsRoom/AttachmentNg/4c10d4fb-8f50-4706-b405-b5ebcb8db4f2

Exhibit 2. Drilling section, NP-21-15 and 16.

https://www.globenewswire.com/NewsRoom/AttachmentNg/2b9dfafc-9dad-4171-9889-54b08dc3e9a7