Battle North Gold Reports Initial Drilling Results at the Pen Zone and Files NI 43-101 Technical Report for the Bateman Gold Project

TORONTO, July 27, 2020 /PRNewswire/ - Battle North Gold Corp. (TSX: BNAU) (OTCQX: BNAUF) ("Battle North" or the "Company") reports initial assay results from the confirmatory drilling program at the Peninsula zone ("Pen Zone"), a mineralized target area located within 550 metres ("m") of the F2 Gold Zone and related existing underground infrastructure at the Company's Bateman Gold Project in Red Lake, Ontario (the "Project").

Pen Zone

The Pen Zone is one of the three high-priority targets just north of the Project, along with the CARZ and Island zones (collectively referred to by Battle North as the "String of Pearls"). The Company has encountered high-grade mineralization in the String of Pearls from historical drilling (see Diagram 1) and is focussed on advancing exploration of the String of Pearls as potential sources of incremental mill feed. This year, the Company has completed approximately 2,100 metres ("m") of a 2,700 m drilling program at the Pen Zone. Battle North has conducted drilling from the 244 m Level exploration drift of the Project, targeting the high-titanium basaltic units ("High-Ti Basalt Units") which are the main host rock of gold mineralization in this zone. The information gathered from the 2020 Pen Zone drilling program is expected to further advance the Company's understanding of the lithological and structural controls on the gold mineralization in the zone. Please see Tables 1 and 2 for the summary of the assay results from the 2020 Pen Zone confirmatory drilling program and drill hole coordinates, respectively.

Historical drilling at the Pen Zone demonstrated high-grade mineralization and initial assay results from the current drilling program appear to confirm those historical results. Current modelling of the Pen Zone High-Ti Basalt Units has this zone potentially extending at depth, which warrants further exploration drilling. Please see Diagrams 1 and 2 below for a plan view of the historical drilling from the String of Pearls and a section view of the 2020 Pen Zone drilling (with historical intercepts), respectively, and Tables 3 and 4 for the historical Pen Zone drill results and drill hole coordinates, respectively.

Table 1: 2020 Pen Zone Drilling Program¹ Summary of Assay Results (as of July 27, 2020).

High-Ti Basalt Units are also the main host rock of gold mineralization at the Project's F2 Gold Zone where, as recently announced, the Company has delineated Measured and Indicated mineral resource estimates of 979,000 ounces of gold and Inferred Mineral Resource estimates of 283,000 ounces of gold ("Updated 2020 Mineral Resource Estimate")².

CEO Comment

Battle North President and Chief Executive Officer George Ogilvie, P.Eng., stated, "With the Feasibility Study for the Bateman Gold Project on track to be completed in the second half of 2020, we began confirmatory drilling programs at the Pen Zone and McFinley zone with the goal of providing NI 43-101 mineral resource estimates from these zones, which are in close proximity to the Bateman Gold Project. Similar to the 2019 Preliminary Economic Assessment ("PEA")³ for the Project, we anticipate that the Feasibility Study mine plan will not fully utilize the Project's 1,800 tonne per day milling capacity, allowing room for incremental mill feed that could potentially be sourced from the String of Pearls and the McFinley Zone."

"We had an encouraging start to the 2020 Pen Zone drilling program. The drill results appear to confirm historically identified areas of mineralization. More importantly, the drill results support the geological model that was produced from historical drill data in the targeted areas. Gold mineralization at the Pen Zone is mainly hosted in the High-Ti Basalt Unit, similar to the F2 Gold Zone at the Bateman Gold Project. This similarity is also encouraging from a mineralogy perspective and the possibility for the Project's mill to process any potential mineralized material from the Pen Zone. We are in the early stages in understanding the potential extension of the High-Ti Basalt Units at the Pen Zone at depth, which warrants additional drilling."

Technical Report for the Bateman Gold Project

Today the Company filed a new technical report for the Project reflecting the Updated 2020 Mineral Resource Estimate, in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (the "Technical Report"). The Technical Report, effective May 5, 2020, was prepared by T. Maunula & Associates Consulting Inc., which is independent of Battle North. The Company issued a news release on July 8, 2020 announcing the Updated 2020 Mineral Resource Estimate, which is reflected in the Technical Report. A copy of the July 8, 2020 news release and the Technical Report can be viewed online under Battle North's profile at www.sedar.com and on the Company's website at www.battlenorthgold.com.

U.S. Ticker Symbol Changed to BNAUF on the OTCQX® Best Market ("OTCQX")

Battle North's common shares are now trading on the OTCQX under the new ticker symbol BNAUF. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for Battle North on www.otcmarkets.com. The Company will continue to trade on the Toronto Stock Exchange under the symbol BNAU.

Qualified Persons and Quality Assurance and Quality Control (QA/QC)

The content of this news release has been reviewed, verified, and approved by Michael Willett, P.Eng., Director of Projects for Battle North, and Isaac Oduro, P.Geo., Manager of Technical Services for Battle North, who are Qualified Persons as defined by National Instrument 43-101.

Underground drilling was conducted by Boart Longyear Drilling of Haileybury, Ontario and was supervised by the Battle North Gold exploration team. All assays reported are uncut unless otherwise stated. Samples reported herein were assayed by SGS Mineral Services of Red Lake, Ontario and Activation Laboratories Ltd., Dryden, Ontario, both of which are independent of Battle North. All NQ core assays reported were obtained by fire assay with AA-finish or using gravimetric finish for values over 10.0 g/t Au.

Intercepts cited do not necessarily represent true widths, unless otherwise noted, however drilling is generally intersecting interpreted mineralized zones at angles between -30^o and +30^o. True width determinations are estimated at 65-80% of the core length intervals for the 305 m Level drilling, and estimated at 75-95% of the core length for the 610 m and 685 m Level drilling. Battle North Gold's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy and precision.⁴

About Battle North Gold Corporation

Battle North is a Canadian gold mine developer led by an accomplished management team with successful underground gold mine operations, finance, and capital markets experience. Battle North owns the significantly de-risked and shovel-ready Bateman Gold Project, located in the renowned Red Lake gold district in Ontario, Canada and controls the strategic and second largest exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States. Battle North's shares are listed on the Toronto Stock Exchange and the OTCQX markets. For more information, please visit our website at www.battlenorthgold.com.

BATTLE NORTH GOLD CORPORATION
George Ogilvie, P.Eng.
President, CEO, and Director

Table 2: 2020 Pen Zone Drilling Program – Drill Hole Coordinates

Table 3: Historical Pen Zone Drill Results (prior to 2020). Information on true widths and vertical depth not available.

Table 4: Historical Pen Zone Drill Coordinates (prior to 2020). 

Cautionary Statement regarding Forward-Looking Statements and other Cautionary Notes
All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "appear", "assumption", "conceptual", "contingency", "demonstrate", "encouraging", "estimate", "evaluation", "expect", "exploration", "factors", "feasibility", "focus", "forward", "future", "goal", "may", "model", "on track", "PEA", "planned", "possibly", "potential", "preliminary", "priority", "project", "prospect", "risk", "strategic", "study", "target", "upgrade", "viability" and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, will (or not) be achieved, occur or result in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements reflect current expectations and assumptions, and are subject to a number of known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to statements regarding mineralization and mineral resource estimates (including the Updated 2020 Mineral Resource Estimate and any potential future mineral resource estimates at the Pen Zone or any other proximity target (including the String of Pearly) or otherwise); the ongoing Feasibility Study for the Project (including timing of delivery, and the mine plan and other potential results to be disclosed in such study); the results of the Pen Zone drilling program, including assay results, confirmation of historical drill results or areas of mineralization and potential extension of the zone at depth; proximity targets including the "String of Pearls" (including the Pen Zone) and the McFinley zone, and any future or other exploration drilling of such proximity targets; the PEA (including its results); and the potential to source incremental mill feed from proximity targets including from the Pen Zone and McFinley zone.

Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this news release which may prove to be incorrect include those set forth herein, and in the Company's Management's Discussion and Analysis for the quarter ended March 31, 2020 (the "Q1, 2020 MD&A") and the accompanying financial statements, and the Technical Report, all available under the Company's profile on SEDAR at www.sedar.com and on its website at www.battlenorthgold.com.

Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of Battle North to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and factors include, among others: gold price fluctuations; possible variations in mineralization, grade or recovery or throughput rates; uncertainty of mineral resource estimates; inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of exploration activities including their impact; delays in completion of exploration and other drilling or plans, and any studies, including the ongoing Feasibility Study for the Project, for any reason including insufficient capital and other risks, uncertainties, contingencies and factors identified herein; labour issues at the Company or third parties, such as government and regulatory agencies, suppliers and service providers, including labour shortages and/or work curtailments or stoppages as may result from COVID-19; conclusions of economic, geological or structural evaluations and models including those reflected in mineral resource estimates, or included in the January 2020 Technical Report and the ongoing Feasibility Study, and any other studies for the Project; changes in Project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to operations; the ability to obtain and maintain permits and other regulatory approvals (as well as the timing and terms thereof) and to comply with such permits, approvals and other applicable regulatory requirements; the ability of Battle North to comply with its obligations under material agreements including its current loan facility and other financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms and in a timely manner; the ability to meet, repay, or refinance, or replace, or renegotiate current and future debt obligations on reasonable terms and in a timely manner including the current loan facility and closure and reclamation surety bond; the ability of third-party service providers and other suppliers to deliver on reasonable terms and in a timely manner (including those working on the ongoing Feasibility Study for the Project); risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures and potential environmental liabilities; relations with local communities including First Nations; failure of plant, equipment or processes to operate as anticipated; cost of supplies; market conditions and general business, economic, competitive, political and social conditions; our ability to generate sufficient cash flow from operations or obtain adequate financing to fund our capital expenditures and working capital needs and meet our other obligations; the volatility of our stock price, and the ability of our common stock to remain listed and traded on the TSX; epidemics, pandemics and other public health crises, including COVID-19 or similar such viruses; and the "Risk Factors" in the Company's annual information form dated March 27, 2020 ("2020 AIF") as well as the risks, uncertainties, contingencies and other factors identified in the Technical Report and Q1, 2020 MD&A and accompanying financial statements, all of which are available under the Company's profile on SEDAR at www.sedar.com and on its website at www.battlenorthgold.com. The foregoing assumptions, risks, uncertainties and other factors is not exhaustive; readers should consult the more complete discussion of the Company's business, financial condition and prospects that is provided in the 2020 AIF.

The forward-looking statements referenced or contained herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the Q1, 2020 MD&A, the 2020 AIF and the Technical Report. Forward-looking statements contained herein are made as of the date of this news release (or otherwise expressly specified) and Battle North disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.

Cautionary Note Regarding Preliminary Economic Assessments
The Preliminary Economic Assessment for the Project (or "PEA") referenced in this news release and summarized in the Technical Report is only a conceptual study of the potential viability of the Project and the economic and technical viability of the Project has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the Project's potential and design options; there is no certainty that the PEA will be realized.

Cautionary Statement Regarding Mineral Resources
Until mineral deposits are actually mined and processed, mineral resources are estimates only. Mineral resource estimates that are not Mineral Reserves do not have demonstrated economic viability. The estimation of mineral resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the foregoing Cautionary Statements, as well as those described in the Q1, 2020 MD&A and accompanying financial statements, the 2020 AIF and the Technical Report. The quantity and grade of reported "Inferred" mineral resource estimates are uncertain in nature and there has been insufficient exploration to define "Inferred" mineral resource estimates as an "Indicated" or "Measured" mineral resource and it is uncertain if further exploration will result in upgrading (or converting) "Inferred" mineral resource estimates to an "Indicated" or "Measured" mineral resource category. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of test stoping and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including stope design; (vi) proposed mining operations, including dilution; (vii) the evaluation of mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals. The mineral resources estimates referenced in this news release were reported using Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101").

Cautionary Statement to U.S. Readers
Information concerning descriptions of mineralization and mineral resources estimates contained in this news release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission ("SEC") under applicable United States securities laws. Canadian reporting requirements for disclosure of mineral properties are governed by NI 43-101. The definitions used in NI 43-101 differ from the definitions under applicable United States securities laws. For example, this news release uses the terms "Measured" and "Indicated" mineral resources and "Inferred" mineral resources which, while defined by NI 43-101 and recognized and required by the Canadian Securities Administrators, are not recognized by the SEC. The estimation of "Measured", "Indicated" and "Inferred" mineral resources involves greater uncertainty as to their existence and economic feasibility than the estimation of a "Reserve". The estimation of "Inferred" mineral resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of mineral resources. It cannot be assumed that all or any part of a "Measured", "Indicated" or "Inferred" mineral resource estimate will ever be upgraded (or converted) to a higher category.

It should not be assumed that any part or all of a "Measured", "Indicated" or "Inferred" mineral resource estimate exists or is economically or legally mineable. Under Canadian securities laws, estimates of "Inferred" mineral resources may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment under certain circumstances. The SEC normally only permits issuers to report mineralization that does not constitute "Reserves" as in-place tonnage and grade without reference to unit measures. Under U.S. standards, mineralization may not be classified as a "Reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the "Reserve" determination is made.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

SOURCE Battle North Gold Corporation