First Nordic Metals

First Nordic Announces Start of 2024 Drilling at Barsele

First Nordic Announces Start of 2024 Drilling at Barsele

May 23, 2024, Vancouver, BC – First Nordic Metals Corp. (the “Company” or “First Nordic”) (TSX.V: FNM, OTC: FNMCF) is pleased to announce the commencement of the 2024 diamond drilling program at the Barsele gold project located in Västerbottens Län, Northern Sweden (“Barsele” or the “Project”). The exploration program is being operated by joint venture partner Agnico Eagle Mines Limited (“Agnico”).

First Nordic President and CEO Taj Singh states,“It’s great to see drilling has resumed at the Barsele joint venture (45% First Nordic / 55% Agnico), which we consider a flagship asset in the Company’s Gold Line belt portfolio. In addition to follow-up work to potentially expand the main resource area, it’s exciting to see new targets being drilled for the first time; this demonstrates the highly prospective mineral endowment of the belt. Results from the Company’s surrounding 100%-owned Paubäcken and Storjuktan projects’ exploration programs (geochemical survey and base-of-till drilling) will be finalized shortly and allow us to plan for diamond drilling on these projects in the coming months.”

Q2 2024 Diamond Drilling Program

The spring 2024 drilling program has been initially planned for 2,100 meters (“m’) of diamond drilling, comprised of an estimated 11 holes. The program is designed to test intrusive hosted orogenic gold and VMS (volcanogenic massive sulphide) mineral system targets identified through systematic geochemical surveys and interpretation of geophysical data. The proposed drill plan will test a shallow conductor target generated by the Titan-24 geophysical survey southwest of the Central-Avan zone of the Barsele deposit. Follow up drilling will also be conducted on the Risberget West (southeast Skiråsen) structural trend to test continuity and extensions of previously intersected gold mineralization. Lastly, maiden drill testing of geochemical, geological, and geophysical targets will occur in the Sjöliden and Bastuträsk areas. See Figure 1 in the Appendix of this release for a satellite view plan map of the planned program.

Q1 Work Program Overview

From January and April 2024, data analysis and field-specific exploration activities continued at several exploration sites throughout the property. Work completed included geophysical surveys, and analysis of previously collected MEFFA (multi-element fine fraction analysis) samples. The MEFFA sample interpretation utilizes automated pXRF scanning, together with laser ablation and ICP-MS, to define precious / base metal anomalous areas. This work was carried out in preparation for this year’s diamond drilling campaign.

About the Barsele Gold Project

The Barsele Project is located on the western end of the Proterozoic “Skellefte Trend”, a prolific volcanogenic massive sulphide deposits belt, that intersects with the “Gold Line” in Northern Sweden. Both polymetallic VMS deposits and intrusive hosted orogenic gold deposits are present in this region and on this property. Notable current and past producing mines in the region include Boliden, Kristineberg, Bjorkdal, Svartliden and Storliden.

The main gold-bearing system remains open in all directions. The structurally linked gold mineralized lodes occur mainly within a granodiorite host and to a lesser extent, volcanic and sedimentary rocks. Multiple parallel to sub-parallel lodes that vary in width from 10 m to 100 m, combine for a maximum known thickness (including low grade-waste islands) of 425 m. The Avan–Central–Skiråsen zones have a strike length approaching 3.6 kilometres (“km”) and that same northwest trending structural corridor contains localized bodies with gold mineralization over an additional 4.4 km. The drill tested depth of the mineralized system approaches 1.0 km and remains open. Gold is generally associated with arsenopyrite and low base metal content and also occurs as native metal.

About First Nordic Metals

First Nordic’s flagship is the Barsele gold project, located in Sweden and in a joint venture with senior gold producer Agnico Eagle Mines Ltd. The Barsele project currently hosts a combined open pit and underground NI 43-101 Indicated Resource of 324,000 ounces gold and an Inferred resource of 2,086,000 ounces gold (2020, Technical Report and Mineral Resource Estimate for the Barsele Property, InnovExplo). Immediately surrounding the Barsele project, First Nordic is the 100%-owner of a district-scale license position of close to 100,000 hectares on both the prolific Gold Line and Skellefte VMS belts. Additionally, in northern Finland First Nordic holds the entire underexplored Oijärvi Greenstone Belt.

Qualified Persons:

Art Freeze, P.Geo. and Benjamin Gelber, P. Geo., are Qualified Persons as defined in NI 43-101 and take responsibility for the technical disclosure contained within this news release.

ON BEHALF OF THE BOARD OF DIRECTORS
Taj Singh, M.Eng, P.Eng, CPA
President & CEO, Director

For further information contact:
Alicia Ford
Business Development Manager
Phone: (604) 687-8566
Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements:

This News Release contains forward-looking statements, including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and First Nordic undertakes no obligation to update such statements, except as required by law.

APPENDIX

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Cautionary Note Regarding Forward-Looking Statements

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the terms and conditions of the Arrangement, timing for the hearing for the final order of the Supreme Court of British Columbia to approve the Arrangement and the timing and ability of Gold Line to complete the Arrangement. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Gold Line’s respective management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Gold Line believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Gold Line. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain necessary approvals in respect of the Arrangement, the ability to consummate the Arrangement,; the ability to obtain requisite court approvals and the satisfaction of other conditions to the consummation of the Arrangement on the proposed terms and schedule; the potential impact on exploration activities; the potential impact of the announcement or consummation of the Arrangement on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; the re-rating potential following the consummation of the Arrangement; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the Arrangement. This forward-looking information may be affected by risks and uncertainties in the business of Gold Line and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Gold Line with the Canadian securities regulators, including Gold Line’s financial statements and related management’s discussion and analysis for the financial year ended December 31, 2022 and its interim financial reports and related management’s discussion and analysis for the period ended September 30, 2023 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Gold Line has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.