Yellowknife Gold Project

Yellowknife Gold Project

Advancing gold exploration in the Yellowknife Greenstone Belt

January 2021

INVESTOR PRESENTATION

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This presentation contains forward-looking statements within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation,

statements relating to proposed exploration and development programs, funding availability, anticipated exploration results, grade of gold and tonnage of material, resource estimates, anticipated gold price and future exploration and operating plans are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company.

Forward-looking statements are made based upon certain assumptions by the Company and other important factors that, if inaccurate, could cause the actual

results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the ability to achieve goals. Certain important factors that could cause actual results, performances or

achievements to differ materially from those in the forward-looking statements include, but are not limited to future exploration plans and objectives and range estimates for tonnage and grade.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include,

among other things, uncertainties relating to availability and cost of funds, timing and content of work programs, results of exploration activities, interpretation of drilling results and other geological data, risks relating to variations in the gold grade and host rock lithologies; variations in rates of recovery; variations in future gold prices; the state of world gold markets, reliability of mineral property titles, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, operational and infrastructure risk and other risks involved in the mineral exploration and development business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.

This presentation has been prepared under the supervision of Carl Verley, P. Geo., a Qualified Person under National Instrument 43-101.

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Forward-looking Information

THE PROJECT:

•

Provides investors with the opportunity to

participate in an early stage exploration

venture that has been de-risked by the results

of previous work.

•

Located 75 kilometres north of Yellowknife,

NWT, along the extension of a world class

gold district where over 15 million oz. of gold

has been recovered.

•

Includes the main Viking Zone and numerous

prospects over a 6 kilometre strike length.



The property has strong geological similarities to the Kirkland Lake camp in Ontario, where 26 million ounces

of gold have been recovered from a 6 kilometre portion of the “Main Break” shear zone.

Select Historic Viking Zone drill intersections include:

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THE POTENTIAL:

Intercept length

Gold Assay

Hole No. & Date

metres

grams/tonne

ounces/ton

3.14

16.80

0.54

Hole 1, 1946

7.01

9.47

0.30

Hole 10, 1946

2.13

161.43

5.19

Hole 17, 1946

9.53

12.46

0.40

Hole U-2, 1947

4.00

8.23

0.26

Hole VK-88-3, 1988

8.25

12.34

0.39

Hole VK-88-4, 1988

1.30

195.63

6.29

Hole VK-89-6, 1989

5.00

8.11

0.26

Hole VK-89-11, 1989

3.00

9.12

0.29

Hole VK-89-16, 1989



Future exploration will focus on:

i) confirming previous results by diamond drilling;

ii) estimating gold resources for the Viking Zone by continued diamond drilling;

iii) investigating the gold resource potential of other zones on the property; and

Land Status:

•

JL 1 – 7 claims and three mining leases

covering 3,231 hectares;

•

75 km north of Yellowknife, aircraft

accessible, permitted for winter road;

•

Land Use Permit (Class A) approved, allows

for two drills to operate.

Previous work:

•

Diamond drilling in excess of 14,000 metres,

100 holes (Viking zone); 1,200 m in 33 holes

Greenlee Zone;

•

High resolution airborne magnetic and

electromagnetic surveys (Fugro, 2006);

•

Initial underground development (Viking

Zone).

Work undertaken by Norse Gold:

•

Compilation of all available drill and

geophysical data;

•

Located old drill hole collars;

•

Flew LiDAR and air imaging survey;

•

Saw-cut channel sampling;

•

Permitting for diamond drilling.

Norse Gold

Geological Setting & Mineralization Model:

•

Gold is hosted in dilational vein structures and

altered wall rock at the contact between

metasediments and metavolcanics along a

regional scale shear zone;

•

Host rocks consist of isoclinally folded

metasediments and metavolcanics of the

Archean Burwash Formation;

•

A classic Archean orogenic gold deposit setting,

analogous to the Kirkland Lake camp in Ontario,

where 26 million ounces of gold have been

mined from a 6 km shear zone – the “Main

Break” Fault.

Norse Gold

- Drill tested gold showings:

1. Viking

2. Max

3. Greenlee

4. Lucky Lake

5. East Zone

Other: Whiskers zone, which consists of gold–bearing quartz veins.

Adjacent properties :

GoldMining Inc. holds:

1. Past producing

Discovery Mine

(approximately 1 million

ounces gold from 1 million tonnes)

2. Bruce and Ormsby zones

. have NI 43-101 compliant pit

constrained resources: M & I gold: 861,000 oz; Inferred gold

136,000 oz.

3. Goodwin Lake:

inferred gold resource of 870,000 tonnes

averaging 1.28 g/t (33,000 oz Au)

4. Narrow Lake:

gold showings similar to the Ormsby zone.

Viking Zone Greenlee Lucky Lake Max East Zone Whiskers

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PROPERTY

&

Location of known

Gold zones

GEOLOGY

Aerial image Viking Zone

Bert Lake

Viking “mine”

Shaft

Trenches

Mine dump

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Previous Drilling – Viking to Max Zones

Max zone

Viking zone

High-grade gold values are indicative of potential for high-grade shoots.

Mid-grade gold values provide support for Increasing tonnage potential of high-grade shoots.

Low-grade gold values are indicative of gold disseminated in altered wall rock to veins, providing potential for large-tonnage, low-grade, bulk-mineable deposits.

Previous drill results for the Viking Zone,

while non-compliant with NI 43-101

criteria for resource estimation because of

QA/QC limitations and lack check samples,

are indicative of the potential of this one zone.

Initial high-grade, underground target:

Assumptions:

- gold grade and SG: 15 gm/t, 2.5 t/m

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- multiple (say 12) ore shoots within Viking shear zone:

- width of shoots: 5 m wide,

- length: 20 m,

- depth: surface down to 1,000 m,

- 90% gold recovery by conventional gravity

separation methods.

Initial Resource potential:

3,000,000 tonnes at 15 gm/t for 1,200,000 ounces of gold.

Note: high-grade mining may be the most cost effective initial approach

to project development, to be followed later by bulk mining.

Initial low-grade, bulk mineable target:

Assumptions:

- gold grade and SG: 1 gm/t, 2.5 t/m

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- width of zone: 50 m wide,

- length: 2 km, from Max to Viking zone,

- depth: surface down to 250 m,

- 80% gold recovery by conventional heap leach.

Initial Resource potential:

62,500,00 tonnes at 1 gm/t for 1,500,000 ounces of gold.

Note: if bulk mining is initially realized it is likely to morph into high-grade

underground mining as it advances to depth.

2020-21 PROGRAM

Designed to confirm resource potential indicated by previous drilling at the Viking Zone.

1.

Initial drilling 1,000 m in 8 holes

2.

To be followed by an aggressive drill program (10,000 m+) to firm up an initial resource

estimate for the Viking zone.

3.

Test resource potential at other zones on the property by:

i) Integrating existing geophysical data into an updated geological framework,

ii) Saw-cut channel sampling of existing showings;

iii) Prospecting, mapping and sampling of new zones arising from i);

iv) Drill testing best targets.

Norse Gold’s Capital Structure :

Shares Issued & Outstanding:

41,422,073

Options

2,800,000

Total fully diluted

44,222,073

Market Cap. FD (Jan. 11, 2021)

$6.2 million

Exchange & Symbol

TSX-NEX, VKG.H



Favorable location, close to Yellowknife (73 km),



Established, prolific gold belt,



Historic drill indicated resource potential, significantly reduces risk,



Other targets on long (6km+), persistently mineralized shear zone.



Multi-million ounce gold resource potential.



Experienced and focused management team.

Summary:

Contact:

Carl Verley, President & CEO for further information

[email protected]

Management Team & Board:

Carl Verley, B.Sc., P. Geo., CEO, President and Director

Carl is a Professional Geoscientist, registered in B.C. and the NWT and Nunavut, with over 35 years experience in mineral

exploration. His recent focus has been on diamond, gold, and lithium projects. He has been responsible for generation and

management of exploration projects. He has served as a director of a number of public companies, with extensive Board

experience in compensation, corporate governance and special committees.

Jim Owen, CPA, CA, CFO

James Owen is a Chartered Accountant, CPA. During the last 35 years he has been involved in the financial and

administrative areas of public companies. He has extensive experience in the natural resource exploration industry in Canada

and internationally. Jim has served as a Director and Officer of numerous public companies.

Paul Bolger, LL.B., M.B.A., Corporate Secretary

Paul is a partner with Tingle Merrett LLP, a Calgary-based corporate and securities law boutique firm, with a practice focused on

corporate securities, corporate finance and commercial transactions involving emerging, growth and mid-capitalization

companies. He has extensive experience acting for public and private companies in a range of matters.

Ray Hodgkinson, B.Sc., P. Eng., Director

Ray has 40 years of experience in the natural resources sector and is a Member of the Association of Professional Engineers

and Geoscientists of Alberta. He has operating and Board experience with public companies in the minerals and energy sector.

Thomas MacNeill, CPA-CGA., Director

Mr. MacNeill is the President, Chief Executive Officer ( “CEO”) and a director of Omineca Mining and Metals Ltd, a BC based

resource company developing gold resources in the Caribou Mining District. He is President, CEO and a director of 49 North

Resources Inc. Mr. MacNeill is a graduate of the University of Saskatchewan and is a Chartered Financial Analyst and a CA-CGA.

With over 25 years in the resource investment and corporate finance industry, Mr. MacNeill ‘s work history includes positions as