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Big Ridge Announces Additional Results from Hope Brook Phase I Drill Program

28.06.2022 | 15:00 Uhr | Newsfile

Toronto, June 28, 2022 - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) ("Big Ridge") is pleased to announce additional diamond drill results from its 25,000-meter ("m"), Phase I exploration drill program at the past-producing Hope Brook Gold Project, located in southwestern Newfoundland and Labrador. The drill holes reported in this press release are from drill holes that targeted the shallow southwestern extension of the Hope Brook Deposit.

Mike Bandrowski, President & CEO of Big Ridge, commented, "Drilling continues to intercept gold and copper mineralization outside the current resource envelope to the southwest, further supporting our thesis of continued mineralization to the southwest and potential resource expansion."

Highlights:

  • Drill hole HB-22-167 intersected 6.43 g/t Au over 3.2 m including 12.9 g/t Au over 1.1 m and Drill hole HB-22-168 intersected 5.8 g/t Au over 1.7m.
  • Drilling continues to intersect gold and extend mineralization outside and along the projected trend of the current resource envelope that is based on a gold price of US$1,200 per ounce and 3.0 g/t Au cut-off grade.
  • The Company has released 33 drill holes to date and 31 of those results have intersected gold mineralization. These initial drill results have all focused on near-surface mineralization to the southwest of the current resource estimate.
  • Currently, the two drill rigs at site are testing deeper targets between the Main Zone and 240 Zone in an effort to connect mineralization between the two deposits.
  • The Phase 1 drill program is expected to run until August 2022 and will focus on connecting the Main Zone and 240 Zone near surface and at depth respectively, and testing the down dip extensions to both the Main and 240 Zones before moving to test the NE Extension and new geophyisical targets.

Phase I Results

Results from the Phase I drill program continue to extend gold and copper mineralization to the southwest of the former producing Hope Brook open pit. The holes reported in the press release confirm near-surface mineralization in an untested gap in the current resource envelope, southwest of the resource envelope and also show the deposit remains open to the southwest.

Copper mineralization which was recovered by past mine operators as a by-product credit and is known to be associated with gold mineralization at Hope Brook, has not been included in the historic resource estimates. Big Ridge's initial drill results have generated copper assays ranging from 0.05% Cu to 0.90% Cu in the majority of holes reported to date.

Table 1 - Significant Intercepts from Reported Holes

Hole
Number

From
(m)
To
(m)
Length
(m)
Au
g/t
Cu
%
Interval Lithology
HB-22-161
137.6 146.2 8.6 1.11 0.09 Vuggy silicified and mafic dyke units
HB-22-161 Incl. 142.3 144.7 2.3 2.38 0.29
HB-22-161
167.5 171.0 3.51 1.62 - Argillic (Qtz Pyrophyllite) and mylonitic units
HB-22-162



NSV

HB-22-163



NSV

HB-22-164
58.0 64.8 6.8 1.22 0.08 Vuggy silicified, Argillic (Qtz Pyrophyllite) and mafic dyke units
HB-22-164 Incl 59.3 60.8 1.5 2.4 0.07
HB-22-165
97.3 102.3 5.0 1.42 - Vuggy silicified and mafic dyke units
HB-22-165 Incl 97.3 99.6 2.3 2.26 -
HB-22-166
89.0 106.9 17.9 1 - Vuggy silicified, Argillic (Qtz Pyrophyllite), mafic dyke and mafic/felsic tuffaceous interbed units
HB-22-166 Incl 105.3 106.9 1.6 2.6 -
HB-22-167
117.1 120.6 3.2 6.43 - Vuggy silicified, Argillic (Qtz Pyrophyllite) and mafic dyke units
HB-22-167 Incl 117.1 118.6 1.1 12.9 -
HB-22-168
99.3 100.9 1.7 5.81 - Vuggy silicified unit
HB-22-169
81.0 82.0 1.0 2.22 - Vuggy silicified unit
HB-22-169
96.0 102.0 6.0 1.21 - Vuggy silicified, Argillic (Qtz Pyrophyllite) units
HB-22-169 Incl 96.0 97.1 1.1 3.94 -
HB-22-170
125.5 139.0 13.5 0.83 0.09 Vuggy silicified and mafic dyke units
HB-22-170 Incl 128.2 135.0 6.8 0.73 0.14
HB-22-170 Incl 134.0 137.9 3.9 1.41 0.07
  1. Intervals are presented in core length; holes are generally planned to intersect mineralization as close to perpendicular to strike as possible; true widths are estimated to be 75% of downhole length when hole and mineralized horizons orientations are considered.
  2. Assays results presented are not capped. Intercepts occur within geological confines of major zones but have not been correlated to individual structures/horizons within these zones at this time. NSV - No Significant Values.

To view drill hole locations in plan and sections please click on the following link:

https://bigridgegold.com/site/assets/files/5571/powerpoint_presentation.pdf

About Hope Brook

The Hope Brook Gold Project is an advanced stage, high-grade gold project that produced 752,162 ounces of gold from 1987 - 1997. Hope Brook hosts an indicated gold resource totalling 5,500,000 tonnes grading 4.77 grams per tonne gold for 844,000 ounces and inferred resources totalling 836,000 tonnes grading 4.11 grams per tonne gold for 110,000 ounces based on a 3.0 gram per tonne cut-off grade and a long-term gold price of US$1,200, according to a technical report for Big Ridge Gold Corp., prepared by authors Michael Cullen, P. Geo., and Matthew Harrington, P. Geo., of Mercator Geological Services Limited and Jeffrey Burke, P. Geo., and titled "NI 43-101 Technical Report for the Hope Brook Gold Project, Newfoundland And Labrador, Canada", April 6, 2021.

The Hope Brook gold deposit is a high-sulfidation epithermal gold deposit hosted in the Proterozoic aged Whittle Hill Sandstone and is intruded by a Late Proterozoic quartz-feldspar porphyry sill-dike complex of the Roti Intrusive Suite. The deposit in located adjacent to and within an extensive advanced argillic alteration envelope which includes pyrophyllite, kaolinite, andalusite, and alunite. The principal gold mineralization occurs in a buff-colored massive, vuggy silicic alteration with an associated, less developed grey silicic alteration with pyrite, chalcopyrite and lesser bornite. Gold mineralization is also found with pyrite in units of advanced argillic alteration adjacent to or near silicic alteration horizons. The altered and mineralized zone is cut by mafic dykes whose contacts are often mineralized. All of the altered and mineralized sequences and the intruded dykes have been folded.

Hope Brook is located 85 kilometers east of Port aux Basques, Newfoundland. The project has well maintained infrastructure on site, including an operational 28-person camp, an 1,100-meter airstrip, ice-free docking facility and importantly, connection to the provincial electrical power grid via an on-site substation.

Significant exploration potential remains on the 26,000-hectare concession providing a great opportunity to expand the mine area as well as surface showings throughout the concessions.

This press release was complied and reviewed by William McGuinty, P.Geo., VP Exploration of Big Ridge and a Qualified Person under National Instrument 43-101.

Quality Assurance and Quality Control (QA/QC)

Big Ridge's 2021-2022 drilling program, Quality Assurance/Quality Control and compilation of results employ a strict QA/QC program consistent with NI 43-101 and industry best practices. The Hope Brook project is supervised by Big Ridge's Vice President Exploration, William McGuinty P. Geo.

Drill core is logged and split with half-core samples packaged and delivered to ALS Global's geochemistry laboratory in Moncton, New Brunswick. Samples are dried and subsequently crushed to 70% passing a 2 mm mesh screen. A 250-gram split subsample is pulverized to a nominal 85% passing a 75-micron mesh screen. The remaining crushed sample (coarse reject) and pulverized sample (pulp reject) are retained for further analysis and quality control. All samples are analysed by Fire Assay with an Atomic Absorption (AA) finish using a 50 g aliquot of pulverized material. Samples are also analysed for copper using ICP AES with four-acid digestion. Big Ridge inserts third party reference control and blank samples in the sample stream to monitor assay performance and performs duplicate sampling of both pulp and reject material. 10% of samples submitted are part of the Company's laboratory sample control protocols.

About Big Ridge Gold Corp.

Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social license from our local communities. Big Ridge owns a 100% interest in the highly prospective Oxford Gold Project located in Manitoba and the Destiny Gold Project in Quebec. Big Ridge is the operator of the Hope Brook Gold Project located in Newfoundland and Labrador.

For more details regarding the Company's projects, please visit our website at www.bigridgegold.com

ON BEHALF OF THE BOARD,

Mike Bandrowski,
President & CEO

For further information, including a copy of the corresponding report filed with Canadian securities regulators, please visit www.sedar.com or contact:

Mike Bandrowski,
President & CEO
Big Ridge Gold Corp.
18 King St. East, Suite 1400
Toronto, ON, M5C 1C4
Tel: 416-540-5480
Email: Mike@bigridgegold.com

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

Table 2 - Drill Hole Locations*

Hole number Depth Azimuth Dip Northing Easting Elevation
HB-22-170 261 325 -74 5287348 417567 5105
HB-22-169 188 325 -60 5287348 417566 5105
HB-22-168 155 325 -45 5287348 417566 5105
HB-22-167 221 325 -80 5287477 417645 5124
HB-22-166 176 325 -59 5287365 417582 5107
HB-22-165 189 325 -70 5287477 417645 5124
HB-22-164 158 325 -52 5287477 417645 5124
HB-22-163 209 325 -60 5287276 417525 5101
HB-22-162 230 325 -45 5287276 417525 5101
HB-22-161 269 325 -67 5287567 417847 5119

* Hole collars are in NAD83 / UTM Zone 21N coordinates drilled NQ diameter. Elevations are adjusted for modelling purposes

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions.

Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events, and include, without limitation, statements with respect to Big Ridge's intentions with respect to Caprock's shares. All forward-looking statements are based on Big Ridge's and its employees' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. When relying on our forward-looking statements to make decisions with respect to Big Ridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Big Ridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129264

 
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