Toronto, Ontario, October 13, 2021 - Big Ridge Gold Corp. (TSX-V: BRAU) (“Big Ridge” or the “Company”) is pleased to provide an update on the exploration program that is currently in progress at the Hope Brook Gold Project, located in southwest Newfoundland & Labrador.
The company is nearing the completion of its Controlled Source Audio-frequency Magnetotellurics (CSAMT) geophysics program. The program is designed to test the large 1,200 meter (“m”) gap between the 240 Zone and Main Zone and extensions to the southwest and northeast of the 240 and Main Zones. This program is expected to better define current targets and identify new ones across the large concession package striking for more than 30 kilometers.
Phase 1 Drill Program
The company’s drill contractor is currently mobilizing drill rigs and crews that are expected to be on site this week. The Phase 1, 25,000-meter drill program will aim to test the highly prospective ground between the 240 and Main Zones at surface and to depth as well as the Northeast Extension once results from the CSAMT program have been interpreted.
Shallow historic drilling completed by previous operators across 400 meters of strike west of the Main Zone and outside the current resource estimate generated high grade results such as 4.69 grams per tonne (g/t) gold across 14.9 meters and 3.11 g/t gold across 18.0 meters.
The current program calls for a minimum 25,000 meters of diamond drilling and will take the company well into 2022 including a 30-day break over the Holiday Season. Big Ridge is also utilizing a back-pack drill on site to test targets previously identified via sampling, geophysics and drill programs completed in the 1980’s.
Hope Brook Gold Project
Michael Bandrowski, President & CEO of Big Ridge commented “Big Ridge has all the necessary permits in place and is excited to commence the first meaningful exploration program at Hope Brook since 2012. The known mineralization at Hope Brook provides a great resource to build on and the highly prospective targets in and around the deposit provide an opportunity to make further discoveries”.
The scientific and technical content of this press release has been reviewed and approved by Nick Tintor, a Qualified Professional Member of the Mining & Metallurgical Society of America and a Qualified Person for the purposes of NI 43-101.
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 100% interest in the highly prospective Oxford Gold Project located in Manitoba, 100% interest in the Destiny Gold Project in Quebec where Clarity Gold Corp. (CLAR – CSE) is earning up to a 100% interest and is exploring in the Beardmore-Geraldton gold belt in Ontario.
For more details regarding the Company’s projects, please visit our website at www.bigridgegold.com
ON BEHALF OF THE BOARD,
President & CEO
For Further Information Contact:
President & CEO
BIG RIDGE GOLD CORP.
1 Yonge Street, Suite 1801
Toronto, ON, M5E 1W7
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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, including the expected timing of closing the Earn-In Agreement. 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.