Hope Brook Gold Project, Newfoundland
Overview
Ownership & Size: Big Ridge – earning up to 80%
1,042 mineral claims totaling 26,050 HaStage: Advanced Exploration: The property hosts the Hope Brook deposit that consists of the Main Zone and 240 Zone. The Hope Brook deposit is open along strike and at depth.
GOLD RESOURCES - IN PIT AND UNDERGROUND (1)
Hope Brook
Cut-off Grade
(g/t Au)
Tonnes
Grade
(Au g/t)
Contained
Gold Ounces
INDICATED
240 Zone
2.0
544,000
4.31
75,000
Main Zone
0.5 and 2.0
15,646,000
2.25
1,131,000
INFERRED
240 Zone
2.0
1,994,000
3.28
210,000
Main Zone
2.0
221,000
2.96
21,000
COPPER RESOURCES - IN PIT AND UNDERGROUND (2)
Hope Brook
Cut-off Grade
(g/t Au)
Tonnes
Grade
(% Cu)
Contained
Copper Lbs.
240 Zone
2.0 g/t and 0.4 g/t Au
2,538,000
0.08
4,479,000
Main Zone
2.0 g/t and 0.4 g/t Au
15,867,000
0.12
42,523,000
(1) The mineral resources described above are detailed in the “Technical Report on the Mineral Resource Estimate Update for the Hope Brook Gold Project, Newfoundland and Labrador, Canada” by Dr. Allan Armitage, P. Geo. from SGS Canada, dated April 6, 2023. The report is filed on SEDAR and at the Company’s webpage under Technical Reports.
The resource estimate uses a gold price of US$ 1,750/ounce and information from 763 surface and underground drill holes.
Mineral Resources are not Mineral Reserves and by definition do not demonstrate economic viability.
(2) Copper resources are estimated within gold resource volumes only as determined by estimation of gold using open pit and below pit (or underground) cut off grades of 0.4 g/t Auand2.0 g/t Au respectively. Copper resources are determined from information obtained from 198 drill holes drilled by Coastal Gold and Big Ridge since 2010
A NI 43-101 Technical Report describing the most recent Resource Estimate for the Hope Brook Gold Deposit was filed on SEDAR on April 6, 2023.
Location & Infrastructure Southwest coast of the island of Newfoundland, in the Province of Newfoundland and Labrador, Canada. The property hosts a 28-person camp, existing tails storage capacity, a 1,100m airstrip and is connected to grid power.
Historic Production BP-Selco made the Hope Brook discovery in 1983 and the mine was put into production in 1987. The Hope Brook Mine was operated from 1987 until 1997 by BP Selco and others and producing 752,163 ounces of gold during that time.
Project Summary - The Mine Zone and 240 Zone remain open along strike and at depth;
- Current high-grade gold resource consisting of 1,206,000 ounces of gold in the Indicated category and 231,000 ounces of gold in the inferred category;
- Several additional targets have been identified through grab sampling, channel sampling and limited drilling with no or limited follow-up work;
- Significantly de-risked with respect to processing based on 10 years of production;
- Located in a mining friendly jurisdiction with access to skilled labour
