Big Ridge Gold Corp Provides Corporate Update and 2025 Objectives
Big Ridge Gold Corp Provides Corporate
Update and 2025 Objectives
Toronto, Ontario--(Newsfile Corp. - January 15, 2025) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB:
ALVLF) ("
Big Ridge
" or the "
Company
") is pleased to provide an update on the Company and
ongoing work at the Hope Brook Gold Project ("
HBGP
")located on the southwest coast of Newfoundland
and Labrador.
2024 Highlights
Finalized earn-in to 80% of HBGP.
Completed Hope Brook Environmental baseline work at site.
Commenced ore sorting and Copper and Gold deportment studies for the HBGP.
Completed several field programs on the southwest extensions of the Main and 240 Zones at the
HBGP.
Closed the Destiny Gold Project earn-in agreement with Caprock Mining.
Michael Bandrowski, President & CEO of the Company, commented: "2024 was a significant year for
Big Ridge. The Company renegotiated the Hope Brook earn-in agreement, increasing its ownership to
80% and reducing required project expenditures by approximately $6 million. Geophysical results from
the HBGP established several kilometers of new drill targets southwest of the current resource estimate,
and was the focus of further field work in the second half of 2024. In addition, the Company completed
Environmental Baseline studies and commenced work on additional ore sorting and deportment studies
at Hope Brook."
Next Steps
Release exploration results from the 2024 field program, including sampling and assay results
from the southwest extensions of the Hope Brook deposit, most notably the Chetwynd and Cinq
Cerf areas.
Finalize drill targets on newly defined extensions to Main and 240 Zones.
Provide update on ore sorting and deportment study results from Hope Brook.
Compile field studies and finalize Hope Brook Gold Project Environmental Baseline Report.
Qualified Person
Paul Robinson, P. Geo., Vice President Exploration for Big Ridge, a Qualified Person within the
meaning of NI 43-101,
Standards of Disclosure for Mineral Projects
, has reviewed and approved the
technical information contained in this news release.
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. Initial production consisted of an open pit before moving to
underground mining. Hope Brook operated using both heap leach (1987 -1990) and conventional
cyanidation milling methods (1989-1997) with a later inclusion of flotation concentration to recover
copper (1991). Government records indicate that gold recoveries from milling ranged between a low of
78.8% in 1987 and a high of 85.9% in 1989. Government and company annual reports indicate that gold
recoveries ranged between a low of 82.1% in 1994 and a high of 89.83% in 1996 following a change of
ownership. Copper flotation produced a concentrate at approximately 22% Cu and 34.3 g/t Au for
shipment in 1992.
Hope Brook hosts an Indicated gold resource totalling 16,190,000 tonnes grading 2.32 grams per tonne
gold for 1.2 million ounces and Inferred resources totalling 2,215,000 tonnes grading 3.25 grams per
tonne gold for 231,000 ounces based on a 0.4 and 2.0 gram per tonne cut-off grades for open pit and
underground resources respectively using a long-term gold price of US$1,750.
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 is 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 accessory minerals. 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 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.
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 an 80% interest in its flagship Hope Brook Gold Project, located in
Newfoundland and Labrador. Big Ridge also owns 100% in the highly prospective Oxford Gold Project
located in Manitoba and the Destiny Gold Project in Quebec.
Acknowledgement
Big Ridge acknowledges and appreciates the Newfoundland and Labrador Ministry of Natural
Resources' financial support of the Company's 2023 exploration programs through the Junior
Exploration Assistance (JEA) Program.
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
Mike Bandrowski,
President & CEO
BIG RIDGE GOLD CORP.
18 King St. East, Suite 1400
Toronto, ON, M5C 1C4
Tel: 416-540-5480
Email:
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.
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/237269