Big Ridge Mineral Resource Estimate Demonstrates Significant Upside at the Hope Brook Gold Project
Big Ridge Mineral Resource Estimate
Demonstrates Significant Upside at the Hope
Brook Gold Project
Toronto, Ontario--(Newsfile Corp. - February 21, 2023) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB:
ALVLF) ("
Big Ridge
") is pleased to announce results of a new Mineral Resource Estimate ("MRE") for
the Hope Brook gold deposit located in southwestern Newfoundland and Labrador, 75 km east of the
community of Port aux Basques. The resource estimate, completed by Allan Armitage, Ph.D., P.Geo., of
SGS Geological Services, incorporates results from the Company's recently completed Phase I drill
program in addition to 700 other drill holes in the Company's database.
Global Mineral Resource Estimate Highlights:
1.2 Million Ounces grading 2.32 g/t Au in Indicated and 231,000 Ounces grading 3.24 g/t
Au in Inferred categories.
Open Pit Mineral Resource Estimate: 1.0 Million Ounces grading 2.14 g/t Au in Indicated
category.
43% Increase in total Indicated Ounces and 110% Increase in total Inferred Ounces
compared to the April 2021 Mineral Resource Estimate.
Mike Bandrowski, Big Ridge's President and CEO,
commented, "Our updated 2023 Mineral
Resource Estimate dramatically increases the estimated gold ounces in both the Indicated and Inferred
Categories when compared to the April 2021 Mineral Resource Estimate. The total Indicated gold
ounces have increased 43% and the total Inferred gold ounces have increased 110%. In less than 2
years the Big Ridge team has made a significant impact at Hope Brook and is excited to continue
expanding the Hope Brook deposit and to start testing some of the many regional targets identified by
the team in 2022. The next priority will be to continue drilling the Main Zone toward the southwest and the
240 Zone at depth."
The new resource estimate contemplates open-pit mineral extraction and identifies in-pit resources at a
cut-off grade of 0.4 g/t Au and out-of-pit resources considered accessible by underground mining
methods at a cut-off grade of 2.0 g/t Au. A gold price assumption of $US 1,750 per ounce has been
used for the estimate. All prices quoted herein are in US dollars unless otherwise stated.
The Hope Brook Gold Deposit comprises an area of historic mining where an open pit and underground
mine, accessible by a decline ramp, was developed and operated from 1987 to 1997.
Hope Brook Project Mineral Resource Statement, effective January 17, 2023
IN PIT
Hope Brook
Cut-off Grade
(g/t Au)
Tonnes
Grade
(Au g/t)
Contained
Gold Ounces
INDICATED
Main Zone
0.4
14,584,000
2.14
1,002,000
UNDERGROUND
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
2.0
1,062,000
3.78
129,000
INFERRED
240 Zone
2.0
1,994,000
3.28
210,000
Main Zone
2.0
221,000
2.96
21,000
IN PIT AND UNDERGROUND
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
(1)
The classification of the current Mineral Resource Estimate into Indicated and Inferred is consistent with current 2014 CIM Definition
Standards - For Mineral Resources and Mineral Reserves
(2)
All figures are rounded to reflect the relative accuracy of the estimate.
(3)
All Resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable
prospects for eventual economic extraction.
(4)
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower
level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is
reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
exploration.
(5)
The update MRE is based on data for 763 surface and underground drill holes representing 164,865 m of drilling, including data for 60 surface
drill holes for 19,090 m completed by Big Ridge in 2021 and 2022.
(6)
The mineral resource estimate is based on 2 three-dimensional ("3D") resource models for the Main Zone and 240 Zones.
(7)
High grade capping was applied to the 1.5 m composite data. A capping value of 50 g/t Au was to the Main Zone and 40 g/t Au for the 240 Zone.
(8)
Average density values were assigned per zone.
(9)
Gold is estimated for each mineralization domain. Blocks (5x5x5) within each mineralized domain were interpolated using 1.5 metre capped
composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID
2
) interpolation method was used for all
domains.
(10)
It is envisioned that parts of the Main Zone may be mined using open pit mining methods. Open pit mineral resources are reported at a base
case cut-off grade of 0.4 g/t Au within a conceptual pit shell.
(11)
It is envisioned that parts of the Main Zone as well as the 240 Zone may be mined using underground mining methods. A selected base case
cut-off grade of 2.0 g/t Au is used to determine the underground mineral resource for the Main Zone and 240 Zone.
The underground Mineral
Resource grade blocks were quantified above the base case cut-off grade, below the constraining pit shell and within the constraining
mineralized wireframes.
(12)
Base case cut-off grades consider a metal price of US$1750.00/oz Au and considers a metal recovery of 86 % for Au.
(13)
The pit optimization and in-pit base case cut-off grade of 0.4 g/t Au considers a mining cost of US$2.65/t rock and processing, treatment and
refining, transportation and G&A cost of US$15.60/t mineralized material, and an overall pit slope of 55°. The underground base case cut-off grade
of 2.0 g/t Au considers a mining cost of US$54.00/t rock and processing, treatment and refining, transportation and G&A cost of US$15.550. The
cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
(14)
The results from the pit optimization are used solely for the purpose of testing the "reasonable prospects for economic extraction" by an open
pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide
to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.
(15)
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or
other relevant issues. There is no certainty that all or any part of the Inferred Mineral Resource will be upgraded to an Indicated or Measured
Mineral Resource as a result of continued exploration. There is no other relevant data or information available that is necessary to make the
technical report understandable and not misleading.
(16)
The Author is not aware of any known mining, processing, metallurgical, environmental, infrastructure, economic, permitting, legal, title,
taxation, socio-political, or marketing issues, or any other relevant factors not reported in this technical report, that could materially affect the
updated MRE.
To view images representing the Hope Brook Mineral Resource Model please click on the following link:
https://bigridgegold.com/site/assets/files/5585/2023_hb_mre_slides_for_press_release.pdf
.
Consistent Grade and Tonnage
The 2023 Hope Brook Mine open pit mineral resource estimate demonstrates a strong resilience to
change in cut-off grade, allowing for a broader range of future mining scenarios for consideration in
future economic studies. The previous Hope Brook MRE by Big Ridge ( 2021) was built to represent a
resource more suited to an underground mining scenario only. These studies provide development
markers to model and test combined extraction scenarios.
Sensitivity to cut-off grade, Hope Brook Project Mineral Resource Statement, January 17, 2023
IN PIT
Hope Brook
Cut-off Grade
(g/t Au)
Tonnes
Grade
(Au g/t)
Contained
Gold Ounces
INDICATED
Main Zone
0.2
15,046,000
2.08
1,007,000
0.3
14,870,000
2.10
1,006,000
0.4
14,584,000
2.14
1,002,000
0.5
14,137,000
2.19
996,000
0.6
13,542,000
2.26
985,000
0.7
12,846,000
2.35
971,000
UNDERGROUND
Hope Brook
Cut-off Grade
(g/t Au)
Tonnes
Grade
(Au g/t)
Contained
Gold Ounces
INDICATED
240 and
Main Zone
1.0
3,432,000
2.59
286,000
2.0
1,606,000
3.95
204,000
2.5
1,201,000
4.53
175,000
3.0
925,000
5.11
152,000
3.5
744,000
5.52
132,000
INFERRED
240 and
Main Zone
1.0
4,052,000
2.49
324,000
2.0
2,215,000
3.24
231,000
2.5
1,433,000
3.84
177,000
3.0
1,202,000
4.04
156,000
3.5
1,002,000
4.19
135,000
(1)
Values in these tables are reported above and below a base case cut-off grade (highlighted) for pit constrained and underground and should
not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimates to the
selection of cut-off grade.
(2)
All figures are rounded to reflect the relative accuracy of the estimate.
Process Recovery for Gold and Copper
Gold recovery used in this resource estimate is 86% and is based on historic published information by
the former operators of the Hope Brook Mine, and metallurgical work completed in 2014 by Coastal
Gold Corp. ("Coastal"), currently a 49%-owner of the Hope Brook Gold Project Property. Coastal is a
wholly owned subsidiary of First Mining Gold Corp.
Copper recoveries are estimated to be 75%, based on the Coastal studies.
Copper in the Hope Brook Deposit
Copper as chalcopyrite is present in the deposit in significant quantity, linked to gold in the deposits
main gold bearing vuggy silica lithology. Copper was historically processed for recovery by operators of
the Hope Brook Mine in the latter half of the mine's operating life. However, information regarding copper
distribution in the deposit, and for the purposes of this Mineral Resource Estimate, is confined to surface
drilling information from 198 holes drilled and sampled by Coastal and Big Ridge. The surface holes are
well distributed across the Main and 240 Zones and are considered representative of the distribution of
copper in the deposit but have a drill density that is lower that that used for the gold resource estimate.
The copper resource in this Mineral Resource Estimate is categorized as Inferred Resources due to the
lower density of copper values distributed in the Hope Brook resource block model. Copper estimation
is restricted to the copper mineralization contained in gold resource model and blocks and does not
represent a separately modelled mineral domain.
Copper recovery presents metallurgical and environmental opportunities for the deposit, in addition to a
potential economic benefit. Beneficiation of copper can improve gold recoveries at the mill, generate a
concentrate for shipment to smelter and reduce copper concentrations sent to future mine tailings
storage.
Hope Brook Project Mineral Resource Copper Estimate
Category
In-pit @ 0.40 g/t Au cut-off
Category
Tonnes
Cu (%)
Cu (lbs)
Inferred
Main Zone
14,584,000
0.12
39,328,000
Category
Below-pit @ 2.0 g/t Au cut-off
Tonnes
Cu (%)
Cu (lbs)
Inferred
240 Zone
2,538,000
0.08
4,479,000
Main Zone
1,283,000
0.12
3,195,000
Category
Total
Tonnes
Cu (%)
Cu (lbs)
Inferred
240 Zone
2,538,000
0.08
4,479,000
Main Zone
15,867,000
0.12
42,523,000
Work Completed by Big Ridge
Big Ridge conducted a Phase I exploration program between July 2021 and August 2022. The program
included a grid controlled CSAMT (Controlled Source Audio-frequency Magnetotellurics) and magnetic
survey of the mine area, as well as core drilling of 61 NQ-sized diamond drill holes (totalling 19,985 m),
which tested near-surface gold and copper mineralization in the down dip extension of the Main Zone
and down plunge towards the deeper 240 Zone to the southwest.
Project Planning in 2023
With the Company's improved knowledge of the Hope Brook deposit, an updated resource estimate in
hand and a slate of underexplored gold targets on the Company's extensive landholding in southern
Newfoundland and Labrador, the following projects are being considered:
Continued drill testing for expansion of the deposit in the 240 Zone area.
Using materials from the company's library of 198 drill holes and sample reject material at site.
Metallurgical testing to advance gold and copper recoveries.
Ore separation testing with the objective of removing unmineralized lithologies from key
mineralized material.
Field evaluation and detailed exploration of several priority targets including Old Man's Pond,
Woodman's Droke, Phillips Brook and Cross Gulch, by surface mapping and sampling,
induced polarization surveys and results-based follow-up drilling.
Preliminary exploration of the lithium potential along 30 km of the Bay d'Est fault structure along the
northern boundary of the Hope Brook Project.
To view images representing the Hope Brook pit shells, drill target areas and property wide targets
please click on the following link:
https://bigridgegold.com/site/assets/files/5585/2023_hb_mre_slides_for_press_release.pdf
.
NI 43-101 Technical Report Filing
A Technical Report prepared under 43-101 Standards of Disclosure for Mineral Projects disclosing the
Mineral Resource Estimate reported herein for the Hope Brook Gold Project Property will be filed on
SEDAR (
www.sedar.com
) within 45 days and announced by news release.
Qualified Persons
The Mineral Resource Estimate reported herein for the Hope Brook Gold Project Property was prepared
by Dr. Allan Armitage, P. Geo. from SGS, an Independent Qualified Person as defined under NI 43-101.
Dr. Allan Armitage P. Geo. and William McGuinty, P. Geo., Vice President Exploration for Big Ridge,
each a Qualified Person within the meaning of NI 43-101, have reviewed and approved the technical
information contained in this news release.
Quality Assurance and Quality Control (QA/QC)
For Big Ridge's 2021-2022 drilling program, program design and Quality Assurance/Quality Control
practices were designed by Mercator Geological Services Limited, and subsequently assumed by Big
Ridge. The surface drilling program was conducted employing 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, 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 3
rd
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 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 16,209,000
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 grade for open pit and underground resource respectively and 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 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 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 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.
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
Mike Bandrowski,
President & CEO
BIG RIDGE GOLD CORP.
18 King St. East, Suite 1400
Toronto, ON, M5C 1C4
Tel: 416-540-5480
Email:
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