Big Ridge Gold drills 0.47 g/t gold over 87 metres at Hope Brook, Newfoundland

Big Ridge Gold Corp. [BRAU-TSXV; ALVLF-OTCQB] reported additional diamond drill results from its phase I exploration drill program at the past-producing Hope Brook gold project, located in southwestern Newfoundland and Labrador.

Mike Bandrowski, President & CEO of Big Ridge, commented, “Drilling continues to intercept gold and copper mineralization outside the current resource envelope to the southwest and toward the 240 Zone. The Phase I drill program has intercepted mineralization in over 90% of the diamond drill holes released to date, and should have a positive impact on our updated Mineral Resource Estimate that we expect to release in the first quarter of 2023.”

Highlights: Drill hole HB-22-185 intersected 0.64 g/t gold over 13.3 metres, including 2.37 g/t gold over 1.6 metres. Drill hole HB-22-192 intersected 0.93 g/t gold over 17.0 metres, including 1.25 g/t gold over 9.0 metres and 1.54 g/t gold over 1.0 metre and 4.63 g/t gold over 1.0 metre. Drill hole HB-22-193 intersected 17.5 g/t gold over 1.0 metre.

Of particular note are results from drill hole HB-22-198, intersecting 0.47 g/t gold over 87.0 metres, including 4.40 g/t gold over 2.0 metres, 1.10 g/t gold over 2.0 metres and 2.50 g/t gold over 7 metres. This hole marks the most westward intersection of the Hope Brook deposit in the now completed Phase I diamond drill program and nearest to the previously defined 240 Zone resource. The hole demonstrates a considerable thickening of the epithermal system in this area.

Drilling continues to intersect gold and extend mineralization outside and along the projected trend of the current resource envelope, which is based on a gold price of US$1,200/oz and a 3.0 g/t gold cut-off grade.

The company has released 52 drill holes to date and 48 of those results have intersected gold mineralization. These initial drill results have focused on near-surface mineralization to the southwest of the current resource estimate and the up-dip extensions to the 240 Zone. The Phase 1 drill program results continue to demonstrate that Hope Brook remains open in several directions and there are a series of assays pending from additional drill holes testing the 240 Zone and Main Zone.

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 mineralization in a poorly tested gap to the southwest and down plunge of the resource envelope, between the Hope Brook Main Zone and the deeper 240 Zone to the west as well as continuity of the alteration package associated with the deposit.

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% to 0.90% copper in the majority of holes reported to date.

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 g/t gold for 844,000 ounces and inferred resources totalling 836,000 tonnes grading 4.11 g/t gold for 110,000 ounces based on a 3.0 g/t cut-off grade and a long-term gold price of US$1,200.

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, an 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.

The company’s flagship property is the Hope Brook Gold Project located in southwestern Newfoundland. The Hope Brook mine produced 752,163 ounces of gold between 1987 and 1997. A total of 19,985 metres of diamond drilling was completed by the company in 2021 – 2022 and an updated Mineral Resource Estimate will be completed during the first half of 2023.

Big Ridge owns a 51% interest in the Hope Brook Gold Project and has the right to increase its interest to 80%. In addition, Big Ridge also holds 100% interest in the highly prospective Oxford Gold Project located in Manitoba and the Destiny Gold Project in Quebec.