Business
Big Ridge Completes Stage 1 Earn-In at Hope Brook Gold Project
Toronto, Ontario--(Newsfile Corp. - September 13, 2022) - Big Ridge Gold Corp. (TSXV: BRAU) (O...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Completes Stage 1 Earn-In at Hope Brook Gold ProjectToronto, Ontario--(Newsfile Corp. - September 13, 2022) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) (\"Big Ridge\") is pleased to announce that it has met the requirements of the first stage earn-in at the Hope Brook Gold Project (the \"Project\"), located in southwestern Newfoundland and Labrador. The Stage-1 earn-in set out in the company's earn-in agreement (the \"Earn-in Agreement\") with, among others, First Mining Gold Corp. (\"First Mining\"), included a requirement to incur eligible expenditures on the Project amounting to $10 million, to issue a total of 15 million common shares of Big Ridge to First Mining and to grant a 1.5% net smelter return royalty on the Project to First Mining, of which 0.5% can be bought back for $2 million. As a result of these actions, Big Ridge now owns a 51% interest in the underlying mineral claims which make up the Project with an option to earn-in up to 80%. Mike Bandrowski, President & CEO of Big Ridge, commented, \"We completed the Stage-1 earn-in requirements for an initial 51% stake in the Hope Brook Gold Project roughly two years ahead of schedule. This significant milestone is the result of hard work by the Big Ridge team and the support of our shareholders. Since completing the Stage 1 spending requirements we have been busy with the Phase I drill program and advancing Hope Brook toward the Project's maiden resource estimate and preliminary economic assessment which is expected to be released in 2023.\"Under the terms of the Earn-in Agreement, in order to complete the Stage-2 earn-in to increase its ownership in the Project to 80%, Big Ridge must incur an additional $10 million in exploration expenditures and issue up to an additional 10,000,000 common shares of Big Ridge to First Mining by June 8, 2026. Upon completion of the Stage 2 earn-in, First Mining will be free carried on its 20% ownership interest until Big Ridge completes a Feasibility Study on the Hope Brook Gold Project. To date, Big Ridge has completed 61 diamond drill holes and released results of 33 of those holes, focusing on connecting the Main Zone and 240 Zone near surface and at depth respectively, and testing the down dip extensions to both the Main and 240 Zones. Results from the Phase 1 drill program will be included in the updated miner...