Business
Big Ridge Gold Completes Acquisition of Gold Island Inc. Creating a Premier Newfoundland Based Exploration Company
Toronto, Ontario--(Newsfile Corp. - August 14, 2023) - Big Ridge Gold Corp. (TSXV: BRAU) (" Big R...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Gold Completes Acquisition of Gold Island Inc. Creating a Premier Newfoundland Based Exploration CompanyToronto, Ontario--(Newsfile Corp. - August 14, 2023) - Big Ridge Gold Corp. (TSXV: BRAU) (\"Big Ridge\" or the \"Company\") and Gold Island Inc., a private company (\"Gold Island\") are pleased to announce the closing of Big Ridge's acquisition of Gold Island, previously announced July 17, 2023, pursuant to which Big Ridge acquired all of the issued and outstanding common shares of Gold Island. The transaction was effected by way of a three-cornered amalgamation under the Business Corporations Act (Ontario) whereby Gold Island amalgamated with a wholly owned subsidiary of Big Ridge (the \"Amalgamation\"). With the completion of the amalgamation, Big Ridge will be a premier Newfoundland based gold exploration company.Michael Bandrowski, President, and Chief Executive Officer of Big Ridge commented, \"We welcome all our new shareholders and both Paul Pint and Paul Robinson to the Big Ridge team. Big Ridge is well positioned with a strong treasury, exciting portfolio of advanced and early-stage assets in Newfoundland, Quebec and Manitoba, and an experienced team determined to continue adding value for shareholders.\"Adrian Fleming, Chief Executive Officer of Gold Island commented, \"The acquisition of Gold Island by Big Ridge is a positive development for Gold Island shareholders given Big Ridge's existing significant defined gold and copper resources and abundant exploration targets that will be complemented by several prospective Gold Island exploration properties with near term potential for drill testing. We look forward to further supporting Big Ridge's path to become the premiere gold explorer in Newfoundland.\"Key HighlightsSignificant Defined Gold & Copper Resources - The Company's flagship Hope Brook Gold Project in Newfoundland hosts an indicated gold resource of 1.2 million ounces at 2.32 g/t gold, and inferred resources of 231,000 ounces at 3.25 g/t gold and 47 M lbs of copper and remains open for expansion along strike and at depth.High Quality Exploration Potential - The addition of options on three high quality gold exploration assets from Gold Island in the Baie Verte area of Newfoundland of which two are drill-ready and offer potential for further new discoveries to be made in the near-term.Strong T...