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Big Ridge Gold to Acquire 80% of Hope Brook Gold Project in Newfoundland
Toronto, Ontario--(Newsfile Corp. - April 6, 2021) - Big Ridge Gold Corp. (TSXV: BRAU) (" Big ...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Gold to Acquire 80% of Hope Brook Gold Project in NewfoundlandToronto, Ontario--(Newsfile Corp. - April 6, 2021) - Big Ridge Gold Corp. (TSXV: BRAU) (\"Big Ridge\" or \"Company\") is pleased to announce it has entered into an earn-in agreement (the \"Earn-In Agreement\") with First Mining Gold Corp. (TSX: FF) (\"First Mining\") pursuant to which Big Ridge can earn up to an 80% interest in First Mining's Hope Brook Gold Project, located in Newfoundland and Labrador.Michael Bandrowski, President and Chief Executive Officer of Big Ridge commented, \"This transaction is transformational for Big Ridge, elevating the company to an advanced stage explorer of high-grade gold resources within a 26,000-hectare land package that has significant expansion potential. Hope Brook is located in one of the most exciting gold-exploration jurisdictions in the world.\" HOPE BROOK GOLD PROJECTThe 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 grams per tonne gold for 844,000 ounces and inferred resources totalling 836,000 tonnes grading 4.11 grams per tonne gold for 110,000 ounces based on a 3.0 gram per tonne cut-off grade and a long-term gold price of US$1,200, according to a technical report prepared for First Mining Finance Corp., prepared by Michael Cullen of Mercator Geological Services Limited and titled \"Resource Estimate Technical Report for The Hope Brook Gold Project, Newfoundland and Labrador, Canada\", November 20, 2015.The resource estimates described above are historical estimates as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects S.2.4 (\"NI 43-101\").Big Ridge has not completed the work required to independently analyse and verify the results of previous operators nor has a qualified person completed sufficient work to classify the estimates as current resources or mineral reserves and should not be relied upon.The Company believes these historic results provide an indication of the potential of the property and are relevant from an on-going exploration perspective. The Company has engaged Mercator Geological Services Limited to update the technical report that is expected to be delivered in Q2 2021.Hope Brook is located 85 ki...