Business
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...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Mineral Resource Estimate Demonstrates Significant Upside at the Hope Brook Gold ProjectToronto, 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 St...