- Big Ridge Gold Corp. (BRAU) announced a mineral resource estimate for its Hope Brook Gold Project
- The resource estimate incorporated results from the company’s Phase I drill program it recently completed in addition to 700 more drill holes in its database
- The estimate significantly increases the estimated gold ounces in both the company’s indicated and inferred categories when compared to the April 2021 mineral resource estimate
- Indicated gold ounces have increased by 43 per cent, and total inferred gold ounces increased by 110 per cent
- Shares of Big Ridge Gold are up 13.64 per cent to C$0.12 as of 12:06 p.m. EST Tuesday
Big Ridge Gold Corp. (BRAU) announced the results of a new mineral resource estimate for its Hope Brook gold deposit in southwestern Newfoundland.
The updated resource estimate includes results from Big Ridge Gold’s recently completed Phase I drill program and 700 other drill holes in the company’s database.
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 per cent increase in total Indicated Ounces and a 110 per cent increase in total Inferred Ounces compared to the April 2021 Mineral Resource Estimate
The new resource estimate also contemplates open-pit mineral extraction. It 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.
“The company’s updated 2023 Mineral Resource Estimate dramatically increases the estimated gold ounces in both the Indicated and Inferred Categories compared to the April 2021 Mineral Resource Estimate. The total Indicated gold ounces have increased by 43 per cent, and the total Inferred gold ounces have increased by 110 per cent. 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,” Mike Bandrowski, President and CEO of Big Ridge, said in a release.
“The next priority will be to continue drilling the Main Zone toward the southwest and the 240 Zone at depth.”
Shares of Big Ridge Gold (BRAU) are up 13.64 per cent to C$0.12 as of 12:06 p.m. EST on Tuesday.