Big Ridge updates Hope Brook gold resources, anticipates significant upside

Big Ridge Gold (TSXV: BRAU; OTC: ALVLF) has released a new resource estimate for the Hope Brook gold deposit. The company is earning an 80% interest in the former mine, which produced 752,163 oz. of gold from 1987 to 1997. The property, located on the southwest coast of Newfoundland, is now considered an advanced exploration copper-gold project. 

The company notes its new estimate contains 43% more indicated gold ounces and 110% more inferred ounces, compared to the April 2021 resource estimate. In both pit-amenable and underground resources, Hope Brook contains 1.2 million indicated oz. (16.2 million tonnes grading 2.32 g/t gold). The inferred portion contains 231,000 oz. (2.2 million tonnes grading 3.24 g/t gold). 

Big Ridge used an 0.4 g/t gold cut-off for in-pit resources and a cut-off of  2.0 g/t gold for underground resources. A gold price assumption of US$1,750 was used for the estimate.

The Hope Brook deposit also has inferred copper resources. They total 18.4 million tonnes averaging 0.08% copper in the 240 zone and 0.12% copper in the Main zone. The two zones are estimated to contain 521.5 million lb. of copper. Copper was historically recovered during the latter half of the mine’s productive period.

Gold recovery used in this resource estimate is 86%, based on historic published information and metallurgical work completed in 2014 by Coastal Gold (currently the 49% owner of the Hope Brook deposit). Copper recovery is estimated to be 75%, based on earlier studies by Coastal.

“In less than two 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,” said Big Ridge president and CEO Mike Bandrowski. “The next priority will be to continue drilling the Main zone toward the southwest and the 240 zone at depth."

The company is also planning preliminary exploration of the lithium potential along 30 km of the Bay d’Est fault structure along the northern boundary of the Hope Brook property.

Visit www.BigRidgeGold.com for additional information.