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Toronto, Ontario--(Newsfile Corp. - October 13, 2020) - Big Ridge Gold Corp. (TSXV: BRAU) ("Big Ridge" or "Company") and the Bunibonibee Cree Nation ("BCN") are pleased to announce that they have finalized an Exploration Agreement for the Oxford Gold Project, located within BCN Traditional Territories in northern Manitoba. The parties have entered into an exploration agreement setting out rights and obligations with respect to exploration efforts on the Company's 36,000 ha. Oxford Gold Project. The agreement provides the BCN with cultural and environmental protection measures, and financial and socio-economic benefits including jobs and training for additional employment opportunities in the mining industry.
This agreement provides long-term certainty of tenure to ultimately advance the Oxford Gold Project to the Bankable Feasibility Study Stage. The agreement enhances BCN and Big Ridge's existing relationship of mutual respect and demonstrates that Manitoba is a jurisdiction in which the untapped mineral potential can be explored and developed for the benefit of all stakeholders.
"We are very pleased to have completed the Exploration Agreement with BCN and look forward to building a long standing, positive working relationship," said Mike Bandrowski, President & CEO, Big Ridge, "this agreement has been negotiated in good faith and benefits both Big Ridge shareholders and BCN. We are pleased to be working in one of the world's greatest mining jurisdictions."
About the Oxford Gold Project
Big Ridge Gold's 100% owned Oxford Gold Project is located in central Manitoba, approximately 160km southwest of Thompson. The property contains many high priority targets that will be the focus of near-term exploration work. The Rusty Gold deposit is hosted by banded iron formation and has a historic resource of 800,000 tonnes, grading 6g/t Au and contains approximately 154,000 oz. Au.
The Historical Resource was estimated in 1990 by Noranda Inc. A Qualified Person (QP), as defined by NI 43-101, has not done sufficient work to classify this historical estimate as current mineral resources. Big Ridge is not treating the historical estimate as current mineral resources, as defined by NI 43-101, and thus the historical estimate should not be relied upon.
The Blue Jay area, another iron-formation gold target approximately two kilometres on trend and to the east of the Rusty Deposit has had limited but extremely positive results. RUS12-03 intersected two zones of high-grade gold mineralization: Zone One - 2.7 m averaging 6.7 g/t gold and Zone Two - 6.8 m averaging 5.7 g/t gold. Gold mineralization at both the Rusty Gold Deposit and the Blue Jay Zone is open along strike and to depth, Figure 1.
Rick Mazur, P.Geo., Big Ridge's Director and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Figure 1: Oxford Gold Project
To view an enhanced version of Figure 1, please visit:
Source: Big Ridge Gold Corp.
About Big Ridge Gold Corp.
Big Ridge Gold Corp. is an exploration and development company with a portfolio of 100% owned Canadian gold properties. The Company is focused on the highly prospective Oxford Gold Project located in Manitoba, it is active in the prolific Abitibi greenstone belt in Quebec on the Destiny gold property and is exploring in the Beardmore-Geraldton gold belt in Ontario.
For more details regarding the Company's projects, please visit our website at www.bigridgegold.com.
ON BEHALF OF THE BOARD,
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
President & CEO
BIG RIDGE GOLD CORP.
Suite 615-800 W. Pender Street
Vancouver, BC, V6C 2V6
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65768