Brigus Gold Makes New High-Grade Gold Discovery
HALIFAX, Nova Scotia--(BUSINESS WIRE)-- Brigus Gold Corp. (Brigus or the Company) (NYSE MKT: BRD; TSX: BRD) is pleased to announce that exploration drilling on the southern portion of the Black Fox Complex confirms a new multiple horizon gold zone within the Grey Fox South gold mineralized corridor located approximately 400 metres to the east and running sub-parallel to the 147 Zone.
The following table includes highlights from the drill holes reported today from the new Grey Fox South Zone (all uncut, average gold grades over core length widths):
|Hole Number||From||To||Core Width||Gold Assay|
We are very excited to announce the discovery of another high-grade gold zone within the Grey Fox property of the Black Fox Complex, said Howard Bird, Senior Vice President Exploration Brigus. This discovery has the potential to significantly increase the Companys gold resources.
Drilling has intersected the gold mineralized trend over a 275 metre strike length. The zone remains open in all directions. Currently two drilling rigs are focused on defining the orientation and size of gold mineralized shoots and extending the mineralization along strike.
The Grey Fox South Zone, the 147 Zone and the Contact Zone all occur within close proximity of each other and provide Brigus with near term production growth opportunities because of their proximity to the Black Fox Mine infrastructure. The Black Fox Complex covers an area of approximately 18 square kilometres within the Timmins Mining District, Ontario.
Planning is underway to develop the Grey Fox Mine located on the southeast portion of the Black Fox Complex. The initial resource estimate from this area, announced in December 2011, added more than 50 percent to the gold resource at the Black Fox Complex. Brigus is in the process of expanding the resource and converting Inferred ounces to Indicated ounces through systematic infill drilling. An updated resource estimate will be released later this month. Initial engineering studies have been initiated and will continue through 2012 to determine project economics as well as development and production timelines. A preliminary economic assessment (PEA) for Grey Fox will be released in Q4, and will incorporate the new resource.
Details of the most recent Grey Fox South Zone drill holes and drill-hole location map can be found on the Companys website at www.brigusgold.com.
Surface drilling was conducted by Norex Drilling and was supervised by the Brigus exploration team. All sample analyses reported herein were performed by Polymet Labs of Cobalt, Ontario, which is ISO 9001:2000 certified in North America using standard fire assay procedures. Intercepts cited do not necessarily represent true widths, unless otherwise noted. Brigus Golds quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy. Senior Exploration Project Manager John A. Dixon, P. Geo., reviewed the technical exploration information in this release as the Qualified Person for the Company.
About Brigus Gold (BRD)
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Mine and Mill in the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and adjoining properties in the Township of Black River-Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus has granted Cangold Limited the option to acquire a 75% interest in the Companys Ixhuatan Project located in the state of Chiapas. In the Dominican Republic, Brigus has signed an agreement to sell its remaining interests in three mineral exploration projects.
Cautionary and Forward-Looking Statements
Statements in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding the Company's ability to successfully expand the Black Fox Complex gold resource, add to Black Fox resources, advance new discoveries to production, convert resource estimates into near-term production, release of an updated mineral resource estimate in 2012 and the Black Fox underground mine exploration drilling program and continue to obtain positive down dip continuity of significant gold mineralization are forward-looking statements and estimates that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from these forward-looking statements include environmental risks and other factors disclosed under the heading Risk Factors in Brigus Golds most recent Annual Information Form and Management Discussion and Analysis filed under the companys name at www.sedar.com and annual report on Form 40-F filed with the United States Securities and Exchange Commission at www.sec.gov and elsewhere in Brigus Golds documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
Brigus Gold Corp.
Jennifer Nicholson, CA, 902-442-7186
Executive Vice President
Katherine Burgess, 902-442-7184
Manager, Stakeholder Relations
Source: Brigus Gold Corp.Copyright Business Wire 2012