Today, Brigus Gold, the rapidly evolving gold producer with a sizeable North American footprint (including strategic locations in Mexico and the Dominican Republic, in addition to Saskatchewan), reported that the exploration and drilling program on the southern portion of the company's wholly owned Black Fox Complex in the Timmins Gold District of Ontario continues returning high-grade gold assays from the 147 Zone.
Returning values like 5.95 grams/tonne over 56.7 meters (from 47m to 103.7m, hole GF12-415) is sure to send a positive message to shareholders about the future of the Black Fox Complex, which has also proved a substantial boon to the proximal Township of Black River-Matheson.
VP of Exploration at BRD, Howard Bird, was pleased with the continued impressive results of the ongoing drilling program at the 147 Zone and cited these results as further confirmation of the "continuity of this high grade gold zone."
The near surface intercepts in holes GF12-412 (1.58 g/t over 14m, including 45.17 g/t over 6m) and GF12-415 are solidly inside the projected open pit design area. A preliminary economic assessment of the 147, as well as the nearby Contact zone (just four kilometers southeast of the Black Fox Mine), is expected for Q3 this year along with an updated resource statement.
With the initial resource estimate for these zones (Dec 2011) the gold resource at the Black Fox Complex has increased 50% and these zones offer BRD a near term production spring board to hit growth targets, with the close proximity of the zones to existing infrastructure making it all the sweeter. Consider that the massive 18 sq km property is only 25% explored via systematic means, meaning significant upside potential yet remains, with the possibility of more zones emerging as things progress.
The 147 Zone runs for some 250m (north-south) and the mineralization is largely hosted within mafic volcanic units associated with pyrite and minor to moderate quartz veining (generally referred to as "flow ore", which accounts for roughly half of the type current underground reserves). The Contact zone is just northwest of the 147 and also has the other two main types of mineralization found at the site, carbonate ore (low-sulfide mineralization) and mineralization hosted by silicified felsic dikes.
The BRD exploration team oversaw 32-year veteran full service, surface, and underground drilling services provider Norex Drilling for the surface work, with analytical testing of samples conducted by Polymet Labs of Cobalt, Ontario (ISO 9001:2000 certified in North America for standard fire assay). Qualified Person for BRD reviewing the technical exploration data is Senior Exploration Project Manager John Dixon, P. Geo. and the company inserted blanks, standards, and duplicates for quality control purposes.
Goldman Sachs CFO, David Viniar, characterized the economic recovery today as essentially fragile, with mixed investor sentiment and flagging client momentum (the core vector which drives Goldman) leading ongoing concerns about the European debt crisis. With key U.S. reports this week like housing starts, existing home sales, and The Philly Fed Report overshadowing ECB determinations about continued easing, as well as German growth, precious metals continue to stick hard lines despite bearish near-term technicals. Gold is holding above $1600 (June gold last traded down $9.30 an ounce at $1,640.40) as markets stabilize, with silver maintaining resistance at the $31 level (closed $31.53, Apr 16). The Perth Mint, which processes all of Australia's bullion, reported gold sales fell by 9.6% last month on U.S. recovery signs, yet for many investors getting back into the market today will mean increasing portfolio share of mining companies, gold, silver, and precious metals-related assets.
For more information on the assay report (including details of the newest drill holes with a location map), or to stay up to date on the latest developments at Brigus Gold Corp., please visit the company's website at: BrigusGold.com
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