Brigus Gold Corp. (“Brigus” or the “Company”) (NYSE MKT: BRD;
TSX: BRD) is pleased to announce a new National Instrument 43-101
(“NI 43-101”) mineral resource estimate for the 147, Contact and
Grey Fox South (GFS) zones on the Grey Fox property. Highlights of
the updated resource estimate include:
- 31% increase in open pit indicated
grade & 14% increase in underground indicated grade
- Increase in underground ounces
- Significant prospect for economic
extraction
147, Contact and GFS Zones
Resource Class
Cut-offGrade(g/t
Au)
Potential Material Tonnes
Capped Au(g/t)
Contained Au(oz)
Indicated >2.84 Underground 1,275,000 6.2 255,000 >0.72 Open
Pit 3,041,500 2.6 252,400
Total Indicated
4,316,500 3.7 507,400 Inferred >2.84
Underground 1,025,100 5.6 184,800 >0.72 Open Pit 488,900 2.8
43,800
Total Inferred 1,514,000
4.7 228,600
*Please see notes
*See appendix 1 for comparison at different cut-off grades
Brigus announced an initial resource estimate on the Grey Fox
property in December 2011 and an updated resource in September
2012. The previous resource estimates were released without a
constraining pit shell. The focus of the Company’s exploration
drilling program since the last resource estimate has been to
convert Inferred ounces to Indicated ounces and to expand the
resource through systematic drilling.
“This new resource estimate is an important milestone for Brigus
and our growth plans for the Black Fox Mining Camp.” Said Wade
Dawe, Brigus Gold’s Chairman and Chief Executive Officer. “The
potential for future economic extraction in both open pit and
underground development remains strong.”
Brigus’ exploration program continues to demonstrate the high
potential to yield new gold discoveries within the Black Fox
Complex which covers approximately 18 square kilometres within the
Timmins Mining District. All all three zones at Grey Fox occur
within close proximity to each other on the southern portion of the
Black Fox Complex and provide Brigus with near term production
growth opportunities.
The new resource statement reports the open pit potential
constrained within Whittle optimized pit shells for the 147 and
Contact Zones at $1,400 per ounce of gold. The constraining pit
shell extends down to 195 metres below surface for the 147 Zone and
down to 125 metres below surface for the Contact Zone. The
potential underground resource for the 147 and Contact Zones is
based on the remaining resource outside of the pit shells. The GFS
Zone needs further drilling before it can have an optimized pit
shell calculated. The entire GFS resource is reported as
underground potential. The new mineral resource estimates are
reported to reflect potential open pit and underground resource
values at cut-off grades of 0.72 g/t of gold for open pit mining
and 2.84 g/t of gold for underground mining.
Exploration drilling in 2011 discovered the 147 Zone and the
mineral resource estimate is based on 395 drill holes. The core
area of the zone is approximately 275m in a north-south direction
dipping at approximately 80 degrees to the east. The gold
mineralization primarily occurs within multiple quartz carbonate
brecciated zones within bleached units of variolitic mafic
volcanics and other parallel hanging wall and foot wall gold
mineralized zones. Infill drilling and resource expansion drilling
below 250 metres vertical from surface is ongoing. Recent deep
targeted drilling has intersected the 147 Zone at a vertical depth
of approximately 500 metres below surface. The 147 Zone remains
open at depth.
The Contact Zone resource is based on 259 drill holes. The gold
mineral resource estimate lies within approximately 450 metres of
strike length. The Contact Zone consists of a steeply dipping
mineralized fault contact between the north-south trending
metasediments and mafic volcanic rocks, and includes parallel foot
wall and hanging wall gold mineralized zones. Infill drilling and
resource expansion drilling below 200 metres vertical from surface
is continuing and the deepest drill intersected gold mineralization
is at an approximate vertical depth of 425 metres below surface.
The mineralization remains open along strike to the north and down
dip.
Exploration drilling in 2012 discovered the new multiple horizon
GFS gold zone located approximately 400 metres to the east and
running sub-parallel to the 147 Zone. The GFS resource estimate is
based on 98 drill holes. Gold mineralization primarily occurs
within multiple quartz carbonate brecciated zones within bleached
units of variolitic mafic volcanics and intrusives, and other
parallel hanging wall and foot wall zones. Drilling has intersected
the gold mineralized trend over an approximate 300 metre strike
length and from near surface to the deepest drill hole at
approximately 320 metres vertical below surface. Drilling is at an
early stage and a significant increase in the resource is
anticipated as in-fill and expansion drilling continues. The GFS
zone remains open in all directions.
Notes
- The Independent and Qualified Persons
for the Mineral Resource Estimate, as defined by Regulation 43-101,
are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl
Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of
the estimate is June 21, 2013.
- The quantity and grade of reported
Inferred resources in this estimation are uncertain in nature and
there has been insufficient exploration to define these Inferred
resources as an Indicated or Measured mineral resource and it is
uncertain if further exploration will result in upgrading them to
an Indicated or Measured mineral resource category.
- These Mineral Resources are not Mineral
Reserves as they do not have demonstrated economic viability.
- While the results are presented
undiluted and in situ, the reported mineral resources are
considered to have reasonable prospects for economic
extraction.
- CIM definitions and guidelines were
followed for Mineral Resources.
- The resource was estimated using Gemcom
GEMS 6.5. The database used for the estimate comprised diamond
drill core composites and assays. All samples were collected by
Brigus personnel. The estimate is based on 724 diamond drill holes
(246,191m) drilled from 1993 to 2013, the vast majority (>95%)
having been drilled between 2008 and 2013. A minimum true thickness
of 5.0 m was applied, using the grade of the adjacent material when
assayed or a value of zero when not assayed.
- Supported by statistical analysis and
the high grade distribution within the deposit, a top cut varying
from 50 g/t and 100 g/t was applied to assay grades prior to
compositing grades for interpolation into model blocks using
Ordinary Kriging and Inverse Distance Weighting Squared methods,
and was based on 1.5 m composites within a 3m long x 3m wide x 3m
high block model. The ordinary kriged grade model for part of the
147 and Contact zones and ID2 for the rest of the deposit was felt
to best represent the continuity and distribution of the gold grade
based on the current geological models.
- Two passes for each of the geological
zones were used for interpolation. Based on geostatistics, the
ellipse maximum ranges for interpolation were 102m x 38m x 10m for
the 147 Main geological zone, 76m x 42m x 10m for the Contact Main
geological zone and 60m x 30m x 10m for remaining zones.
- Bulk densities were calculated for
individual interpreted lithological domains based on 638 density
measurements. The calculated bulk densities vary from 2.76 g/cm3 to
2.96 g/cm3.
- A Whittle optimized constraining shell
was generated to constrain the potential open pit material for the
147 and Contact Zone. The potential underground material for the
147 and Contact Zones is based on the remaining resource outside of
the pit shells. No open pit constraining shell was run for the Grey
Fox South zone and all of the resource is classified as underground
potential material. In-Pit and Underground resources were compiled
at cut-off grades from 0.40 to 5.00 g/t Au (for sensitivity
characterization). A cut-off grade of 0.72 g/t Au was selected as
the official in-pit cut-off grade and a cut-off grade of 2.84 g/t
Au was selected as the official underground cut-off grade. Cut-off
grades must be re-evaluated in light of prevailing market
conditions (gold price, exchange rate and mining cost).
- A gold price of US$1,400/oz and an
exchange rate of US$1.00=C$1.01 was utilized in the gold cut-off
grade calculations of 2.84 g/t for potential underground and 0.72
g/t for potential open-pit Mineral Resources. Underground and
open-pit mining costs, process costs and G&A costs were
estimated using experience gained from Brigus’ Black Fox mine.
- The Indicated category is defined by
combining various statistical criteria, such as a minimum of three
drill holes within the search area, a maximum distance of 15m to
the closest composite, and a maximum average distance of 25m to
composites. Finally, a clipping boundary was interpreted to either
upgrade or downgrade some of the resource based on confidence and
geological continuity.
- The pit shell used for the resource
estimate extends slightly beyond the property limits in its
southern portion of the 147 zone. Although the entire resource lies
within the property limits, some material outside the property
limits will need to be removed to access some of the resource.
Consequently, this portion of the pit may need to be re-considered
in a future economic study. For the purpose of this study, such
material outside the property limits was attributed a grade of 0
g/t Au.
- Ounce (troy) = metric tons x grade /
31.10348. Calculations used metric units (metres, tonnes and
g/t).
- The number of metric tons was rounded
to the nearest thousand. Any discrepancies in the totals are due to
rounding effects; rounding followed the recommendations in
Regulation 43-101.
- InnovExplo is not aware of any known
environmental, permitting, legal, title-related, taxation,
socio-political or marketing issues or any other relevant issue
that could materially affect the Mineral Resource Estimate.
Qualified Persons and Technical Report
The new mineral resource estimate announced in this release was
prepared by Mr. Pierre-Luc Richard, MSc, PGeo and Mr. Carl
Pelletier, BSc, PGeo, both from InnovExplo of Val D’Or, Quebec
(InnovExplo), and are Independent Qualified Persons ("QP"), as
defined by Section 1.5 of NI 43-101. Mr. Pierre-Luc Richard, Mr.
Carl Pelletier and Senior Exploration Project Manager Mr. John A.
Dixon, P. Geo., have reviewed and approved the technical
exploration information in this release. Mr. Dixon is the Qualified
Person for the Company.
InnovExplo is preparing a NI 43-101 Technical Report to support
disclosure of the new mineral resource estimate. This report will
be filed by Brigus in its entirety on SEDAR ( www.sedar.com )
within 45 days of the date of this news release, and the report
will also be available on Brigus’ website at www.brigusgold.com
All sample analyses were performed by Polymet Labs of Cobalt,
Ontario, SGS Laboratories of Sudbury, Ontario, Swastika
Laboratories of Swastika, Ontario and AGAT Labs of Mississauga,
Ontario using standard fire assay procedures. Brigus Gold’s quality
control checks include insertion of blanks, standards and
duplicates to ensure laboratory accuracy.
About Brigus Gold
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 also owns the Goldfields
Project located near Uranium City, Saskatchewan, Canada, which
hosts the Box and Athona gold deposits. In the Dominican Republic,
Brigus has signed an agreement to sell its remaining interests in
three mineral exploration projects. In Mexico, Brigus owns the
Ixhuatan Project located in the state of Chiapas.
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 and
Grey Fox resources, advance new discoveries to production, convert
resource estimates into near-term production, 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 Gold’s most recent Annual Information Form
and Management Discussion and Analysis filed under the company’s
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 Gold’s 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. Source: Brigus Gold Corp.
Appendix 1 : Potential Open Pit and Underground Mineral
Resource Estimate at Different Cut-Off Grades
147, Contact and GFS Zones
Resource Class
Cut-off Grade(g/t Au)
Potential Material Tonnes
Capped Au(g/t)
Contained Au(oz)
Indicated >2.84 Underground 1,275,000 6.2 255,000 >0.72 Open
Pit 3,041,500 2.6 252,400
Total Indicated
4,316,500 3.7 507,400 Inferred >2.84
Underground 1,025,100 5.6 184,800 >0.72 Open Pit 488,900 2.8
43,800
Total Inferred 1,514,000
4.7 228,600
147, Contact and GFS Zones Resource
Class
Cut-off Grade(g/t Au)
Potential Material
Tonnes
Capped Au(g/t)
Contained Au(oz)
Indicated >2.63 Underground 1,434,200 5.8 269,000 >0.65 Open
Pit 3,221,300 2.5 256,300
Total Indicated
4,655,500 3.5 525,300 Inferred >2.63
Underground 1,145,700 5.3 196,400 >0.65 Open Pit 525,200 2.6
45,600
Total Inferred 1,670,900
4.5 242,000
147, Contact and GFS Zones Resource
Class
Cut-off Grade(g/t Au)
Potential Material
Tonnes
Capped Au(g/t)
Contained Au(oz)
Indicated >2.5 Underground 1,545,400 5.6 278,200 >0.55 Open
Pit 3,522,400 2.3 262,100
Total Indicated
5,067,800 3.3 540,300 Inferred >2.5
Underground 1,229,600 5.1 202,300 >0.55 Open Pit 579,500 2.4
45,600
Total Inferred 1,809,100
4.2 247,900
Brigus Gold Corp.Investor Relations Contact
InformationMorgan Tyghe, 416-214-9867Director of Investor
Relationsmtyghe@brigusgold.com
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