Brigus Gold Corp. (“Brigus” or the “Company”) (NYSE Amex: BRD) (TSX: BRD) is pleased to report very good gold assays over significant widths within the new 147 gold zone (147 Zone). The 147 Zone trends in a north-south direction and is located approximately 150 metres to the east running parallel to the gold mineralized Contact Zone.

Highlights from continued drilling at the 147 Zone target include (all uncut, average gold grades over core length):

147 Zone

  • GF11-173:
    • 1.01 gpt over 50.95 m
      • including 8.29 gpt over 3.25 m
  • GF11-177:
    • 4.40 gpt over 29.40 m
      • including 6.80 gpt over 16.30 m
  • GF11-181:
    • 2.68 gpt over 41.00 m
      • including 3.53 gpt over 24.00 m; and
      • including 4.46 gpt over 10.00 m
  • GF11-184:
    • 1.08 gpt over 78.00 m
      • including 2.65 gpt over 9.50 m
  • GF11-185:
    • 3.36 gpt over 73.58 m
      • including 6.20 gpt over 7.00 m; and
      • including 5.69 gpt over 3.00 m; and
      • including 11.12 gpt over 13.00 m

The 147 Zone is located on the southern portion of Brigus’ 100%-owned Black Fox Complex, four kilometres from the Company’s Black Fox gold mine. The Black Fox Complex covers an area of approximately 18 square kilometres within the Timmins Mining District, Ontario.

“The recently discovered 147 Zone continues to return long gold intercepts with excellent grades,” said Howard Bird, Vice President Exploration Brigus. “We are encouraged by these continued positive results and plan to develop a resource statement on this new Zone by the fourth quarter of this year. Drilling with five drill rigs is focused on defining the boundaries of the Zone which remains open to the north, east and at depth.”

The location of the most recent drill hole results in relation to the 147 Zone discovery drill hole, GF11-147, that returned 5.25 gpt gold over 37.70 m, including 3.11 gpt over 9.70 m, and including 9.04 gpt over 18.00 m, are as follows: GF11-173 was drilled approximately 80 m north of hole GF11-147, hole GF11-177 was drilled approximately 40 m south of hole GF11-147 and approximately 12.5 m north of hole GF11-152 which returned 3.66 gpt over 66.85 m, including 8.34 gpt over 22.00 m, hole GF11-184 was drilled approximately 28 m northeast of hole GF11-147, while hole GF11-185 was drilled approximately 28 m southeast of hole GF11-147. Mineralization in the 147 Zone occurs primarily within multiple quartz and carbonate healed brecciated zones within bleached units of mafic volcanics.

During January and February 2011 Brigus drill tested the Contact Zone trend to the south (“Contact South”) of the previously drilled “Contact Main Zone” area. The drilling returned lower interest gold assay results; however, the Contact Main Zone remains open to the north and down dip. Brigus will re-commence drilling the Contact Main Zone in mid-June to progress towards completing a resource statement.

The 147 Zone and Contact Zone South drill holes and a drill-hole location map are both posted on the Company’s 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 Gold’s 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

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, as well as the Black Fox Mill, 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 Gold holds a 100 percent interest in the Ixhuatan Project located in the state of Chiapas which is subject to a letter of intent with Cangold. In the Dominican Republic, Brigus has a joint venture covering three mineral exploration projects which is subject to a letter of intent with Everton Resources.

Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources

This news release uses the term mineral “resources”. The Company advises U.S. investors that while these terms are defined in and required by Canadian regulations, these terms are not defined terms under the U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7 and are generally not permitted to be used in reports and registration statements filed with the SEC. The SEC generally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

Cautionary and Forward-Looking Statements

This news release includes “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements regarding the Company's ability to successfully expand the Black Fox Complex gold resource, add to Black Fox resources, advance new discoveries, 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 and its predecessor companies’ most recent annual report on Form 10-K filed with the United States Securities and Exchange Commission 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.

Brigus Gold Corp Ordinary Shares (Canada) (AMEX:BRD)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Brigus Gold Corp Ordinary Shares (Canada) Charts.
Brigus Gold Corp Ordinary Shares (Canada) (AMEX:BRD)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Brigus Gold Corp Ordinary Shares (Canada) Charts.