Brigus Gold Corp. (“Brigus Gold” or the “Company”) (NYSE Amex:
BRD)(TSX: BRD) has received assay results from 12 drill holes
totalling 5,327 metres as part of an ongoing exploration program at
the Company’s 100% owned Black Fox Complex located in the Timmins
Mining District, Ontario. The current exploration program continues
to return positive results and is designed to expand the Black Fox
Complex gold resource by systematically drilling mineralized
structures. Highlights from returned assay results include (all
uncut, average gold grades with estimated true widths, unless
otherwise noted):
Contact Zone
- GF10-90:
- 14.92 grams of gold per tonne over
2.41 metres and
- 14.88 grams of gold per tonne over
3.58 metres
- GF10-94:
- 7.05 grams of gold per tonne over
6.34 metres
- including 10.22 grams of gold per
tonne over 3.62 metres
- 25.78 grams of gold per tonne over
1.13 metres and
- 10.47 grams of gold per tonne over
2.11 metres
- GF10-98:
- 2.03 grams of gold per tonne over
4.26 metres and
- 3.68 grams of gold per tonne over
8.89 metres
- including 6.67 grams of gold per
tonne over 3.17 metres
Gibson Shear
- Hole GF10-88:
- 5.45 grams of gold per tonne over
core length 3.0 metres
- Hole GF10-92 :
- 2.02 grams of gold per tonne over
core length 41.8 metres
- including 4.04 grams of gold per
tonne over core length 12.0 metres
The exploration program is following up on historical data and
drill results while also testing new gold occurrences within the
Black Fox Complex. Three rigs are in the process of drilling at
least six exploration targets at the Black Fox Complex including:
the Contact Zone, the Historic Gibson Deposit, the Gibson Shear,
the School House Zone and the Hislop North Zone. All targets are
located within four kilometres of the Company’s operating Black Fox
Mine, providing the opportunity for rapid advancement. A fourth
drill rig is drilling deep exploration targets at the Black Fox
Mine.
Howard Bird, Vice President of Exploration for Brigus Gold,
said, “These drill results continue to expand the gold
mineralization at the Contact Zone. We are also very encouraged by
additional positive results at the Gibson Shear target, located
approximately 500 metres west of the Contact Zone. Our exploration
goal during 2011 and 2012 is to significantly expand the gold
resources at the Black Fox Complex while pursuing new target areas.
There is considerable near-term exploration potential at the
Contact and Gibson Shear zones, as well as at the Black Fox Mine
where the ore body remains open down-dip, both at depth and along
strike.”
Contact Zone
The Contact Zone consists of a steeply dipping mineralized fault
contact between the north-south trending metasediments and mafic
volcanic rocks, and two other parallel mineralized zones. The
Contact Zone extends for at least 1,200 metres (“m”) and is open
along strike and at depth. The general dip of the feature is 78
degrees to the east with horizontal widths varying from 3.5 m to 35
m. During the 2008 and 2009 drill program, most of the 65 drill
holes completed were concentrated within a strike length of
approximately 400 m and tested to an approximate depth of 120 m
from surface. During 2010, the Contact Zone drill program has
concentrated on testing continuity of the gold mineralization below
(down dip) and along strike of the 2008 and 2009 drill holes.
In light of recent encouraging high-grade drill results from the
Contact Zone, Brigus has expanded the drill program in this area to
increase the size of the mineralized zone. Assay results from the
most recent six holes from the Contact Zone trend were positive and
consistent with past results from the Contact Zone. A previously
planned initial gold mineral resource estimate for the Contact Zone
has been postponed until completion of the expanded drill
program.
Drilling along strike and below the 65 drill holes from the 2008
and 2009 exploration program has confirmed good down dip continuity
of significant gold mineralization.
GF10-90, highlighted above ,which followed up on GF 09-66
drilled by Brigus in 2009 and historic hole PR975-28, intersected a
mineralized zone approximately 140 m from surface and 50 m down dip
of GF09-66 while PR95-28 intersected the same zone approximately 75
m down dip of GF10-90. High interest assays from hole GF09-66
returned 3.37 grams per tonne (“gpt”) gold over true width 6.39 m
including 11.14 gpt gold over true width 1.42 m, and from historic
hole PR95-28 assays returned 3.74 gpt gold over true width 7.55 m
including 7.47 gpt gold over true width 2.22 m.
GF10-94, highlighted above, intersected mineralization
approximately 190 m from surface and 75 m down dip of GF09-25. Hole
GF09-25 intersected the zone approximately 120 m from surface and
GF09-29 intersected the zone approximately 50 m from surface. High
interest assays from hole GF09-25 returned 2.17 gpt gold over true
width 2.43 m, including 5.69 gpt over true width 0.81 m, and
GF09-29 returned 5.31 gpt over true width 3.24 m, including 8.57
gpt over true width 0.81 m.
GF10-98, highlighted above, intersected the mineralized zone
approximately 160 m from surface and 60 m down dip of GF09-64 and
GF09-65. Holes GF09-64 and GF09-65 both intersected the zone
approximately 80 m from surface. High interest assays from hole
GF09-64 returned 3.03 gpt gold over true width 4.27 m, including
8.57 gpt gold over true width 0.78 m, and GF09-65 returned 19.37
gpt gold over true width 4.21 m, including 85.99 gpt gold over true
width 0.76 m.
Assay results over 2.0 gpt gold are listed in a table in
Appendix 1 of this news release and posted on the Company’s website
at www.brigusgold.com.
Gibson Shear (“GS”)
Drilling results from the Gibson Shear target continue to
demonstrate encouraging results with five out of six holes
intercepting average gold grades over 2.0 gpt. The best hole,
GF10-92, highlighted above, was drilled on the southern portion of
the Gibson Shear (Gibson South) and returned 2.02 gpt gold over
core length 41.8 m, including 4.04 gpt gold over 12.0 m. GF10-92
was drilled 55 m to the northwest of GF10-73, which returned 2.11
gpt gold over core length 22.94 m. Further drilling is underway; a
shallow drill hole is currently in progress in order to determine
the extent of mineralization closer to surface and to better define
the dip of the mineralized zone.
Geophysical Programs
Brigus Gold has received the final airborne magnetic geophysical
survey data results from the Black Fox Complex, which distinctly
define the key gold-bearing Contact Zone and Gibson Shear linear
structures, as well as numerous similar looking untested linear
structures. In addition, a Quantec Titan 24 Deep IP ground based
geophysical program was recently completed at the Black Fox Complex
with 22 lines (each line spaced 200 m apart) surveyed. The Titan
system detects conductive mineralization, disseminated
mineralization, alteration, structure and geology resulting in the
identification of prospective drill targets. Final survey results
are expected later this quarter.
Surface drilling was conducted by Norex Drilling and was
supervised by the Black Fox exploration staff. All 2010 sample
analyses reported herein were performed by Polymet Labs of Cobalt,
Ontario, which is ISO 9001:2000 certified in North America, and by
SGS Laboratories of Sudbury, Ontario, 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 and standards 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 Gold 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 Gold 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, and an 80 percent interest in the Huizopa
Joint Venture, an early stage, gold-silver exploration project
located in the State of Chihuahua. In the Dominican Republic,
Brigus Gold has a joint venture covering three mineral exploration
projects.
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 resource
potential, resource addition or expansion, continuity of
mineralization, plans for the Company’s surface and underground
exploration drilling programs and the results associated therewith,
the amount of surface drilling, the drill rigs operating at Black
Fox Complex and the timing associated therewith, increase of Black
Fox resources, matters relating to the geophysical survey of the
Black Fox Complex and the timing thereof, release date of a
National Instrument 43-101-compliant mineral resource estimate for
the Contact Zone, and additions to resources in 2011 and 2012 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.
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