HALIFAX, Nova Scotia, Nov 29, 2011 (BUSINESS WIRE) — Brigus Gold Corp. (“Brigus” or the “Company”) /quotes/zigman/51332/quotes/nls/brd BRD +2.43% /quotes/zigman/51357 CA:BRD +3.18% is pleased to announce that exploration drilling on the southern portion of the Black Fox Complex continues to return high-grade gold assays from the Contact Zone (“Contact Zone”) as well as an intersection of ore-grade gold mineralization, hole GF11-337, in a new area of the Black Fox Complex.
The ore-grade gold mineralization discovered in Hole GF11-337 was the result of drill testing underneath a distinct linear topographic low structure. This is the only hole that drill results have been received on to date. Further drill testing in this area will continue early in December. The mineralized intercept is highly brecciated with abundant quartz veins and fine grained pyrite hosted in mafic volcanics. This hole is located approximately 200 metres (“m”) to the north of the Contact Zone.
“We are encouraged by the ongoing positive drill results on the southern portion of the Black Fox Complex. Both the 147 and Contact Zones continue to return excellent gold assays,” said Howard Bird, Brigus VP Exploration. “We are also excited about the discovery of a potential new zone. Until now, there has only been limited historical exploration drilling between the Contact Zone and the Black Fox Mine. This four kilometre stretch has significant exploration potential.”
The Black Fox Complex covers an area of approximately 18 square kilometres within the Timmins Mining District, Ontario. The Contact Zone consists of a steeply dipping gold mineralized fault contact between the north-south trending metasediments and mafic volcanic rocks, and other parallel hanging wall and footwall gold mineralized zones. The general dip of the feature is 78 degrees to the east. To date, Brigus has outlined an area of mineralization approximately 400 m in strike length at the Contact Zone that remains open along strike to the north and open at depth.
Twelve high-priority drill targets and 14 secondary targets have been identified through a 2010 Titan 24 deep induced polarization geophysical and magnetotelluric survey over the Black Fox Complex. Only one of these targets has been drilled to date. Additional drilling of these targets will be included as part of our exploration program going forward.
Drilling at the Black Fox Complex is progressing as planned to complete an initial NI 43-101 compliant resource estimate to be released in December on the 147 Zone and the Contact Zone with five drill rigs operating. Two drill rigs are infill drilling and testing along strike and down-dip on the Contact Zone, two drill rigs are expanding the 147 Zone, and one drill rig is focused on testing other known gold bearing structures, as well as, new potential gold bearing targets defined from the recent induced polarization and magnetic geophysical surveys.
Details of the most recent Contact Zone drill holes are 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.
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, all in the Township of Black River – Matheson, Ontario, Canada. Brigus is also advancing its Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus has entered a transaction to sell 75% of its Ixhuatan silver-gold projected 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 contained in this news release that 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 ability of the Company to achieve targeted gold production at its Black Fox Mine, including underground production, and cash costs, mill expansion results, meet capital construction schedules and costs, and the continuation of a rising gold price are forward-looking statements and estimates that involve various risks and uncertainties. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the issue of permits, the size and quality of the company’s mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the Company.
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 as well as elsewhere in Brigus’ documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex Equities, 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.
Brigus Gold Corp.
Jennifer Nicholson, CA
Vice President Investor Relations
Manager Stakeholder Relations