HALIFAX, Nova Scotia–(BUSINESS WIRE)–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):
14.92 grams of gold per tonne over 2.41 metres and
14.88 grams of gold per tonne over 3.58 metres
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
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
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.”
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.
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.