- Big Ridge Gold Corp. (BRAU) has met the requirements of the first stage earn-in at the Hope Brook Gold Project, located in southwestern Newfoundland and Labrador
- Big Ridge now owns a 51-per-cent interest in the underlying mineral claims which make up the project, with an option to earn-in up to 80 per cent
- As of the moment, Big Ridge has completed 61 diamond drill holes and released results of 33 of those holes
- The Hope Brook Gold Project is an advanced-stage, high-grade gold project that produced 752,162 ounces of gold from 1987 to 1997
- Big Ridge Gold Corp. is an exploration and development company
- Big Ridge Gold Corp. opened trading at C$0.135 per share
Big Ridge Gold (BRAU) has met the requirements of the first stage earn-in at the Hope Brook Gold Project in southwestern Newfoundland and Labrador.
The Stage-1 earn-in set out in the company’s earn-in agreement included a requirement to incur $10 million in eligible expenditures on the project, issue a total of 15 million common shares of Big Ridge to First Mining and grant a 1.5 per cent net smelter return royalty to First Mining, of which 0.5 per cent can be bought back for $2 million.
As a result of these actions, Big Ridge now owns a 51-per-cent interest in the underlying mineral claims which make up the project, with an option to earn-in up to 80 per cent.
“We completed the Stage-1 earn-in requirements for an initial 51% stake in the Hope Brook Gold Project roughly two years ahead of schedule,” said Mike Bandrowski, President & CEO of Big Ridge.
“Since completing the Stage 1 spending requirements, we have been busy with the Phase I drill program and advancing Hope Brook toward the project’s maiden resource estimate and preliminary economic assessment, which is expected to be released in 2023,” he added.
Big Ridge has completed 61 diamond drill holes and released results of 33 of those holes, focusing on connecting the Main Zone and 240 Zone near surface and at depth, respectively, and testing the down dip extensions to both the Main and 240 Zones.
The Hope Brook Gold Project is an advanced-stage, high-grade gold project that produced 752,162 ounces of gold from 1987 to 1997.
Big Ridge Gold is a mineral exploration and development company with projects in Manitoba, Quebec and Newfoundland and Labrador.
Big Ridge Gold Corp. opened trading at C$0.135 per share.
