(MENAFN- GlobeNewsWire - Nasdaq)
VANCOUVER, British Columbia, Jan. 17, 2022 (GLOBE NEWSWIRE) -- Burin Gold Corp. (“ Burin Gold ” or the“ Company ”) is pleased to announce that it has signed a contract with RNR Diamond Drilling to provide diamond drilling services and intends to start its first-phase 10,000 m drill program before the end of January. The Company has appointed Jeffrey Burke PGeo as Exploration Manager to manage exploration activities, including diamond drilling, on the Hickey's Pond Gold Project. The Company's previously announced airborne geophysics program is currently ongoing.
Diamond drilling
RNR Diamond Drilling (“ RNR ”), of Springdale, Newfoundland, has been contracted to provide the Company with diamond drilling services for the 2022 exploration program. A 10,000 m diamond drilling program is planned for this first phase of resource-level drilling at Hickey's Pond. Drilling will initially focus on expansion of the footprint of existing mineralisation and target higher-grade intersections around the Hickey's Pond showing. This phase of drilling is fully permitted.
The Company's initial drilling in late 2020 demonstrated the potential for both large tonnage and higher-grade mineralisation at Hickey's Pond, with a best result of 10.8 m of 4.43 g/t Au within a larger interval of 58.25 m of 1.12 g/t Au in hole HP-20-002 (see Bonavista Resources news release of February 24, 2021). Overall, the footprint of the alteration system around Hickey's Pond is over 7 km in strike length, and less than 10% of this has received even cursory drill testing. For Burin Gold's upcoming drilling program, both in-fill drilling near the historical Hickey's Pond showing as well as drill holes along the strike extension of the alteration system and deeper drill holes are planned.
RNR will supply up to two diamond drill rigs to the Company. RNR personnel have already mobilised to the project and have begun access trail and site preparation. The Company anticipates that drill mobilisation and the start of drilling operations will commence before the end of the month, subject to any new COVID19-related restrictions that may be imposed by the Government of Newfoundland & Labrador.
The Company has secured the necessary facilities and infrastructure for core logging and sample preparation in Swift Current, NL, located an approximately 15-minute drive from the trailhead to Hickey's Pond. Staffing and drilling program preparation is currently underway, and the Company expects to have a strong technical team on site.
David Clark, Burin Gold's CEO, commented:“Since Burin Gold listed on the TSX Venture Exchange in late November 2021, we've moved quickly with preparations for our first phase drill program at Hickey's Pond. We now have the foundations for an excellent technical team, a first-rate drilling partner, and all the necessary local infrastructure near the project. This program is fully permitted, and we expect that drill mobilisation will commence before the end of January. This is an exciting phase for the Company and its shareholders, and I look forward to seeing & sharing drill results in the coming months.”
Exploration manager
Burin Gold is pleased to announce that Mr. Jeffrey Burke, EP, PGeo, has joined Burin Gold as Exploration Manager. Jeff is a registered professional geoscientist (PGeo) in the province of Newfoundland & Labrador and an environmental professional (EP) with over 12 years of experience in mineral exploration and project management. He has worked extensively with various epithermal gold systems across Atlantic Canada in both technical and project management capacities. Jeff will be responsible for managing the exploration activities of the Company on its Hickey's Pond Gold Project.
Airborne geophysics
Burin Gold previously announced (see Company news release of Nov 29, 2021) that Geotech Ltd. had commenced an airborne geophysical survey on the Company's property in Newfoundland. Survey activities progressed through December 2021, but progress was slowed by equipment malfunctions and weather delays, and the survey was not completed before the holiday period began. Geotech Ltd. personnel returned to Newfoundland in early January 2022, and survey activities have recommenced. The Company expects that the survey should be completed before the end of January 2022. The airborne inductively induced polarization (“ AIIP ”) data are expected to assist the Company in defining targets along strike of the known alteration trends on the property and help with district-scale interpretation. The Company already has AIIP data over the main Hickey's Pond alteration system from its previous surveying.
About Burin Gold Corp.
Burin Gold is a newly listed public company on the TSX Venture Exchange. The Company's principal asset is its Hickey's Pond-Paradise Gold Project on the Burin Peninsula, Newfoundland. This project contains the Hickey's Pond gold prospect, drill tested with an initial 1,000 m drill program in 2020 with best results of 10.8 m of 4.43 g/t Au, as well as numerous other historical high-sulphidation epithermal gold showings that have yet to be drill tested. With the successful completion of its IPO, the Company is well-positioned to commence a significant diamond drilling campaign at the Hickey's Pond prospect, planned to start Q1/2022.
Qualified Person
David Clark, MSc, PGeo, CEO of Burin Gold, is the Company's designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“ NI 43-101 ”). He has prepared the technical content of this news release.
Acknowledgement
The Company acknowledges the financial assistance of the Mineral Development Division, Department of Industry, Energy, and Technology, Government of Newfoundland & Labrador, via its Junior Exploration Assistance Program. The program provides valuable financial rebates on exploration expenditures made in the province to qualifying exploration companies. The Company has benefited from the program yearly since 2018.
On behalf of the Board
“David Clark”
CEO & Director
Forward Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain“forward-looking statements” which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as“believes”,“anticipates”,“expects”,“estimates”,“may”,“could”,“would”,“will”, or“plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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