Big Ridge Gold - Destiny Gold Project Optioned To Caprock Mining - Update On Hope Brook Project Derisking And Ongoing Exploration Field Work
Mike Bandrowski, President and CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF), joins me to review the optioning of the Destiny Gold Project to Caprock Mining, and an overall update on all the derisking initiatives and ongoing exploration field work on their flagship Hope Brook Project, located in southwestern Newfoundland.
We start off unpacking the news announced September 24th, that Big Ridge Gold has entered into a non-binding Letter of Intent with Caprock Mining Corp. (CSE: CAPR) for the option of its 100% owned Destiny gold property, 75km Northeast of Val d'Or, Quebec. Mike outlines the terms of this transaction, why they are thrilled to be working with Caprock Mining as a partner, and why this is a value accretive transaction for Big Ridge Gold shareholders.
Next we dive into some of the derisking work the company has been working on a Hope Brook, including completing it’s Environmental Baseline work, and reviewing an ore sorting study to potentially be able to upgrade material not previously economic to include in resources. All of this work, along with more planned geotechnical holes are tying into the next key milestone of advancing the Hope Brook Project towards a Preliminary Economic Assessment (PEA).
Additionally, we discussed all the reconnaissance work the exploration team has been doing out in the field, following up on the 39 line-km of MAG and 29 line-km of IP geophysics surveys completed last year, working towards developing a drill program on newly defined extensions to Main & 240 Zones, as well as other areas like the Chetwynd target. These exploration results from the sampling and backpack drill rig doing shallow holes at surface, will be tying together into the targeting work for another drill program in 2025.
We also discussed again the details from the acquisition of Gold Island Inc, earlier this year, which added in some key working capital, along with options on three high quality gold exploration assets from Gold Island in the Baie Verte area.
Wrapping up Mike outlined the financial health of the company, after recently closing a $1.5Million Private Placement, where resource activist investor, Michael Gentile, increased his holdings back up to a 9.9% stake in the Company.
If you have any follow up questions for Mike regarding the Big Ridge Gold, then please email me at Shad@kereport.com.
