VANCOUVER, British Columbia, June 08, 2022 (GLOBE NEWSWIRE) -- Burin Gold Corp. (“Burin Gold” or the “Company”) is pleased to announce that drilling operations have recommenced at its Hickey’s Pond – Paradise Gold Project (“HPP Project”) on the Burin Peninsula in southeastern Newfoundland, after a hiatus for the spring breakup. In Q1/2022, the Company completed 22 diamond drill holes on the Hickey’s Pond showing, for a total of 3,777 m of diamond. Assay results for the first seven holes received were released on April 20th, 2022 and included a highlight of 16.0 m of 1.57 g/t Au. Assays for the remainder of the drilling completed during the winter program are pending.
The Company is fully funded for approximately 4,000 m of diamond drilling planned for this summer. The summer program will build on the first phase of drilling at Hickey’s Pond, with additional holes designed to further test the mineralised system, as well as drill test, for the first time, other high priority targets on the Company’s HPP Project.
David Clark, CEO of Burin Gold said: “The results received so far from our winter drilling program have demonstrated that the Hickey’s Pond showing is a significantly mineralised zone, with near-surface, wide intercepts of gold mineralisation. This next phase of drilling will both build on our results from earlier this year, as well as test some exciting targets that have never been drilled before. The Hickey’s Pond showing will need both systematic drilling to move it towards a mineral resource and scout drilling along-strike to test its overall footprint. We’re also excited about testing additional showings on the property that all have important surface alteration footprints and have never been drilled in the past. A significant intersection of gold mineralisation on any of these new targets would, along with Hickey’s Pond, demonstrate the district-scale potential of the property for multiple high-sulphidation epithermal deposits.”
Summer drilling program
The Company’s fully funded summer exploration program will comprise approximately 4,000 m of diamond drilling on the HPP Project. Approximately 2,000 m of drilling will be focused on development and scout drilling at and around the Hickey’s Pond showing, and another 2,000 m focused on the Tower showing. A map of the property is given in Figure 1, showing the known showings. The areas marked in red (Tower and Hickey’s Pond) will be drill-tested this summer. The area marked in grey blue (Strange and Bullwinkle) has been identified for drilling next winter when ground access will be easier.
The Tower showing is a large-footprint hydrothermal alteration system exposed on surface over approximately 500 m. It is open along strike in both directions: under a pond to the northeast and a glacial esker to the southwest. Work on the showing by previous explorers outlined three large boudins of epithermal quartz measuring up to 100 m in length and up to 75 m in width and a large alteration halo of quartz-sericite-pyrite schist. The Company’s own sampling on the showing has returned up to 0.9 g/t Au in grey epithermal quartz float adjacent to the hydrothermal boudins, on the edge of a showing-parallel linear bog where basal till sampling returned up to 0.125 g/t Au. The showing has never been drill tested before, despite its impressive size and width on surface, high-sulphidation epithermal alteration signature, and presence of gold-bearing mineralisation at surface.
This first phase of drilling at Tower will consist of a series of drill fences at 200 m spacings along strike designed to broadly test the subsurface under the surface showing for gold mineralisation and geochemical vectors towards the potential centres of hydrothermal fluid flow.
Figure 1:
Plan map of Hickey's Pond - Paradise Gold Project. Thick black outline shows the property boundaries. The yellow stars show the locations of known showings on the Property. The areas outlined in red show the focus of the summer 2022 drill program, and the area outlined in grey blue has been identified for drilling winter 2022/2023. (Map datum: NAD83, Projection: UTM zone 21):
https://www.globenewswire.com/NewsRoom/AttachmentNg/fd6719df-3acd-45dc-af08-fb068c724bfd
At Hickey’s Pond, drilling will focus both on continuing to test the continuity of the mineralisation tested to date as well as extending scout drilling to the northeast and southwest of the Hickey’s Pond knob. The overall geophysical signature of Hickey’s Pond is over 7 km in length, and to date only approximately 700 m has been drill tested by the Company. Both resource development drill holes and scout drill holes will be completed in the 2,000 m of diamond drilling planned for the Hickey’s Pond area.
Pipeline targets
The Bullwinkle-Strange corridor, located in the southwest of a 6 km trend of epithermal showings (the Paradise trend) in the western portion of the property, has been identified as a high priority follow-up target for drilling during the winter of 2022/2023. The Bullwinkle showing consists of parallel ridges of epithermal quartz approximately 200 m apart, with a central zone of historical gold-in-soil geochemistry, with an alteration footprint of approximately 1,000 m. The Strange showing, 1500 m along strike to the southwest of Bullwinkle is a small outcropping in a bog where historical rock chip samples have returned up to 1.66 g/t Au. The area between the two showings is swamp covered. Neither prospect has received any historical drilling. Reconnaissance work by Burin Gold crews this summer has shown that this prospect will be easier to drill in winter conditions, so this work program will be a follow-up to the summer program currently underway. The additional targets along the Paradise trend will be evaluated and ranked for future drilling.
Airborne geophysical survey update
Geotech Ltd. completed the airborne geophysical survey over the HPP Project on May 20th, 2022. Survey equipment failures and bad weather slowed production significantly. Data delivery of preliminary products is expected in the coming weeks and anomalies identified will be integrated into the drill targeting process as they are received.
About Burin Gold Corp.
Burin Gold is a recently listed public company on the TSX Venture Exchange (TSX-V:BURG). The Company’s principal asset is the 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. The Company has completed 3,777 m in 22 diamond drill holes on its Hickey’s Pond – Paradise Gold Project so far in 2022. Results have been released for the initial 7 holes and the remainder are pending. The Company is fully funded for an additional 4,000 m of drilling this year at Hickey’s Pond and other high priority targets.
Qualified Person
David Clark, MSc, PGeo, Chief Executive Officer 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.
Further Information: David Clark CEO & Director Burin Gold Corp. 1-877-620-4185 – toll free info@burin-gold.com
