Vancouver, Canada, February 28th, 2022 – Burin Gold Corp. (“Burin Gold” or the “Company”; TSX-V:BURG) is pleased to provide an update on drilling operations at its Hickey’s Pond – Paradise Gold Project in Newfoundland, Canada. As previously announced, diamond drilling operations commenced on February 3rd, 2022. As of February 27th, 2022, the Company has completed 14 holes on the project for a total of 2,158 metres of drilling. A total of 3,584 samples (including quality assurance samples) have been collected for analysis, and of that number, a total of 1,149 samples have been sawed and expedited to Eastern Analytical Ltd. (“Eastern”) in Springdale, NL for gold fire assay. The completed drill holes have been focused on the Hickey’s Pond showing. The Company’s initial objective is to document the volume and grade of mineralisation of the showing at depths amenable to open-pit mining methods with two to three drill holes per section, on 100 m-spaced sections along the strike of the system.
All holes drilled in 2022 so far have intersected zones of high-sulphidation epithermal alteration consistent with the Company’s current geological model for the system. Hydrothermal alteration types which were found to be gold-bearing in the Company’s previous scout drill program in 2020 (e.g., quartz-alunite schists, quartz breccias, and quartz-hematite breccias) have been intersected in every hole. The Company will report assay results as soon as they are delivered and have passed internal quality control review and cautions that until assay results are received it is not possible to determine whether the high-sulphidation alteration intercepted in the drill holes completed to date this year contain gold mineralisation or not.
Burin Gold’s chief executive officer, David Clark, P.Geo., commented: “We have completed 2,158 metres of drilling in 26 days since our drill program began, which equates to average production of 83 metres per day, excellent production considering the difficult winter conditions on the Burin Peninsula this year. Our partners at RNR Drilling and our crew on the ground have come together quickly and we’ve now reached this milestone of 2,000 m of drilling on the property less than three months after our IPO..
I am highly encouraged by the high-sulphidation epithermal alteration we are seeing in drill core, and we have put a ‘rush’ on the initial batches of samples delivered to the assay laboratory so as to be able to share assay results as quickly as we can. Considering current turnaround times at Eastern for ‘rush’ samples, I expect to receive initial assay results in late March and be able to disclose these to the market shortly thereafter.”
Drilling operations will continue until the spring breakup, during which time drilling will be paused. Once the early summer season has begun, the Company intends to mobilise a second drill to the project and drilling should continue throughout the summer and fall. The Company plans to drill 10,000 m during 2022, focusing on Hickey’s Pond as well as testing the Company’s other high-priority targets on the property.
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. The Company has initiated a 10,000 m diamond drill program on the property in Q1/2022 and expects to be drilling throughout the year.
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.
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.
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Burin Gold Corp.
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Forward Looking Statements
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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.